# EDGAR Filing Document

**Accession Number:** 0000939934
**File Stem:** 0001104659-25-093888
**Filing Date:** 2025-9
**Character Count:** 5130426
**Document Hash:** 1d1c8f5ba0cef2b2d9987d51091d9414
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-093888.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001104659-25-093888

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 234

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**EFFECTIVENESS DATE**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEI INSTITUTIONAL INVESTMENTS TRUST
- **CENTRAL INDEX KEY:** 0000939934

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07257
- **FILM NUMBER:** 251351025

**BUSINESS ADDRESS:**
- **STREET 1:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAK
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** 610 676-3097

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

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEI INSTITUTIONAL INVESTMENTS TRUST
- **CENTRAL INDEX KEY:** 0000939934

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-58041
- **FILM NUMBER:** 251351024

**BUSINESS ADDRESS:**
- **STREET 1:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAK
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** 610 676-3097

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

## Series and Classes Contracts Data

### SIIT LONG DURATION FUND (Series ID: S000006762)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000018351 | SIIT LONG DURATION FUND - CLASS A | LDRAX           |

### SIIT HIGH YIELD BOND FUND (Series ID: S000006763)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000018352 | SIIT HIGH YIELD BOND FUND - CLASS A | SGYAX           |

### SIIT EMERGING MARKETS DEBT FUND (Series ID: S000006764)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000018353 | SIIT EMERGING MARKETS DEBT FUND - CLASS A | SEDAX           |

### SIIT WORLD EQUITY EX-US FUND (Series ID: S000006765)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000018354 | SIIT WORLD EQUITY EX-US FUND - CLASS A | WEUSX           |

### SIIT CORE FIXED INCOME (Series ID: S000006766)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000018355 | SIIT CORE FIXED INCOME - CLASS A | SCOAX           |

### SIIT LARGE CAP FUND (Series ID: S000006767)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000018356 | SIIT LARGE CAP FUND - CLASS A | SLCAX           |

### SIIT LARGE CAP INDEX FUND (Series ID: S000006768)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000018357 | SIIT LARGE CAP INDEX FUND - CLASS A | LCIAX           |

### SIIT LARGE CAP DISCIPLINED EQUITY FUND (Series ID: S000006769)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000018358 | SIIT LARGE CAP DISCIPLINED EQUITY FUND - CLASS A | SCPAX           |

### SIIT SMALL MID CAP EQUITY FUND (Series ID: S000006770)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000018359 | SIIT SMALL MID CAP EQUITY FUND - CLASS A | SSMAX           |

### SIIT SMALL CAP FUND (Series ID: S000006772)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000018361 | SIIT SMALL CAP FUND - CLASS A | SLPAX           |

### SIIT EMERGING MARKETS EQUITY FUND (Series ID: S000010881)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000030145 | SIIT EMERGING MARKETS EQUITY FUND - CLASS A | SMQFX           |

### SIIT U.S. Managed Volatility Fund (Series ID: S000013605)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000036888 | SIIT U.S. Managed Volatility Fund - Class A | SVYAX           |

### SIIT Real Return Fund (Series ID: S000013606)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000036889 | SIIT Real Return Fund - Class A | RRPAX           |

### SIIT Opportunistic Income Fund (Series ID: S000014581)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000039813 | SIIT Opportunistic Income Fund - Class A | ENIAX           |

### SIIT Screened World Equity Ex-US Fund (Series ID: S000019597)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000054521 | SIIT Screened World Equity Ex-US Fund - Class A | SSEAX           |

### SIIT Dynamic Asset Allocation Fund (Series ID: S000027147)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000081914 | SIIT Dynamic Asset Allocation Fund - Class A | SDLAX           |

### SIIT Ultra Short Duration Bond Fund (Series ID: S000031047)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000096276 | SIIT Ultra Short Duration Bond Fund - Class A | SUSAX           |

### SIIT Multi-Asset Real Return Fund (Series ID: S000033123)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000102014 | SIIT Multi-Asset Real Return Fund - Class A | SEIAX           |

### SIIT Extended Market Index Fund (Series ID: S000035814)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000109763 | SIIT Extended Market Index Fund - Class A | SMXAX           |

### SIIT Small Cap II Fund (Series ID: S000036633)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000111997 | SIIT Small Cap II Fund - Class A | SECAX           |

### SIIT Long Duration Credit Fund (Series ID: S000036875)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000112815 | SIIT Long Duration Credit Fund - Class A | SLDAX           |

### SIIT S&P 500 Index Fund (Series ID: S000043383)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000134335 | SIIT S&P 500 Index Fund - Class A | SPINX           |

### SIIT Limited Duration Bond Fund (Series ID: S000046099)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000144225 | SIIT Limited Duration Bond Fund - Class A | SLDBX           |

### SIIT Intermediate Duration Credit Fund (Series ID: S000047944)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000150792 | SIIT Intermediate Duration Credit Fund - Class A | SIDCX           |

### SIIT Global Managed Volatility Fund (Series ID: S000050969)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000160603 | SIIT Global Managed Volatility Fund - Class A | SGMAX           |

### SIIT U.S. Equity Factor Allocation Fund (Series ID: S000061159)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000198133 | SIIT U.S. Equity Factor Allocation Fund - Class A | SEHAX           |

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

**As filed with the U.S. Securities and Exchange Commission on September 26, 2025**

**File No. 033-58041 File No. 811-07257**

**U.S. SECURITIES AND EXCHANGE COMMISSION** **Washington, D.C. 20549**

**FORM N-1A**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**POST-EFFECTIVE AMENDMENT NO. 118** ☒ **and**

**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940**

**AMENDMENT NO. 119** ☒

**SEI INSTITUTIONAL INVESTMENTS TRUST**

(Exact Name of Registrant as Specified in Charter)

**SEI Investments Company**

One Freedom Valley Drive

Oaks, Pennsylvania 19456

(Address of Principal Executive Offices)

(610) 676-1000

(Registrant's Telephone Number)

**David F. McCann, Esq.**

SEI Investments Company

One Freedom Valley Drive

Oaks, Pennsylvania 19456

(Name and Address of Agent for Service)

**Copies to:**

Timothy W. Levin, Esq.

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

John J. O'Brien, Esq.

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

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

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

☐ immediately upon filing pursuant to paragraph (b)

☒ on September 30, 2025 pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1) of Rule 485

☐ on [date] pursuant to paragraph (a)(1) of Rule 485

☐ 75 days after filing pursuant to paragraph (a)(2) of Rule 485

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

If appropriate check the following box:

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

![](j25226232_ac001.jpg)

September 30, 2025

PROSPECTUS

SEI Institutional Investments Trust

Class A Shares

• Large Cap Fund (SLCAX)

• Large Cap Disciplined Equity Fund (SCPAX)

• Large Cap Index Fund (LCIAX)

• S&P 500 Index Fund (SPINX)

• Extended Market Index Fund (SMXAX)

• Small Cap Fund (SLPAX)

• Small Cap II Fund (SECAX)

• Small/Mid Cap Equity Fund (SSMAX)

• U.S. Equity Factor Allocation Fund (SEHAX)

• U.S. Managed Volatility Fund (SVYAX)

• Global Managed Volatility Fund (SGMAX)

• World Equity Ex-US Fund (WEUSX)

• Screened World Equity Ex-US Fund (SSEAX)

• Emerging Markets Equity Fund (SMQFX)

• Opportunistic Income Fund (ENIAX)

• Core Fixed Income Fund (SCOAX)

• High Yield Bond Fund (SGYAX)

• Long Duration Fund (LDRAX)

• Long Duration Credit Fund (SLDAX)

• Ultra Short Duration Bond Fund (SUSAX)

• Emerging Markets Debt Fund (SEDAX)

• Real Return Fund (RRPAX)

• Limited Duration Bond Fund (SLDBX)

• Intermediate Duration Credit Fund (SIDCX)

• Dynamic Asset Allocation Fund (SDLAX)

• Multi-Asset Real Return Fund (SEIAX)

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

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

seic.com

------

SEI / PROSPECTUS

SEI INSTITUTIONAL INVESTMENTS TRUST

About This Prospectus

---

| | |
|:---|:---|
| FUND SUMMARY |  |
| LARGE CAP FUND | 1 |
| LARGE CAP DISCIPLINED EQUITY FUND | 6 |
| LARGE CAP INDEX FUND | 12 |
| S&P 500 INDEX FUND | 17 |
| EXTENDED MARKET INDEX FUND | 22 |
| SMALL CAP FUND | 28 |
| SMALL CAP II FUND | 33 |
| SMALL/MID CAP EQUITY FUND | 38 |
| U.S. EQUITY FACTOR ALLOCATION FUND | 42 |
| U.S. MANAGED VOLATILITY FUND | 46 |
| GLOBAL MANAGED VOLATILITY FUND | 51 |
| WORLD EQUITY EX-US FUND | 57 |
| SCREENED WORLD EQUITY EX-US FUND | 64 |
| EMERGING MARKETS EQUITY FUND | 71 |
| OPPORTUNISTIC INCOME FUND | 78 |
| CORE FIXED INCOME FUND | 85 |
| HIGH YIELD BOND FUND | 92 |
| LONG DURATION FUND | 98 |
| LONG DURATION CREDIT FUND | 105 |
| ULTRA SHORT DURATION BOND FUND | 112 |
| EMERGING MARKETS DEBT FUND | 119 |
| REAL RETURN FUND | 126 |
| LIMITED DURATION BOND FUND | 131 |
| INTERMEDIATE DURATION CREDIT FUND | 137 |
| DYNAMIC ASSET ALLOCATION FUND | 144 |
| MULTI-ASSET REAL RETURN FUND | 156 |
| Purchase and Sale of Fund Shares | 167 |
| Tax Information | 167 |
| Payments to Broker-Dealers and Other<br>Financial Intermediaries | 167 |
| MORE INFORMATION ABOUT INVESTMENTS | 168 |
| MORE INFORMATION ABOUT RISKS | 169 |
| Risk Information Common to the Funds | 169 |
| More Information About Principal Risks | 170 |

---

---

| | |
|:---|:---|
| GLOBAL ASSET ALLOCATION | 191 |
| MORE INFORMATION ABOUT THE FUNDS'<br>BENCHMARK INDEXES | 192 |
| INVESTMENT ADVISER | 195 |
| SUB-ADVISERS | 200 |
| Information About Fee Waivers | 201 |
| Management of the Dynamic Asset Allocation <br>and Multi-Asset Real Return Funds' Subsidiaries | 203 |
| Sub-Advisers and Portfolio Managers | 204 |
| PURCHASING, EXCHANGING AND SELLING <br>FUND SHARES | 238 |
| HOW TO PURCHASE FUND SHARES | 238 |
| Pricing of Fund Shares | 239 |
| Minimum Purchases | 242 |
| Frequent Purchases and Redemptions of Fund <br>Shares | 242 |
| Foreign Investors | 243 |
| Customer Identification and Verification and<br>Anti-Money Laundering Program | 243 |
| HOW TO EXCHANGE YOUR FUND SHARES | 244 |
| HOW TO SELL YOUR FUND SHARES | 244 |
| Receiving Your Money | 245 |
| Methods Used to Meet Redemption Obligations | 245 |
| Low Balance Redemptions | 246 |
| Suspension of Your Right to Sell Your Shares | 246 |
| Telephone Transactions | 246 |
| Unclaimed Property | 246 |
| DISTRIBUTION OF FUND SHARES | 246 |
| DISCLOSURE OF PORTFOLIO HOLDINGS <br>INFORMATION | 246 |
| DIVIDENDS, DISTRIBUTIONS AND TAXES | 247 |
| Dividends and Distributions | 247 |
| Taxes | 247 |
| ADDITIONAL INFORMATION | 252 |
| FINANCIAL HIGHLIGHTS | 253 |
| HOW TO OBTAIN MORE INFORMATION ABOUT<br>SEI INSTITUTIONAL INVESTMENTS TRUST | Back Cover |

---

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SEI / PROSPECTUS

LARGE CAP FUND

Fund Summary

Investment Goal

Long-term growth of capital and income.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.40% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.07% |
| Total Annual Fund Operating Expenses | 0.47% |

---

EXAMPLE

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Large Cap Fund — Class A Shares | $48 | $151 | $263 | $591 |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 85% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Large Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies.

For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Index (between $828 million and $4.3 trillion as of July 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Index are subject to

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SEI / PROSPECTUS

change. These securities may include common stocks, preferred stocks, warrants and exchange-traded funds (ETFs) and may in some instances be foreign securities or represent exposure to foreign markets. The Fund may also, to a lesser extent, invest in common and preferred stocks of small capitalization companies. The Fund uses a multi-manager approach, relying on a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies and strategies to manage portions of the Fund's portfolio under the oversight of SEI Investments Management Corporation (SIMC or the Adviser).

Principal Risks

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

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

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

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

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

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

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

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

------

SEI / PROSPECTUS

in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

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

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

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

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

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

Performance Information

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

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SEI / PROSPECTUS

---

| | |
|:---|:---|
| ![](j25226232_ba002.jpg)  | Best Quarter: 19.29% (6/30/20)<br>Worst Quarter: -23.12% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 6.81%. |

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Large Cap Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(6/14/1996) |
| Return Before Taxes | 21.28% | 11.97% | 10.73% | 9.04% |
| Return After Taxes on Distributions | 17.48% | 8.67% | 6.99% | 7.14% |
| Return After Taxes on Distributions and Sale of Fund Shares | 14.31% | 8.72% | 7.44% | 7.12% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% | 9.92% |
| Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) | 24.51% | 14.28% | 12.87% | 10.11% |

---

Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

---

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

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------

SEI / PROSPECTUS

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Acadian Asset Management LLC | Brendan O. Bradley, Ph.D.<br>Fanesca Young, Ph.D. | Since 2020<br>Since 2024 | Executive Vice President, Chief Investment Officer<br>Senior Vice President, Director, Equity Portfolio <br>Management |
| Copeland Capital Management, <br>LLC | Eric Brown, CFA<br>Mark Giovanniello, CFA<br>David McGonigle, CFA<br>Jeffrey Walkenhorst, CFA<br>John Cummings, CFA | Since 2023<br>Since 2023<br>Since 2023<br>Since 2023<br>Since 2023 | Chief Executive Officer, Principal, and Portfolio <br>Manager<br>Chief Investment Officer, Principal, and Portfolio <br>Manager<br>Portfolio Manager, Principal, and Senior Research <br>Analyst<br>Portfolio Manager, Principal, and Senior Research <br>Analyst<br>Portfolio Manager, Principal, and Research Analyst |
| Cullen Capital Management LLC | James Cullen<br>Jennifer Chang | Since 2018<br>Since 2018 | Chief Executive Officer & Portfolio Manager<br>Executive Director & Portfolio Manager |
| Fred Alger Management, LLC | Patrick Kelly, CFA<br>Ankur Crawford, Ph.D. | Since 2018<br>Since 2018 | Executive Vice President, Portfolio Manager and <br>Head of Alger Capital Appreciation and Spectra <br>Strategies<br>Executive Vice President and Portfolio Manager |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Gal Skarishevsky | Since 1996<br>Since 1996<br>Since 2006<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment Officer, <br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |
| PineStone Asset Management <br>Inc. | Nadim Rizk, CFA<br>Andrew Chan, CIM | Since 2025<br>Since 2025 | Chief Executive Officer and Chief Investment <br>Officer<br>Head of Research |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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SEI / PROSPECTUS

LARGE CAP DISCIPLINED EQUITY FUND

Fund Summary

Investment Goal

Capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.40% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.07% |
| Total Annual Fund Operating Expenses | 0.47% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Large Cap Disciplined Equity Fund — Class A Shares | $48 | $151 | $263 | $591 |

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PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 113% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Large Cap Disciplined Equity Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. These securities may include common stocks, preferred stocks, depositary receipts, warrants, exchange-traded funds (ETFs) and real estate investment trusts (REITs) based on a large capitalization equity index and equity securities of foreign companies. The Fund will invest primarily in common stocks of U.S. companies with

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market capitalizations in the range of companies in the S&P 500 Index (between $4.2 billion and $4.3 trillion as of July 31, 2025) at the time of purchase. The market capitalization range and the composition of the S&P 500 Index are subject to change. The Fund may also, to a lesser extent, invest in common and preferred stocks of small capitalization companies.

The Fund seeks to exceed the total return of the S&P 500 Index, with a similar level of volatility, by investing primarily in a portfolio of common stocks included in the S&P 500 Index, as well as other equity investments and derivative instruments whose value is derived from the performance of the S&P 500 Index. The Fund uses a multi-manager approach, relying on one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). The Fund may employ Sub-Advisers that use a variety of different methods to seek to outperform the Fund's benchmark, including purchasing stocks with strong anticipated future earnings growth, selecting stocks that the Sub-Adviser believes are undervalued relative to their fundamentals, capturing returns from the natural volatility of the market and employing strategies that rotate among various sectors of the market. The Fund may also utilize one or more additional Sub-Advisers who manage in a complementary style with the objective to seek to add value over the S&P 500 Index while maintaining a similar level of volatility to the S&P 500 Index. Due to its investment strategy, the Fund may buy and sell securities frequently.

One or more Sub-Adviser(s) may implement a long/short equity investment strategy by investing in securities believed to offer capital appreciation opportunities while also attempting to take advantage of an anticipated decline in the price of a company. A long/short equity investment strategy takes (i) long positions with respect to investments that the Sub-Adviser believes to be undervalued relative to their potential increase in price, and (ii) short positions (including through derivatives instruments such as swaps) with respect to investments that the Sub-Adviser believes to be overvalued and likely to decrease in price. A long/short equity investment strategy seeks returns from strong security selection on both the long and short sides. These long and short positions may be completely unrelated.

Principal Risks

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

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

*Investment Style Risk* — The risk that large capitalization securities may underperform other segments of the equity markets or the equity markets as a whole. Sub-Adviser(s) may exhibit poor security selection, losing money on both the long and short sides.

*Preferred Stock Risk* — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the

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event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

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

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

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

*Foreign Investment Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries.

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

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

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

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SEI / PROSPECTUS

OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.

*Short Sales Risk* — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage, which can amplify the effects of market volatility on the Fund's share price. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action.

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

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

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

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

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

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

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SEI / PROSPECTUS

Performance Information

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

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| | |
|:---|:---|
| ![](j25226232_ba003.jpg)  | Best Quarter: 19.78% (6/30/20)<br>Worst Quarter: -22.77% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 6.00%. |

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Large Cap Disciplined Equity Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(8/28/2003) |
| Return Before Taxes | 24.15% | 13.77% | 11.94% | 9.78% |
| Return After Taxes on Distributions | 18.01% | 9.58% | 7.81% | 7.23% |
| Return After Taxes on Distributions and Sale of Fund Shares | 17.21% | 9.66% | 8.15% | 7.27% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% | 10.76% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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

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SEI / PROSPECTUS

Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Acadian Asset Management LLC | Brendan O. Bradley, Ph.D.<br>Fanesca Young, Ph.D. | Since 2020<br>Since 2024 | Executive Vice President, Chief Investment Officer<br>Senior Vice President, Director, Equity Portfolio <br>Management |
| Brandywine Global Investment <br>Management, LLC | Patrick S. Kaser, CFA<br>James J. Clarke<br>Celia R. Hoopes, CFA | Since 2024<br>Since 2024<br>Since 2024 | Managing Director and Portfolio Manager<br>Portfolio Manager and Director of Fundamental <br>Research<br>Portfolio Manager & Research Analyst |
| Copeland Capital <br>Management, LLC | Eric Brown, CFA<br>Mark Giovanniello, CFA<br>David McGonigle, CFA<br>Jeffrey Walkenhorst, CFA<br>John Cummings | Since 2021<br>Since 2021<br>Since 2021<br>Since 2021<br>Since 2021 | Chief Executive Officer, Principal, and Portfolio <br>Manager<br>Chief Investment Officer, Principal, and Portfolio <br>Manager<br>Portfolio Manager, Principal and Senior Research <br>Analyst<br>Portfolio Manager, Principal and Senior Research <br>Analyst<br>Portfolio Manager, Principal and Research Analyst |
| Mackenzie Investments <br>Corporation | Arup Datta, CFA<br>Nicholas Tham, CFA | Since 2020<br>Since 2020 | Senior Vice President, Investment Management<br>Vice President, Investment Management |
| PineStone Asset Management <br>Inc. | Nadim Rizk, CFA<br>Andrew Chan, CIM | Since 2024<br>Since 2024 | Chief Executive Officer and Chief Investment <br>Officer<br>Head of Research |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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SEI / PROSPECTUS

LARGE CAP INDEX FUND

Fund Summary

Investment Goal

Investment results that correspond to the aggregate price and dividend performance of the securities in the Russell 1000 Index.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.05% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.08% |
| Total Annual Fund Operating Expenses | 0.13% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Large Cap Index Fund — Class A Shares | $13 | $42 | $73 | $166 |

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PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 16% of the average value of its portfolio.

Principal Investment Strategies

The Large Cap Index Fund invests substantially all of its assets (at least 80%) in securities listed in the Russell 1000 Index. The Russell 1000 Index (the Index) measures the performance of the large-cap segment of the U.S. equity universe and includes approximately 1000 of the largest securities based on their market capitalization. The Fund's investment performance will depend on the Fund's tracking of the Index and the

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SEI / PROSPECTUS

performance of the Index. The Fund's ability to replicate the performance of the Index will depend to some extent on the size and timing of cash flows into and out of the Fund, as well as on the level of the Fund's expenses.

The Fund's sub-adviser (the Sub-Adviser) selects the Fund's securities under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), but the Sub-Adviser makes no attempt to "manage" the Fund in the traditional sense (*i.e.*, by using economic, market or financial analyses). Instead, the Sub-Adviser generally will attempt to invest in securities composing the Index in approximately the same proportions as they are represented in the Index. It may not be possible or practicable to purchase all of the securities composing the Index or to hold them in the same weightings as they are represented in the Index. In those cases, the Sub-Adviser may employ a sampling or optimization technique to replicate the Index. In seeking to replicate the performance of the Index, the Fund may invest, to a lesser extent, in American Depositary Receipts (ADRs). The Fund may also invest in securities of companies located in developed foreign countries and securities of small capitalization companies. The Sub-Adviser may, but is not required to, sell an investment if the merit of the investment has been substantially impaired by extraordinary events, such as fraud or a material adverse change in an issuer, or adverse financial conditions. The Fund's return may not match the return of the Index. The Index's market capitalization range and the composition of the Index are subject to change.

Principal Risks

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

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

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

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

*Sampling Risk* — The Fund may not fully replicate the benchmark index and may hold securities not included in the index. As a result, the Fund may not track the return of its benchmark index as well as it would have if the Fund purchased all of the securities in its benchmark index.

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

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

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

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

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

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

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

Performance Information

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

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SEI / PROSPECTUS

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| | |
|:---|:---|
| ![](j25226232_ba004.jpg)  | Best Quarter: 21.71% (6/30/20)<br>Worst Quarter: -20.19% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 6.03%. |

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Large Cap Index Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(4/1/2002) |
| Return Before Taxes | 24.42% | 14.22% | 12.83% | 9.58% |
| Return After Taxes on Distributions | 20.41% | 11.34% | 10.12% | 8.05% |
| Return After Taxes on Distributions and Sale of Fund Shares | 17.07% | 10.85% | 9.81% | 7.76% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% | 9.54% |
| Russell 1000 Index Return (reflects no deduction for fees, expenses or taxes) | 24.51% | 14.28% | 12.87% | 9.65% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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

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Sub-Adviser and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| SSGA Funds Management, Inc. | Karl Schneider, CAIA<br>Amy Scofield<br>Emiliano Rabinovich, CFA | Since 2005<br>Since 2011<br>Since 2023 | Managing Director, Co-Head of the Systematic <br>Equity Team in the Americas<br>Principal, Portfolio Manager in the Systematic <br>Equity Team<br>Managing Director, Co-Head of the Systematic <br>Equity Team in the Americas |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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SEI / PROSPECTUS

S&P 500 INDEX FUND

Fund Summary

Investment Goal

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

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.03% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.09% |
| Total Annual Fund Operating Expenses | 0.12% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| S&P 500 Index Fund — Class A Shares | $12 | $39 | $68 | $154 |

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PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 5% of the average value of its portfolio.

Principal Investment Strategies

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

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SEI / PROSPECTUS

Fund's investment performance will depend on the Fund's tracking of the Index and the performance of the Index. The Fund's ability to replicate the performance of the Index will depend to some extent on the size and timing of cash flows into and out of the Fund, as well as on the level of the Fund's expenses. The Fund may use futures contracts to obtain exposure to the equity market during high volume periods of investment into the Fund.

The Fund's sub-adviser (the Sub-Adviser) selects the Fund's securities under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), but the Sub-Adviser makes no attempt to "manage" the Fund in the traditional sense (*i.e.*, by using economic, market or financial analyses). Instead, the Sub-Adviser generally will attempt to invest in securities composing the Index in approximately the same proportions as they are represented in the Index. It may not be possible or practicable to purchase all of the securities composing the Index or to hold them in the same weightings as they are represented in the Index. In those cases, the Sub-Adviser may employ a sampling or optimization technique to replicate the Index. In seeking to replicate the performance of the Index, the Fund may also invest in futures contracts, American Depositary Receipts (ADRs), exchange-traded funds (ETFs) and real estate investment trusts (REITs). The Fund may also invest a portion of its assets in securities of companies located in developed foreign countries and securities of small capitalization companies. The Sub-Adviser may, but is not required to, sell an investment if the merit of the investment has been substantially impaired by extraordinary events, such as fraud or a material adverse change in an issuer, or adverse financial conditions. The Fund's return may not match the return of the Index. The Index's market capitalization range and the composition of the Index are subject to change.

Principal Risks

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

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

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

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

*Derivatives Risk* — The Fund's use of futures contracts is subject to leverage risk, correlation risk, liquidity risk and market risk. Leverage risk and liquidity risk are described below and market risk is described above. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Each of these risks could cause the Fund to lose more than the principal

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amount invested in a derivative instrument. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

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

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

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

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

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

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

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

*Currency Risk* — As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign

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

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

Performance Information

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

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| | |
|:---|:---|
| ![](j25226232_bc005.jpg)  | Best Quarter: 20.57% (6/30/20)<br>Worst Quarter: -19.61% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 6.20%. |

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| S&P 500 Index Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(12/18/2013) |
| Return Before Taxes | 24.91% | 14.46% | 13.04% | 13.26% |
| Return After Taxes on Distributions | 18.60% | 11.67% | 11.25% | 11.58% |
| Return After Taxes on Distributions and Sale of Fund Shares | 19.08% | 11.16% | 10.49% | 10.78% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% | 13.32% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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

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Sub-Adviser and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| SSGA Funds Management, Inc. | Karl Schneider, CAIA<br>Mark Krivitsky<br>Emiliano Rabinovich, CFA | Since 2013<br>Since 2013<br>Since 2023 | Managing Director, Co-Head of the Systematic <br>Equity Team in the Americas<br>Vice President, Senior Portfolio Manager in the <br>Systematic Equity Team<br>Managing Director, Co-Head of the Systematic <br>Equity Team in the Americas |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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SEI / PROSPECTUS

EXTENDED MARKET INDEX FUND

Fund Summary

Investment Goal

Seeks investment results that approximate, as closely as practicable and before expenses, the performance of the Russell Small Cap Completeness Index.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.12% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.08% |
| Total Annual Fund Operating Expenses | 0.20% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Extended Market Index Fund — Class A Shares | $20 | $64 | $113 | $255 |

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PORTFOLIO TURNOVER

The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 21% of the average value of its portfolio.

Principal Investment Strategies

The Fund is managed using a passive/indexing investment approach and invests substantially all of its assets in securities (mostly common stocks) of companies that are included (at the time of purchase) in the Russell Small Cap Completeness Index (the Index). As of July 31, 2025, the market capitalization of the companies included in the Index ranged from $21.4 million to $132.4 billion. The Index is composed of securities of the

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companies included in the Russell 3000 Index (which includes the largest 3,000 U.S. companies), excluding the securities of companies that are constituents of the S&P 500 Index (which includes 500 leading U.S. companies). The Index is constructed to attempt to provide a comprehensive and unbiased barometer of the extended broad market of U.S. equity securities beyond that of the 500 leading U.S. companies included in the S&P 500 Index. The Fund's investment performance will depend on the Fund's tracking of the Index and the performance of the Index. The market capitalization range and the composition of the Index are subject to change.

The Fund's sub-adviser (the Sub-Adviser) selects the Fund's securities under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), but the Sub-Adviser makes no attempt to "manage" the Fund in the traditional sense (*i.e.*, by using economic, market or financial analyses). Instead, the Fund generally will attempt to invest in securities (including interests of real estate investment trusts (REITs)) composing the Index in approximately the same proportions as they are represented in the Index. The Fund's ability to fully replicate the performance of the Index will depend to some extent on the size and timing of cash flows into and out of the Fund, as well as on the level of the Fund's expenses. In some cases, it may not be possible or practicable to purchase all of the securities composing the Index or to hold them in the same weightings as they are represented in the Index. In those cases, the Fund's Sub-Adviser may employ a sampling or optimization technique to construct the Fund's portfolio. In seeking to replicate the performance of the Index, the Fund may also invest in exchange-traded funds (ETFs) and REITs that are not constituents of the Index.

The Sub-Adviser may sell an investment if the merit of the investment has been substantially impaired by extraordinary events or adverse financial conditions. The Fund may, at times, purchase or sell index futures contracts, or options on those futures, or engage in forward or swap transactions in lieu of investing directly in the securities making up the Index or to enhance the Fund's replication of the Index's return. In addition, for liquidity purposes, the Fund may invest in securities that are not included in the Index, cash and cash equivalents or money market instruments, such as reverse repurchase agreements and money market funds. The Fund's return may not match the return of the Index.

Principal Risks

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

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

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SEI / PROSPECTUS

*Investment Style Risk* — The risk that the Fund's investment approach, which attempts to replicate the performance of the Index, may underperform other segments of the equity markets or the equity markets as a whole. The Fund is also subject to the risk that the securities in which it invests may underperform other segments of the equity markets or the equity markets as a whole.

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

*Sampling Risk* — The Fund may not fully replicate the Index and may hold securities not included in the Index. As a result, the Fund may not track the return of the Index as well as it would have if the Fund purchased all of the securities in the Index.

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

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

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

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

*Repurchase Agreements and Reverse Repurchase Agreements Risk* — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse

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repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield.

*Money Market Funds* — An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (*i.e.*, impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (*i.e.*, impose a liquidity fee). Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

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

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

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

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

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

Performance Information

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

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SEI / PROSPECTUS

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| | |
|:---|:---|
| ![](j25226232_bc006.jpg)  | Best Quarter: 30.60% (6/30/20)<br>Worst Quarter: -27.81% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 2.79%. |

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Extended Market Index Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(02/28/2013) |
| Return Before Taxes | 17.04% | 10.32% | 9.75% | 11.14% |
| Return After Taxes on Distributions | 13.71% | 8.20% | 7.97% | 9.43% |
| Return After Taxes on Distributions and Sale of Fund Shares | 12.18% | 7.85% | 7.48% | 8.78% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% | 14.23% |
| Russell Small Cap Completeness Index Return (reflects no deduction for <br>fees, expenses or taxes) | 17.14% | 10.27% | 9.70% | 11.10% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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

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Sub-Adviser and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| SSGA Funds Management, Inc. | Karl Schneider, CAIA<br>Amy Scofield<br>Emiliano Rabinovich, CFA | Since 2013<br>Since 2013<br>Since 2023 | Managing Director, Co-Head of the Systematic <br>Equity Team in the Americas<br>Principal, Portfolio Manager in the Systematic <br>Equity Team<br>Managing Director, Co-Head of the Systematic <br>Equity Team in the Americas |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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SEI / PROSPECTUS

SMALL CAP FUND

Fund Summary

Investment Goal

Capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.07% |
| Total Annual Fund Operating Expenses | 0.72% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Small Cap Fund — Class A Shares | $74 | $230 | $401 | $894 |

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PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 90% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Small Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (including common and preferred stocks) of small companies, including exchange-traded funds (ETFs) based on small capitalization indexes and securities of real estate investment trusts (REITs). For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $21.4 million and

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$19.3 billion as of July 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund may also invest in securities of medium and large capitalization companies.

The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). Each Sub-Adviser, in managing its portion of the Fund's assets, generally applies a growth-oriented, a value-oriented or a blended approach to selecting investments. Growth-oriented managers generally select stocks they believe have attractive growth and appreciation potential in light of such characteristics as revenue and earnings growth, expectations from sell-side analysts and relative valuation, while value-oriented managers generally select stocks they believe are attractively valued in light of fundamental characteristics such as earnings, capital structure and/or return on invested capital. Due to its investment strategy, the Fund may buy and sell securities frequently.

Principal Risks

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

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

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

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

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

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SEI / PROSPECTUS

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

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

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

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

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

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

Performance Information

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

------

SEI / PROSPECTUS

---

| | |
|:---|:---|
| ![](j25226232_bc007.jpg)  | Best Quarter: 26.09% (12/31/20)<br>Worst Quarter: -31.08% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was -0.83%. |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Small Cap Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(6/14/1996) |
| Return Before Taxes | 16.70% | 8.91% | 7.72% | 8.24% |
| Return After Taxes on Distributions | 15.47% | 6.17% | 4.90% | 6.37% |
| Return After Taxes on Distributions and Sale of Fund Shares | 10.43% | 6.26% | 5.28% | 6.31% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% | 9.92% |
| Russell 2000 Index Return (reflects no deduction for fees, expenses or taxes) | 11.54% | 7.40% | 7.82% | 8.08% |

---

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

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

---

------

SEI / PROSPECTUS

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Axiom Investors LLC | David Kim, CFA<br>Matthew Franco, CFA | Since 2016<br>Since 2016 | Portfolio Manager<br>Portfolio Manager |
| Los Angeles Capital <br>Management LLC | Hal W. Reynolds, CFA<br>Daniel E. Allen, CFA<br>Kristin Ceglar, CFA | Since 2020<br>Since 2020<br>Since 2020 | Vice Chairman and Senior Portfolio Manager<br>Chief Executive Officer, President and Senior <br>Portfolio Manager<br>Senior Portfolio Manager, Group Managing <br>Director |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Gal Skarishevsky | Since 1997<br>Since 1997<br>Since 2006<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment Officer, <br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |
| Martingale Asset <br>Management, L.P. | James M. Eysenbach, CFA | Since 2018 | Co-Chief Executive Officer, Chief Investment Officer |
| The Informed Momentum <br>Company LLC | Travis T. Prentice | Since 2018 | Chief Investment Officer and Portfolio Manager |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

------

SEI / PROSPECTUS

SMALL CAP II FUND

Fund Summary

Investment Goal

Capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.07% |
| Total Annual Fund Operating Expenses | 0.72% |

---

EXAMPLE

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Small Cap II Fund — Class A Shares | $74 | $230 | $401 | $894 |

---

PORTFOLIO TURNOVER

The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 94% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Small Cap II Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (including common and preferred stocks) of small companies, exchange-traded funds (ETFs) based on small capitalization indexes and securities of real estate investment trusts (REITs). For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $21.4 million and $19.3 billion as

------

SEI / PROSPECTUS

of July 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund's investments in equity securities may include, to a lesser extent, securities of medium and large capitalization companies.

The Fund uses a multi-manager approach, relying upon one or more sub-advisers (each a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). Each Sub-Adviser, in managing its portion of the Fund's assets, generally applies a growth-oriented, a value-oriented or a blended approach to selecting investments. Growth-oriented managers generally select stocks they believe have attractive growth and appreciation potential in light of such characteristics as revenue and earnings growth, expectations from sell-side analysts and relative valuation, while value-oriented managers generally select stocks they believe are attractively valued in light of fundamental characteristics such as earnings, capital structure and/or return on invested capital. Due to its investment strategy, the Fund may buy and sell securities frequently.

Principal Risks

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

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

*Investment Style Risk* — The risk that the securities in which the Fund principally invests may underperform other segments of the equity markets or the equity markets as a whole.

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

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

------

SEI / PROSPECTUS

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

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

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

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

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

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

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

Performance Information

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

------

SEI / PROSPECTUS

---

| | |
|:---|:---|
| ![](j25226232_bc008.jpg)  | Best Quarter: 30.14% (12/31/20)<br>Worst Quarter: -31.16% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was -1.32%. |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Small Cap II Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(4/10/2012) |
| Return Before Taxes | 13.45% | 9.84% | 8.59% | 10.44% |
| Return After Taxes on Distributions | 10.62% | 7.22% | 5.91% | 7.72% |
| Return After Taxes on Distributions and Sale of Fund Shares | 9.38% | 7.11% | 6.03% | 7.63% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% | 14.33% |
| Russell 2000 Index Return (reflects no deduction for fees, expenses or taxes) | 11.54% | 7.40% | 7.82% | 10.05% |

---

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

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

---

------

SEI / PROSPECTUS

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Copeland Capital <br>Management, LLC | Mark W. Giovanniello, CFA<br>Eric C. Brown, CFA<br>David McGonigle, CFA<br>Jeffrey Walkenhorst, CFA | Since 2018<br>Since 2018<br>Since 2018<br>Since 2018 | Chief Investment Officer, Principal and Portfolio <br>Manager<br>Chief Executive Officer, Principal and Portfolio <br>Manager<br>Portfolio Manager, Principal and Senior Research <br>Analyst<br>Portfolio Manager, Principal and Senior Research <br>Analyst |
| Easterly Investment Partners LLC | Joshua Schachter, CFA<br>Philip Greenblatt, CFA | Since 2014<br>Since 2020 | Senior Portfolio Manager<br>Portfolio Manager, Senior Analyst |
| Leeward Investments, LLC | R. Todd Vingers, CFA<br>Jay C. Willadsen | Since 2012<br>Since 2022 | President, Portfolio Manager<br>Portfolio Manager |
| Los Angeles Capital <br>Management LLC | Hal W. Reynolds, CFA<br>Daniel E. Allen, CFA<br>Kristin Ceglar, CFA | Since 2020<br>Since 2020<br>Since 2020 | Vice Chairman and Senior Portfolio Manager<br>Chief Executive Officer, President and Senior <br>Portfolio Manager<br>Senior Portfolio Manager, Group Managing <br>Director |
| The Informed Momentum <br>Company LLC | Travis T. Prentice | Since 2018 | Chief Investment Officer and Portfolio Manager |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

------

SEI / PROSPECTUS

SMALL/MID CAP EQUITY FUND

Fund Summary

Investment Goal

Long-term capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.07% |
| Total Annual Fund Operating Expenses | 0.72% |

---

EXAMPLE

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Small/Mid Cap Equity Fund — Class A Shares | $74 | $230 | $401 | $894 |

---

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 67% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Small/Mid Cap Equity Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (including common and preferred stocks) of small and medium-sized companies, exchange-traded funds (ETFs) based on small and medium-sized capitalization indexes and securities of real estate investment trusts (REITs). The Fund will invest primarily in common stocks of U.S. companies with market capitalizations in the range of companies in the

------

SEI / PROSPECTUS

Russell 2500 Index (between $21.4 million and $28.1 billion as of July 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 2500 Index are subject to change. The Fund's investments in equity securities may include, to a lesser extent, securities of large capitalization companies.

The Fund uses a multi-manager approach, relying upon one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). Each Sub-Adviser, in managing its portion of the Fund's assets, generally applies a growth-oriented, a value-oriented or a blended approach to selecting investments. Growth-oriented managers generally select stocks they believe have attractive growth and appreciation potential in light of such characteristics as revenue and earnings growth, expectations from sell-side analysts and relative valuation, while value-oriented managers generally select stocks they believe are attractively valued in light of fundamental characteristics such as earnings, capital structure and/or return on invested capital.

Principal Risks

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

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

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

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

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

*REITs Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate.

------

SEI / PROSPECTUS

Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

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

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

Performance Information

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

---

| | |
|:---|:---|
| ![](j25226232_be009.jpg)  | Best Quarter: 24.37% (6/30/20)<br>Worst Quarter: -30.34% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was -0.86%. |

---

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

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

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

------

SEI / PROSPECTUS

---

| | | | | |
|:---|:---|:---|:---|:---|
| Small/Mid Cap Equity Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(12/15/2003) |
| Return Before Taxes | 11.98% | 8.06% | 7.65% | 8.48% |
| Return After Taxes on Distributions | 9.78% | 5.40% | 4.69% | 6.26% |
| Return After Taxes on Distributions and Sale of Fund Shares | 8.30% | 5.77% | 5.23% | 6.37% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% | 10.56% |
| Russell 2500 Index Return (reflects no deduction for fees, expenses or taxes) | 12.00% | 8.77% | 8.85% | 9.38% |

---

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

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

---

Sub-Advisers and Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Axiom Investors LLC | David Kim, CFA<br>Matthew Franco, CFA | Since 2015<br>Since 2015 | Portfolio Manager<br>Portfolio Manager |
| Copeland Capital Management, <br>LLC | Mark W. Giovanniello, CFA<br>Eric C. Brown, CFA<br>David McGonigle, CFA<br>Jeffrey Walkenhorst, CFA | Since 2018<br>Since 2018<br>Since 2018<br>Since 2018 | Chief Investment Officer, Principal and <br>Portfolio Manager<br>Chief Executive Officer, Principal and <br>Portfolio Manager<br>Portfolio Manager, Principal and Senior <br>Research Analyst<br>Portfolio Manager, Principal and Senior <br>Research Analyst |
| Geneva Capital Management <br>LLC | W. Scott Priebe<br>Jose Munoz | Since 2024<br>Since 2024 | Managing Principal, Portfolio Manager<br>Managing Principal, Portfolio Manager |
| Jackson Creek Investment <br>Advisors LLC | John R. Riddle, CFA | Since 2020 | Chief Investment Officer/Managing Member |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Gal Skarishevsky | Since 2003<br>Since 2003<br>Since 2006<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment<br>Officer, Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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SEI / PROSPECTUS

U.S. EQUITY FACTOR ALLOCATION FUND

Fund Summary

Investment Goal

Long-term growth of capital and income.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.25% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.07% |
| Total Annual Fund Operating Expenses | 0.32% |

---

EXAMPLE

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| U.S. Equity Factor Allocation Fund — Class A Shares | $33 | $103 | $180 | $406 |

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PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 47% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity and equity-related securities, such as structured notes and convertible bonds, of U.S. companies of all capitalization ranges. The Fund may also, to a lesser extent, invest in American Depositary Receipts (ADRs) and interests in real estate investments trusts (REITs). The Fund's investment portfolio will be diversified and will not be concentrated in any particular industry or sector.

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SEI / PROSPECTUS

The Fund uses a quantitative-based, active stock selection investment strategy, which typically relies on a model-based approach to make investment decisions. The Fund quantitatively categorizes and selects securities based on certain characteristics (Factors) that are determined by SEI Investments Management Corporation (SIMC or the Adviser), such as volatility, share price performance, earnings, book value, revenues, cash flow or stock price. The Adviser uses its own judgment and model-based systems to assess which Factors to use and to determine what portion of the Fund's assets should be invested in each security identified. Through the Adviser's model-based systems, the Fund generally seeks to select securities so that each Factor contributes proportionately to the Fund's long-term risk-adjusted expected payoff. However, based on perceived market opportunities, the Adviser may reallocate the Fund's assets to tilt in favor of one or more Factors. The Adviser may add, remove or modify certain Factors in its model based on investment research or in response to changes in market conditions.

Principal Risks

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

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

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

*Investment Style Risk* — The risk that the Fund's investment strategy may underperform other segments of the equity markets or the equity markets as a whole.

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

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

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SEI / PROSPECTUS

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

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

*Structured Securities Risk* — The payment and credit qualities of structured securities derive from their underlying assets, and they may behave in ways not anticipated by the Fund, or they may not receive tax, accounting or regulatory treatment anticipated by the Fund.

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

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

Performance Information

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

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| | |
|:---|:---|
| ![](j25226232_be010.jpg)  | Best Quarter: 20.01% (6/30/20)<br>Worst Quarter: -21.75% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 6.48%. |

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SEI / PROSPECTUS

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

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

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

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| | | | |
|:---|:---|:---|:---|
| U.S. Equity Factor Allocation Fund | 1 Year | 5 Years | Since<br>Inception<br>(04/26/2018) |
| Return Before Taxes | 25.20% | 14.22% | 13.60% |
| Return After Taxes on Distributions | 22.72% | 11.52% | 11.45% |
| Return After Taxes on Distributions and Sale of Fund Shares | 16.20% | 10.60% | 10.41% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 14.47% |
| Russell 3000 Return (reflects no deduction for fees, expenses or taxes) | 23.81% | 13.86% | 13.74% |

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Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

<u> Portfolio Manager</u> <u> Experience with the Fund</u> <u> Title with Adviser</u> <br> Eugene Barbaneagra, CFA Since 2018 Portfolio Manager

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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SEI / PROSPECTUS

U.S. MANAGED VOLATILITY FUND

Fund Summary

Investment Goal

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

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | | |
|:---|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares | Class A Shares |
| Management Fees | 0.55 | % |
| Distribution (12b-1) Fees |  |  |
| Other Expenses | 0.07 | % |
| Total Annual Fund Operating Expenses | 0.62 | %\* |

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\* Expenses have been restated to reflect current expenses. Consequently, the Fund's Total Annual Fund Operating Expenses will differ from the numbers shown in the Fund's financial statements (or the "Financial Highlights" section in the prospectus).

EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| U.S. Managed Volatility Fund — Class A Shares | $63 | $199 | $346 | $774 |

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PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 116% of the average value of its portfolio.

Principal Investment Strategies

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

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SEI / PROSPECTUS

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

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

Principal Risks

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

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

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

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

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

*REITs Risk* — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund's investments in REITs will be subject to the risks associated with the direct ownership of real estate.

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SEI / PROSPECTUS

Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

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

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

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

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

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

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

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

Performance Information

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

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SEI / PROSPECTUS

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| | |
|:---|:---|
| ![](j25226232_be011.jpg)  | Best Quarter: 13.58% (12/31/22)<br>Worst Quarter: -23.19% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 6.63%. |

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

This table compares the Fund's average annual total returns to those of the Standard & Poor's 500 Composite Stock Price Index (S&P 500 Index) (a broad-based securities market index), and three additional indexes with characteristics relevant to the Fund's investment strategy. The Fund's additional indexes are the MSCI USA Minimum Volatility Index (Net), the Russell 3000 Index, and the Fund's blended benchmark that is composed of the MSCI USA Minimum Volatility Index (Net) and the Russell 3000 Value Index weighted 75%/25%.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| U.S. Managed Volatility Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(12/31/2008) |
| Return Before Taxes | 15.96% | 7.39% | 8.69% | 11.66% |
| Return After Taxes on Distributions | 12.43% | 4.35% | 5.85% | 8.85% |
| Return After Taxes on Distributions and Sale of Fund Shares | 11.23% | 5.28% | 6.32% | 8.94% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% | 14.62% |
| MSCI USA Minimum Volatility Index (Net) (reflects no deduction for fees, <br>expenses or taxes) | 15.38% | 7.56% | 9.68% | 11.82% |
| Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) | 23.81% | 13.86% | 12.55% | 14.42% |
| The Fund's 75/25 Blended Benchmark Return (reflects no deduction for fees, <br>expenses or taxes) | 15.52% | 8.34% | 9.93% | 12.30% |

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SEI / PROSPECTUS

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Acadian Asset Management LLC | Brendan O. Bradley, Ph.D.<br>Fanesca Young, Ph.D. | Since 2025<br>Since 2025 | Executive Vice President, Chief Investment Officer<br>Senior Vice President, Director, Equity Portfolio <br>Management |
| LSV Asset Management | Josef Lakonishok, Ph.D.<br>Menno Vermeulen, CFA<br>Puneet Mansharamani, CFA<br>Greg Sleight<br>Guy Lakonishok, CFA<br>Jason Karceski, Ph.D.<br>Gal Skarishevsky | Since 2011<br>Since 2011<br>Since 2011<br>Since 2014<br>Since 2014<br>Since 2014<br>Since 2025 | Chief Executive Officer, Chief Investment Officer, <br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager<br>Partner, Portfolio Manager |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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SEI / PROSPECTUS

GLOBAL MANAGED VOLATILITY FUND

Fund Summary

Investment Goal

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

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.07% |
| Total Annual Fund Operating Expenses | 0.72% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Global Managed Volatility Fund — Class A Shares | $74 | $230 | $401 | $894 |

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PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 102% of the average value of its portfolio.

Principal Investment Strategies

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

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SEI / PROSPECTUS

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

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

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

Principal Risks

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

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

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

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

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SEI / PROSPECTUS

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

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

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

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

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

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

*Derivatives Risk* — The Fund's use of futures contracts and forward contracts is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. Many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly

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SEI / PROSPECTUS

with the underlying asset, rate or index. The Fund's use of forward contracts is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

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

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

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

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

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

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

Performance Information

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

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SEI / PROSPECTUS

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| | |
|:---|:---|
| ![](j25226232_be012.jpg)  | Best Quarter: 11.98% (12/31/22)<br>Worst Quarter: -20.50% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 10.85%. |

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

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

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

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| | | | |
|:---|:---|:---|:---|
| Global Managed Volatility Fund | 1 Year | 5 Years | Since<br>Inception<br>(1/29/2016) |
| Return Before Taxes | 15.37% | 7.01% | 8.91% |
| Return After Taxes on Distributions | 11.71% | 4.45% | 6.73% |
| Return After Taxes on Distributions and Sale of Fund Shares | 10.82% | 4.93% | 6.60% |
| MSCI All Country World Ex-US Net Index Return (reflects no deduction for <br>fees or expenses) | 5.53% | 4.10% | 6.93% |
| MSCI World Index Return (reflects no deduction for fees or expenses) | 18.67% | 11.17% | 12.09% |
| MSCI World Minimum Volatility Index (USD) Return (reflects no deduction for <br>fees or expenses) | 10.87% | 4.72% | 7.76% |

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Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

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

---

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SEI / PROSPECTUS

Sub-Advisers and Portfolio Managers.

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

---

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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SEI / PROSPECTUS

WORLD EQUITY EX-US FUND

Fund Summary

Investment Goal

Capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.55% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.08% |
| Total Annual Fund Operating Expenses | 0.63% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| World Equity Ex-US Fund — Class A Shares | $64 | $202 | $351 | $786 |

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PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 54% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the World Equity Ex-US Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of foreign companies of various capitalization ranges. These securities may include common stocks, preferred stocks, depositary receipts, warrants, exchange-traded funds (ETFs) that track an international ex-US equity index and derivative instruments, principally futures and forward contracts, whose value is based on an international equity index

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SEI / PROSPECTUS

or an underlying international equity security or basket of international equity securities. The Fund will invest in securities of foreign issuers located in developed and emerging market countries. However, the Fund will not invest more than 35% of its assets in the common stocks or other equity securities of issuers located in emerging market countries. The Fund may also, to a lesser extent, invest in swaps on securities for risk management purposes or as part of its investment strategies.

The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) Sub-Advisers with differing investment strategies to manage portions of the Fund's portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). The Fund's benchmark is the MSCI All Country World Ex-U.S. Net Index (net of dividends). The Fund is expected to have an absolute return and risk profile similar to the international equity ex-US market. The Fund is diversified as to issuers, market capitalization, industry and country.

One or more Sub-Advisers may implement a long/short equity investment strategy by investing in securities believed to offer capital appreciation opportunities while also attempting to take advantage of an anticipated decline in the price of a company. A long/short equity investment strategy takes (i) long positions with respect to investments that the Sub-Adviser believes to be undervalued relative to their potential increase in price, and (ii) short positions (including through derivative instruments, such as swaps) with respect to investments that the Sub-Adviser believes to be overvalued and likely to decrease in price. A long/short equity investment strategy seeks returns from strong security selection on both the long and short sides. These long and short positions may be completely unrelated.

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

The Fund may also invest in futures contracts and forward contracts for hedging purposes, including to seek to manage the Fund's currency exposure to foreign securities and mitigate the Fund's overall risk.

Principal Risks

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

*Foreign Investment/Emerging Markets Risk* — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in

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SEI / PROSPECTUS

economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

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

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

*Investment Style Risk* — The risk that equity securities of developed and emerging market countries may underperform other segments of the equity markets or the equity markets as a whole.

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

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

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

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

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SEI / PROSPECTUS

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

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

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

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

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

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

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

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SEI / PROSPECTUS

Performance Information

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

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| | |
|:---|:---|
| ![](j25226232_bg013.jpg)  | Best Quarter: 19.84% (6/30/20)<br>Worst Quarter: -23.54% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 17.30%. |

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| World Equity Ex-US Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(3/28/2005) |
| Return Before Taxes | 7.23% | 5.16% | 5.40% | 5.06% |
| Return After Taxes on Distributions | 6.24% | 3.48% | 4.19% | 4.11% |
| Return After Taxes on Distributions and Sale of Fund Shares | 5.03% | 3.92% | 4.17% | 4.00% |
| MSCI All Country World Ex-US Net Index Return (reflects no deduction for <br>fees or expenses) | 5.53% | 4.10% | 4.80% | 5.03% |

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SEI / PROSPECTUS

Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

---

| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Rich Carr, CFA | Since 2022 | Portfolio Manager |
| Jason Collins | Since 2019 | Portfolio Manager, Head of Sub-Advised Equity |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Acadian Asset Management LLC | Brendan O. Bradley, Ph.D.<br>Fanesca Young, Ph.D. | Since 2009<br>Since 2024 | Executive Vice President, Chief Investment Officer<br>Senior Vice President, Director, Equity Portfolio Management |
| Brickwood Asset Management LLP | Dermot Murphy<br>Ben Whitmore | Since 2024<br>Since 2024 | Fund Manager<br>Fund Manager |
| Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust\* | Jens Hansen<br>Klaus Petersen, CFA<br>Claus Juul<br>Åsa Annerstedt<br>Allan Saustrup Jensens, CFA, <br>CAIA<sup>®</sup>Chris Gowlland, CFA | Since 2021<br>Since 2021<br>Since 2021<br>Since 2021<br>Since 2021<br>Since 2021 | Managing Director, Chief Investment Officer — Global Equity Team<br>Managing Director, Senior Portfolio Manager<br>Vice President, Portfolio Manager<br>Vice President, Portfolio Manager<br>Vice President, Portfolio Manager<br>Senior Vice President, Head of Equity Quantitative Research |
| Lazard Asset Management LLC | Louis Florentin-Lee<br>Barnaby Wilson, CFA<br>Robert Failla, CFA<br>Paul Moghtader, CFA<br>Susanne Willumsen<br>Taras Ivanenko, CFA<br>Peter Kashanek<br>Alex Lai, CFA<br>Ciprian Marin<br>Kurt Livermore, CFA | Since 2021<br>Since 2021<br>Since 2021<br>Since 2023<br>Since 2023<br>Since 2023<br>Since 2023<br>Since 2023<br>Since 2023<br>Since 2023 | Managing Director, Portfolio Manager/Analyst<br>Managing Director, Portfolio Manager/Analyst<br>Managing Director, Portfolio Manager/Analyst<br>Managing Director, Portfolio Manager/Analyst<br>Managing Director, Portfolio Manager/Analyst<br>Director, Portfolio Manager/Analyst<br>Director, Portfolio Manager/Analyst<br>Director, Portfolio Manager/Analyst<br>Director, Portfolio Manager/Analyst<br>Director, Portfolio Manager/Analyst |

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SEI / PROSPECTUS

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Pzena Investment Management, LLC | Rakesh Bordia<br>Caroline Cai, CFA<br>Allison Fisch<br>John Goetz | Since 2023<br>Since 2022<br>Since 2022<br>Since 2022 | Principal and Portfolio Manager<br>Managing Principal, Chief Executive Officer and Portfolio Manager<br>Managing Principal, President and Portfolio <br>Manager<br>Managing Principal, Co-Chief Investment Officer and Portfolio Manager |

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\* Effective on or about October 31, 2025, Nomura Holding America Inc. is expected to acquire the U.S. and European public investments asset management business of Macquarie Asset Management, which includes Delaware Investments Fund Advisers (DIFA), a series of Macquarie Investment Management Business Trust. No material changes to DIFA's investment objectives and strategies are anticipated as a result of the acquisition. Upon the closing of the acquisition, it is expected that DIFA's name will be updated to Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust.

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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SEI / PROSPECTUS

SCREENED WORLD EQUITY EX-US FUND

Fund Summary

Investment Goal

Capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

---

| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.65% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.17% |
| Total Annual Fund Operating Expenses | 0.82% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Screened World Equity Ex-US Fund — Class A Shares | $84 | $262 | $455 | $1014 |

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PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 67% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Screened World Equity Ex-US Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of foreign companies of various capitalization ranges. These securities may include common stocks, preferred stocks, depositary receipts, warrants, exchange-traded funds (ETFs) that track an international ex-US equity index, derivative instruments (principally futures and forward contracts) whose value is based on an international equity index

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SEI / PROSPECTUS

or an underlying international equity security or basket of international equity securities and investment companies whose portfolios are designed to correlate with a portfolio of international equity securities.

Potential investments for the Fund are first assessed for financial soundness and then evaluated according to the Fund's social criteria (including "BDS" criteria, as described below). The Fund will invest in securities of foreign issuers located in developed and emerging market countries but will avoid investing in companies that have been identified as directly or indirectly benefiting the governments of countries that support terrorism, genocide or human rights abuses. This includes companies that pay royalties, such as those on oil or mining, to these governments and companies that help provide a stable economic environment that supports the government in its oppressive policies by having substantial operations or customers in the country. The Fund will also avoid investing in companies that have been identified as having adopted or implemented a "Pro-BDS" stance. "BDS" refers to the Palestinian-led movement promoting boycotts, divestments and economic sanctions against Israel. Accordingly, the Fund will maintain an "Anti-BDS" approach.

An independent compliance support organization will identify a list of issuers that have been identified as failing to meet the Fund's social criteria (including issuers that have a "Pro-BDS" stance). The list will be developed using information gathered from a variety of sources, such as government agencies, trade journals, direct company contacts and industry and regional publications. The Sub-Advisers will then rely on this list when determining what companies to avoid investing in. Additionally, a Sub-Adviser will promptly liquidate a position that no longer complies with the social criteria (including positions in issuers that have a "Pro-BDS" stance). The Adviser reserves the right to modify the Fund's social criteria from time to time in response to world events, such as changes in the governments that support terrorism, genocide or human rights abuses. All social criteria may be changed without shareholder approval. The Fund's Anti-BDS approach has been adopted to enable investment in the Fund by institutional investors that seek to support Israel or oppose the BDS movement in their investment implementation. This Fund policy is for the benefit of such investors and not meant as a formal representation of SEI's official corporate policy or position on the issue of BDS.

The Fund will not invest more than 35% of its assets in the common stocks or other equity securities of issuers located in emerging market countries. The Fund may also, to a lesser extent, invest in swaps on securities for risk management purposes or as part of its investment strategies. The Fund's benchmark is the MSCI All Country World Ex-U.S. Net Index (net of dividends). The Fund is expected to have an absolute return and risk profile similar to the international equity ex-US market. The Fund is diversified as to issuers, market capitalization, industry and country.

The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment strategies to manage portions of the Fund's portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser). Due to its investment strategy, the Fund may buy and sell securities frequently.

One or more Sub-Advisers may implement a long/short equity investment strategy by investing in securities believed to offer capital appreciation opportunities while also attempting to take advantage of an anticipated decline in the price of a company. A long/short equity investment strategy takes (i) long positions with respect to investments that the Sub-Adviser believes to be undervalued relative to their potential increase in price, and (ii) short positions (including through derivative instruments, such as swaps) with respect to investments that the Sub-Adviser believes to be overvalued and likely to decrease in price. A long/short equity investment strategy seeks returns from strong security selection on both the long and short sides. These long and short positions may be completely unrelated.

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SEI / PROSPECTUS

The Sub-Advisers may seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Sub-Advisers may buy and sell currencies (*i.e.,* take long or short positions) using derivatives, principally foreign currency forward contracts, options and futures. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase their exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another.

The Fund may also invest in futures contracts and forward contracts for hedging purposes, including to seek to manage the Fund's currency exposure to foreign securities and mitigate the Fund's overall risk.

Principal Risks

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

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

*Social Investment Criteria Risk* — The Fund's portfolio is subject to certain social investment criteria, including its anti-BDS approach. As a result, the Sub-Advisers will avoid purchasing certain securities for social reasons when it is otherwise economically advantageous to purchase those securities or may sell certain securities for social reasons when it is otherwise economically advantageous to hold those securities. In general, the application of the Fund's social investment criteria may affect the Fund's exposure to certain industries, sectors and geographic areas, which may affect the financial performance of the Fund, positively or negatively, depending on whether these industries or sectors are in or out of favor.

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

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SEI / PROSPECTUS

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

*Investment Style Risk* — The risk that equity securities of developed and emerging market countries may underperform other segments of the equity markets or the equity markets as a whole.

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

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

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

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

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

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

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

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

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

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

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

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

Performance Information

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

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SEI / PROSPECTUS

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| | |
|:---|:---|
| ![](j25226232_bg014.jpg)  | Best Quarter: 19.32% (6/30/20)<br>Worst Quarter: -22.98% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 17.70%. |

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Screened World Equity Ex-US Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(6/30/2008) |
| Return Before Taxes | 6.89% | 6.07% | 6.90% | 4.16% |
| Return After Taxes on Distributions | 5.94% | 4.42% | 5.81% | 3.45% |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.92% | 4.63% | 5.49% | 3.34% |
| MSCI All Country World Ex-US Net Index Return (reflects no deduction for <br>fees or expenses) | 5.53% | 4.10% | 4.80% | 3.28% |

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Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Rich Carr, CFA | Since 2022 | Portfolio Manager |
| Jason Collins | Since 2019 | Portfolio Manager, Head of Sub-Advised Equity |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Acadian Asset Management LLC | Brendan O. Bradley, Ph.D.<br>Fanesca Young, Ph.D. | Since 2015<br>Since 2024 | Executive Vice President, Chief Investment Officer<br>Senior Vice President, Director, Equity Portfolio Management |
| Brickwood Asset Management LLP | Dermot Murphy<br>Ben Whitmore | Since 2024<br>Since 2024 | Fund Manager<br>Fund Manager |
| Lazard Asset Management LLC | Louis Florentin-Lee<br>Barnaby Wilson, CFA<br>Robert Failla, CFA<br>Paul Moghtader, CFA<br>Susanne Willumsen<br>Taras Ivanenko, CFA<br>Peter Kashanek<br>Alex Lai, CFA<br>Ciprian Marin<br>Kurt Livermore, CFA | Since 2021<br>Since 2021<br>Since 2021<br>Since 2023<br>Since 2023<br>Since 2023<br>Since 2023<br>Since 2023<br>Since 2023<br>Since 2023 | Managing Director, Portfolio Manager/Analyst<br>Managing Director, Portfolio Manager/Analyst<br>Managing Director, Portfolio Manager/Analyst<br>Managing Director, Portfolio Manager/Analyst<br>Managing Director, Portfolio Manager/Analyst<br>Director, Portfolio Manager/Analyst<br>Director, Portfolio Manager/Analyst<br>Director, Portfolio Manager/Analyst<br>Director, Portfolio Manager/Analyst<br>Director, Portfolio Manager/Analyst |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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EMERGING MARKETS EQUITY FUND

Fund Summary

Investment Goal

Capital appreciation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.85% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.14% |
| Total Annual Fund Operating Expenses | 0.99% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Emerging Markets Equity Fund — Class A Shares | $101 | $315 | $547 | $1213 |

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PORTFOLIO TURNOVER

The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 54% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Emerging Markets Equity Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of emerging market issuers. Equity securities may include common stocks, preferred stocks, warrants, participation notes, depositary receipts and real estate investment trusts (REITs). The Fund normally maintains investments in at least six emerging market countries, however, it may invest a substantial amount of its assets in issuers located in a

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single country or a limited number of countries. Due to the size of its economy relative to other emerging market countries, it is expected that China will generally constitute a significant exposure in the Fund and may include investments in variable interest entities (VIEs). Emerging market countries are those countries that are: (i) characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) included in an emerging markets index by a recognized index provider; or (iii) countries with similar developing frontier or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase.

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

The Fund may invest in swaps based on a single security or an index of securities, futures contracts, forward contracts on currencies or securities, and options on securities to synthetically obtain exposure to securities or baskets of securities or for hedging purposes, including seeking to manage the Fund's currency exposure to foreign securities and mitigate the Fund's overall risk. Securities index swaps may be used to obtain exposure to different foreign equity markets. Futures and swaps on futures may be used to gain exposure to foreign equity markets and commodities markets. The Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities.

The Fund may purchase shares of exchange-traded funds (ETFs) and other investment companies to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities or other instruments directly. The Fund may also invest a portion of its assets in U.S. and developed foreign country securities, including securities of small capitalization companies.

Principal Risks

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

*Foreign Investment/Emerging and Frontier Markets Risk* — The risk that non-U.S. securities may be subject to additional price volatility, illiquidity and decreases in value due to, among other things, political, social and economic developments abroad, government ownership or control of portions of the private sector or certain companies, trade barriers and currency movements, exchange controls and managed adjustments in relative currency values, and different or new and unsettled securities and tax markets, laws and regulations. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. These risks may be magnified further with respect to "frontier market countries," which are a subset of emerging market countries with even smaller national economies. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about

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emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets.

*Country Concentration Risk* — The Fund's concentration of its assets in issuers located in a single country or a limited number of countries will increase the impact of, and potential losses associated with, the risks set forth in the Foreign Investment/Emerging and Frontier Markets Risk.

*Risk of Investing in China* — Because China is an emerging market that may be subject to considerable government intervention and varying degrees of economic, political and social instability, such investments may be subject to greater risk of stock market, interest rate, and currency fluctuations, as well as inflation.

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

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

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

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

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

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

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

*Participation Notes (P-Notes) Risk* — P-Notes are participation interest notes that are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying equity, debt, currency or market. Investments in P-Notes involve the same risks associated with a direct investment in the underlying foreign companies or foreign securities markets that they seek to replicate. However, there can be no assurance that the trading price of P-Notes will equal the underlying value of the foreign companies or foreign securities markets that they seek to replicate.

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

*Commodity-Linked Securities Risk* — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses.

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

*Investment Company Risk* — When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.

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

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

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

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

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

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

Performance Information

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

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SEI / PROSPECTUS

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| | |
|:---|:---|
| ![](j25226232_bi015.jpg)  | Best Quarter: 21.74% (6/30/20)<br>Worst Quarter: -25.81% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 18.28%. |

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Emerging Markets Equity Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(10/31/2014) |
| Return Before Taxes | 9.25% | 5.43% | 5.19% | 4.54% |
| Return After Taxes on Distributions | 7.93% | 3.98% | 3.95% | 3.32% |
| Return After Taxes on Distributions and Sale of Fund Shares | 6.88% | 4.29% | 4.00% | 3.47% |
| MSCI All Country World Ex-US Net Index Return (reflects no deduction <br>for fees or expenses) | 5.53% | 4.10% | 4.80% | 4.41% |
| MSCI Emerging & Frontier Markets Index Return (reflects no deduction <br>for fees, expenses or taxes) | 7.53% | 1.68% | 3.60% | 2.94% |

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Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Jason Collins | Since 2016 | Portfolio Manager, Head of Sub-Advised Equity |
| Rich Carr, CFA | Since 2024 | Portfolio Manager |
| David Zhang, CFA | Since 2024 | Portfolio Manager/Analyst |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Causeway Capital Management LLC | Arjun Jayaraman, Ph.D., CFA<br>MacDuff Kuhnert, CFA<br>Joe Gubler, CFA<br>Ryan Myers | Since 2014<br>Since 2014<br>Since 2014<br>Since 2021 | Head of Quantitative Research Group,<br>Portfolio Manager<br>Member of Quantitative Research Group,<br>Portfolio Manager<br>Member of Quantitative Research Group,<br>Portfolio Manager<br>Member of Quantitative Research Group, Portfolio Manager |
| JOHCM (USA) Inc. | Emery Brewer<br>Dr. Ivo Kovachev<br>Stephen Lew | Since 2014<br>Since 2014<br>Since 2014 | Senior Fund Manager<br>Senior Fund Manager<br>Senior Fund Manager |
| Robeco Institutional Asset Management US Inc. | Jaap van der Hart<br>Karnail Sangha | Since 2021<br>Since 2021 | Portfolio Manager<br>Portfolio Manager |
| RWC Asset Advisors (US) LLC | James Johnstone<br>John Malloy | Since 2015<br>Since 2015 | Portfolio Manager<br>Portfolio Manager |
| WCM Investment Management, LLC | Sanjay Ayer<br>Gregory S. Ise<br>Michael Z. Tian<br>Michael B. Trigg | Since 2014<br>Since 2018<br>Since 2018<br>Since 2014 | Portfolio Manager, President<br>Portfolio Manager & Business Analyst<br>Portfolio Manager & Business Analyst<br>Portfolio Manager & Business Analyst |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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OPPORTUNISTIC INCOME FUND

Fund Summary

Investment Goal

Capital appreciation and income.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.45% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.12% |
| Total Annual Fund Operating Expenses | 0.57% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Opportunistic Income Fund — Class A Shares | $58 | $183 | $318 | $714 |

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PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 48% of the average value of its portfolio.

Principal Investment Strategies

The Opportunistic Income Fund invests primarily in a diversified portfolio of investment grade and non-investment grade fixed-income securities (junk bonds), including: (i) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities and obligations of U.S. and foreign commercial banks, such as certificates of deposit, time deposits, bankers' acceptances and bank notes; (ii) obligations of foreign

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governments; (iii) U.S. and foreign corporate debt securities, including commercial paper, and fully-collateralized repurchase agreements with counterparties deemed credit-worthy by the Fund's sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers); and (iv) securitized issues, such as residential and commercial mortgage-backed securities, asset-backed securities, mortgage dollar rolls, when issued/delayed delivery securities and collateralized debt obligations. These securities may be fixed-, variable- or floating-rate obligations and will primarily be rated CCC- or higher at the time of purchase by at least one ratings agency, although the Fund may also invest in lower rated securities. There are no restrictions on the maturity of any individual securities or on the Fund's average portfolio maturity, although the average portfolio duration of the Fund will typically vary between zero and two years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates.

The Fund uses a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), allocating the assets among multiple Sub-Advisers that use different investment strategies designed to produce a total return that exceeds the total return of the Secured Overnight Financing Rate (SOFR), which measures the cost of borrowing cash overnight collateralized by U.S. Treasury securities.

The Sub-Advisers may seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. Up to 10% of the Fund's assets may be invested in foreign currencies. In managing the Fund's currency exposure, the Sub-Advisers buy and sell currencies (*i.e.,* take long or short positions) using derivatives, principally futures, foreign currency forward contracts, swaps and options. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. In managing the Fund's currency exposure for foreign securities, the Sub-Advisers may buy and sell currencies for hedging or for speculative purposes.

The Fund also invests a portion of its assets in bank loans, which are generally non-investment grade (junk bond) floating rate instruments. Up to 100% of the bank loans in which the Fund invests may be junk bonds. The Fund may invest in bank loans in the form of participations in the loans (participations) and assignments of all or a portion of the loans from third parties (assignments). The Fund may also invest in other financial instruments or use other investment techniques, such as reverse repurchase agreements, to seek to obtain market exposure to the securities in which the Fund primarily invests.

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

Principal Risks

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers,

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

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

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund.

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

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

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

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

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

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

*Investing in Limited Recourse Obligations Risk* — Collateralized debt obligation (CDO) and collateralized loan obligation (CLO) securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, the Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.

*Repurchase Agreements and Reverse Repurchase Agreements Risk* — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield.

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

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

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generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

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

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

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

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

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

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

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

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

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

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

Performance Information

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

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|:---|:---|
| ![](j25226232_bi016.jpg)  | Best Quarter: 6.68% (6/30/20)<br>Worst Quarter: -7.71% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 3.12%. |

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

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Opportunistic Income Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(12/14/2006) |
| Return Before Taxes | 8.34% | 4.39% | 3.85% | 2.14% |
| Return After Taxes on Distributions | 5.41% | 2.40% | 2.15% | 0.80% |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.89% | 2.49% | 2.20% | 1.03% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deductions <br>for fees, expenses or taxes) | 1.25% | -0.33% | 1.35% | 2.95% |
| ICE BofA USD 3-Month Deposit Offered Rate Constant Maturity Index Return <br>(reflects no deductions for fees, expenses or taxes) | 5.47% | 2.59% | 1.96% | 1.76% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 2014 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Nilay Shah | Since 2021 | Assistant Portfolio Manager |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Ares Capital Management II LLC | Seth Brufsky<br>Samantha Milner<br>Russel Almeida | Since 2009<br>Since 2018<br>Since 2024 | Portfolio Manager — U.S. Credit<br>Portfolio Manager — U.S. Credit<br>Portfolio Manager — U.S. Credit |
| Manulife Investment Management (US) LLC | David Bees, CFA<br>Connor Minnaar, CFA | Since 2016<br>Since 2023 | Managing Director, Portfolio Manager<br>Senior Director, Portfolio Manager |
| Wellington Management Company LLP | Marc Piccuirro | Since 2023 | Senior Managing Director, Fixed Income Portfolio Manager |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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CORE FIXED INCOME FUND

Fund Summary

Investment Goal

Current income consistent with the preservation of capital.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.30% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.07% |
| Total Annual Fund Operating Expenses | 0.37% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Core Fixed Income Fund — Class A Shares | $38 | $119 | $208 | $468 |

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PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 373% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Core Fixed Income Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The Fund will invest in investment and non-investment grade (junk bond) U.S. and foreign corporate and government fixed income securities, including emerging market, asset-backed securities, mortgage dollar rolls and mortgage-backed securities. The Fund may invest in securities denominated in either U.S. dollars or foreign currency. The Fund

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

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

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

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

While each Sub-Adviser chooses securities of different types and maturities, the Fund, in the aggregate, generally will have a dollar-weighted average duration that is consistent with that of the broad U.S. fixed income market, as represented by the Bloomberg U.S. Aggregate Bond Index. The dollar-weighted average duration of the Bloomberg U.S. Aggregate Bond Index varies significantly over time, but as of July 31, 2025, it was 6.03 years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with a higher duration typically have higher risk and higher volatility. Due to its investment strategy, the Fund may buy and sell securities frequently.

Principal Risks

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities

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

*Investment Style Risk* — The risk that the fixed income securities in which the Fund invests may underperform other segments of the fixed income markets or the fixed income markets as a whole.

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

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

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

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

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

*Asset-Backed Securities Risk* — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not

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have any assets or sources of funds other than receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire.

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

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

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

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

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SEI / PROSPECTUS

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

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

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

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

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

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

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

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

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

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

Performance Information

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

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SEI / PROSPECTUS

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

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| | |
|:---|:---|
| ![](j25226232_bi017.jpg)  | Best Quarter: 7.31% (12/31/23)<br>Worst Quarter: -6.14% (3/31/22)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 4.24%. |

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(6/14/1996) |
| Return Before Taxes | 1.53% | 0.06% | 1.80% | 4.74% |
| Return After Taxes on Distributions | -0.21% | -1.45% | 0.25% | 2.74% |
| Return After Taxes on Distributions and Sale of Fund Shares | 0.90% | -0.55% | 0.73% | 2.87% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction <br>for fees, expenses or taxes) | 1.25% | -0.33% | 1.35% | 4.27% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 2014 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Nilay Shah | Since 2021 | Assistant Portfolio Manager |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Allspring Global Investments, LLC | Maulik Bhansali, CFA<br>Jarad Vasquez | Since 2017<br>Since 2017 | Senior Portfolio Manager and Co-Head Core Fixed <br>Income<br>Senior Portfolio Manager and Co-Head Core Fixed <br>Income |
| Jennison Associates LLC | James Gaul, CFA<br>Miriam Zussman\*<br>Eric G. Staudt, CFA<br>Samuel B. Kaplan, CFA<br>Dmitri Rabin, CFA<br>David Morse, CFA<br>Natalia Glekel, CFA<br>Griffin Sullivan, CFA<br>Adriano Taylor-Escribano | Since 2016<br>Since 2012<br>Since 2011<br>Since 2016<br>Since 2019<br>Since 2020<br>Since 2022<br>Since 2024<br>Since 2025 | Head of Fixed Income, Managing Director and <br>Fixed Income Credit Portfolio Manager<br>Managing Director and Fixed Income Credit <br>Portfolio Manager<br>Managing Director and Fixed Income Credit <br>Portfolio Manager<br>Managing Director and Fixed Income Rates and <br>Securitized Portfolio Manager<br>Managing Director and Fixed Income Rates and <br>Securitized Portfolio Manager<br>Managing Director and Fixed Income Credit <br>Portfolio Manager<br>Managing Director and Fixed Income Credit <br>Portfolio Manager<br>Managing Director and Fixed Income Credit <br>Portfolio Manager<br>Managing Director and Fixed Income Rates and <br>Securitized Portfolio Manager |
| MetLife Investment Management, LLC | Joshua Lofgren, CFA | Since 2023 | Portfolio Manager |
| Metropolitan West Asset Management, LLC | Bryan Whalen, CFA<br>Ruben Hovhannisyan, CFA<br>Jerry Cudzil | Since 2004<br>Since 2023<br>Since 2023 | Chief Investment Officer — Fixed Income, Group <br>Managing Director, Generalist Portfolio Manager<br>Group Managing Director, Generalist Portfolio <br>Manager<br>Group Managing Director, Generalist Portfolio <br>Manager |

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\* Ms. Zussman has announced her retirement from Jennison Associates LLC and will no longer serve as a portfolio manager effective on or about December 31, 2025.

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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SEI / PROSPECTUS

HIGH YIELD BOND FUND

Fund Summary

Investment Goal

Total return.

Fund Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.49% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.08% |
| Total Annual Fund Operating Expenses | 0.57% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| High Yield Bond Fund — Class A Shares | $58 | $183 | $318 | $714 |

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PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 53% of the average value of its portfolio.

Principal Investment Strategies

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

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SEI / PROSPECTUS

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

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

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

Principal Risks

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

*Below Investment Grade Securities (Junk Bonds) Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment

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SEI / PROSPECTUS

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

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

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

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

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

*Investing in Limited Recourse Obligations Risk* — Collateralized debt obligation (CDO) and collateralized loan obligation (CLO) securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, the Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.

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

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

*Derivatives Risk* — The Fund's use of futures contracts, forwards contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk and liquidity risk are described below and market risk is described above. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward

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SEI / PROSPECTUS

contracts and swaps is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

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

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

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

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

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

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

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

Performance Information

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

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SEI / PROSPECTUS

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| | |
|:---|:---|
| ![](j25226232_bk018.jpg)  | Best Quarter: 9.47% (6/30/20)<br>Worst Quarter: -15.48% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 4.11%. |

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| High Yield Bond Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(12/5/2005) |
| Return Before Taxes | 9.85% | 5.24% | 5.76% | 6.99% |
| Return After Taxes on Distributions | 5.73% | 1.41% | 2.24% | 3.52% |
| Return After Taxes on Distributions and Sale of Fund Shares | 5.72% | 2.29% | 2.79% | 3.85% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for fees, <br>expenses or taxes) | 1.25% | -0.33% | 1.35% | 3.10% |
| ICE BofA U.S. High Yield Constrained Index Return (reflects no deduction <br>for fees, expenses or taxes) | 8.20% | 4.03% | 5.08% | 6.55% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Michael Schafer | Since 2015 | Portfolio Manager |
| David S. Aniloff | Since 2005 | Portfolio Manager |

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SEI / PROSPECTUS

Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Ares Capital Management II LLC | Seth Brufsky<br>Chris Matthewson<br>Kapil Singh | Since 2007<br>Since 2018<br>Since 2018 | Portfolio Manager — U.S. Credit<br>Portfolio Manager — U.S. Credit<br>Portfolio Manager — U.S. Credit |
| Benefit Street Partners L.L.C. | Thomas Gahan<br>Paul Karpers | Since 2014<br>Since 2016 | Chairman and Chief Investment Officer<br>Managing Director |
| Brigade Capital Management, LP | Donald E. Morgan III<br>Douglas C. Pardon | Since 2009<br>Since 2017 | Chief Investment Officer/Managing Partner<br>Head of Liquid Corporate Credit |
| J.P. Morgan Investment Management Inc. | Robert Cook<br>Thomas Hauser<br>Jeffrey Lovell | Since 2006<br>Since 2006<br>Since 2016 | Managing Director and Lead Portfolio Manager<br>Managing Director and Co-Lead Portfolio Manager<br>Managing Director and Co-Lead Portfolio Manager |
| T. Rowe Price Associates, Inc. | Kevin Loome, CFA | Since 2018 | Vice President and Portfolio Manager |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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SEI / PROSPECTUS

LONG DURATION FUND

Fund Summary

Investment Goal

Return characteristics similar to those of high quality bonds.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.30% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.09% |
| Total Annual Fund Operating Expenses | 0.39% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Long Duration Fund — Class A Shares | $40 | $125 | $219 | $493 |

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PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 176% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Long Duration Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade US dollar-denominated fixed income instruments. The Fund will primarily invest in long duration government and corporate fixed income securities and may also invest in synthetic instruments or derivatives having economic characteristics similar to fixed income securities. The Fund will invest in a broad array of fixed income instruments including: (i) US

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SEI / PROSPECTUS

and foreign corporate obligations; (ii) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities; (iii) fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets; (iv) obligations of supranational entities; and (v) debt obligations issued by state, provincial, county or city governments or other municipalities, as well as those of public utilities, universities and other quasi-governmental bodies.

The Fund will primarily invest in the instruments described above. It may also invest in futures contracts, forward contracts, and swaps, including interest rate swaps, single security swaps, swaps on an index of securities or credit default swaps. The Fund will primarily use such derivatives for hedging purposes to attempt to manage the Fund's exposure to changes in interest rate duration and related investment risks resulting from the interaction of interest rate changes over time and the current value of fixed income securities. The Fund will typically use options and swaps in an attempt to either mitigate the Fund's overall level of risk or to gain exposure to a particular fixed income security or segment of the fixed income market. Interest rate swaps, credit default swaps and total return swaps may be used to manage various portfolio exposures including but not limited to interest rate risk and credit risk. The Fund may use credit default swaps to take an active long or short position with respect to a security or basket of securities. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities. The Fund may also, to a lesser extent, invest in shares of exchange-traded funds (ETFs) or mutual funds to obtain exposure to certain fixed income markets.

While the Fund may invest in securities with any maturity or duration, the Fund under normal circumstances will seek to maintain an effective average duration of greater than ten years. The Fund's effective average duration was approximately 12.68 years as of July 31, 2025. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a ten-year duration, it will decrease in value by 10% if interest rates rise 1% and increase in value by 10% if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility.

The Fund uses a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), allocating its assets among one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) using different investment strategies designed to provide current income consistent with the preservation of capital. Due to its investment strategy, the Fund may buy and sell securities frequently.

Principal Risks

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

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SEI / PROSPECTUS

markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

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

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

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund.

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

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

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

*Foreign Sovereign Debt Securities Risk* — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

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SEI / PROSPECTUS

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations.

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

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

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

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

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

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

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

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

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

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

Performance Information

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

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| | |
|:---|:---|
| ![](j25226232_bk019.jpg)  | Best Quarter: 12.96% (12/31/23)<br>Worst Quarter: -12.61% (6/30/22)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 3.78%. |

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

This table compares the Fund's average annual total returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) as well as a blended benchmark that is composed of the Bloomberg U.S. Long Credit Index and the Bloomberg U.S. Long Government Index weighted 70%/30%. In prior years, the Fund also compared its performance to the Bloomberg U.S. Long Government/Credit Index.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Long Duration Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(4/21/2004) |
| Return Before Taxes | -2.93% | -2.26% | 1.78% | 4.06% |
| Return After Taxes on Distributions | -4.82% | -4.45% | -0.66% | 1.59% |
| Return After Taxes on Distributions and Sale of Fund Shares | -1.72% | -2.34% | 0.51% | 2.23% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction <br>for fees, expenses or taxes) | 1.25% | -0.33% | 1.35% | 3.10% |
| The Fund's 70/30 Blended Benchmark Return (reflects no <br>deduction for fees, expenses or taxes) | -3.33% | -2.81% | 1.36% | 4.56% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 2014 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advised Fixed Income |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Income Research + Management | James Gubitosi, CFA<br>Michael Sheldon, CFA<br>Jake Remley, CFA | Since 2017<br>Since 2017<br>Since 2019 | Co-Chief Investment Officer, Chair of Investment <br>Committee<br>Co-Chief Investment Officer<br>Senior Portfolio Manager, Director of Investment <br>Strategy |

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Jennison Associates LLC | James Gaul, CFA<br>Miriam Zussman\*<br>Eric G. Staudt, CFA<br>Samuel B. Kaplan, CFA<br>Dmitri Rabin, CFA<br>David Morse, CFA<br>Natalia Glekel, CFA<br>Griffin Sullivan, CFA<br>Adriano Taylor-Escribano | Since 2016<br>Since 2012<br>Since 2011<br>Since 2016<br>Since 2019<br>Since 2020<br>Since 2022<br>Since 2024<br>Since 2025 | Head of Fixed Income, Managing Director and <br>Fixed Income Credit Portfolio Manager<br>Managing Director and Fixed Income Credit <br>Portfolio Manager<br>Managing Director and Fixed Income Credit <br>Portfolio Manager<br>Managing Director and Fixed Income Rates and <br>Securitized Portfolio Manager<br>Managing Director and Fixed Income Rates and <br>Securitized Portfolio Manager<br>Managing Director and Fixed Income Credit <br>Portfolio Manager<br>Managing Director and Fixed Income Credit <br>Portfolio Manager<br>Managing Director and Fixed Income Credit <br>Portfolio Manager<br>Managing Director and Fixed Income Rates and Securitized Portfolio Manager |
| Legal & General Investment Management America, Inc. | Jason Shoup<br>Tim Bacik, CFA<br>Jordan Bond<br>Patrick Dan<br>Magdalena Szudy<br>Felipe Telles, CFA | Since 2023<br>Since 2011<br>Since 2017<br>Since 2017<br>Since 2023<br>Since 2024 | Chief Investment Officer, Co-Head of Global Fixed <br>Income<br>Head of Active Fixed Income<br>Senior Portfolio Manager<br>Head of Investment Grade Portfolio Management<br>Portfolio Manager<br>Senior Portfolio Manager |
| Metropolitan West Asset Management, LLC | Bryan Whalen, CFA<br>Ruben Hovhannisyan, CFA<br>Jerry Cudzil | Since 2004<br>Since 2023<br>Since 2023 | Chief Investment Officer — Fixed Income, Group Managing Director, Generalist Portfolio Manager<br>Group Managing Director, Generalist Portfolio <br>Manager<br>Group Managing Director, Generalist Portfolio <br>Manager |

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\* Ms. Zussman has announced her retirement from Jennison Associates LLC and will no longer serve as a portfolio manager effective on or about December 31, 2025.

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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LONG DURATION CREDIT FUND

Fund Summary

Investment Goal

Return characteristics similar to those of high quality bonds.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.30% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.07% |
| Total Annual Fund Operating Expenses | 0.37% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Long Duration Credit Fund — Class A Shares | $38 | $119 | $208 | $468 |

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PORTFOLIO TURNOVER

The Fund will incur transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 79% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Long Duration Credit Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade US dollar-denominated fixed income instruments. The Fund will primarily invest in (i) US and foreign corporate obligations; (ii) fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets; (iii) obligations of supranational entities; (iv) debt obligations issued by state, provincial, county, or city

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governments or other municipalities, as well as those of public utilities, universities and other quasi-governmental bodies; and (v) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities. The Fund will invest primarily in fixed income securities rated in one of the three highest rating categories by a major rating agency and may also invest in fixed income securities rated in the fourth highest rating category by a major rating agency.

The Fund will primarily invest in the instruments described above and may also invest in futures contracts, options on securities or indexes and swaps, including interest rate swaps, single security swaps, swaps on an index of securities or credit default swaps. The Fund will primarily use such derivatives for hedging purposes to attempt to manage the Fund's exposure to changes in interest rate duration and related investment risks resulting from the interaction of interest rate changes over time and the current value of fixed income securities. The Fund will typically use options and swaps in an attempt to either mitigate the Fund's overall level of risk or to gain exposure to a particular fixed income security or segment of the fixed income market. Interest rate swaps, credit default swaps and total return swaps may be used to manage various portfolio exposures including, but not limited to, interest rate risk and credit risk. The Fund may use credit default swaps to take an active long or short position with respect to a security or basket of securities. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities. The Fund may also, to a lesser extent, invest in shares of exchange-traded funds (ETFs) or mutual funds to obtain exposure to certain fixed income markets.

While the Fund may invest in securities with any maturity or duration, the Fund under normal circumstances will seek to maintain an effective average duration of greater than ten years. The Fund's effective average duration was approximately 12.27 years as of July 31, 2025. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a ten-year duration, it will decrease in value by approximately 10% if interest rates rise 1% and increase in value by approximately 10% if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility.

The Fund uses a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), the Fund's adviser, allocating its assets among one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) using different investment strategies designed to provide current income consistent with the preservation of capital.

Principal Risks

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

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the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

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

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

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

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

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

*Foreign Sovereign Debt Securities Risk* — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on

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municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations.

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

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

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

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

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

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SEI / PROSPECTUS

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

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

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

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

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

Performance Information

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

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| | |
|:---|:---|
| ![](j25226232_bk020.jpg)  | Best Quarter: 12.88% (12/31/23)<br>Worst Quarter: -11.97% (6/30/22)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 3.88%. |

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Long Duration Credit Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(6/29/2012) |
| Return Before Taxes | -2.43% | -2.08% | 1.92% | 2.88% |
| Return After Taxes on Distributions | -4.33% | -4.06% | -0.07% | 0.87% |
| Return After Taxes on Distributions and Sale of Fund Shares | -1.42% | -2.17% | 0.73% | 1.44% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deductions <br>for fees, expenses or taxes) | 1.25% | -0.33% | 1.35% | 1.52% |
| Bloomberg Long A+ U.S. Credit Index Return (reflects no deductions <br>for fees, expenses or taxes) | -3.00% | -2.49% | 1.64% | 2.41% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 2014 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advised Fixed Income |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Income Research + Management | James Gubitosi, CFA<br>Michael Sheldon, CFA<br>Jake Remley, CFA | Since 2017<br>Since 2019<br>Since 2019 | Co-Chief Investment Officer, Chair of Investment <br>Committee<br>Co-Chief Investment Officer<br>Senior Portfolio Manager, Director Of Investment <br>Strategy |

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Jennison Associates LLC | James Gaul, CFA <br>Miriam Zussman\*<br>Eric G. Staudt, CFA<br>Samuel B. Kaplan, CFA<br>Dmitri Rabin, CFA<br>David Morse, CFA<br>Natalia Glekel, CFA<br>Griffin Sullivan, CFA<br>Adriano Taylor-Escribano | Since 2016<br>Since 2012<br>Since 2012<br>Since 2016<br>Since 2019<br>Since 2020<br>Since 2022<br>Since 2024<br>Since 2025 | Head of Fixed Income, Managing Director and Fixed Income Credit Portfolio Manager<br>Managing Director and Fixed Income Credit Portfolio Manager<br>Managing Director and Fixed Income Credit Portfolio Manager<br>Managing Director and Fixed Income Rates and Securitized Portfolio Manager<br>Managing Director and Fixed Income Rates and Securitized Portfolio Manager<br>Managing Director and Fixed Income Credit Portfolio Manager<br>Managing Director and Fixed Income Credit Portfolio Manager<br>Managing Director and Fixed Income Credit Portfolio Manager<br>Managing Director and Fixed Income Rates and Securitized Portfolio Manager |
| Legal & General Investment Management America, Inc. | Jason Shoup<br>Tim Bacik, CFA<br>Jordan Bond<br>Patrick Dan<br>Magdalena Szudy<br>Felipe Telles, CFA | Since 2023<br>Since 2012<br>Since 2017<br>Since 2017<br>Since 2023<br>Since 2024 | Chief Investment Officer, Co-Head of Global Fixed <br>Income<br>Head of Active Fixed Income<br>Senior Portfolio Manager<br>Head of Investment Grade Portfolio Management<br>Senior Portfolio Manager<br>Senior Portfolio Manager |
| MetLife Investment Management, LLC | Stephen A. Mullin, CFA | Since 2013 | Portfolio Manager |
| Metropolitan West Asset Management, LLC | Bryan Whalen, CFA<br>Ruben Hovhannisyan, CFA<br>Jerry Cudzil | Since 2012<br>Since 2023<br>Since 2023 | Chief Investment Officer — Fixed Income, Group Managing Director, Generalist Portfolio Manager<br>Group Managing Director, Generalist Portfolio <br>Manager<br>Group Managing Director, Generalist Portfolio <br>Manager |

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\* Ms. Zussman has announced her retirement from Jennison Associates and will no longer serve as a portfolio manager effective on or about December 31, 2025.

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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ULTRA SHORT DURATION BOND FUND

Fund Summary

Investment Goal

Provide higher current income than that typically offered by a money market fund while maintaining a high degree of liquidity and a correspondingly higher risk of principal volatility.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.15% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.10% |
| Total Annual Fund Operating Expenses | 0.25% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Ultra Short Duration Bond Fund — Class A Shares | $26 | $80 | $141 | $318 |

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PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 77% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Ultra Short Duration Bond Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade U.S. dollar-denominated debt instruments, including: (i) commercial paper and other corporate obligations; (ii) certificates of deposit, time deposits, bankers' acceptances, bank notes and other obligations of U.S. savings and loan and thrift

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institutions, U.S. commercial banks (including foreign branches of such banks) and foreign banks that meet certain asset requirements; (iii) U.S. Treasury obligations and obligations issued or guaranteed as to principal and interest by agencies or instrumentalities of the U.S. Government; (iv) mortgage-backed securities; (v) asset-backed securities; (vi) collateralized debt obligations and collateralized loan obligations; (vii) fully-collateralized repurchase agreements involving any of the foregoing obligations; and (viii) U.S. dollar-denominated instruments of foreign issuers. In addition, the Fund may invest in futures contracts, options, swaps and other similar instruments. The primary derivatives used by the Fund are futures contracts, options, interest rate swaps and credit default swaps. The Fund will primarily use futures contracts for hedging purposes to manage the Fund's exposure to interest rate risk. There will be times when the Fund utilizes futures contracts to take an active position to either add or reduce the interest rate sensitivity of the Fund. The Fund will primarily use options and swaps to either mitigate the Fund's overall level of risk or to gain exposure to a particular fixed income security or segment of the fixed income market.

Using a top-down strategy and bottom-up security selection, one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) seeks attractively-valued securities that offer competitive yields and that are issued by issuers that are on a sound financial footing. The Sub-Adviser also considers factors such as the anticipated level of interest rates, relative valuations and yield spreads among various sectors and the duration of the Fund's entire portfolio. Duration measures the price sensitivity of a fixed income security to changes in interest rates. For example, a five-year duration means that the fixed income security will decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1%. While the Fund may invest in securities with any maturity or duration, the Fund will maintain a portfolio duration of 18 months or less under normal market conditions.

To achieve its investment goal, the Fund may invest in one or more SEI-sponsored funds to pursue its investment strategies in an efficient manner. The Fund may invest in a SEI-sponsored fund only if the SEI-sponsored fund invests in securities and pursues investment strategies that are consistent with the Fund's investment goal and strategy.

The Fund uses a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), the Fund's adviser, allocating its assets among Sub-Advisers using different investment strategies designed to provide current income consistent with the preservation of capital.

Principal Risks

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

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the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

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

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

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

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

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

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

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

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

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

*Repurchase Agreements and Reverse Repurchase Agreements Risk* — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield.

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

*Investment Company Risk* — When the Fund invests in an investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an exchange-traded fund could result in its value being more volatile than the underlying portfolio securities.

*Investing in Limited Recourse Obligations Risk* — Collateralized debt obligation (CDO) and collateralized loan obligation (CLO) securities are non-recourse obligations of their issuer payable solely from the related

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underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, the Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.

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

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

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

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

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

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

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

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

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Performance Information

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

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| | |
|:---|:---|
| ![](j25226232_bm021.jpg)  | Best Quarter: 2.63% (6/30/20)<br>Worst Quarter: -1.30% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 2.54%. |

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Ultra Short Duration Bond Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(2/28/2011) |
| Return Before Taxes | 5.72% | 2.62% | 2.29% | 1.98% |
| Return After Taxes on Distributions | 3.65% | 1.53% | 1.32% | 1.15% |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.36% | 1.54% | 1.33% | 1.16% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction for <br>fees, expenses or taxes) | 1.25% | -0.33% | 1.35% | 2.07% |
| Bloomberg Short U.S. Treasury 9-12 Month Index Return (reflects no <br>deduction for fees, expenses or taxes) | 5.05% | 2.24% | 1.76% | 1.35% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 2014 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Philip Terrenzio, CFA | Since 2022 | Assistant Portfolio Manager |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| MetLife Investment <br>Management, LLC | Scott Pavlak, CFA | Since 2012 | Portfolio Manager |
| Wellington Management <br>Company LLP | Marc Piccuirro | Since 2023 | Senior Managing Director, Fixed Income Portfolio <br>Manager |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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EMERGING MARKETS DEBT FUND

Fund Summary

Investment Goal

Maximize total return.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | | |
|:---|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares | Class A Shares |
| Management Fees | 0.60 | % |
| Distribution (12b-1) Fees |  |  |
| Other Expenses | 0.12 | % |
| Total Annual Fund Operating Expenses | 0.72 | %\* |

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\* Expenses have been restated to reflect current expenses. Consequently, the Fund's Total Annual Fund Operating Expenses will differ from the numbers shown in the Fund's financial statements (or the "Financial Highlights" section in the prospectus).

EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Emerging Markets Debt Fund — Class A Shares | $74 | $230 | $401 | $894 |

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PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 142% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Emerging Markets Debt Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities of emerging market

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issuers. The Fund will invest in debt securities of government, government-related and corporate issuers in emerging market countries, as well as entities organized to restructure the outstanding debt of such issuers. The Fund may obtain its exposures by investing directly (*e.g.*, in fixed income securities and other instruments) or indirectly/synthetically (*e.g.*, through the use of derivative instruments, principally futures contracts, forward contracts, swaps, including swaps based on a single security or an index of securities, interest rate swaps, credit default swaps, currency swaps and fully funded total return swaps, and structured securities, such as credit-linked notes). The Fund may invest in swaps based on a single security or an index of securities, including interest rate swaps, credit default swaps, currency swaps and fully-funded total return swaps. Emerging market countries are those countries that are: (i) characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) included in an emerging markets index by a recognized index provider; or (iii) countries with similar developing or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

The Fund uses a multi-manager approach, relying upon a number of sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), the Fund's adviser. The Sub-Advisers will spread the Fund's holdings across a number of countries and industries to limit its exposure to a single emerging market economy and may not invest more than 25% of its assets in any single country. There are no restrictions on the Fund's average portfolio maturity or on the maturity of any specific security. There is no minimum rating standard for the Fund's securities and the Fund's securities will generally be in the lower or lowest rating categories (including junk bonds).

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

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

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

Principal Risks

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

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

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

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

*Foreign Sovereign Debt Securities Risk* — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such

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securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

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

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

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

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

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

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

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

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

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

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

*Non-Diversified Risk* — The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, for classification as a regulated investment company.

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

*Portfolio Turnover Risk* — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance.

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

Performance Information

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

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SEI / PROSPECTUS

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| | |
|:---|:---|
| ![](j25226232_bm022.jpg)  | Best Quarter: 12.82% (6/30/20)<br>Worst Quarter: -16.50% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 10.10%. |

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

This table compares the Fund's average annual total returns to those of the Bloomberg Global Aggregate Index (a broad-based securities market index) as well as a blended benchmark that is composed of the J.P. Morgan EMBI Global Diversified Index and the J.P. Morgan GBI-EM Global Diversified Index weighted 50%/50%. In prior years, the Fund also compared its performance to the J.P. Morgan EMBI Global Diversified Index.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Emerging Markets Debt Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(12/5/2005) |
| Return Before Taxes | 3.15% | 0.13% | 2.26% | 4.53% |
| Return After Taxes on Distributions | 0.25% | -1.60% | 0.71% | 2.46% |
| Return After Taxes on Distributions and Sale of Fund Shares | 1.86% | -0.63% | 1.06% | 2.72% |
| Bloomberg Global Aggregate Index (USD) Return (reflects no <br>deduction for fees, expenses or taxes) | -1.69% | -1.96% | 0.15% | 2.26% |
| The Fund's Blended Benchmark Return (reflects no <br>deduction for fees, expenses or taxes) | 2.01% | -0.84% | 1.83% | 4.37% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Hardeep Khangura, CFA | Since 2018 | Portfolio Manager |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Artisan Partners Limited Partnership | Michael A. Cirami, CFA<br>Sarah C. Orvin, CFA | Since 2024<br>Since 2024 | Managing Director and Portfolio Manager <br>Managing Director and Portfolio Manager |
| Colchester Global Investors Ltd | Ian Sims<br>Keith Lloyd, CFA | Since 2018<br>Since 2018 | Chairman and Chief Investment Officer<br>Group Chief Executive Officer and Deputy Chief <br>Investment Officer |
| Grantham, Mayo, Van Otterloo & Co. LLC | Tina Vandersteel | Since 2023 | Head, Emerging Country Debt Team, GMO |
| Invesco Advisers, Inc. | Hemant Baijal<br>Wim Vandenhoeck | Since 2024<br>Since 2024 | Portfolio Manager<br>Portfolio Manager |
| Marathon Asset Management, <br>L.P. | Lou Hanover<br>Andrew Szmulewicz<br>Fernando Phillips | Since 2018<br>Since 2018<br>Since 2018 | CIO & Co-Managing Partner, Co-Founder of <br>Marathon<br>Managing Director, Portfolio Manager & Co-Head <br>of Emerging Markets<br>Managing Director, Portfolio Manager & Co-Head <br>of Emerging Markets |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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REAL RETURN FUND

Fund Summary

Investment Goal

Total return exceeding the rate of inflation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.22% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.07% |
| Total Annual Fund Operating Expenses | 0.29% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Real Return Fund — Class A Shares | $30 | $93 | $163 | $368 |

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PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 34% of the average value of its portfolio.

Principal Investment Strategies

Although the Fund is able to use a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser) whereby Fund assets would be allocated among one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers), the Real Return Fund's assets currently are managed directly by SIMC. The Fund seeks to produce a return similar to that of the Bloomberg 1-5 Year U.S. TIPS Index, which is the Fund's benchmark index.

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SEI / PROSPECTUS

Under normal circumstances, the Fund will invest a significant portion of its assets in investment grade fixed income securities, including inflation-indexed bonds of varying maturities issued by the U.S. Treasury, other U.S. Government agencies and instrumentalities. An inflation-indexed bond is a bond that is structured so that its principal value will change with inflation. Treasury Inflation-Protected Securities (TIPS) are a type of inflation-indexed bond in which the Fund may invest. The Fund's exposure to fixed income securities is not restricted by maturity requirements.

The Fund may, on a limited basis, also invest in futures contracts for risk management, speculative or hedging purposes. Futures contracts may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives may also be used to mitigate the Fund's overall level of risk and/or the Fund's risk to particular types of securities or market segments.

The Fund may also invest in securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities and obligations of U.S. and foreign commercial banks, such as time deposits, U.S. and foreign corporate debt including commercial paper and fully-collateralized repurchase agreements with highly rated counterparties (those rated A or better at the time of purchase); and securitized issues, such as mortgage-backed securities issued by U.S. Government agencies.

Principal Risks

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

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

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

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

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

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

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

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

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

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

*Currency Risk* — As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign

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SEI / PROSPECTUS

currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected.

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

*Repurchase Agreements and Reverse Repurchase Agreements Risk* — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield.

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

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

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

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

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

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

Performance Information

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

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SEI / PROSPECTUS

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

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| | |
|:---|:---|
| ![](j25226232_bm023.jpg)  | Best Quarter: 2.95% (6/30/20)<br>Worst Quarter: -3.11% (9/30/22)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 4.54%. |

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Real Return Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(12/14/2006) |
| Return Before Taxes | 4.53% | 3.11% | 2.43% | 2.85% |
| Return After Taxes on Distributions | 3.04% | 1.42% | 1.27% | 1.59% |
| Return After Taxes on Distributions and Sale of Fund Shares | 2.67% | 1.66% | 1.36% | 1.71% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction <br>for fees, expenses or taxes) | 1.25% | -0.33% | 1.35% | 2.95% |
| Bloomberg 1-5 Year U.S. TIPS Index Return (reflects no deduction for <br>fees, expenses or taxes) | 4.38% | 3.15% | 2.49% | 2.81% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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

For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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SEI / PROSPECTUS

LIMITED DURATION BOND FUND

Fund Summary

Investment Goal

Preservation of capital and current income.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.25% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.07% |
| Total Annual Fund Operating Expenses | 0.32% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Limited Duration Bond Fund — Class A Shares | $33 | $103 | $180 | $406 |

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PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 289% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Limited Duration Bond Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade U.S. dollar-denominated debt instruments, which may include (i) securities issued or guaranteed by the U.S. Government and its agencies or instrumentalities; (ii) obligations of U.S. and foreign commercial banks such as certificates of deposit, time deposits, bankers' acceptances and bank notes; (iii) corporate obligations; (iv) asset-backed securities;

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SEI / PROSPECTUS

(v) residential and commercial mortgage-backed securities, collateralized debt obligations and mortgage dollar rolls; and (vi) U.S. dollar-denominated instruments of foreign issuers.

The Fund may also invest in futures contracts, forward contracts, to-be-announced mortgage-backed securities, options and swaps. The Fund will primarily use futures contracts and forward contracts for hedging purposes to attempt to manage the Fund's exposure to changes in interest rate duration and yield. The Fund will typically use options and swaps to attempt to either mitigate the Fund's overall level of risk or to gain exposure to a particular fixed income security or segment of the fixed income market. Any of these instruments may also be used to take an active position to attempt to add or reduce the Fund's interest rate sensitivity.

Duration measures how changes in interest rates affect the amount of time it takes an issuer to repay a bond from internal cash flows and indicates the price sensitivity of a fixed income security. For example, a five-year duration means that the fixed income security will decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility. Although the Fund may invest in securities with any maturity or duration, the Fund seeks to maintain an effective duration of three years or less under normal market conditions.

The Fund uses a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), allocating its assets among one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) using different investment strategies designed to preserve capital and generate current income. Due to its investment strategy, the Fund may buy and sell securities frequently.

Principal Risks

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

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

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments

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SEI / PROSPECTUS

held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates.

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

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

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

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

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

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

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

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

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

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

*Investing in Limited Recourse Obligations Risk* — Collateralized debt obligation (CDO) and collateralized loan obligation (CLO) securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, the Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.

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

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

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

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

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

*Redemption Risk* — The Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. This could have a significant adverse effect on the Fund's ability to maintain a stable $1.00 share price, and, in extreme circumstances, could cause the Fund to suspend redemptions and liquidate completely.

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

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

Performance Information

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

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| | |
|:---|:---|
| ![](j25226232_bo024.jpg)  | Best Quarter: 3.05% (9/30/24)<br>Worst Quarter: -2.24% (3/31/22)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 3.18%. |

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

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Limited Duration Bond Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(7/31/2014) |
| Return Before Taxes | 4.84% | 2.07% | 1.98% | 1.91% |
| Return After Taxes on Distributions | 2.93% | 0.90% | 1.00% | 0.95% |
| Return After Taxes on Distributions and Sale of Fund Shares | 2.84% | 1.08% | 1.09% | 1.05% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deduction <br>for fees, expenses or taxes) | 1.25% | -0.33% | 1.35% | 1.51% |
| ICE BofA 1-3 Year US Treasury Index Return (reflects no deduction for <br>fees, expenses or taxes) | 4.08% | 1.40% | 1.40% | 1.37% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 2014 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advised Fixed Income |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| MetLife Investment Management, LLC | Scott Pavlak, CFA | Since 2014 | Portfolio Manager |
| Metropolitan West Asset Management, LLC | Bryan Whalen, CFA<br>Ruben Hovhannisyan, CFA<br>Jerry Cudzil | Since 2016<br>Since 2023<br>Since 2023 | Chief Investment Officer — Fixed Income, <br>Group Managing Director, Generalist Portfolio <br>Manager<br>Group Managing Director, Generalist Portfolio <br>Manager<br>Group Managing Director, Generalist Portfolio <br>Manager |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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INTERMEDIATE DURATION CREDIT FUND

Fund Summary

Investment Goal

Current income consistent with the preservation of capital.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | |
|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares |
| Management Fees | 0.25% |
| Distribution (12b-1) Fees |  |
| Other Expenses | 0.07% |
| Total Annual Fund Operating Expenses | 0.32% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Intermediate Duration Credit Fund — Class A Shares | $33 | $103 | $180 | $406 |

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PORTFOLIO TURNOVER

The Fund will incur transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 130% of the average of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Intermediate Duration Credit Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade US dollar-denominated fixed income instruments. The Fund will primarily invest in (i) US and foreign corporate obligations; (ii) fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets; (iii) obligations of supranational entities; (iv) debt obligations issued by state, provincial, county, or city

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governments or other municipalities, as well as those of public utilities, universities and other quasi-governmental bodies; and (v) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities.

Although the Fund will primarily invest in the instruments described above, it may also invest in futures contracts, options on securities, currencies or indexes and swaps, including interest rate swaps, single security swaps, swaps on an index of securities or credit default swaps. The Fund will primarily use such derivatives for hedging purposes to attempt to manage the Fund's exposure to changes in interest rate duration and related investment risks resulting from the interaction of interest rate changes over time and the current value of fixed income securities. The Fund will typically use options and swaps in an attempt to either mitigate the Fund's overall level of risk or to gain exposure to a particular fixed income security or segment of the fixed income market. Interest rate swaps, credit default swaps and total return swaps may be used to manage various portfolio exposures including, but not limited to, interest rate risk and credit risk. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities. The Fund may also, to a lesser extent, invest in shares of exchange-traded funds (ETFs) or mutual funds to obtain exposure to certain fixed income markets.

Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility. Although the Fund may invest in securities with any maturity or duration, the Fund under normal circumstances will seek to maintain an effective average duration between three and ten years.

The Fund uses a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), allocating its assets among one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) using different investment strategies designed to provide current income consistent with the preservation of capital. Due to its investment strategy, the Fund may buy and sell securities frequently.

Principal Risks

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

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the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

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

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

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

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

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

*Foreign Sovereign Debt Securities Risk* — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*Municipal Securities Risk* — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to

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some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund's holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations.

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

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

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

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

*Investment Company Risk* — When the Fund invests in an investment company, including ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments.

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For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities.

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

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

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

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

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

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

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

Performance Information

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

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SEI / PROSPECTUS

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| | |
|:---|:---|
| ![](j25226232_bo025.jpg)  | Best Quarter: 7.50% (12/31/23)<br>Worst Quarter: -7.03% (3/31/22)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 4.10%. |

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

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

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

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| | | | |
|:---|:---|:---|:---|
| Intermediate Duration Credit Fund | 1 Year | 5 Years | Since<br>Inception<br>(3/31/2015) |
| Return Before Taxes | 2.29% | 0.41% | 2.12% |
| Return After Taxes on Distributions | 0.42% | -1.21% | 0.68% |
| Return After Taxes on Distributions and Sale of Fund Shares | 1.34% | -0.33% | 1.02% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deductions for fees, <br>expenses or taxes) | 1.25% | -0.33% | 1.21% |
| Bloomberg A+ U.S. Credit Index Return (reflects no deductions for fees, <br>expenses or taxes) | 1.52% | -0.01% | 1.76% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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| | | |
|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Richard A. Bamford | Since 2015 | Portfolio Manager |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advised Fixed Income |

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Sub-Advisers and Portfolio Managers.

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| | | | |
|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| Income Research + Management | James Gubitosi, CFA<br>Michael Sheldon, CFA<br>Jake Remley, CFA | Since 2017<br>Since 2019<br>Since 2019 | Co-Chief Investment Officer, Chair of Investment <br>Committee<br>Co-Chief Investment Officer<br>Senior Portfolio Manager, Director of Investment <br>Strategy |
| Legal & General Investment Management America, Inc. | Jason Shoup<br>Tim Bacik, CFA<br>Jordan Bond<br>Patrick Dan<br>Magdalena Szudy<br>Felipe Telles, CFA | Since 2023<br>Since 2015<br>Since 2017<br>Since 2017<br>Since 2023<br>Since 2024 | Chief Investment Officer, Co-head of Global Fixed <br>Income<br>Head of Active Fixed Income<br>Senior Portfolio Manager<br>Head of Investment Grade Portfolio Management<br>Portfolio Manager<br>Senior Portfolio Manager |
| MetLife Investment Management, LLC | Joshua Lofgren, CFA | Since 2023 | Portfolio Manager |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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DYNAMIC ASSET ALLOCATION FUND

Fund Summary

Investment Goal

Long-term total return.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | | |
|:---|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares | Class A Shares |
| Management Fees (of the Fund and Subsidiary) |  |  |
| Management Fees of the Fund | 0.60% |  |
| Management Fees of the Subsidiary |  |  |
| Total Management Fees |  | 0.60% |
| Distribution (12b-1) Fees |  |  |
| Other Expenses (of the Fund and Subsidiary) | Other Expenses (of the Fund and Subsidiary) | Other Expenses (of the Fund and Subsidiary) |
| Other Expenses of the Fund | 0.07% |  |
| Other Expenses of the Subsidiary |  |  |
| Total Annual Fund Operating Expenses |  | 0.67% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Dynamic Asset Allocation Fund — Class A Shares | $68 | $214 | $373 | $835 |

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PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 26% of the average value of its portfolio.

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SEI / PROSPECTUS

Principal Investment Strategies

The Fund employs a dynamic investment strategy seeking to achieve, over time, a total return in excess of the broad U.S. equity market by selecting investments from among a broad range of asset classes or market exposures based upon SEI Investments Management Corporation's (SIMC or the Adviser) expectations of risk and return. Asset classes or market exposures in which the Fund may invest include U.S. and foreign equities and bonds, currencies, and investment exposures to various market characteristics such as interest rates or volatility. Assets of the Fund not allocated to the Sub-Adviser, as discussed below, are managed directly by SIMC.

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

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

The Fund may obtain asset class or market exposures by investing directly (*e.g.*, in equity and fixed income securities and other instruments) or indirectly (*e.g.*, through the use of other pooled investment vehicles (including a wholly-owned subsidiary) and/or derivative instruments, principally futures contracts, forward contracts, options and swaps). The particular types of securities and other instruments in which the Fund may invest are further described below. The Fund may invest in particular securities or instruments that are not specifically listed below, but which have similar characteristics or represent similar exposures as those described below.

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

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

The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S.

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Treasury), such as obligations issued by U.S. Government sponsored entities, and Treasury Inflation Protected Securities (TIPS) and other inflation-linked debt securities of both U.S. and non-U.S. governments and corporations.

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

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

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

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

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

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

A portion of the Fund's assets may also be invested in commodity-linked securities to provide exposure to the investment returns of the commodities markets without investing directly in physical commodities. Commodity-linked securities include marketable securities issued by companies that own or invest in commodities or commodities contracts, equity and debt securities of issuers in commodity-related industries, ETFs or other exchange-traded products that are tied to the performance of a commodity or commodity index, or other types of investment vehicles or instruments that provide returns that are tied to commodities or commodity indexes.

The Fund may also seek to gain exposure to the commodity markets, in whole or in part, through investments in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The

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Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts, commodity investments and derivative instruments. The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC.

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

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

The goal of the Fund is to serve as a dynamic overlay to broader strategic allocations. This Fund is intended to be used by shareholders seeking to add a dynamic component to their broader overall investment strategy. *An investment in the Fund should not constitute a shareholder's complete investment program.* This Fund will represent the active investment views of SIMC.

Principal Risks

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

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

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to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Large Capitalization Risk* — If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small and medium sized companies. Additionally, larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

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

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

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

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

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

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

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that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's active positions in currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

*Inflation Protected Securities* — The value of investments in inflation protected securities, including TIPS, will generally fluctuate in response to changes in "real" interest rates. Real interest rates represent nominal interest rates reduced by the expected impact of inflation. The value of an inflation-protected security generally decreases when real interest rates rise and generally increases when real interest rates fall. In addition, the principal value of an inflation-protected security is periodically adjusted up or down along with the rate of inflation. If the measure of inflation falls, the principal value of the inflation-protected security will be adjusted downwards, and, consequently, the interest payable on the security will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed by the U.S. Treasury in the case of TIPS. For securities that do not provide a similar guarantee, the adjusted principal value of the security to be repaid at maturity is subject to credit risk.

*Commodity-Linked Securities Risk* — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses.

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

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

*Below Investment Grade Securities Risk* — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. These risks may be increased in foreign and emerging markets.

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

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

*Foreign Sovereign Debt Securities Risk* — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*Repurchase Agreements and Reverse Repurchase Agreements Risk* — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield.

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

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

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

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

*Short Sales Risk* — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing

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securities. Reinvesting proceeds received from short selling may create leverage, which can amplify the effects of market volatility on the Fund's share price. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action.

*Real Estate Industry Risk* — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direst ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.

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

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

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

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

*Tax Risk* — The Fund may gain most of its exposure to the commodities markets through its investment in the Subsidiary, which invests in commodity investments and derivative instruments. The Fund's investment in the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the Code) for qualification as a regulated investment company (RIC). To the extent the Fund invests in such instruments directly, it will seek to restrict the resulting income from commodity-linked derivative instruments that do not generate qualifying income, such as commodity-linked swaps, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to comply with the qualifying income test necessary for the Fund to qualify as a RIC under Subchapter M of the Code. However, the Fund may generate more non-qualifying income than anticipated, may not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the qualifying income requirement, or may not be able to accurately predict the non-qualifying income from these investments. Accordingly, the extent to which the Fund invests in commodities or commodity-linked derivative instruments

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directly may be limited by the requirements of Subchapter M of the Code, which the Fund must continue to satisfy to maintain its status as a RIC. Failure to comply with such requirements could have significant negative consequences to Fund shareholders. Under certain circumstances, the Fund may be able to cure a failure to meet the qualifying income requirement, but in order to do so the Fund may incur significant Fund-level taxes, which would effectively reduce (and could eliminate) the Fund's returns. See the "Taxes" section of the SAI for additional information.

*Investment Company Risk* — When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company's expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund's share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.

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

*Investment in the Subsidiary Risk* — The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the 1940 Act), and, unless otherwise noted in this prospectus, is not subject to all of the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended and could negatively affect the Fund and its shareholders.

*Commodity Investments and Derivatives Risk* — Commodity investments and derivatives may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. The value of a commodity investment or a derivative investment in commodities is typically based upon the price movements of a physical commodity, a commodity futures contract or commodity index or some other readily measurable economic variable that is dependent upon changes in the value of commodities or the commodities markets. The value of these securities will rise or fall in response to changes in the underlying commodity or related benchmark or investment, changes in interest rates or factors affecting a particular industry or commodity, such as natural disasters, weather and U.S. and international economic, political and regulatory developments.

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

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

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

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

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

*Investing in Limited Recourse Obligations Risk* — Collateralized debt obligation (CDO) and collateralized loan obligation (CLO) securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, the Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.

*Private Placements Risk* — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject

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to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

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

Performance Information

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

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| ![](j25226232_bq026.jpg)  | Best Quarter: 21.14% (6/30/20)<br>Worst Quarter: -19.08% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 7.84%. |

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

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

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| Dynamic Asset Allocation Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(7/30/2010) |
| Return Before Taxes | 25.36% | 15.31% | 12.95% | 13.91% |
| Return After Taxes on Distributions | 17.47% | 10.61% | 9.81% | 11.26% |
| Return After Taxes on Distributions and Sale of Fund Shares | 20.00% | 11.19% | 9.79% | 10.99% |
| S&P 500 Index Return (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% | 14.47% |

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Management

Investment Adviser and Portfolio Managers. SEI Investments Management Corporation

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|:---|:---|:---|
| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Timothy J. Sauermelch, CFA | Since 2022 | Portfolio Manager |
| James Smigiel | Since 2012 | Portfolio Manager |
| James Solloway, CFA | Since 2012 | Portfolio Manager |
| Steven Treftz, CFA | Since 2017 | Portfolio Manager |

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Sub-Adviser and Portfolio Managers.

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|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| SSGA Funds Management, Inc. | Michael Finocchi<br>Karl Schneider, CAIA<br>Emiliano Rabinovich, CFA<br>Xianhang Wu | Since 2012<br>Since 2024<br>Since 2024<br>Since 2024 | Vice President, Portfolio Manager in the <br>Systematic Equity Team<br>Managing Director, Co-Head of the Systematic <br>Equity Team in the Americas<br>Managing Director, Co-Head of the Systematic <br>Equity Team in the Americas<br>Assistant Vice President, Portfolio Manager in the <br>Systematic Equity Team |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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MULTI-ASSET REAL RETURN FUND

Fund Summary

Investment Goal

Total return exceeding the rate of inflation.

Fees and Expenses

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

ANNUAL FUND OPERATING EXPENSES

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| | | |
|:---|:---|:---|
| (expenses that you pay each year as a percentage of the value of your investment) | Class A Shares | Class A Shares |
| Management Fees (of the Fund and Subsidiary) |  |  |
| Management Fees of the Fund | 0.55% |  |
| Management Fees of the Subsidiary |  |  |
| Total Management Fees |  | 0.55% |
| Distribution (12b-1) Fees |  |  |
| Other Expenses (of the Fund and Subsidiary) |  |  |
| Other Expenses of the Fund | 0.08% |  |
| Other Expenses of the Subsidiary |  |  |
| Dividends on Shorts | 0.15% |  |
| Interest Expense on Reverse Repurchase Agreements | 0.23% |  |
| Total Other Expenses |  | 0.46% |
| Total Annual Fund Operating Expenses |  | 1.01% |

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EXAMPLE

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Multi-Asset Real Return Fund — Class A Shares | $103 | $322 | $558 | $1236 |

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PORTFOLIO TURNOVER

The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher

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taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 41% of the average value of its portfolio.

Principal Investment Strategies

The Fund uses a multi-manager approach under the general supervision of SEI Investments Management Corporation (SIMC or the Adviser), allocating its assets among one or more sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers) using different investment strategies designed to produce a total return that exceeds the rate of inflation in the U.S. Assets of the Fund not allocated to Sub-Advisers are managed directly by SIMC.

Under normal circumstances, the Fund will pursue its investment goal by selecting investments from a broad range of asset classes, including fixed income and equity securities and commodity linked instruments. The Fund seeks "real return" (*i.e.*, total returns that exceed the rate of inflation over a full market cycle, regardless of market conditions). The Fund may invest in U.S. and non-U.S. dollar-denominated securities.

Fixed income securities may include: (i) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities and obligations of U.S. and foreign commercial banks, such as certificates of deposit, time deposits, bankers' acceptances and bank notes; (ii) obligations of foreign governments; (iii) Treasury Inflation-Protected Securities (TIPS) and other inflation-linked debt securities; (iv) U.S. and foreign (including emerging markets) corporate debt securities, including commercial paper, and fully-collateralized repurchase and reverse repurchase agreements with highly rated counterparties (those rated A or better); and (v) securitized issues such as residential and commercial mortgage-backed securities, asset-backed securities and collateralized debt obligations. The Fund may invest in debt securities of any credit quality, including those rated below investment grade (junk bonds) or, if unrated, of equivalent credit quality, as determined by the Fund's managers. The Fund may invest in securities with a broad range of maturities. The Fund may also enter into reverse repurchase agreements with respect to its investment in TIPS. In an attempt to generate excess returns, when the Fund enters into such a TIPS reverse repurchase agreement it will use the cash received to enter into a short position on U.S. Treasury bonds.

Equity securities may include common or preferred stocks, warrants, rights, depositary receipts, equity-linked securities and other equity interests. The Fund may invest in securities of issuers of any market capitalization and may invest in both foreign and domestic equity securities. In addition to direct investment in securities and other instruments, the Fund may invest in exchange-traded funds (ETFs). The Fund may also invest in real estate investment trusts (REITs) and U.S. and non-U.S. real estate companies.

A portion of the Fund's assets may also be invested in commodity-linked securities to provide exposure to the investment returns of the commodities markets without investing directly in physical commodities. Commodity-linked securities include notes with interest payments that are tied to an underlying commodity or commodity index, ETFs or other exchange-traded products that are tied to the performance of a commodity or commodity index or other types of investment vehicles or instruments that provide returns that are tied to commodities or commodity indexes. The Fund may also invest in equity and debt securities of issuers in commodity-related industries. The Fund may also seek to gain long and short exposure to the commodity markets, in whole or in part, through investments in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The Subsidiary, unlike the Fund, may invest to a significant extent in long and short positions in commodities, commodity contracts, commodity investments and derivative instruments. The Subsidiary may also invest in other instruments in which the Fund is

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permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC.

The Fund may also purchase or sell futures contracts, options, forward contracts and swaps (including swaptions) for return enhancement or hedging purposes. Futures contracts, forward contracts and swaps are used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives are also used to mitigate the Fund's overall level of risk and/or the Fund's risk to particular types of securities or market segments. The Fund may purchase or sell futures contracts and options on U.S. Government securities for return enhancement.

Interest rate swaps are further used to manage the Fund's interest rate risk. Swaps on indexes are used to manage the inflation-adjusted return of the Fund. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities.

The Sub-Adviser(s) may seek to enhance the Fund's return by actively managing the Fund's currency exposure. In managing the Fund's currency exposure, the Sub-Adviser(s) may buy and sell currencies (*i.e.*, take long or short positions) through the use of cash, securities and/or currency-related derivatives, including, without limitation, currency forward contracts, futures contracts, swaps and options. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase their exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another.

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

Principal Risks

The success of the Fund's investment strategy depends both on SIMC's selection of the Sub-Adviser(s) and allocation of assets to such Sub-Adviser(s). The Sub-Adviser(s) may be incorrect in assessing market trends or the value or growth capability of particular securities or asset classes. In addition, the methodology by which SIMC allocates the Fund's assets to the Sub-Adviser(s) may not achieve desired results and may cause the Fund to lose money or underperform other comparable mutual funds.

The Sub-Adviser(s) and any underlying funds in which it invests may apply any of a variety of investment strategies and may invest in a broad range of asset classes, securities and other investments to achieve those investment strategies. The principal risks of using such investment strategies and making investments in such asset classes, securities and other investments are set forth below. Because an underlying fund's use of an investment strategy or investment in an asset class, security or other investment is subject to the same or similar risks as the Fund's use of such strategy or investment in such asset class, security or other investment, the term "the Fund" in the paragraphs below collectively refers to both the Fund and each underlying fund.

*Fixed Income Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities

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

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

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

*Large Capitalization Risk* — If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small and medium sized companies. Additionally, larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

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

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

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associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

*Foreign Sovereign Debt Securities Risk* — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

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

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

*Repurchase Agreements and Reverse Repurchase Agreements Risk* — In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund's yield.

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

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities;

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however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

*Investing in Limited Recourse Obligations Risk* — Collateralized debt obligation (CDO) and collateralized loan obligation (CLO) securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, the Fund must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.

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

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

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

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

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

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

*Investment Company Risk* — When the Fund invests in an investment company, it will bear a pro rata portion of the investment company's expenses in addition to directly bearing the expenses associated with its own operations. Furthermore, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities.

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

*Real Estate Industry Risk* — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate, including fluctuations in the value of underlying properties and defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions.

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

*Commodity-Linked Securities Risk* — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses.

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

*Investment in the Subsidiary Risk* — The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the 1940 Act), and, unless otherwise noted in this prospectus, is not subject to all of the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, changes in the laws of

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the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended and could negatively affect the Fund and its shareholders.

*Commodity Investments and Derivatives Risk* — Commodity investments and derivatives may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. The value of a commodity investment or a derivative investment in commodities is typically based upon the price movements of a physical commodity, a commodity futures contract or commodity index or some other readily measurable economic variable that is dependent upon changes in the value of commodities or the commodities markets. The value of these securities will rise or fall in response to changes in the underlying commodity or related benchmark or investment, changes in interest rates or factors affecting a particular industry or commodity, such as natural disasters, weather and U.S. and international economic, political and regulatory developments.

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

*Short Sales Risk* — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage, which can amplify the effects of market volatility on the Fund's share price. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action.

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

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

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

*Tax Risk* — The Fund may gain most of its exposure to the commodities markets through its investment in the Subsidiary, which invests in commodity investments and derivative instruments. The Fund's investment in the Subsidiary is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Code for qualification as a RIC. To the extent the Fund invests in such instruments directly, it will seek to restrict the resulting income from commodity-linked derivative instruments that do not generate qualifying income, such as commodity-linked swaps, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to comply with the qualifying income test necessary for the Fund to qualify as a RIC under Subchapter M of the Code. However, the Fund may generate more non-qualifying income than anticipated, may not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the qualifying income requirement, or may not be able to accurately predict the non-qualifying income from these investments. Accordingly, the extent to which the Fund invests in commodities or commodity-linked derivative instruments directly may be limited by the requirements of Subchapter M of the Code, which the Fund must continue to satisfy to maintain its status as a RIC. Failure to comply with such requirements could have significant negative consequences to Fund shareholders. Under certain circumstances, the Fund may be able to cure a failure to meet the qualifying income requirement, but in order to do so the Fund may incur significant Fund-level taxes, which would effectively reduce (and could eliminate) the Fund's returns. See the "Taxes" section of the SAI for additional information.

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

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

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

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

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

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

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Performance Information

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

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| | |
|:---|:---|
| ![](j25226232_bq027.jpg)  | Best Quarter: 8.43% (3/31/22)<br>Worst Quarter: -9.92% (3/31/20)<br>The Fund's total return from January 1, 2025 to June 30, 2025 was 4.55%. |

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

This table compares the Fund's average annual total returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) as well as a blended benchmark that is composed of the Bloomberg 1-5 Year U.S. TIPS Index, the Bloomberg Commodity Total Return Index and the S&P 500 Index weighted 70%/20%/10%. In prior years, the Fund also compared its performance to the Bloomberg 1-5 Year U.S. TIPS Index.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Multi-Asset Real Return Fund | 1 Year | 5 Years | 10 Years | Since<br>Inception<br>(7/28/2011) |
| Return Before Taxes | 4.72% | 4.65% | 2.50% | 0.86% |
| Return After Taxes on Distributions | 2.71% | 1.96% | 0.79% | -0.47% |
| Return After Taxes on Distributions and Sale of Fund Shares | 2.88% | 2.47% | 1.21% | 0.10% |
| Bloomberg U.S. Aggregate Bond Index Return (reflects no deductions for fees, <br>expenses or taxes) | 1.25% | -0.33% | 1.35% | 1.89% |
| The Fund's Blended Benchmark Return (reflects no deductions for fees, <br>expenses or taxes) | 6.60% | 5.25% | 3.49% | 2.07% |

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Management

Investment Adviser and Portfolio Manager. SEI Investments Management Corporation

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| Portfolio Manager | Experience with the Fund | Title with Adviser |
| Anthony Karaminas, CFA | Since 2021 | Portfolio Manager, Head of Sub-Advised Fixed Income |
| Steven Treftz, CFA | Since 2012 | Portfolio Manager |

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Sub-Advisers and Portfolio Managers.

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|:---|:---|:---|:---|
| Sub-Adviser | Portfolio Manager | Experience with<br>the Fund | Title with Sub-Adviser |
| AllianceBernstein L.P. | Mike Canter, PhD<br>Serena Zhou<br>Matthew Sheridan | Since 2019<br>Since 2024<br>Since 2025 | Director, Chief Investment Officer — <br>Securitized Assets<br>Portfolio Manager — US Multi-Sector<br>Director — US Multi-Sector Fixed Income |
| Franklin Advisers, Inc. | Chris Floyd<br>Jose Maldonado | Since 2022<br>Since 2022 | SVP, Portfolio Manager<br>VP, Portfolio Manager |

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For important information about the Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries, please turn to page 167 of this prospectus.

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Purchase and Sale of Fund Shares

The Funds' minimum investment requirements for Class A Shares are: (a) that you must be an Eligible Investor (*i.e.*, institutions or other SIMC advisory clients that have entered into an investment management agreement with SIMC or institutional investors, employee benefit plans and other similar entities purchasing through approved intermediaries); and (b) that your minimum initial investment must be $100,000, with minimum subsequent investments of $1,000, which may be waived at the discretion of SIMC. You may purchase and redeem shares of a Fund on any day that the New York Stock Exchange (NYSE) is open for business (a Business Day). You may sell your Fund shares by contacting your authorized financial institution or intermediary directly. Authorized financial institutions and intermediaries may redeem Fund shares on behalf of their clients by contacting the Funds' transfer agent (the Transfer Agent) or the Funds' authorized agent, using certain SEI Investments Company (SEI) or third party systems or by calling 1-800-858-7233, as applicable.

Tax Information

The distributions made by the Funds are generally taxable and will be taxed as qualified dividend income, ordinary income or capital gains. If you are investing through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account, you will generally not be subject to federal taxation on Fund distributions until you begin receiving distributions from your tax-deferred arrangement. You should consult your tax advisor regarding the rules governing your tax-deferred arrangement.

Payments to Broker-Dealers and Other Financial Intermediaries

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

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MORE INFORMATION ABOUT INVESTMENTS

Each Fund is a mutual fund. A mutual fund pools shareholders' money and, using professional investment managers, invests it in securities and certain other instruments.

Each Fund has its own investment goal and strategies for reaching that goal. Each Fund's assets are managed under the direction of SIMC and, with the exception of the U.S. Equity Factor Allocation and the Real Return Funds, one or more Sub-Advisers, who manage portions of the Funds' assets in a way that they believe will help each Fund achieve its goals. SIMC acts as "manager of managers" for the Funds and attempts to ensure that the Sub-Advisers comply with the Funds' investment policies and guidelines. In addition, SIMC currently directly manages all of the assets of the U.S. Equity Factor Allocation and the Real Return Funds and, to a limited extent, SIMC may directly manage a portion of the assets of the High Yield Bond and Dynamic Asset Allocation Funds' assets, in each case in a manner that it believes will help each Fund achieve its investment goals.

This prospectus describes the Funds' principal investment strategies. However, each Fund may also invest in other securities, use other strategies and engage in other investment practices. Each Fund has the ability to engage in securities lending, depending on market circumstances. These investments and strategies, as well as those described in this prospectus, are described in detail in the Funds' Statement of Additional Information (SAI).

Certain Funds may invest in non-U.S. companies. Non-U.S. companies are those companies that are: (i) securities of an issuer that is organized under the laws of a country other than the U.S. or that maintains its principal place of business in a country other than the U.S.; (ii) securities of an issuer that are traded principally in a country other than the U.S.; or (iii) securities of an issuer that, during the issuer's most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in a country other than the U.S., or that have at least 50% of its assets outside the U.S.

The investments and strategies described in this prospectus are those that SIMC and the Sub-Advisers use under normal conditions. Each Fund has the ability to engage in securities lending, depending on market circumstances. For temporary defensive or liquidity purposes during unusual economic or market conditions, each Fund may invest up to 100% of its assets in cash, money market instruments, repurchase agreements and other short-term obligations that would not ordinarily be consistent with a Fund's objectives. In addition, for temporary defensive purposes, the Funds may invest all or a portion of their assets in common stocks of larger, more established companies and in investment grade fixed income securities. A Fund will do so only if SIMC or a Sub-Adviser believes that the risk of loss outweighs the opportunity for capital gains or higher income. During such a time, a Fund may not achieve its investment goal. Although not expected to be a component of the Funds' principal investment strategies, certain Funds may lend their securities to certain financial institutions in an attempt to earn additional income. Unless otherwise explicitly stated herein, the investment policies and restrictions of the Funds are not fundamental and may be changed by the Board, without shareholder approval. As further described in the SAI, shareholders will receive at least 60 days' notice in the event of any change to certain non-fundamental investment policies. Further, the investment goals of the Long Duration, Long Duration Credit and Ultra Short Duration Bond Funds are not fundamental and may be changed by the Board without shareholder approval.

Each of the Dynamic Asset Allocation and Multi-Asset Real Return Funds invests in its own wholly-owned subsidiary organized under the laws of the Cayman Islands (Subsidiary) for the purpose of providing the respective Fund with exposure to the investment returns of global commodities markets within the

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limitations of the federal tax requirements that apply to each Fund. For more information about applicable federal tax requirements, please see the "Taxes" section below. Each Subsidiary may invest in commodities, commodity-linked derivative instruments, including swap agreements, commodity options, futures and options on futures, equity securities, fixed income securities, foreign securities, pooled investment vehicles, including those that are not registered pursuant to the Investment Company Act of 1940, as amended (1940 Act), and other investments intended to serve as margin or collateral for a Subsidiary's derivative positions. To the extent that either of the Funds invests in a Subsidiary, it will be subject to the risks associated with such Subsidiary's investments, which are discussed elsewhere in this prospectus.

To the extent a Subsidiary engages in derivative transactions, it will comply with the provisions of Rule 18f-4 under the 1940 Act that would apply to either the Dynamic Asset Allocation Fund or Multi-Asset Real Return Fund, as applicable, engaging directly in such transactions. With respect to its investments, a Subsidiary will generally be subject to the same investment restrictions and limitations and generally follow the same compliance policies as the applicable Fund; however, a Subsidiary (unlike the applicable Fund) may invest a significant amount in commodity-linked swap agreements and other commodity-linked derivative instruments.

MORE INFORMATION ABOUT RISKS

Risk Information Common to the Funds

Investing in the Funds involves risk and there is no guarantee that a Fund will achieve its goal. SIMC and the Sub-Advisers, as applicable, make judgments about the securities markets, the economy and companies, but these judgments may not anticipate actual market movements or the impact of economic conditions on company performance. You could lose money on your investment in a Fund, just as you could with other investments. An investment in a Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The value of your investment in a Fund is based on the market prices of the securities the Fund holds. These prices change daily due to economic and other events that affect securities markets generally, as well as those that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser depending on the types of securities a Fund owns and the markets in which those securities trade. The effect on a Fund's share price of a change in the value of a single security will depend on how widely the Fund diversifies its holdings.

Investing in issuers located in foreign countries poses distinct risks because political and economic events unique to a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the U.S. In addition, investments in foreign countries are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. These currency movements may happen in response to events that do not otherwise affect the value of the security in the issuer's home country. These various risks will be even greater for investments in emerging market countries where political turmoil and rapid changes in economic conditions are more likely to occur.

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More Information About Principal Risks

The following descriptions provide additional information about the principal risks of investing in the Funds:

*Artificial Intelligence —* The rapid development of increasingly widespread use of certain artificial intelligence — or "AI" — technologies may adversely impact the overall performance of a Fund's investments, or alter the services provided to a Fund by its service providers. AI technologies are highly reliant on the collection and analysis of large amounts of data and complex algorithms, and it is possible that the information provided through use of AI technologies could be insufficient, incomplete, inaccurate or biased, leading to adverse effects for a Fund, including, potentially, operational errors and investment losses. AI technologies and their current and potential future applications, and the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations and the associated risks to a Fund.

*Asset-Backed Securities —* Asset-backed securities are securities that are backed primarily by the cash flows of a discrete pool of fixed or revolving receivables or other financial assets that by their terms convert into cash within a finite time period. Asset-backed securities include mortgage-backed securities, but the term is more commonly used to refer to securities supported by non-mortgage assets such as auto loans, motor vehicle leases, student loans, credit card receivables, floorplan receivables, equipment leases and peer-to-peer loans. The assets are removed from any potential bankruptcy estate of an operating company through the true sale of the assets to an issuer that is a special purpose entity, and the issuer obtains a perfected security interest in the assets. Payments of principal of and interest on asset-backed securities rely entirely on the performance of the underlying assets. Asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity and therefore, if the assets or sources of funds available to the issuer are insufficient to pay those securities, the Funds will incur losses. In addition, asset-backed securities entail prepayment risk that may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Additional risks related to collateralized debt obligations (CDOs), collateralized loan obligations (CLOs) and mortgage-backed securities are described below.

Losses may be greater for asset-backed securities that are issued as "pass-through certificates" rather than as debt securities because those types of certificates only represent a beneficial ownership interest in the related assets and their payment is based primarily on collections actually received. For asset-backed securities as a whole, if a securitization issuer defaults on its payment obligations due to losses or shortfalls on the assets held by the issuer, a sale or liquidation of the assets may not be sufficient to support payments on the securities and a Fund, as a securityholder, may suffer a loss.

There is a limited secondary market for asset-backed securities. Consequently, it may be difficult for the Funds to sell or realize profits on those securities at favorable times or for favorable prices.

*Bank Loans —* Bank loans are fixed and floating rate loans arranged through private negotiations between a company or a non-U.S. government and one or more financial institutions (lenders). In connection with purchasing participations, a Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and a Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, a Fund will assume the credit risk of both the borrower and the lender that is selling the participation. When a Fund purchases assignments from lenders, the Fund will acquire direct rights against the borrower on the loan. A Fund may have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. The lack of a highly liquid secondary market may have an

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adverse impact on the value of such instruments and on a Fund's ability to dispose of the bank loan in response to a specific economic event, such as deterioration in the creditworthiness of the borrower, but there is no guarantee that an investment in these securities will result in a high rate of return.

*Below Investment Grade Fixed Income Securities (Junk Bonds) —* Below investment grade securities (commonly referred to as junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities. Junk bonds involve a greater risk of price declines than investment grade securities due to actual or perceived changes in an issuer's creditworthiness. In addition, issuers of junk bonds may be more susceptible than other issuers to economic downturns. Junk bonds are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could substantially adversely affect the market value of the security. The volatility of junk bonds, particularly those issued by foreign governments, is even greater because the prospect for repayment of principal and interest of many of these securities is speculative. Some may even be in default. As an incentive to invest, these risky securities tend to offer higher returns, but there is no guarantee that an investment in these securities will result in a high rate of return.

*Collateralized Debt Obligations (CDOs) —* CDOs are securities backed by a variety of debt securities and can include both mortgage-backed and asset-backed securities. In general, the capital structure and payment rules for CDOs are similar to collateralized loan obligations in that they issue multiple classes of securities ranked by seniority with the lower ranking classes at a greater risk of loss. The likelihood of loss on a CDO security is more difficult to measure than on collateralized loan obligations or other asset-backed securities because most of the underlying securities are themselves dependent on the performance of a pool of assets. In addition, many CDOs are managed pools of assets which makes the return to investors dependent in part on the performance of a collateral manager, CDOs are sensitive to interest rate risks and credit risks generally and would be negatively affected by any liquidity crisis in the global credit markets. Lastly, similar to collateralized loan obligations, investors in CDOs bear the expenses associated with the CDOs operations.

*Collateralized Loan Obligations (CLOs) —* CLOs are securities backed by a managed portfolio of senior secured loan obligations. CLOs issue classes or "tranches" of debt that vary in risk and yield. The risk of loss on any particular class or tranche varies by where it is issued in the capital structure; the more junior classes have a higher risk of loss, whereas the more senior classes have a lower risk of loss. Losses on CLO securities typically occur due to defaults on the underlying loans, but may also result due to a decrease in market value of the underlying loans, and investor aversion to CLO securities as a category of investment. CLOs are managed pools, therefore, the risks of investing in CLOs depend largely on the performance of the leveraged loan market generally, and the performance of the collateral managers monitoring and managing the portfolios owned by the CLOs. CLOs also carry risks including, but not limited to, interest rate risk and credit risk. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and limited liquidity for such instruments. When a Fund invests in CLOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CLO's expenses.

*Commercial Paper —* Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities to finance short-term credit needs. Commercial paper is usually sold on a discount basis and has a maturity at the time of issuance generally not exceeding 270 days. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities. The value of commercial paper will tend to fall when interest rates rise and rise when interest rates fall.

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*Commodity Investments and Derivatives —* Exposure to commodities markets may subject the Funds to greater volatility than investments in traditional securities. The commodities markets have, in the past, experienced periods of extreme volatility. Similar future market conditions may result in rapid and substantial valuation increases or decreases in a Fund's holdings. The commodities markets may fluctuate widely based on a variety of factors. Movements in commodity investment prices are outside of a Fund's control and may not be anticipated by Fund management. Price movements may be influenced by, among other things: governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies; changing market and economic conditions; market liquidity; weather and climate conditions, including droughts and floods; livestock disease; changing supply and demand relationships and levels of domestic production and imported commodities; changes in storage costs; the availability of local, intrastate and interstate transportation systems; energy conservation; the success of exploration projects; changes in international balances of payments and trade; domestic and foreign rates of inflation; currency devaluations and revaluations; domestic and foreign political and economic events; domestic and foreign interest rates and/or investor expectations concerning interest rates; foreign currency/exchange rates; domestic and foreign governmental regulation and taxation; war, global health events such as pandemic and endemics, acts of terrorism and other political upheaval and conflicts; governmental expropriation; investment and trading activities of mutual funds, hedge funds and commodities funds; changes in philosophies and emotions of market participants. The frequency and magnitude of such changes cannot be predicted.

The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Certain commodities or natural resources may be produced in a limited number of countries and may be controlled by a small number of producers or groups of producers. As a result, political, economic and supply related events in such countries could have a disproportionate impact on the prices of such commodities. A sustained decline in demand for such commodities could also adversely affect the financial performance of commodity-related companies. Factors that could lead to a decline in demand include economic recession or other adverse economic conditions, higher taxes on commodities or increased governmental regulations, increases in fuel economy, consumer shifts to the use of alternative commodities or fuel sources, changes in commodity prices, or weather.

The commodity markets are subject to temporary distortions and other disruptions due to, among other factors, lack of liquidity, the participation of speculators, and government regulation and other actions. U.S. futures exchanges and some foreign exchanges limit the amount of fluctuation in futures contract prices which may occur in a single business day. If the limit price has been reached in a particular contract, no trades may be made beyond the limit price. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices.

The value of a commodity-linked derivative investment typically is based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. Commodity-linked derivatives provide exposure to the investment returns of commodities that trade in the commodities markets without investing directly in physical commodities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A highly liquid

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secondary market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop.

Commodity-linked derivatives also may be subject to credit and interest rate risks that in general affect the values of fixed-income securities. Therefore, at maturity, a Fund may receive more or less principal than it originally invested. A Fund might receive interest payments that are more or less than the stated coupon interest payments. Certain types of commodity-linked derivatives (such as swaps, including total return swaps and commodity-linked notes) are subject to the risk that the counterparty to the instrument will not perform or will be unable to perform in accordance with the terms of the instrument.

In connection with a Fund's direct and indirect investments in commodity-linked derivatives, the Fund will attempt to manage its counterparty exposure so as to limit its exposure to any one counterparty. However, due to the limited number of entities that may serve as counterparties (and which a Fund believes are creditworthy) at any one time the Fund may enter into swap agreements with a limited number of counterparties and may invest in commodity-linked notes issued by a limited number of issuers that will act as counterparties, which may increase the Fund's exposure to counterparty credit risk. There can be no assurance that the Fund will be able to limit exposure to any one counterparty at all times.

The Fund's investments in commodity-linked notes involve substantial risks, including the risk of loss of a significant portion of their principal value. In addition to commodity risk and general derivatives risk, they may be subject to additional special risks, such as risk of loss of interest and principal, lack of secondary market and risk of greater volatility. If payment of interest on a commodity-linked note or the amount of principal to be repaid on maturity is linked to the value of a particular commodity, commodity index or other economic variable, a Fund might not receive all (or a portion) of the interest or principal due on its investment if there is a loss of value of the underlying investment. At any time, the risk of loss associated with a particular note in a Fund's portfolio may be significantly higher than the value of the note.

A liquid secondary market may not exist for the commodity-linked notes that a Fund buys, which may make it difficult for the Fund to sell them at an acceptable price or to accurately value them. Commodity-linked notes are also subject to the counterparty credit risk of the issuer. That is, at maturity of a commodity-linked note, there is a risk that the issuer may be unable to perform its obligations under the terms of the commodity-linked note. Issuers of commodity-linked notes are typically large money center banks, broker-dealers, other financial institutions and large corporations. If the issuer becomes bankrupt or otherwise fails to pay, a Fund could lose money. The value of the commodity-linked notes a Fund buys may fluctuate significantly because the values of the underlying investments to which they are linked are themselves extremely volatile. Additionally, the particular terms of a commodity-linked note may create economic leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index or other economic variable. This would have the effect of increasing the volatility of the value of these commodity-linked notes as they may increase or decrease in value more quickly than the underlying commodity, commodity index or other economic variable. Therefore, at the maturity of the note, a Fund may receive more or less principal than it originally invested and may receive interest payments on the note that are more or less than the stated coupon interest payments.

*Commodity-Linked Securities —* Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related securities will not necessarily reflect changes in the price of commodities. Commodity-related equity returns can also be affected by the issuer's financial structure or the performance of unrelated businesses. In fact,

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commodity-related securities may actually have a higher correlation to movement in equities than the commodity market.

*Convertible Securities and Preferred Stocks —* Convertible securities are bonds, debentures, notes, preferred stock or other securities that may be converted into or exercised for a prescribed amount of common stock at a specified time and price. Convertible securities provide an opportunity for equity participation, with the potential for a higher dividend or interest yield and lower price volatility compared to common stock. Convertible securities typically pay a lower interest rate than nonconvertible bonds of the same quality and maturity because of the conversion feature. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline, and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature. Convertible securities may also be rated below investment grade (junk bonds) or not rated and are subject to credit risk and prepayment risk, which are discussed below.

Preferred stocks are nonvoting equity securities that pay a stated fixed or variable rate dividend. Due to their fixed income features, preferred stocks provide higher income potential than issuers' common stocks, but are typically more sensitive to interest rate changes than an underlying common stock. Preferred stocks are also subject to equity market risk. The rights of preferred stocks on the distribution of a corporation's assets in the event of a liquidation are generally subordinate to the rights associated with a corporation's debt securities. Preferred stock may also be subject to prepayment risk, which is discussed below.

*Corporate Fixed Income Securities —* Corporate fixed income securities are fixed income securities issued by public and private businesses. Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Corporate fixed income securities are subject to the risk that the issuer may not be able to pay interest or, ultimately, to repay principal upon maturity. Interruptions or delays of these payments could adversely affect the market value of the security. In addition, due to lack of uniformly available information about issuers or differences in the issuers' sensitivity to changing economic conditions, it may be difficult to measure the credit risk of securities issued by private businesses.

*Country Concentration —* A Fund's concentration of its assets in issuers located in a single country or a limited number of countries will increase the impact of, and potential losses associated with, the risks set forth in Foreign Investment/Emerging and Frontier Markets.

*Credit —* Credit risk is the risk that a decline in the credit quality of an investment could cause the Funds to lose money. Credit quality risk is the risk of a decline in the credit quality of an issuer of a provider of credit support or a maturity-shortening structure for a security, which can cause the price of a security to decrease. Although the Funds, except the Opportunistic Income and High Yield Bond Funds, primarily invest in investment grade securities, the Funds could lose money if the issuer or guarantor of a portfolio security or a counterparty to a derivative contract fails to make timely payment or otherwise honor its obligations. Fixed income securities rated below investment grade (commonly referred to as junk bonds) (described above) involve greater risks of default or downgrade and are generally more volatile than investment grade securities. Discontinuation of these payments could substantially adversely affect the market value of the security.

*Credit-Linked Notes —* Credit-linked securities and similarly structured products typically are issued by a limited purpose trust or other vehicle that, in turn, enters into a credit protection agreement or invests in a derivative instrument or basket of derivative instruments, such as credit default swaps or interest rate swaps,

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to obtain exposure to certain fixed-income markets or to remain fully invested when more traditional income producing securities are not available. Like an investment in a bond, an investment in credit-linked notes represents the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the issuer's receipt of payments from, and the issuer's potential obligations to, the counterparties to certain credit protection agreements or derivative instruments entered into by the issuer of the credit-linked note. For example, the issuer may sell one or more credit default swaps entitling the issuer to receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt obligation. An investor holding a credit-linked note generally receives a fixed or floating coupon and the note's par value upon maturity, unless the referenced creditor defaults or declares bankruptcy, in which case the investor receives the amount recovered. In effect, investors holding credit-linked notes receive a higher yield in exchange for assuming the risk of a specified credit event. The Fund's investments in credit-linked notes are indirectly subject to the risks associated with derivative instruments, which are described below, and may be illiquid.

*Currency —* Taking active positions in currencies involves different techniques and risk analyses than the purchase of securities or other investments. Currency exchange rates may fluctuate in response to factors extrinsic to that country's economy, which makes the forecasting of currency market movements extremely difficult. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. These can result in losses to the Funds if they are unable to deliver or receive currency or funds in settlement of obligations and could also cause hedges it has entered into to be rendered useless, resulting in full currency exposure, as well as incurring transaction costs. Passive investment in currencies may, to a lesser extent, also subject the Funds to these same risks. The value of the Funds' investments may fluctuate in response to broader macroeconomic risks than if those Funds invested only in U.S. equity securities.

*Current Market Conditions Risk —* Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks raised interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks recently began to lower interest rates, though economic or other factors, such as inflation, could stop such changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Funds' investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. If any geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any

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future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. Advancements in technology may also adversely impact markets and the overall performance of the Funds. These events, and any other future events, may adversely affect the prices and liquidity of the Funds' investments and could result in disruptions in the trading markets.

*Depositary Receipts —* Depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, depositary receipts, including American Depositary Receipts (ADRs), are subject to many of the risks associated with investing directly in foreign securities, which are further described below.

*Derivatives —* Derivatives are instruments that derive their value from an underlying security, financial asset or an index. Changes in the market value of a security that is a reference asset for a derivative instrument may not be proportionate to changes in the market value of the derivative instrument itself. There may not be a liquid market for the Funds to sell a derivative instrument, which could result in difficulty in closing the position prior to expiration. Moreover, certain derivative instruments can magnify the extent of losses incurred due to changes in the market value of the securities to which they relate. Some derivative instruments are subject to counterparty risk. A default by the counterparty on its payments to the Funds will cause the value of your investment in the Funds to decrease.

The Funds' use of derivatives is also subject to credit risk, leverage risk, lack of availability risk, valuation risk, correlation risk, counterparty risk and tax risk. Credit risk is described above and leverage risk is described below. A Fund's counterparties to its derivative contracts present the same types of credit risk as issuers of fixed income securities. Lack of availability risk is the risk that suitable derivative transactions, such as roll-forward contracts, may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Counterparty risk is the risk that the counterparty to a derivatives contract, a clearing member used by the Fund to hold a cleared derivative contract, or a borrower of the Fund's securities is unable or unwilling to make timely settlement payments, return the Fund's margin or otherwise honor its obligations. Tax risk is the risk that the use of derivatives may cause the Funds to realize higher amounts of short-term capital gains or otherwise affect a Fund's ability to pay out dividends subject to preferential rates or the dividends received deduction, thereby increasing the amount of taxes payable by some shareholders. These risks could cause the Funds to lose more than the principal amount invested. Some derivatives have the potential for unlimited loss, regardless of the size of the Funds' initial investment.

Derivatives are also subject to a number of other risks described elsewhere in this prospectus. Derivatives transactions conducted outside the U.S. may not be conducted in the same manner as those entered into on U.S. exchanges, and may be subject to different margin, exercise, settlement or expiration procedures. Derivatives transactions conducted outside of the U.S. also are subject to the risks affecting foreign securities, currencies and other instruments, in addition to other risks.

*Duration —* Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with longer duration typically have higher risk and higher volatility. Longer-term securities in which a portfolio may invest are more volatile than

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shorter-term securities. A portfolio with a longer average portfolio duration is typically more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Equity Market —* Because certain Funds purchase equity securities, they are subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Funds' securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In the case of foreign stocks, these fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. These factors contribute to price volatility.

*European Union —* Because certain Funds invest within the European Union the performance of those Funds may be negatively impacted by factors affecting the European Union. The economies of the European Union are dependent to a significant extent on those of certain key trading partners, including China, the United States, and other European countries. A reduction in spending on products and services exported from the European Union, or volatility in the financial markets of member countries, may have an adverse impact on the broader European Union economy and could adversely affect the Funds. Separately, the European Union faces issues involving its membership, structure, procedures and policies. The United Kingdom (UK) officially withdrew from the European Union on January 31, 2020. The UK and the European Union have since agreed upon a Trade and Cooperation Agreement that became fully effective on May 1, 2021. The UK, European Union and broader global economy may still experience volatility in foreign exchange markets as a result of these events. The UK's withdrawal may also destabilize some or all of the other European Union member countries and/or the Eurozone. The exit of additional member states from the European Union would subject its currency and banking system to increased risk and would likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets. Additionally, the reintroduction of national currencies in one or more European Union countries or the abandonment of the Euro as a currency could adversely affect a Fund's investments in the European Union.

*Exchange-Traded Products (ETPs) —* The risks of owning interests of an ETP, such as an exchange-traded fund (ETF) or exchange-traded commodity pool, generally reflect the same risks as owning the underlying securities or other instruments that the ETP is designed to track. The shares of certain ETPs may trade at a premium or discount to their intrinsic value (*i.e.*, the market value may differ from the net asset value (NAV) of an ETP's shares). For example, supply and demand for shares of an ETF or market disruptions may cause the market price of the ETF to deviate from the value of the ETF's investments, which may be emphasized in less liquid markets. The value of an ETN may also differ from the valuation of its reference market or instrument due to changes in the issuer's credit rating. By investing in an ETP, a Fund indirectly bears the proportionate share of any fees and expenses of the ETP in addition to the fees and expenses that the Fund and its shareholders directly bear in connection with the Fund's operations. Because certain ETPs may have a significant portion of their assets exposed directly or indirectly to commodities or commodity-linked securities, developments affecting commodities may have a disproportionate impact on such ETPs and may subject the ETPs to greater volatility than investments in traditional securities.

ETFs are investment companies whose shares are bought and sold on a securities exchange. Most ETFs are passively-managed, meaning they invest in a portfolio of securities designed to track a particular market segment or index. ETFs, like mutual funds, have expenses associated with their operation, including advisory fees. Such ETF expenses may make owning shares of the ETF more costly than owning the underlying securities directly. The risks of owning shares of a passively-managed ETF generally reflect the risks of owning

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the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities.

*Extension —* Investments in fixed income securities are subject to extension risk. Generally, rising interest rates tend to extend the duration of fixed income securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a Fund may exhibit additional volatility.

*Fixed Income Markets —* The prices of a Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, a Fund's fixed income securities will decrease in value if interest rates rise and vice versa. Fixed income securities may have fixed-, variable- or floating-rates. There is a risk that the current interest rate on floating and variable rate instruments may not accurately reflect existing market interest rates. Also, longer-term securities are generally more sensitive to changes in the level of interest rates, so the average maturity or duration of these securities affects risk. Changes in government policy, including the Federal Reserve's decisions with respect to raising interest rates or terminating certain programs such as quantitative easing, could increase the risk that interest rates will rise. Rising interest rates may, in turn, increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Funds. These risks may be heightened in a low interest rate environment. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these conditions, a Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

*Foreign Investment/Emerging and Frontier Markets —* A Fund may invest in foreign issuers, including issuers located in emerging and frontier market countries. Investing in issuers located in foreign countries poses distinct risks because political and economic events unique to a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign countries are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. These currency movements may happen separately from, and in response to, events that do not otherwise affect the value of the security in the issuer's home country. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets.

Emerging market countries are those countries that are: (i) characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) included in an emerging markets index by a recognized index provider; or (iii) countries with similar developing or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase. "Frontier market countries" are a subset of emerging market countries with even smaller national economies. Emerging market countries, and, to an even greater extent, frontier market countries, may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market and frontier market countries often have less uniformity in accounting

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and reporting requirements and unreliable securities valuation. It is sometimes difficult to obtain and enforce court judgments in such countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country. In addition, the financial stability of issuers (including governments) in emerging market and frontier market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with a Fund's investments in emerging market and frontier market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.

Frontier countries are a subset of emerging market countries with even smaller national economies. The economies of frontier market countries tend to be less correlated to global economic cycles than the economies of more developed countries and their markets have lower trading volumes and may exhibit greater price volatility and illiquidity. A small number of large investments in these markets may affect these markets to a greater degree than more developed markets. Frontier market countries may also be affected by government activities to a greater degree than more developed countries. For example, the governments of frontier market countries may exercise substantial influence within the private sector or subject investments to government approval, and governments of other countries may impose or negotiate trade barriers, exchange controls, adjustments to relative currency values and other measures that adversely affect a frontier market country. Governments of other countries may also impose sanctions or embargoes on frontier market countries. Although all of these risks are generally heightened with respect to frontier market countries, they also apply to emerging market countries.

Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses. In addition, the large-scale invasion of Ukraine by Russia in February 2022 and the resulting responses, including economic sanctions by the U.S. and other countries against certain Russian individuals and companies could negatively impact the Funds' performance and cause losses on your investment in the Funds.

*Foreign Sovereign Debt Securities —* The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*Forward Contracts —* A forward contract, also called a "forward," involves a negotiated obligation to purchase or sell a specific security or currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery of a specified lot of a particular security or currency for a Fund's account. Risks associated with forwards may include: (i) an imperfect correlation between the movement in prices of forward contracts and the securities or currencies underlying them; (ii) an illiquid market for forwards; (iii) difficulty in obtaining an accurate value for the forwards; and (iv) the risk that the counterparty to the forward contract will default or otherwise fail to honor its obligation. Because forwards require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Forwards are also subject to credit risk, liquidity risk and leverage risk, each of which is further described elsewhere in this section.

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*Futures Contracts —* Futures contracts, or "futures," provide for the future sale by one party and purchase by another party of a specified amount of a specific security or asset at a specified future time and at a specified price (with or without delivery required). The risks of futures include: (i) leverage risk; (ii) correlation or tracking risk; and (iii) liquidity risk. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Accordingly, the fluctuation of the value of futures in relation to the underlying assets upon which they are based is magnified. Thus, the Funds may experience losses that exceed losses experienced by funds that do not use futures contracts and which may be unlimited, depending on the structure of the contract. There may be imperfect correlation, or even no correlation, between price movements of a futures contract and price movements of investments for which futures are used as a substitute or which futures are intended to hedge.

Lack of correlation (or tracking) may be due to factors unrelated to the value of the investments being substituted or hedged, such as speculative or other pressures on the markets in which these instruments are traded. Consequently, the effectiveness of futures as a security substitute or as a hedging vehicle will depend in part on the degree of correlation between price movements in the futures and price movements in underlying securities or assets. Although futures contracts are generally liquid instruments, under certain market conditions they may become illiquid. Futures exchanges may impose daily or intra-day price change limits and/or limit the volume of trading.

Additionally, government regulation may further reduce liquidity through similar trading restrictions. As a result, the Funds may be unable to close out its futures contracts at a time that is advantageous. If movements in the markets for security futures contracts or the underlying security decrease the value of a Fund's positions in security futures contracts, the Fund may be required to have or make additional funds available to its brokerage firm as margin. If the Fund's account is under the minimum margin requirements set by the exchange or the brokerage firm, its position may be liquidated at a loss, and the Fund will be liable for the deficit, if any, in its account. A Fund may also experience losses due to systems failures or inadequate system back-up or procedures at the brokerage firm(s) carrying the Fund's positions. The successful use of futures depends upon a variety of factors, particularly the ability of SIMC or the Sub-Advisers to predict movements of the underlying securities markets, which requires different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular futures strategy adopted will succeed.

*Hedged Strategies —* The U.S. Managed Volatility Fund may employ investment strategies that involve greater risks than the strategies used by typical mutual funds, including short sales and derivative transactions. There is no assurance that hedged strategies will protect against losses or perform better than non-hedged strategies. The investment strategies employed by the Fund that emphasize hedged positions rather than non-hedged positions in securities and derivatives are used in an effort to protect against losses due to general movements in market prices and are tools used to manage the Fund's price volatility. However, no assurance can be given that such hedging will be successful or that consistent absolute returns will be achieved. Hedging against a decline in the value of positions does not eliminate fluctuations in the values of such positions or prevent losses if the values of such positions decline but, rather, establishes other positions designed to gain from those same developments, thus offsetting the decline in the hedged positions' value. In a hedging transaction there may be imperfect correlation, or even no correlation, between the identity, price or price movements of a financial instrument and the identity, price or price movements of the investments being hedged. This lack of correlation may cause the hedge to be unsuccessful and may result in the Fund incurring substantial losses and/or not achieving anticipated gains. Separately, hedging strategies can reduce

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opportunity for gain by offsetting the positive effect of favorable price movements. Even if the strategy works as intended, the Fund might be in a better position had it not attempted to hedge at all.

*Inflation Protected Securities —* The value of investments in inflation protected securities, including Treasury Inflation-Protected Securities (TIPS), will generally fluctuate in response to changes in "real" interest rates. Real interest rates represent nominal interest rates reduced by the expected impact of inflation. The value of an inflation-protected security generally decreases when real interest rates rise and generally increases when real interest rates fall. In addition, the principal value of an inflation-protected security is periodically adjusted up or down along with the rate of inflation. If the measure of inflation falls, the principal value of the inflation-protected security will be adjusted downwards, and, consequently, the interest payable on the security will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed by the U.S. Treasury in the case of TIPS. For securities that do not provide a similar guarantee, the adjusted principal value of the security to be repaid at maturity is subject to credit risk.

*Interest Rate —* The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which a Fund invests. In a low interest rate environment, the risk of a decline in value of the Fund's portfolio securities associated with rising rates are heightened, because there may be a greater likelihood of rates increasing potentially rapidly. In a declining interest rate environment, the Fund generally will be required to invest available cash in instruments with lower interest rates than those of the current portfolio securities. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, whereas others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources.

*Investment Company —* The Funds may purchase shares of investment companies, such as open-end funds, ETFs and closed-end funds. ETFs are investment companies whose shares are bought and sold on a securities exchange. ETFs invest in a portfolio of securities designed to track a particular market segment or index. When a Fund invests in an investment company, it will bear a pro rata portion of the investment company's expenses in addition to directly bearing the expenses associated with its own operations. Such expenses may make owning shares of an investment company more costly than owning the underlying securities directly. The Funds may invest in affiliated funds including, for example, money market funds for reasons such as cash management or other purposes. In such cases, the Funds' adviser and its affiliates will earn fees at both the Fund level and within the underlying fund with respect to the Fund's assets invested in the underlying fund. In part because of these additional expenses, the performance of an investment company may differ from the performance a Fund would achieve if it invested directly in the underlying investments of the investment company. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, a Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. See also, "Exchange-Traded Products (ETPs)," above.

*Investment in the Subsidiary —* Each of the Dynamic Asset Allocation and Multi-Asset Real Return Funds may invest in its own Subsidiary. By investing in a Subsidiary, each Fund is indirectly exposed to the risks associated with such Subsidiary's investments. The commodity-related instruments held by a Subsidiary are generally similar to those that are permitted to be held by the applicable Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. A Subsidiary, however, is not registered under the 1940 Act and, unless otherwise noted in this prospectus, will not be subject to all of the investor protections of the 1940 Act. Thus, the Dynamic Asset Allocation and Multi-Asset Real Return Funds, as investors in their respective Subsidiary, will not have all of the protections offered to investors in registered

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investment companies. Each Fund, however, wholly owns and controls its respective Subsidiary, and the Funds and the Subsidiaries are managed by SIMC, making it unlikely that a Subsidiary will take action contrary to the interests of the applicable Fund. While each Subsidiary has its own board of directors that is responsible for overseeing the operations of such Subsidiary, the respective Fund's Board has oversight responsibility for the investment activities of the Fund, including its investment in the respective Subsidiary, and the Fund's role as the sole shareholder of such Subsidiary. It is not currently expected that shares of any Subsidiary will be sold or offered to investors other than the respective Fund.

Changes in the laws of the United States and/or the Cayman Islands or governmental interpretation of such laws, under which the Funds and the Subsidiaries, respectively, are organized, could result in the inability of a Fund and/or its respective Subsidiary to operate as intended and could negatively affect the Funds and their shareholders. For example, Cayman Islands law does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiaries. If Cayman Islands law changes such that the Subsidiaries must pay Cayman Islands governmental authority taxes, Fund shareholders would likely suffer decreased investment returns.

*Investment Style —* Investment style risk is the risk that a Fund's investment in certain securities in a particular market segment pursuant to its particular investment strategy may underperform other market segments or the market as whole.

*Large Capitalization —* If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small and medium sized companies. Additionally, larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

*Leverage —* Certain Fund transactions, such as derivatives or reverse repurchase agreements, may give rise to a form of leverage. The use of leverage can amplify the effects of market volatility on a Fund's share price and make the Fund's returns more volatile. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of a Fund's portfolio securities. Rule 18f-4 under the 1940 Act requires, among other things, that a Fund either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based one of two value-at-risk (VaR) tests. The use of leverage may also cause a Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet the applicable requirements of the 1940 Act and the rules thereunder.

*Liquidity —* Liquidity risk exists when particular investments are difficult to purchase or sell. The market for certain investments may become illiquid due to specific adverse changes in the condition of a particular issuer or under adverse market or economic conditions independent of the issuer. A Fund's investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price. Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

*Long/Short Strategy —* The World Equity Ex-US, Screened World Equity Ex-US and Large Cap Disciplined Equity Funds seek long exposure to certain financial instruments and short exposure to certain other financial instruments. There is no guarantee that the returns on the Funds' long or short positions will produce positive returns and the Funds could lose money if either or both the Funds' long and short positions produce negative returns. In addition, the Funds may gain enhanced long exposure to certain financial instruments (*i.e.*, obtain investment exposure that exceeds the amount directly invested in those assets, a form of leverage) and, under such circumstances, will lose more money in market environments that are adverse to its long positions

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than funds that do not employ such leverage. As a result, such investments may give rise to losses that exceed the amount invested in those assets.

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

*Mortgage-Backed Securities —* Mortgage-backed securities are a class of asset-backed securities representing an interest in a pool or pools of whole mortgage loans (which may be residential mortgage loans or commercial mortgage loans). Mortgage-backed securities held or acquired by a Fund could include (i) obligations guaranteed by federal agencies of the U.S. Government, such as the Government National Mortgage Association, which are backed by the "full faith and credit" of the United States, (ii) securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, which are not backed by the "full faith and credit" of the United States but are guaranteed by the U.S. Government as to timely payment of principal and, (iii) securities (commonly referred to as "private-label RMBS") issued by private issuers that represent an interest in or are collateralized by whole residential mortgage loans without a government guarantee and (iv) commercial mortgage-backed securities (CMBS), which are multi-class or pass-through securities backed by a mortgage loan or a pool of mortgage loans secured by commercial property such as industrial and warehouse properties, office buildings, retail space and shopping malls, multifamily properties and cooperative apartments. Because private-label RMBS and CMBS are not issued or guaranteed by the U.S. Government, those securities generally are structured with one or more types of credit enhancement. There can be no assurance, however, that credit enhancements will support full payment to a Fund of the principal and interest on such obligations. In addition, changes in the credit quality of the entity that provides credit enhancement could cause losses to a Fund and affect its share price.

A Fund may invest in mortgage-backed securities in the form of debt or in the form of "pass-through" certificates. Pass-through certificates, which represent beneficial ownership interests in the related mortgage loans, differ from debt securities, which generally provide for periodic fixed payments of interest on and principal of the related notes. Mortgage pass-through securities provide for monthly payments that are a "pass-through" of the monthly interest and principal payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans, net of any fees and expenses owed to the servicers of the mortgage loans and other transaction parties that receive payment from collections on the mortgage loans.

The performance of mortgage loans and, in turn, the mortgage-backed securities acquired by a Fund, is influenced by a wide variety of economic, geographic, social and other factors, including general economic conditions, the level of prevailing interest rates, the unemployment rate, the availability of alternative financing and homeowner behavior.

The rate and aggregate amount of distributions on mortgage-backed securities, and therefore the average lives of those securities and the yields realized by a Fund, will be sensitive to the rate of prepayments (including liquidations) and modifications of the related mortgage loans, any losses and shortfalls on the related mortgage loans allocable to the tranches held by the Fund and the manner in which principal payments on the related mortgage loans are allocated among the various tranches in the particular securitization transaction. Furthermore, mortgage-backed securities are sensitive to changes in interest rates, but may respond to those changes differently from other fixed income securities due to the possibility of prepayment of the mortgage loans. Among other factors, a significant amount of defaults, rapid prepayments or prepayment interest shortfalls may erode amounts available for distributions to a Fund. The timing of

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changes in the rate of prepayments of the mortgage loans may significantly affect a Fund's actual yield to maturity, even if the average rate of principal payments is consistent with the Fund's expectations. If prepayments of mortgage loans occur at a rate faster than that anticipated by a Fund, payments of interest on the mortgage-backed securities could be significantly less than anticipated. Similarly, if the number of mortgage loans that are modified is larger than that anticipated by a Fund, payments of principal and interest on the mortgage-backed securities could be significantly less than anticipated.

*Mortgage Dollar Rolls —* Mortgage dollar rolls are transactions in which a Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on such securities. The Fund is compensated by the difference between the current sales price and the forward price for the future purchase (often referred to as the "drop") as well as by the interest earned on the cash proceeds of the initial sale. At the end of the roll commitment period, the Fund may or may not take delivery of the securities it has contracted to purchase. Mortgage dollar rolls may be renewed prior to cash settlement and may initially involve only a firm commitment agreement by the Fund to buy a security. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

*Municipal Securities —* Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value.

Longer-term securities respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer's current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to repay principal and to make interest payments on securities owned by the Fund. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of a Fund's holdings. As a result, a Fund will be more susceptible to factors which adversely affect issuers of municipal obligations than a mutual fund which does not have as great of concentration in municipal obligations. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by a Fund. Any changes in the financial condition of municipal issuers also may adversely affect the value of a Fund's securities.

*Non-Diversification —* The Emerging Markets Debt Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the asset diversification requirements for qualifying as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code).

*Opportunity —* A Fund may miss out on an investment opportunity because the assets necessary to take advantage of that opportunity are tied up in other investments.

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*Options —* An option is a contract between two parties for the purchase and sale of the purchase a financial instrument for a specified price at a specified date. Unlike a futures contract, an option grants the purchaser, in exchange for a premium payment, a right (not an obligation) to buy or sell a financial instrument. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. The seller of an uncovered call (buy) option assumes the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option. The securities necessary to satisfy the exercise of the call option may be unavailable for purchase except at much higher prices. Purchasing securities to satisfy the exercise of the call option can itself cause the price of the securities to rise further, sometimes by a significant amount, thereby exacerbating the loss. The buyer of a call option assumes the risk of paying an entire premium in the call option without ever getting the opportunity to execute the option. The seller (writer) of a covered put (sell) option (*e.g.*, the writer has a short position in the underlying security) will suffer a loss if the increase in the market price of the underlying security is greater than the premium received from the buyer of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option. The buyer of a put option assumes the risk of paying an entire premium in the put option without ever getting the opportunity to exercise the option. An option's time value (*i.e.*, the component of the option's value that exceeds the in-the-money amount) tends to diminish over time. Even though an option may be in-the-money to the buyer at various times prior to its expiration date, the buyer's ability to realize the value of an option depends on when and how the option may be exercised. For example, the terms of a transaction may provide for the option to be exercised automatically if it is in-the-money on the expiration date. Conversely, the terms may require timely delivery of a notice of exercise, and exercise may be subject to other conditions (such as the occurrence or non-occurrence of certain events, such as knock-in, knock-out or other barrier events) and timing requirements, including the "style" of the option.

*Participation Notes (P-Notes) —* P-Notes are participation interest notes that are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying equity, debt, currency or market. When purchasing a P-Note, the posting of margin is not required because the full cost of the P-Note (plus commission) is paid at the time of purchase. When the P-Note matures, the issuer will pay to, or receive from, the purchaser the difference between the minimal value of the underlying instrument at the time of purchase and that instrument's value at maturity. Investments in P-Notes involve the same risks associated with a direct investment in the underlying foreign companies or foreign securities markets that they seek to replicate.

*Portfolio Turnover —* Due to its investment strategy, a Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Funds' performance.

*Prepayment —* The Funds' investments in fixed income securities are subject to prepayment risk. In a declining interest rate environment, fixed income securities with stated interest rates may have their principal paid earlier than expected. This may result in the Fund having to reinvest that money at lower prevailing interest rates, which can reduce the returns of the Fund.

*Private Placements —* Investments in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by a Fund or less than what may be considered the fair value of such securities. Furthermore, companies whose securities are not publicly traded may not be

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subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

*Quantitative Investing —* A quantitative investment style generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy. These issues or flaws, which can be difficult to identify, may result in the implementation of a portfolio that is different from that which was intended, and could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon quantitative models and computerization. Utility interruptions or other key systems outages also can impair the performance of quantitative investment strategies.

*Real Estate Industry —* Investments in the securities of companies principally engaged in the real estate industry may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include declines in the value of real estate, risks related to general and local economic conditions, possible lack of availability of mortgage funds, lack of ability to access the creditor capital markets, overbuilding, extended vacancies of properties, defaults by borrowers or tenants (particularly during an economic downturn), increasing competition, increases in property taxes and operating expenses, changes in zoning laws, losses due to costs resulting from clean-ups of environmental problems, liability to third parties for damages resulting from environmental problems, casualty or condemnation losses, limitations on rents, changes in market and sub-market values and the appeal of properties to tenants, and changes in interest rates. In addition to these risks, real estate investment trusts (REITs) and real estate operating companies (REOCs) are dependent on specialized management skills, and some REITs and REOCs may have investments in relatively few properties in a small geographic area or in a single type of property. These factors may increase the volatility of the Funds' investments in REITs or REOCs. Risk associated with investment in REITs is further discussed below.

*Real Estate Investment Trusts (REITs) —* REITs are trusts that invest primarily in commercial real estate or real estate-related loans. By investing in REITs indirectly through a Fund, shareholders will not only bear the proportionate share of the expenses of the Fund, but will also indirectly bear similar expenses of underlying REITs. The Fund may be subject to certain risks associated with the direct investments of the REITs. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs generally depend on their ability to generate cash flow to make distributions to shareholders or unitholders and may be subject to defaults by borrowers and to self-liquidations. In addition, a U.S. REIT may be affected by its failure to qualify for tax-free pass-through of income under the Code or its failure to maintain exemption from registration under the 1940 Act.

*Repurchase Agreements and Reverse Repurchase Agreements —* In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to a Fund or, in the case of a reverse repurchase agreement, the securities or other assets sold by a Fund, may be delayed. In a repurchase agreement, such an insolvency may result in a loss to the extent that the value of the purchased securities or other assets decreases during the delay or that value has otherwise not been maintained at an amount equal to the repurchase price. In a reverse repurchase agreement, the counterparty's insolvency may result in a loss equal to the amount by which the value of the securities or other assets sold by a Fund exceeds the repurchase price payable by a Fund; if the value of the purchased

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securities or other assets increases during such a delay, that loss may also be increased. When a Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities or other assets transferred to another party or the securities or other assets in which the proceeds may be invested would affect the market value of a Fund's assets. As a result, such transactions may increase fluctuations in the NAV of a Fund's shares. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds, they constitute a form of leverage. If a Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower a Fund's yield and the amount of exempt-interest dividends that may be paid by a Fund. The credit, liquidity and other risks associated with repurchase agreements are magnified to the extent a repurchase agreement is secured by collateral other than cash, government securities or liquid securities or instruments issued by an issuer that has an exceptionally strong credit quality. Rule 18f-4 under the 1940 Act permits a Fund to enter into reverse repurchase agreements and similar financing transactions notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund treats such transactions as Derivatives Transactions, as defined in Rule 18f-4 under the 1940 Act subject to the VaR Test under Rule 18f-4.

*Risk of Investing in China —* China is an emerging market, and as a result, investments in securities of companies organized and listed in China may be subject to liquidity constraints and significantly higher volatility, from time to time, than investments in securities of more developed markets. China may be subject to considerable government intervention and varying degrees of economic, political and social instability. Internal social unrest or confrontations with other neighboring countries could have a significant impact on the economy of China. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. There also is no guarantee that the Chinese government will not revert from its current open-market economy to an economic policy of central planning. These factors may result in, among other things, a greater risk of stock market, interest rate, and currency fluctuations, as well as inflation. Accounting, auditing and financial reporting standards in China are different from U.S. standards and, therefore, disclosure of certain material information may not be made, may be less available, or may be less reliable. It may also be difficult or impossible for the Fund, U.S. authorities and regulators to obtain or enforce a judgment in a Chinese court. In addition, periodic U.S. Government restrictions on investments in Chinese companies may result in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses. A Fund may also be subject to additional risks related to investments in variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangements with the Chinese company.

*Securities Lending —* Certain Funds may lend their securities to certain financial institutions in an attempt to earn additional income. Such Funds may lend their portfolio securities to brokers, dealers, and other financial institutions provided a number of conditions are satisfied, including that the loan is fully collateralized. When a Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the Fund will also receive a fee or interest on the collateral. Securities lending involves the risk of loss of rights, including voting rights, in the loaned securities during the term of the loan

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or delay in recovering loaned securities if the borrower fails to return them or becomes insolvent. A Fund that lends its securities may pay lending fees to a party arranging the loan.

*Short Sales —* Short sales are transactions in which the Funds sell a security they do not own. To complete a short sale, the Funds must borrow the security to deliver to the buyer. The Funds are then obligated to replace the borrowed security by purchasing the security at the market price at the time of replacement. This price may be more or less than the price at which the security was sold by the Funds, and the Funds will incur a loss if the price of the security sold short increases between the time of the short sale and the time the Funds replace the borrowed security. In addition, until the security is replaced, a Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. Certain Funds' investment strategies of reinvesting proceeds received from selling securities short may effectively create leverage, which can amplify the effects of market volatility on the Funds' share price and make the Funds' returns more volatile. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Funds' portfolio securities. The use of leverage may also cause the Funds to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy their obligations. Pursuant to its particular investment strategy, a Sub-Adviser may have a net short exposure in the portfolio of assets allocated to the Sub-Adviser.

*Small and Medium Capitalization Issuers —* Investing in equity securities of small and medium capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size companies, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. Stock prices of smaller companies may be based in substantial part on future expectations rather than current achievements. The securities of smaller companies are often traded over-the-counter and, even if listed on a national securities exchange, may not be traded in volumes typical for that exchange. Consequently, the securities of smaller companies may be less liquid, may have limited market stability and may be subject to more severe, abrupt or erratic market movements than securities of larger, more established companies or the market averages in general. Further, smaller companies may have less publicly available information and, when available, it may be inaccurate or incomplete.

*Social Investment Criteria —* The Screened World Equity Ex-US Fund's portfolio is subject to certain social investment criteria, including its anti-BDS approach. As a result, the Sub-Advisers may avoid purchasing certain securities for social reasons when it is otherwise economically advantageous to purchase those securities, or may sell certain securities for social reasons when it is otherwise economically advantageous to hold those securities. In general, the application of the Fund's social investment criteria may affect the Fund's exposure to certain industries, sectors and geographic areas, which may affect the financial performance of the Fund, positively or negatively, depending on whether these industries or sectors are in or out of favor.

*Swap Agreements —* Swaps are agreements whereby two parties agree to exchange payment streams calculated by reference to an underlying asset, such as a rate, index, instrument or securities. Swaps typically involve credit risk, market risk, liquidity risk, funding risk, operational risk, legal and documentation risk, counterparty risk, regulatory risk and/or tax risk. Interest rate swaps involve one party, in return for a premium, agreeing to make payments to another party to the extent that interest rates exceed or fall below a specified rate (a "cap" or "floor," respectively). Swap agreements involve the risk that the party with whom a Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to the other party to the agreement.

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Total return swaps are contracts that obligate a party to pay interest in exchange for payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. Total return swaps give a Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset in a total return swap declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty. Fully funded total return swaps have economic and risk characteristics similar to credit-linked notes, which are described above. Fully funded equity swaps have economic and risk characteristics similar to P-Notes.

A credit default swap enables a Fund to buy or sell protection against a defined credit event of an issuer or a basket of securities.

The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. If a Fund is a seller of protection and a credit event occurs (as defined under the terms of that particular swap agreement), the Fund will generally either: (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If the Fund is a buyer of protection and a credit event occurs (as defined under the terms of that particular swap agreement), the Fund will either: (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are calculated by market makers considering either industry standard recovery rates or entity specific factors and other considerations until a credit event occurs. If a credit event has occurred, the recovery value is generally determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swaps involve special risks in addition to those mentioned above because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). Like a long or short position in a physical security, credit default swaps are subject to the same factors that cause changes in the market value of the underlying asset.

The Dodd-Frank Act, which was signed into law on July 21, 2010, established a comprehensive new regulatory framework for swaps and security-based swaps. Key Dodd-Frank Act provisions relating to swaps and security-based swaps require rulemaking by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), not all of which have been completed as of the date of this prospectus. Prior to the Dodd-Frank Act, the swaps and security-based swaps transactions generally occurred on a bilateral basis in the over-the-counter (OTC) market (so-called "bilateral OTC transactions"). Pursuant to the Dodd-Frank Act, some, but not all, swaps and security-based swaps transactions are now required to be centrally cleared and traded on exchanges or electronic trading platforms. Bilateral OTC transactions differ from exchange-traded or cleared swaps and security-based swaps in several respects. Bilateral OTC transactions are transacted directly between counterparties and not through an exchange (although they may be submitted for clearing with a clearing corporation). As bilateral OTC transactions are entered into directly

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with a counterparty, there is a risk of nonperformance by the counterparty as a result of its insolvency or otherwise. Under certain risk mitigation regulations adopted pursuant to the Dodd-Frank Act (commonly referred to as "Margin Rules"), the Fund is required to post collateral (known as variation margin) to cover the mark-to-market exposure in respect of its uncleared transactions in swaps and security-based swaps. The Margin Rules also mandate that collateral in the form of initial margin be posted to cover potential future exposure attributable to uncleared transactions in swaps and security-based swaps for certain entities, which may include the Funds. In addition, clearing agencies may impose separate margin requirements for certain cleared transactions in swaps and security-based swaps.

*Tax —* Each of the Dynamic Asset Allocation and Multi-Asset Real Return Funds (each a Commodity Fund and collectively, the Commodity Funds) may gain most of its exposure to the commodities markets through its investment in its own Subsidiary, which invests directly in commodities and in equity-linked securities and commodity-linked derivative instruments, including options, futures contracts, swaps, options on futures contracts and commodity-linked structured notes. In order for a Fund to qualify as a RIC under Subchapter M of the Code, the Fund must, among other requirements, derive at least 90% of its gross income each taxable year from qualifying income, which is described in more detail in the SAI.

The Commodity Funds' investment in their respective Subsidiary is expected to provide the Commodity Funds with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Code for qualification as a RIC. The Internal Revenue Service (IRS) has issued final regulations pursuant to which the "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of the Commodity Funds attributable to their investment in a Subsidiary is "qualifying income" to the Commodity Funds to the extent that such income is derived with respect to the Commodity Fund's business of investing in stock, securities or currencies. Each Commodity Fund expects its "Subpart F" income attributable to its investment in its Subsidiary to be derived with respect to the Commodity Fund's business of investing in stock, securities or currencies, and accordingly expects its "Subpart F" income attributable to its investment in a Subsidiary to be treated as "qualifying income." The Adviser will carefully monitor the Commodity Funds' investments in their respective Subsidiaries to ensure that no more than 25% of a Commodity Fund's assets are invested in its Subsidiary to comply with each Fund's asset diversification test as described more detail in the SAI.

In addition, certain of the Commodity Funds' investments, such as commodity related investments, when made directly may not produce qualifying income to the Funds for purposes of satisfying the qualifying income test (as described in the SAI), which must be met in order for a Fund to maintain its status as a RIC under the Code. To the extent a Commodity Fund invests in commodity-linked derivative instruments directly, the Commodity Fund will seek to restrict the resulting income from such instruments that do not generate qualifying income to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income). However, a Commodity Fund may generate more non-qualifying income than anticipated, may not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the qualifying income requirement, or may not be able to accurately predict the non-qualifying income from these investments. Accordingly, the extent to which a Commodity Fund invests in commodities or commodity-linked derivative instruments directly may be limited by the qualifying income requirement, which a Commodity Fund must continue to satisfy to maintain its status as a RIC. Failure to comply with the qualifying income requirement would have significant negative consequences to Fund shareholders. Under certain circumstances, a Commodity Fund may be able to cure a failure to meet the qualifying income requirement, but in order to do so such Commodity Fund may incur significant Fund-level taxes, which would effectively reduce (and could eliminate) the Commodity Fund's returns.

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*Tracking Error —* A Fund that attempts to track the performance of a benchmark index is subject to the risk that the performance of the Fund may deviate from its respective benchmark index. Factors such as cash flows, Fund expenses, imperfect correlation between a Fund's investments and those of its benchmarks, rounding of share prices, changes to the benchmark and regulatory policies may affect a Fund's ability to achieve perfect correlation. The magnitude of any tracking error may be affected by a higher portfolio turnover rate. Because an index is a composite of the prices of the securities it represents, rather than an actual portfolio of those securities, an index will have no expenses. As a result, a Fund, which will have expenses such as brokerage, custody, management fees and other operational costs, may not achieve its investment objectives of accurately correlating to an index. To the extent that a Fund employs a sampling or optimization technique to construct the Fund's portfolio, a Sub-Adviser may purchase only a representative portion of the securities in the respective benchmark index, which may increase the performance of a Fund, and its respective index may not match. Depending on a Sub-Adviser's approach and the size of a Fund, the representative sample of securities in the respective benchmark index that is actually held by a Fund may vary from time to time. In addition, a Fund is subject to the risk that its investment approach, which attempts to track the performance of its respective benchmark index, before fees and expenses, may perform differently than other mutual funds that focus on particular equity market segments or invest in other asset classes.

*U.S. Government Securities —* U.S. Government securities are obligations of, or guaranteed by, the U.S. Government, its agencies or government-sponsored entities. U.S. Government securities include issues by non-governmental entities (such as financial institutions) that carry direct guarantees from U.S. Government agencies as part of government initiatives in response to a market crisis or otherwise. Although the U.S. Government guarantees principal and interest payments on securities issued by the U.S. Government and some of its agencies, such as securities issued by the Government National Mortgage Association, this guarantee does not apply to losses resulting from declines in the market value of these securities. U.S. Government securities include zero coupon securities that make payments of interest and principal only upon maturity, which tend to be subject to greater volatility than interest bearing securities with comparable maturities. Some of the U.S. Government securities that a Fund may hold are not guaranteed or backed by the full faith and credit of the U.S. Government, such as those issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, including any legal right to support from the U.S. Government. Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates.

*Warrants —* The Funds may invest in warrants. The holder of a warrant has the right to purchase a given number of shares of a particular issuer at a specified price until expiration of the warrant. Such investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants do not necessarily move in tandem with the prices of the underlying securities and are speculative investments. Warrants pay no dividends and confer no rights other than a purchase option. If a warrant is not exercised by the date of its expiration, a Fund will lose its entire investment in such warrant.

GLOBAL ASSET ALLOCATION

The Funds and other funds managed by SIMC are used within global asset allocation strategies (Strategies) that SIMC constructs and maintains for certain clients (Strategy Clients). The Funds are designed in part to be used as a component within those Strategies. The degree to which a Strategy Client's portfolio is invested in

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the particular market segments and/or asset classes represented by the Funds and other funds varies. SIMC believes that an investment in a portfolio of funds representing a range of asset classes as part of a Strategy may reduce the Strategy's overall level of volatility.

Within the Strategies, SIMC periodically adjusts the target allocations among the Funds and other funds to ensure that the appropriate mix of assets is in place. SIMC also may create new Strategies that reflect significant changes in allocation among the Funds and other funds. Because a significant portion of the assets in the Funds and other funds may be attributable to investors in Strategies controlled or influenced by SIMC, this reallocation activity could result in significant purchase or redemption activity in the Funds. Although reallocations are intended to benefit investors that invest in the Funds through the Strategies, they could, in certain cases, have a detrimental effect on the Funds. Such detrimental effects could include: transaction costs, capital gains and other expenses resulting from an increase in portfolio turnover; and disruptions to the portfolio management strategy, such as foregone investment opportunities or the inopportune sale of securities to facilitate redemptions.

MORE INFORMATION ABOUT THE FUNDS' BENCHMARK INDEXES

The following information describes the various indexes referred to in the Performance Information sections of this prospectus, including those indexes that compose the U.S. Managed Volatility, Long Duration, Emerging Markets Debt and Multi-Asset Real Return Funds' Blended Benchmark Indexes.

The Bloomberg Commodity Total Return Index is a broadly diversified commodity-price index that tracks prices of futures contracts on physical commodities on the commodity markets. The Index is designed to minimize concentration in any one commodity or sector.

The Bloomberg U.S. Aggregate Bond Index is a widely-recognized, market-weighted (higher market value bonds have more influence than lower market value bonds) index of U.S. Government obligations, corporate debt securities and AAA rated mortgage-backed securities. All securities in the index are rated investment grade (BBB-) or higher, with maturities of at least 1 year.

The Bloomberg U.S. Long Government/Credit Index measures performance of U.S. dollar denominated U.S. Treasuries, government-related, and investment grade U.S. corporate securities that have remaining maturity of greater than or equal to 10 years.

The Bloomberg A+ U.S. Credit Index measures publicly issued U.S. corporate and specified foreign debentures and secured notes that have at least one year to final maturity regardless of call features, have at least $250 million par amount outstanding.

The Bloomberg Short U.S. Treasury 9-12 Month Index is a widely-recognized, market-weighted index of U.S. Treasury bonds with remaining maturities between nine and twelve months.

The Bloomberg Long A+ U.S. Credit Index measures publicly issued U.S. corporate and specified foreign debentures and secured notes that have maturities of 10 year or more regardless of call features, have at least $250 million par amount outstanding.

The Bloomberg U.S. Long Government Index includes U.S. Treasuries (public obligations of the U.S. Treasury that have remaining maturities of more than ten years) and U.S. agency debentures (publicly issued debt of U.S. Government agencies, quasifederal corporations and corporate or foreign debt guaranteed by the U.S. Government).

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The Bloomberg 1-5 Year U.S. TIPS Index represents an unmanaged market index composed of all U.S. Treasury inflation-linked indexed securities with maturities of 1 to 5 years.

The Bloomberg Global Aggregate Index (USD) is an unmanaged broad-based, market capitalization weighted index that is designed to measure the broad global markets for US and non-US corporate, government, governmental agency, supranational, mortgage-backed and asset-backed fixed income securities, hedged against the U.S. dollar.

The ICE BofA 1-3 Year US Treasury Index is a widely-recognized, market-weighted index of U.S. Treasury bonds with maturities between one and three years.

The ICE BofA USD 3-Month Deposit Offered Rate Constant Maturity Index is an unmanaged index of month constant maturity dollar-denominated deposits derived from interest rates on the most recent available dollar-denominated deposits.

The ICE BofA U.S. High Yield Constrained Index is an unmanaged, trader-priced portfolio constructed to mirror the public high yield debt market. The ICE BofA Merrill Lynch U.S. High Yield Constrained Index is priced daily and revisions are effected monthly. The ICE BofA Merrill Lynch U.S. High Yield Constrained Index reflects the reinvestment of dividends.

The J.P. Morgan EMBI Global Diversified Index tracks the total returns for U.S. dollar-denominated debt instruments issued by sovereign and quasi-sovereign entities.

The J.P. Morgan GBI-EM Global Diversified Index is a comprehensive global local emerging markets index that consists of liquid, fixed-rate, domestic currency government bonds.

The MSCI All Country World Net Index is a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world. The MSCI ACWI is maintained by Morgan Stanley Capital International and is comprised of stocks from 23 developed countries and 24 emerging markets.

The MSCI All Country World Ex-U.S. Net Index is an unmanaged capitalization-weighted index composed of companies representative of both developed and emerging markets, excluding the U.S.

The MSCI Emerging & Frontier Markets Index captures large and mid cap representation across 24 Emerging Markets countries and 28 Frontier Markets countries. With 1,435 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI USA Minimum Volatility Index (Net) aims to reflect the performance characteristics of a minimum variance strategy applied to publicly-traded companies domiciled in the U.S. and is weighted to provide the lowest absolute risk within a given set of constraints.

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

The MSCI World Minimum Volatility Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap equity universe across developed markets countries, weighted for exposure to the lowest absolute risk within a given set of restraints.

The Russell 1000 Index measures the performance of the large cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately

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93% of the U.S. market. The Russell 1000 Index is constructed to provide a comprehensive and unbiased barometer for the large cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

The Russell 2000 Index measures the performance of the small cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Index is constructed to provide a comprehensive and unbiased small cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small cap opportunity set.

The Russell 2500 Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. The Russell 2500 is a subset of the Russell 3000 Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500 Index is constructed to provide a comprehensive and unbiased barometer for the small to mid-cap segment. The Russell 2500 Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small to mid-cap opportunity set.

The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.

The Russell 3000 Value Index measures the performance of the broad value segment of the US equity value universe. It includes those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000 Value Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad value market. The Russell 3000 Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

The Russell Small Cap Completeness Index measures the performance of the Russell 3000 Index companies excluding S&P 500 constituents. The Russell Small Cap Completeness Index is constructed to provide a comprehensive and unbiased barometer of the extended broad market beyond the S&P 500 exposure. The Russell Small Cap Completeness Index is completely reconstituted annually to ensure new and growing equities are reflected.

The S&P 500 Index consists of 500 companies from a diverse range of industries. Contrary to a popular misconception, the S&P 500 Index is not a simple list of the largest 500 companies by market capitalization or by revenues. Rather, it is 500 of the most widely held U.S.-based common stocks, chosen by the S&P 500 Index's index committee for market size, liquidity and sector representation. "Leading companies in leading industries" is the guiding principal for S&P 500 inclusion. A small number of international companies that are widely traded in the U.S. are included, but the S&P 500 Index's index committee has announced that only U.S.-based companies will be added in the future.

*The Funds are not the source of or owner of the trademarks, service marks and copyrights related to any of the indexes described above.*

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INVESTMENT ADVISER

SIMC, an SEC registered investment adviser, located at One Freedom Valley Drive, Oaks, PA 19456, serves as the investment adviser to the Funds. As of June 30, 2025, SIMC had approximately $211.85 billion in assets under management.

The Funds are managed by SIMC and one or more Sub-Advisers. SIMC acts as a "manager of managers" of the Funds and, subject to the oversight of the Board of Trustees of the Trust (the Board), is responsible for:

— researching and recommending to the Board, the hiring, termination and replacement of Sub-Advisers;

— allocating, on a continuous basis, assets of a Fund among the Sub-Advisers (to the extent a Fund has more than one Sub-Adviser);

— monitoring and evaluating each Sub-Adviser's performance;

— overseeing the Sub-Advisers to ensure compliance with the Funds' investment objectives, policies and restrictions; and

— monitoring each Sub-Adviser's adherence to its investment style.

SIMC acts as manager of managers for the Funds pursuant to an exemptive order obtained from the SEC. The exemptive order permits SIMC, with the approval of the Board, to retain unaffiliated sub-advisers for the Funds without submitting the sub-advisory agreements to a vote of the applicable Funds' shareholders. Among other things, the exemptive order permits the non-disclosure of amounts payable by SIMC under a particular sub-advisory agreement, but instead requires SIMC to disclose the aggregate amount of sub-advisory fees paid by SIMC with respect to each Fund. As a manager of managers, SIMC is ultimately responsible for the investment performance of the Funds. The Board of Trustees supervises SIMC and the Sub-Advisers and establishes policies that they must follow in their management activities.

In accordance with a separate exemptive order that the Trust and SIMC have obtained from the SEC, the Board may approve a new sub-advisory agreement or a material amendment to an existing sub-advisory agreement at a meeting that is not in person, subject to certain conditions, including that the Trustees are able to participate in the meeting using a means of communication that allows them to hear each other simultaneously during the meeting.

SIMC sources, analyzes, selects and monitors a wide array of Sub-Advisers across multiple asset classes. Differentiating manager skill from market- generated returns is one of SIMC's primary objectives, as it seeks to identify Sub-Advisers that can deliver attractive investment results. SIMC believes that a full assessment of qualitative as well as quantitative factors is required to identify truly skilled managers. In carrying out this function, SIMC forms forward-looking expectations regarding how a Sub-Adviser will execute a given investment mandate; defines environments in which the strategy is likely to outperform or underperform; and seeks to identify the relevant factors behind a Sub-Adviser's performance. It also utilizes this analysis to identify catalysts that would lead SIMC to reevaluate its view of a Sub-Adviser.

SIMC then constructs a portfolio that seeks to maximize the risk-adjusted rate of return by finding a proper level of diversification between sources of excess return (at an asset class level) and the investment managers implementing them. The allocation to a given investment manager is based on SIMC's analysis of the manager's particular array of alpha sources, the current macroeconomic environment, expectations about the future macroeconomic environment, and the level of risk inherent in a particular manager's investment

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strategy. SIMC measures and allocates to Sub-Advisers based on risk allocations in an attempt to ensure that one manager does not dominate the risk of a multi-manager, multi-return-source Fund.

The following portfolio managers are primarily responsible for the management and oversight of the Funds as described above.

Richard A. Bamford serves as a Portfolio Manager for the Core Fixed Income, Long Duration, Long Duration Credit, Limited Duration Bond, Intermediate Duration Credit, Ultra Short Duration Bond and Opportunistic Income Funds. Mr. Bamford serves as a Senior Portfolio Manager for the Traditional Strategies Group within SIMC's Investment Management Unit. Mr. Bamford is responsible for high yield, emerging market, municipal and taxable fixed-income portfolios, as well as leading the investment-grade debt and municipal bonds portfolios. Mr. Bamford's duties include manager analysis and selection, strategy development and enhancement as well as investment research. Mr. Bamford has over 32 years of investment experience in investment management. Prior to joining SEI in 1999, Mr. Bamford worked as a Municipal Credit Analyst for Vanguard. Mr. Bamford received a Bachelor of Science in Economics/Finance and Accounting from the University of Scranton and an M.B.A. with a concentration in Finance from St. Joseph's University.

Rich Carr, CFA, serves as a Portfolio Manager for the World Equity Ex-US, Screened World Equity Ex-US and Emerging Markets Equity Funds. Mr. Carr serves as a Portfolio Manager within SIMC's Investment Management Unit where he is responsible for the management of international developed markets equity funds. Previously, Mr. Carr was a Director on SEI's Manager Research team where he led the due diligence and selection process for SEI's equity fund management and separate account business. Prior to joining SEI, he worked at MFP Strategies where he managed the firm's investment process and was responsible for asset-class valuation research and investment manager due diligence. Before MFP Strategies, Mr. Carr worked for Brinker Capital where he was responsible for portfolio management and investment manager due diligence. He earned his Bachelor of Science in Finance and a minor in Economics from the University of Delaware. Mr. Carr is a CFA charterholder and a member of the CFA Institute and the CFA Society of Philadelphia.

Jason Collins serves as a Portfolio Manager for the Large Cap, Large Cap Disciplined Equity, Large Cap Index, S&P 500 Index, Extended Market Index, Small Cap, Small Cap II, Small/Mid Cap Equity, U.S. Managed Volatility, Global Managed Volatility, World Equity Ex-US, Screened World Equity Ex-US and Emerging Markets Equity Funds. Mr. Collins is Head of Sub-Advised Equity and the Head of the UK Investment Management Unit. Mr. Collins oversees resources and investment strategy for all equity portfolios. Prior to his current role, he served in a number of investment leadership roles at SEI and, before joining the firm, had gained significant experience in the fields of manager selection and portfolio management. Mr. Collins earned his Bachelor of Arts in financial services, with honors, from Bournemouth University and is a member of the CFA society.

John Csaszar, CFA, serves as Portfolio Manager for the U.S. Managed Volatility and Global Managed Volatility Funds. Mr. Csaszar is also the lead analyst on various U.S. large cap and quantitative sub-advisor strategies. He is part of SEI's Sub-Advised Equity Team. Prior to joining SEI in 2017, Mr. Csaszar was a Senior Research Analyst at CIBC Asset Management, covering Canadian equity and fixed income as well as global listed infrastructure and real estate. He began his career in 2006 with BNY Mellon Wealth Management where he researched investment strategies and wrote commentaries for ultra-high net worth clients. Mr. Csaszar is a CFA charterholder, and also holds the Chartered Alternative Investment Analyst (CAIA) and Canadian Investment Manager (CIM) designations. He earned a Bachelor of Business Administration from Brock University, Goodman School of Business and a Master of Business Administration from McMaster University, DeGroote School of Business.

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Cory Furlong, CFA, serves as a Portfolio Manager/Senior Analyst for the Small Cap, Small Cap II and Small/Mid Cap Equity Funds. Within SIMC's Investment Management Unit, Mr. Furlong is responsible for the management of U.S. small cap equity funds and the oversight of related sub-adviser strategies. Previously, Mr. Furlong was a Portfolio Analyst on SEI's Sub-Advised Equity team where he conducted the due diligence of sub-advisers within SEI's equity fund management and separate account business. Prior to joining the Investment Management Unit, he worked within SEI's Investor Manager Services division where he served as an Account Analyst. He earned his Artium Baccalaureus in Economics from Princeton University. Mr. Furlong is a CFA charterholder and a member of the CFA Institute and the CFA Society of Philadelphia.

David L. Hintz, CFA serves as a Portfolio Manager for the Large Cap, Large Cap Disciplined Equity, Large Cap Index, S&P 500 Index, Extended Market Index, Small Cap, Small Cap II, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds. In this role, Mr. Hintz is responsible for the management of the portfolios, capital market research, ongoing evaluation and allocation of equity managers and capital for the SEI funds. Prior to joining SEI, Mr. Hintz worked at Russell Investments as a Portfolio Manager and previously as the Head of US Equity Research and a Research Analyst. Mr. Hintz received his Bachelor of Science from Walla Walla University and his M.B.A. from Pacific Lutheran University. Mr. Hintz is a CFA charter holder from the CFA Institute.

Anthony Karaminas, CFA, serves as Portfolio Manager for the Opportunistic Income, Core Fixed Income, High Yield Bond, Long Duration, Long Duration Credit, Ultra Short Duration Bond, Emerging Markets Debt, Limited Duration Bond, Intermediate Duration Credit and Multi-Asset Real Return Fund. Mr. Karaminas is the Head of Sub-Advisory Fixed Income & Multi-Asset within the Investment Management Unit and is responsible for Portfolio Management leadership and oversight duties. Prior to joining SEI, he was an Associate Portfolio Manager/Analyst within the Multi-Manager Solution team at UBS Asset Management. Previously, Mr. Karaminas held the role of Sector Head of Global Fixed Income and Global High Yield Funds Research at S&P Capital IQ. Mr. Karaminas was also a Senior Analyst at Goldman Sachs JBWere. Mr. Karaminas received a Bachelor of Business (with honors) from Swinburne University in Melbourne, Australia. He is a CFA charterholder and a member of the CFA Institute.

Hardeep Khangura, CFA, serves as a Portfolio Manager for the Emerging Markets Debt Fund. Mr. Khangura joined SEI in 2015 and currently supports Global Fixed Income portfolios. Mr. Khangura was previously a member of SEI's Fixed Income Manager Research team with coverage of global fixed income manager exposures across emerging markets, credit, sovereign and FX. Prior to joining SEI, Mr. Khangura operated in a similar capacity as a Fixed Income Manager Researcher at Willis Towers Watson. Previously, Mr. Khangura also headed the Fees ASK (Area of Specialist Knowledge), leading a team that analyzed, modelled and advised clients on the suitability and competitiveness of their investment manager fees. Mr. Khangura earned his Bachelor of Science in Accounting & Finance, with honors, from the University of Warwick. Mr. Khangura is a CFA charterholder from the CFA Institute.

Ryan McKeon, CFA, serves as a Senior Analyst for the Large Cap, Large Cap Disciplined Equity, Large Cap Index, S&P 500 Index and Extended Market Index Funds. Within SIMC's Investment Management Unit, Mr. McKeon is responsible for leading the US Large Cap Equity manager due diligence and selection process for SEI's fund management and separate account business, as well as for assisting in the management of US Large Cap Equity funds. Previously, Mr. McKeon was an analyst on SEI's Manager Research team, where he was responsible for manager due diligence and selection across both US and non-US equity sub-asset classes. He earned his Bachelor of Science in Finance from Pennsylvania State University. Mr. McKeon is a CFA charterholder and a member of the CFA Institute and the CFA Society of Philadelphia.

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Michael Schafer serves as a Portfolio Manager for the High Yield Bond Fund. Mr. Schafer serves as a Portfolio Manager for the SEI High Yield fixed income strategies within the Investment Management Unit. Mr. Schafer is responsible for the selection of fund sub-advisors and the allocations among these managers to optimize diversification of style and alpha source within the fixed income funds. In this capacity, Mr. Schafer primarily oversees daily cash flows, portfolio exposures, portfolio risks, and performance attribution for the high yield funds. In his preceding role, Mr. Schafer was an Analyst on the Global Fixed Income Team responsible for in-depth due diligence on existing and prospective investment managers for SEI's High Yield fixed income portfolios. Mr. Schafer sourced and recommended managers for various mandates, and conducted peer group analysis to understand drivers of risk and return, and a manager's competitive advantage. Prior to joining the Global Fixed Income Team, Mr. Schafer was a member of the Portfolio Implementations Team and Liquidity Management Unit with primary responsibilities for the money market strategies and fixed income implementations. Previously, Mr. Schafer was a Supervisor in SEI's fund accounting department. Mr. Schafer received an M.B.A. with a concentration in Finance from St. Joseph's University and a Bachelor of Arts in Business Administration and Health Administration from Arcadia University.

Nilay Shah serves as a Portfolio Manager for the Opportunistic Income and Core Fixed Income Funds. Mr. Shah is also responsible for manager due diligence and selection across SEI's fixed income fund and separate account platforms, with a primary focus on US investment-grade and high yield strategies. Mr. Shah joined SEI in 2005 and holds a Bachelor of Science in Business Administration with concentrations in Finance and Economics from Drexel University and a MBA in Finance from Saint Joseph's University.

Philip Terrenzio, CFA serves as a Portfolio Manager for the Ultra Short Duration Bond Fund. Mr. Terrenzio serves as an assistant portfolio manager for the Fixed Income Team within the Investment Management Unit. He monitors portfolio exposures, portfolio risks, performance attribution, and daily cash flows for money market, liability driven investing, core, high yield and government funds. Prior to joining the Investment Management Unit, Mr. Terrenzio started his career at SEI in 2013 as a mutual fund accountant and supervisor within SEI's Investment Management Services where he worked on the operations and administration of SEI's mutual funds. Mr. Terrenzio earned a Bachelor of Science in Business Administration with a major in Finance from Saint Joseph's University, graduating cum laude, and is a CFA charterholder.

Steven Treftz, CFA, serves as a Portfolio Manager for the Dynamic Asset Allocation and Multi-Asset Real Return Funds. Mr. Treftz joined SIMC in 2012, and is responsible for the oversight, monitoring and manager selection for the Investment Management Unit's Multi Asset strategy. Prior to his employment at SEI, Mr. Treftz was employed by Citi Private Bank where he was responsible for maintaining the firm's research opinions on third party international, global and emerging market equity managers. Prior to his employment at Citi Private Bank Mr. Treftz was employed by Lockwood Advisors, Inc. where he was responsible for the management of one of the firm's mutual fund/ETF wrap portfolio programs. Mr. Treftz earned a Bachelor's degree in Finance and Risk Management from Temple University. Mr. Treftz is also a CFA Charterholder and member of the CFA Society of Philadelphia.

David Zhang, CFA, serves as a Portfolio Manager/Analyst for the Emerging Markets Equity Fund. Within SIMC's Investment Management Unit, Mr. Zhang is responsible for the management of SEI's emerging market equity funds. Previously, Mr. Zhang was the Assistant Portfolio Manager on SEI's Non-US Equity funds, where he assisted with manager due diligence and selection as well as portfolio strategy and management of the funds. In addition, Mr. Zhang has also covered manager due diligence and selection across both US Large Cap and US Small Cap strategies at SEI. Prior to joining SEI, he worked at Nationwide's Investment Management Group, where he was responsible for manager due diligence and portfolio monitoring across both US and Non-US equity strategies. He earned his Bachelor of Science in Engineering and a minor in Mathematics from

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the University of Pennsylvania. Mr. Zhang is a CFA charterholder and a member of the CFA Institute and the CFA Society of Philadelphia.

SIMC, in addition to the Sub-Advisers and portfolio managers listed below, acts as adviser and portfolio manager for a portion of each of the High Yield Bond and Dynamic Asset Allocation Funds' assets, and as the adviser and portfolio manager of the U.S. Equity Factor Allocation and Real Return Funds' assets.

U.S. EQUITY FACTOR ALLOCATION FUND:

SIMC serves as the investment adviser to the U.S. Equity Factor Allocation Fund. Eugene Barbaneagra, CFA directly manages a significant portion of the U.S. Equity Factor Allocation Fund, and manages the assets in the Fund in a manner that he believes will help the Fund achieve its investment goals. Mr. Barbaneagra serves as a Portfolio Manager within the Investment Management Unit. Prior to joining SEI in 2002, Mr. Barbaneagra worked with the Vanguard Group. Mr. Barbaneagra earned his Bachelor of Science degrees in Business Administration/Finance and Management of Information Systems from Drexel University. Mr. Barbaneagra also earned his Master of Science in Risk Management and Financial Engineering from Imperial College London. Mr. Barbaneagra is CFA Charterholder and a member of UK Society of Investment Professionals.

HIGH YIELD BOND FUND:

SIMC may serve as the adviser to a portion of the assets of the High Yield Bond Fund. David S. Aniloff, may, to a limited extent, directly manage a portion of the assets in the High Yield Bond Fund in a manner that SIMC believes will help the High Yield Bond Fund achieve its investment goals. Mr. Aniloff joined SIMC in 2000 and currently serves as a Portfolio Manager and the Head of Specialty Credit for the Investment Management Unit. Mr. Aniloff manages and oversees portfolios of collateralized loan obligations, a strategy that he co-developed in mid-2005. In Mr. Aniloff's preceding role, he was a Performance Analyst on SEI's Portfolio Implementations Team.

REAL RETURN FUND:

SIMC serves as the investment adviser to the Real Return Fund. Timothy J. Sauermelch, CFA may manage the assets in the Fund in a manner that he believes will help the Fund achieve its investment goals. Mr. Sauermelch is a Portfolio Manager with the SEI Fixed Income Portfolio Management Team. In this capacity, he is responsible for the management of fixed income portfolios including evaluating current market opportunities and providing fundamental and relative value assessments across various fixed income asset class and sectors. Portfolios managed by Mr. Sauermelch consist of US government securities, inflation linkers, investment grade corporate debt and floating-rate instruments. Mr. Sauermelch is a CFA Charterholder and a member of the CFA Institute and The CFA Society of Philadelphia. He earned a Masters of Business Administration with a concentration in Finance from Villanova University and graduated summa cum laude from Kutztown University of Pennsylvania with a Bachelor of Science in Finance and a minor in Economics. Mr. Sauermelch also holds the FINRA Series 65 license.

DYNAMIC ASSET ALLOCATION FUND:

Timothy J. Sauermelch, CFA, James Smigiel and James Solloway, CFA manage, in part, the assets of the Dynamic Asset Allocation Fund, as disclosed in the Fund's principal investment strategy. James Solloway, CFA serves as a portfolio manager for the Fund. Mr. Solloway is a Portfolio Manager and Managing Director of SEI's Portfolio Strategy Team for the Investment Management Unit where he is responsible for strategic and active asset allocation research. Prior to joining SEI in 2009, Mr. Solloway spent ten years as an Executive Director and Portfolio Manager at Morgan Stanley in New York. Mr. Solloway earned his Bachelor of Arts in

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economics from Columbia University and his M.B.A. from the Stern School of Business at New York University. He is a CFA Charterholder. Mr. Smigiel serves as a portfolio manager for the Fund. He has served as Managing Director and Head of Portfolio Strategies Group for SIMC since 2010. Previously, Mr. Smigiel oversaw SIMC's Global Fixed Income team, where his responsibilities included strategy development and manager evaluation and selection. Mr. Smigiel is currently responsible for developing the investment strategies for the Dynamic Asset Allocation Fund.

SUB-ADVISERS

Each Sub-Adviser makes investment decisions for the assets it manages and continuously reviews, supervises and administers its investment program. Each Sub-Adviser must also operate within each Fund's investment objective, restrictions and policies, and within specific guidelines and instructions established by SIMC from time to time. Each Sub-Adviser is responsible for managing only the portion of the Fund allocated to it by SIMC, and Sub-Advisers may not consult with each other concerning transactions for a Fund. SIMC pays the Sub-Advisers out of the investment advisory fees it receives (as described below).

For the fiscal year or period ended May 31, 2025, SIMC received investment advisory fees, as a percentage of each Fund's average daily net assets, at the following annual rates:

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| | | |
|:---|:---|:---|
| | Investment<br>Advisory Fees | Investment<br>Advisory Fees<br>After Fee Waivers |
| Large Cap Fund | 0.40% | 0.16% |
| Large Cap Disciplined Equity Fund | 0.40% | 0.16% |
| Large Cap Index Fund | 0.05% | 0.01% |
| S&P 500 Index Fund | 0.03% | 0.01% |
| Extended Market Index Fund | 0.12% | 0.03% |
| Small Cap Fund | 0.65% | 0.40% |
| Small Cap II Fund | 0.65% | 0.37% |
| Small/Mid Cap Equity Fund | 0.65% | 0.37% |
| U.S. Equity Factor Allocation Fund | 0.25% | 0.00% |
| U.S. Managed Volatility Fund\* | 0.58% | 0.18% |
| Global Managed Volatility Fund | 0.65% | 0.22% |
| World Equity Ex-US Fund | 0.55% | 0.24% |
| Screened World Equity Ex-US Fund | 0.65% | 0.23% |
| Emerging Markets Equity Fund | 0.85% | 0.52% |
| Opportunistic Income Fund | 0.45% | 0.22% |
| Core Fixed Income Fund | 0.30% | 0.09% |
| High Yield Bond Fund | 0.4875% | 0.26% |
| Long Duration Fund | 0.30% | 0.12% |
| Long Duration Credit Fund | 0.30% | 0.12% |
| Ultra Short Duration Bond Fund | 0.15% | 0.09% |

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| | | |
|:---|:---|:---|
| | Investment<br>Advisory Fees | Investment<br>Advisory Fees<br>After Fee Waivers |
| Emerging Markets Debt Fund\*\* | 0.61% | 0.38% |
| Real Return Fund | 0.22% | 0.00% |
| Limited Duration Bond Fund | 0.25% | 0.08% |
| Intermediate Duration Credit Fund | 0.25% | 0.12% |
| Dynamic Asset Allocation Fund | 0.60% | 0.01% |
| Multi-Asset Real Return Fund | 0.55% | 0.18% |

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\* Effective September 1, 2024, the Contractual Advisory Fee was lowered from 0.65% to 0.55%.

\*\* Effective September 1, 2024, the Contractual Advisory Fees was lowered from 0.65% to 0.60%.

In addition, for the current fiscal year (ending May 31, 2026), SIMC is expected to receive investment advisory fees, as a percentage of each of the U.S. Managed Volatility and Emerging Markets Debt Funds' average daily net assets, at the following annual rates:

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| | | |
|:---|:---|:---|
| | Investment<br>Advisory Fees | Investment<br>Advisory Fees<br>After Fee Waivers |
| U.S. Managed Volatility Fund | 0.55% | 0.18% |
| Emerging Markets Debt Fund | 0.60% | 0.36% |

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A discussion regarding the basis for the Board's approval of the Funds' investment advisory and sub-advisory agreements is available on the Funds' website, www.seic.com/fundprospectuses, or online at sec.gov. The Funds' Semi-Annual Form N-CSR covers the period of June 1, 2024 through November 30, 2024, and the Funds' Annual Form N-CSR covers the period of June 1, 2024 through May 31, 2025.

SIMC has registered with the National Futures Association as a "commodity pool operator" under the Commodity Exchange Act (CEA) with respect to the Multi-Asset Real Return Fund, Dynamic Asset Allocation Fund and Emerging Markets Debt Fund and with respect to certain products not included in this prospectus. SIMC has claimed, on behalf of the other Funds in this prospectus in accordance with CFTC Regulation 4.5 and other relevant rules, regulations and no-action relief, an exclusion from the definition of the term "commodity pool operator" under the CEA. SIMC, with the exception of the Multi-Asset Real Return Fund, Dynamic Asset Allocation Fund and Emerging Markets Debt Fund, is therefore not subject to regulation as a pool operator under the CEA with regard to the operation of the Funds.

Information About Fee Waivers

The Funds' actual total annual fund operating expenses for the most recent fiscal year were less than the amounts shown in the Annual Fund Operating Expenses tables in the Fund Summary sections because the Funds' Adviser and/or the Funds' administrator voluntarily waived and/or reimbursed a portion of its fees to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions and prime broker fees, taxes, costs associated with litigation or tax-related services, Trustees fees, interest and dividend expenses related to short sales and extraordinary expenses not incurred in the ordinary course of the Funds' business) at a specified level. The voluntary waivers of the Funds' Adviser and Funds' administrator

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are limited to the Funds' direct operating expenses and therefore do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses (AFFE). The Funds' Adviser and/or the Funds' administrator may discontinue all or part of these waivers and/or reimbursements at any time.

With these fee waivers, the Funds' actual total annual fund operating expenses for the most recent fiscal year (ended May 31, 2025) were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name — Class A Shares | Total Annual<br>Fund Operating<br>Expenses (before<br>fee waivers) | Total Annual<br>Fund Operating<br>Expenses (after<br>fee waivers) | Total Annual<br>Fund Operating<br>Expenses (after<br>fee waivers,<br>excluding <br>AFFE,<br>if applicable)^ | Total Annual<br>Fund Operating<br>Expenses<br>(after fee waivers,<br>excluding AFFE,<br>Short<br>Sale Expenses, and<br>Reverse<br>Repurchase<br>Expenses)^ |
| Large Cap Fund | 0.47% | 0.18% | 0.18% | 0.18% |
| Large Cap Disciplined Equity Fund | 0.47% | 0.18% | 0.18% | 0.18% |
| Large Cap Index Fund | 0.13% | 0.04% | 0.04% | 0.04% |
| S&P 500 Index Fund | 0.12% | 0.05% | 0.05% | 0.05% |
| Extended Market Index Fund | 0.20% | 0.06% | 0.06% | 0.06% |
| Small Cap Fund | 0.72% | 0.42% | 0.42% | 0.42% |
| Small Cap II Fund | 0.72% | 0.40% | 0.40% | 0.40% |
| Small/Mid Cap Equity Fund | 0.72% | 0.40% | 0.40% | 0.40% |
| U.S. Equity Factor Allocation Fund | 0.32% | 0.02% | 0.02% | 0.02% |
| U.S. Managed Volatility Fund\* | 0.65% | 0.20% | 0.20% | 0.20% |
| Global Managed Volatility Fund | 0.72% | 0.24% | 0.24% | 0.24% |
| World Equity Ex-US Fund | 0.63% | 0.27% | 0.27% | 0.27% |
| Screened World Equity Ex-US Fund | 0.82% | 0.35% | 0.35% | 0.35% |
| Emerging Markets Equity Fund | 0.99% | 0.63% | 0.63% | 0.63% |
| Opportunistic Income Fund | 0.57% | 0.29% | 0.29% | 0.29% |
| Core Fixed Income Fund | 0.37% | 0.12% | 0.12% | 0.12% |
| High Yield Bond Fund | 0.57% | 0.29% | 0.29% | 0.29% |
| Long Duration Fund | 0.39% | 0.16% | 0.16% | 0.16% |
| Long Duration Credit Fund | 0.37% | 0.15% | 0.15% | 0.15% |
| Ultra Short Duration Bond Fund | 0.25% | 0.14% | 0.14% | 0.14% |
| Emerging Markets Debt Fund\*\* | 0.73% | 0.44% | 0.44% | 0.44% |

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name — Class A Shares | Total Annual<br>Fund Operating<br>Expenses (before<br>fee waivers) | Total Annual<br>Fund Operating<br>Expenses (after<br>fee waivers) | Total Annual<br>Fund Operating<br>Expenses (after<br>fee waivers,<br>excluding <br>AFFE,<br>if applicable)^ | Total Annual<br>Fund Operating<br>Expenses<br>(after fee waivers,<br>excluding AFFE,<br>Short<br>Sale Expenses, and<br>Reverse<br>Repurchase<br>Expenses)^ |
| Real Return Fund | 0.29% | 0.02% | 0.02% | 0.02% |
| Limited Duration Bond Fund | 0.32% | 0.10% | 0.10% | 0.10% |
| Intermediate Duration Credit Fund | 0.32% | 0.14% | 0.14% | 0.14% |
| Dynamic Asset Allocation Fund | 0.67% | 0.03% | 0.03% | 0.03% |
| Multi-Asset Real Return Fund | 1.01% | 0.59% | 0.59% | 0.21% |

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^ AFFE reflects the estimated amount of fees and expenses that were incurred indirectly by the Funds through their investments in other investment companies during the most recent fiscal year.

\* Effective September 1, 2024, the Contractual Advisory Fee was lowered from 0.65% to 0.55%.

\*\* Effective September 1, 2024, the Contractual Advisory Fees was lowered from 0.65% to 0.60%.

The Investment Advisory Fee was lowered for the U.S. Managed Volatility and Emerging Markets Debt Funds. Additionally, there were changes in the Multi-Asset Real Return Fund's investments. As such the Funds' total annual operating expenses for the current fiscal year (ending May 31, 2026) are expected to be as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name — Class A Shares | Expected<br>Total Annual<br>Fund Operating<br>Expenses<br>(before fee<br>waivers) | Expected<br>Total Annual<br>Fund Operating<br>Expenses<br>(after fee<br>waivers) | Expected<br>Total Annual<br>Fund Operating<br>Expenses<br>(after fee<br>waivers,<br>excluding <br>AFFE,<br>if applicable) | Expected<br>Total Annual<br>Fund Operating<br>Expenses<br>(after fee waivers,<br>excluding AFFE,<br>Short Sale<br>Expenses, and<br>Reverse<br>Repurchase<br>Expenses,<br>if applicable) |
| U.S. Managed Volatility Fund | 0.62% | 0.20% | 0.20% | 0.20% |
| Emerging Markets Debt Fund | 0.71% | 0.42% | 0.42% | 0.42% |
| Multi-Asset Real Return Fund | 0.78% | 0.36% | 0.36% | 0.21% |

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Management of the Dynamic Asset Allocation and Multi-Asset Real Return Funds' Subsidiaries

Each of the Dynamic Asset Allocation and Multi-Asset Real Return Funds invests in a Subsidiary. Each Subsidiary is expected to enter into a separate advisory agreement with SIMC for the management of the Subsidiary's portfolio. The Subsidiaries are not expected to pay a separate management fee to SIMC for these services. The services SIMC will provide to each Subsidiary and the terms of the advisory agreement between SIMC and each Subsidiary are expected to be similar to those of the Fund and SIMC.

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Similar to the Funds, each Subsidiary may use a multi-manager approach under the general supervision of SIMC whereby the Subsidiary allocates its assets among multiple Sub-Advisers with differing philosophies and investment strategies. Each sub-adviser makes investment decisions for the assets it manages and continuously reviews, supervises and administers its investment program. SIMC will oversee the Subsidiaries' Sub-Advisers to ensure compliance with each Subsidiary's investment policies and guidelines, and will monitor each sub-adviser's adherence to its investment style. Each Board of the Subsidiaries will supervise SIMC and the sub-advisers; establish policies that they must follow in their management activities; and oversee the hiring and termination of the sub-advisers recommended by SIMC.

SIMC is expected to pay each Subsidiary's sub-advisers out of the investment advisory fees it receives from the Funds. Each Subsidiary (or its respective Fund on behalf of the Subsidiary) is expected to enter into contracts for the provision of custody, transfer agency, administrative and audit services with the same, or with affiliates of the same, service providers that provide those services to the Funds. It is expected that the Funds will bear the fees and expenses incurred in connection with such services.

Sub-Advisers and Portfolio Managers

LARGE CAP FUND:

Acadian Asset Management LLC: Acadian Asset Management LLC (Acadian), located at 260 Franklin Street, Boston, Massachusetts 02110, serves as a Sub-Adviser to the Large Cap Fund. A team of investment professionals manage the portion of the Large Cap Fund's assets allocated to Acadian. Brendan O. Bradley, Ph.D., Executive Vice President, Chief Investment Officer, serves as lead Portfolio Manager to the Large Cap Fund. Mr. Bradley joined Acadian in 2004 and previously served as the firm's director of portfolio management, overseeing portfolio management policy, and was also previously the director of Acadian's Managed Volatility strategies. He is a member of the Acadian Board of Managers and Executive Committee. Fanesca Young, Ph.D., Senior Vice President, Director, Equity Portfolio Management serves as a portfolio manager on the Large Cap Fund. She joined Acadian in 2023 and previously led the Global Systematic Equities team at GIC. She has 19 years of professional investment experience.

Copeland Capital Management, LLC: Copeland Capital Management, LLC (Copeland), located at 161 Washington Street, Suite 1325, Conshohocken, PA 19428, serves as a Sub-Adviser to the Large Cap Fund. A team of investment professionals manages the portion of the Large Cap Fund's assets allocated to Copeland. Mr. Eric Brown, CFA, is the Chief Executive Officer, Principal and a Portfolio Manager at Copeland. Mr. Brown formed Copeland in 2005 and is responsible for research coverage of the Utilities and MLP sectors across all domestic portfolios. While founding Copeland, Mr. Brown developed a proprietary fundamental model to best evaluate dividend growth stocks. Mr. Brown holds a Bachelor of Arts in Political Science from Trinity College in Hartford, CT and holds the CFA designation. Mr. Brown is a member of the Boston Security Analysts Society and the American Mensa Society. Mr. Mark Giovanniello, CFA, is the Chief Investment Officer, Principal and Portfolio Manager at Copeland. Mr. Giovanniello joined Copeland in 2009 and is a Co-Portfolio Manager on all Domestic Strategies and the Lead Portfolio Manager for the Mid Cap, Smid Cap, and Small Cap Strategies. Mr. Giovanniello holds a Bachelor of Science degree from the Carroll School of Management at Boston College. Mr. Giovanniello also holds the CFA designation and is a member of the Philadelphia Security Analyst Society. Mr. David McGonigle, CFA, is a Senior Research Analyst, Principal and a Portfolio Manager at Copeland. Mr. McGonigle's primary coverage responsibilities are in the Consumer Discretionary, Financial and Industrial sectors across all domestic portfolios. Mr. McGonigle holds a Bachelor of Science in Business Administration, with a finance concentration, from the E. Claiborne Robins School of Business at the University of Richmond. Mr. McGonigle also holds the CFA designation and is a member of

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the CFA Society of Philadelphia. Mr. Jeffrey Walkenhorst, CFA, is a Research Analyst, Principal and a Portfolio Manager at Copeland. Mr. Walkenhorst joined Copeland in 2011 and his primary coverage responsibilities are in the Consumer Staples, Real Estate, and Technology/Telecom sectors across all domestic portfolios. Mr. Walkenhorst holds a Bachelor of Arts degree in Economics from Stanford University. Mr. Walkenhorst also holds the CFA designation and is a member of the New York Society of Security Analysts. Mr. John Cummings, CFA is a Research Analyst, Principal and a Portfolio Manager at Copeland. Prior to joining Copeland in August 2014, he worked as a summer equity research analyst for Credit Suisse covering the consumer internet sector and before that at Copeland Capital as a summer research analyst. Mr. Cummings holds a Bachelor of Arts in both Mathematics and Economics with high honors from Haverford College. He also holds the CFA designation and is a member of the CFA Society of Philadelphia.

Cullen Capital Management LLC: Cullen Capital Management LLC (Cullen), located at 645 5th Avenue, Suite 1201, New York, NY 10022, serves as a Sub-Adviser to the Large Cap Fund. A team of investment professionals manages the portion of the Large Cap Fund's assets allocated to Cullen. James Cullen is the founder of Cullen and has been its Chief Executive Officer since December 1982. Jennifer Chang has worked at Cullen since 2006 working as Research Director prior to being promoted to Portfolio Manager in 2014.

Fred Alger Management, LLC: Fred Alger Management, LLC (Alger), located at 100 Pearl Street, 27th Floor, New York, New York 10004, serves as a Sub-Adviser to the Large Cap Fund. A team of investment professionals manages the portion of the Large Cap Fund's assets allocated to Alger. Mr. Patrick Kelly has been employed by Alger since 1999. Mr. Kelly has been a portfolio manager since 2004, an Executive Vice President since 2008, and the Head of Alger Capital Appreciation and Spectra Strategies since 2015. Dr. Ankur Crawford has been employed by Alger since 2004. Dr. Crawford became a portfolio manager and a Senior Vice President in 2010 and an Executive Vice President in 2019. Previously, Dr. Crawford served as a Vice President and an Analyst from 2007 to 2010 and a Senior Analyst from 2010 to 2016.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Large Cap Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA and Gal Skarishevsky manage the portion of the Large Cap Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 to 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025.

PineStone Asset Management Inc.: PineStone Asset Management Inc. (PineStone), located at 1981 McGill College Avenue, Suite 1600, Montreal, QC, Canada H3A 2Y1, serves as a Sub-Adviser to a portion of the assets of the Large Cap Fund. PineStone is a specialist global equity manager founded in 2021 that is 100% employee owned and is a registered investment adviser with the SEC. PineStone is focused exclusively on helping clients achieve their financial goals by investing in what PineStone believes to be high quality companies worldwide. PineStone had approximately USD$56.23 billion in assets under management as of September 30, 2024 and is led by Nadim Rizk, CFA. Mr. Rizk is the Chief Executive Officer and Chief Investment Officer of PineStone. Mr. Rizk has over 25 years of industry experience and founded PineStone in 2021. Prior experiences include positions as Lead Portfolio Manager, Head of Global Equities, Lead Manager for U.S. and Global Equity

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portfolios, as well as Senior Global Research Analyst positions at some of Canada's leading investment management firms, including Fiera Capital Corporation (FCC), which he joined in 2009. Mr. Rizk graduated from the American University of Beirut with a Bachelor of Business Administration, majoring in Finance. Mr. Rizk later obtained an M.B.A. from McGill University in Montréal and also obtained the CFA designation. Andrew Chan, CIM, is the Head of Research at PineStone. Mr. Chan has over 21 years of industry experience. Prior experiences include Director of Research and senior analyst positions for U.S. and global equities at leading investment management firms, most recently with FCC, which he joined in 2009. Mr. Chan graduated from McGill University in Montréal with a Bachelor of Commerce, majoring in Finance. Mr. Chan later obtained a Master of Science in Finance from HEC Montréal. Mr. Chan can act as portfolio manager if Mr. Rizk is unable to do so. Nadim Rizk and Andrew Chan's prior employment history includes Fiera Capital Corporation from 2009 to 2021, followed by PineStone Asset Management Inc. from 2021 to present.

LARGE CAP DISCIPLINED EQUITY FUND:

Acadian Asset Management LLC: Acadian Asset Management LLC (Acadian), located at 260 Franklin Street, Boston, Massachusetts 02110, serves as a Sub-Adviser to the Large Cap Disciplined Equity Fund. A team of investment professionals manage the portion of the Large Cap Disciplined Equity Fund's assets allocated to Acadian. Brendan O. Bradley, Ph.D., Executive Vice President, Chief Investment Officer, serves as lead Portfolio Manager to the Large Cap Disciplined Equity Fund. Mr. Bradley joined Acadian in 2004 and previously served as the firm's director of portfolio management, overseeing portfolio management policy, and was also previously the director of Acadian's Managed Volatility strategies. He is a member of the Acadian Board of Managers and Executive Committee. Fanesca Young, Ph.D., Senior Vice President, Director, Equity Portfolio Management serves as a portfolio manager on the Large Cap Disciplined Equity Fund. She joined Acadian in 2023 and previously led the Global Systematic Equities team at GIC. She has 19 years of professional investment experience.

Brandywine Global Investment Management, LLC: Brandywine Global Investment Management, LLC (Brandywine Global), located at 1735 Market Street, Suite 1800 Philadelphia, PA 19103, serves as a Sub-Adviser to the Large Cap Disciplined Equity Fund. A team of investment professionals manages the portion of the Large Cap Disciplined Equity Fund's assets allocated to Brandywine Global. The team consists of Patrick S. Kaser, CFA, Brandywine Global's Managing Director and Portfolio Manager, who is responsible for researching the financial and healthcare sectors and contributing insights and stock recommendations; James J. Clarke, Brandywine Global's Portfolio Manager and Director of Fundamental Research; and Celia R. Hoopes, CFA, Brandywine Global's Portfolio Manager and Research Analyst. Mr. Kaser has been with Brandywine Global since 1998. Mr. Clarke has been with Brandywine Global since December 2008. Immediately prior to joining Brandywine Global, Mr. Clarke served as Founding Partner of Clarke Bennitt, LLC and co-Portfolio Manager of the concentrated, all-cap Montchanin funds from 2005 to 2008. Ms. Hoopes has been with Brandywine Global since September 2018. Prior to joining Brandywine Global, Ms. Hoopes served in various roles at Aberdeen Standard Investments from 2012 to 2018, including as an investment manager.

Copeland Capital Management, LLC: Copeland Capital Management, LLC (Copeland), located at 161 Washington Street, Suite 1325, Conshohocken, PA 19428, serves as a Sub-Adviser to the Large Cap Disciplined Equity Fund. A team of investment professionals manages the portion of the Large Cap Disciplined Equity Fund's assets allocated to Copeland. Mr. Eric Brown, CFA, is the Chief Executive Officer, Principal and a Portfolio Manager at Copeland. Mr. Brown formed Copeland in 2005 and is responsible for research coverage of the Utilities and MLP sectors across all domestic portfolios. While founding Copeland, Mr. Brown developed a proprietary fundamental model to best evaluate dividend growth stocks. Mr. Brown holds a Bachelor of Arts in Political Science from Trinity College in Hartford, CT and also holds the CFA

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designation. Mr. Brown is a member of the Boston Security Analysts Society and the American Mensa Society. Mr. Mark Giovanniello, CFA, is the Chief Investment Officer, Principal and Portfolio Manager at Copeland. Mr. Giovanniello joined Copeland in 2009 and is a co-portfolio manager on all Domestic Strategies and the lead manager for the Mid Cap, Smid Cap, and Small Cap Strategies. Mr. Giovanniello holds a Bachelor of Science degree from the Carroll School of Management at Boston College. Mr. Giovanniello also holds the CFA designation and is a member of the Philadelphia Security Analyst Society. Mr. David McGonigle, CFA, is a Senior Research Analyst, Principal and a Portfolio Manager at Copeland. Mr. McGonigle's primary coverage responsibilities are in the Consumer Discretionary, Financial and Industrial sectors across all domestic portfolios. Mr. McGonigle holds a Bachelor of Science in Business Administration, with a finance concentration, from the E. Claiborne Robins School of Business at the University of Richmond. Mr. McGonigle also holds the CFA designation and is a member of the CFA Society of Philadelphia. Mr. Jeffrey Walkenhorst, CFA, is a Research Analyst, Principal and a Portfolio Manager at Copeland. Mr. Walkenhorst joined Copeland in 2011 and his primary coverage responsibilities are in the Consumer Staples, Real Estate, and Technology/Telecom sectors across all domestic portfolios. Mr. Walkenhorst holds a Bachelor of Arts degree in Economics from Stanford University. Mr. Walkenhorst also holds the CFA designation and is a member of the New York Society of Security Analysts. Mr. John Cummings, CFA is a Research Analyst, Principal and a Portfolio Manager at Copeland. Prior to joining Copeland in August 2014, John worked as a summer equity research analyst for Credit Suisse covering the consumer internet sector. Before that, John worked for Copeland Capital as a summer research analyst. During this time, he helped analyze and improve Copeland's quantitative screening methodologies. John holds a BA degree in both Mathematics and Economics with high honors from Haverford College. He also holds the Chartered Analyst (CFA<sup>®</sup>) designation and is a member of the CFA Society of Philadelphia. Mr. John Cummings, CFA is a Research Analyst, Principal and a Portfolio Manager at Copeland. Prior to joining Copeland in August 2014, Mr. Cummings worked as a summer equity research analyst for Credit Suisse covering the consumer internet sector. Before that, Mr. Cummings worked for Copeland Capital as a summer research analyst. During this time, he helped analyze and improve Copeland's quantitative screening methodologies. Mr. Cummings holds a BA degree in both Mathematics and Economics with high honors from Haverford College. He also holds the CFA designation and is a member of the CFA Society of Philadelphia.

Mackenzie Investments Corporation: Mackenzie Investments Corporation (Mackenzie), located at Two International Place, Suite 2320, Boston, MA 02110, serves as a Sub-Adviser to the Large Cap Disciplined Equity Fund. A team of investment professionals manages the portion of the Large Cap Disciplined Equity Fund's assets allocated to Mackenzie. Mr. Arup Datta, CFA, Senior Vice President, Investment Management, joined Mackenzie in 2017 as the Head of Global Quantitative Equity Team and a Portfolio Manager. Prior to joining Mackenzie, Mr. Datta was the Chief Investment Officer, International Equities, and a Portfolio Manager at AJO, LP from 2012 to 2017. Mr. Datta previously worked at Agriya Investors as President and Portfolio Manager and Numeric Investors as Director of Portfolio Management and Portfolio Manager. Mr. Nicholas Tham, CFA, joined Mackenzie in 2017 as Vice President, Investment Management, and Portfolio Manager. Prior to joining Mackenzie, Mr. Tham was a Portfolio Manager at AJO, LP from 2012 to 2017. Mr. Tham previously worked as an Analyst at Agriya Investors and Weiss Asset Management. Mr. Datta and Mr. Tham also hold the CFA designation.

PineStone Asset Management Inc.: PineStone Asset Management Inc. (PineStone), located at 1981 McGill College Avenue, Suite 1600, Montreal, QC, Canada H3A 2Y1, serves as a Sub-Adviser to a portion of the assets of the Large Cap Disciplined Equity Fund. PineStone is a specialist global equity manager founded in 2021 that is 100% employee owned and is a registered investment adviser with the SEC. PineStone is focused exclusively on helping clients achieve their financial goals by investing in what PineStone believes to be high quality

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companies worldwide. PineStone had approximately USD$56.23 billion in assets under management as of September 30, 2024 and is led by Nadim Rizk, CFA. Mr. Rizk is the Chief Executive Officer and Chief Investment Officer of PineStone. Mr. Rizk has over 25 years of industry experience and founded PineStone in 2021. Prior experiences include positions as Lead Portfolio Manager, Head of Global Equities, Lead Manager for U.S. and Global Equity portfolios, as well as Senior Global Research Analyst positions at some of Canada's leading investment management firms, including Fiera Capital Corporation (FCC), which he joined in 2009. Mr. Rizk graduated from the American University of Beirut with a Bachelor of Business Administration, majoring in Finance. Mr. Rizk later obtained an M.B.A. from McGill University in Montréal and also obtained the CFA designation. Andrew Chan, CIM, is the Head of Research at PineStone. Mr. Chan has over 18 years of industry experience. Prior experiences include Director of Research and senior analyst positions for U.S. and global equities at leading investment management firms, most recently with FCC, which he joined in 2009. Mr. Chan graduated from McGill University in Montréal with a Bachelor of Commerce, majoring in Finance. Mr. Chan later obtained a Master of Science in Finance from HEC Montréal. Mr. Chan can act as portfolio manager if Mr. Rizk is unable to do so. Nadim Rizk and Andrew Chan's prior employment history includes Fiera Capital Corporation from 2009 to 2021, followed by PineStone Asset Management Inc. from 2021 to present.

LARGE CAP INDEX FUND:

SSGA Funds Management, Inc.: SSGA Funds Management, Inc. (SSGA FM), located at One Congress Street, Boston, Massachusetts 02114, serves as a Sub-Adviser for a portion of the assets of the Large Cap Index Fund. The professionals primarily responsible for the day-to-day management of the portion of the assets of the Large Cap Index Fund allocated to SSGA FM are Karl Schneider, CAIA, Amy Scofield and Emiliano Rabinovich, CFA. Mr. Schneider is a Managing Director of State Street Investment Management and Co-Head of the Systematic Equity Team in the Americas. He also serves as a Senior Portfolio Manager for a number of the Team's index equity portfolios. Previously within the Team, he was the Deputy Head of the Americas, and prior to that served as a portfolio manager and product specialist for U.S. equity strategies and synthetic beta strategies, including commodities, buy/write, and hedge fund replication. He is a member of the S&P Dow Jones U.S. Equities Index Advisory Panel. Prior to joining the Team, Mr. Schneider worked as a portfolio manager in State Street Investment Management's Currency Management Group, managing both active currency selection and traditional passive hedging overlay portfolios. He joined State Street Investment Management in 1997. Mr. Schneider holds a BS in Finance and Investments from Babson College and also an MS in Finance from Boston College. He has earned the Chartered Alternative Investment Analyst (CAIA) designation and is a member of the CAIA Association. Ms. Scofield is a Principal of State Street Investment Management and a Portfolio Manager in the Systematic Equity Team. She is responsible for the management of various equity index funds, with domestic and international strategies. Ms. Scofield rejoined State Street Investment Management in November of 2010, after spending two years at Atlantic Trust Company, a private wealth management firm. In her role at Atlantic Trust Company, she specialized in asset allocation and performance analysis for high net worth clients. Prior to Atlantic Trust Company, Ms. Scofield was a compliance officer at State Street Investment Management, where she was responsible for ensuring equity portfolios met specified guidelines. She also worked as an operations associate in State Street Investment Management's International Structured Products Group. Ms. Scofield holds a Bachelor of Arts in Economics from Boston College. Mr. Rabinovich is a Managing Director of State Street Investment Management and Co-Head of the Systematic Equity Team in the Americas. Within this team, he is the strategy leader for their Tax Aware, Smart Beta and ESG products. Mr. Rabinovich manages a varied mix of portfolios that include both traditional indexing as well as a variety of alternative beta mandates. He also manages local and global strategies and fund structures, which include separately managed-accounts, commingled funds, mutual funds and ETFs. Mr. Rabinovich joined State Street Investment Management in Montreal in 2006, where he served

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as the Head of the Indexing team in Canada. He has been working in the investment management field since 2003. Mr. Rabinovich holds a BA in Economics from the University of Buenos Aires and a Master of Arts in Economics from the University of CEMA. He has also earned the CFA designation and is a member of CFA Society Boston, Inc.

S&P 500 INDEX FUND:

SSGA Funds Management, Inc.: SSGA Funds Management, Inc. (SSGA FM), located at One Congress Street, Boston, Massachusetts 02114, serves as a Sub-Adviser to the S&P 500 Index Fund. The professionals primarily responsible for the day-to-day management of the portion of the assets of the S&P 500 Index Fund allocated to SSGA FM are Karl Schneider, CAIA, Mark Krivitsky and Emiliano Rabinovich, CFA. Mr. Schneider is a Managing Director of State Street Investment Management and Co-Head of the Systematic Equity Team in the Americas. He also serves as a Senior Portfolio Manager for a number of the Team's index equity portfolios. Previously within the Team, he was the Deputy Head of the Americas, and prior to that served as a portfolio manager and product specialist for U.S. equity strategies and synthetic beta strategies, including commodities, buy/write, and hedge fund replication. He is a member of the S&P Dow Jones U.S. Equities Index Advisory Panel. Prior to joining the Team, Mr. Schneider worked as a portfolio manager in State Street Investment Management's Currency Management Group, managing both active currency selection and traditional passive hedging overlay portfolios. He joined State Street Investment Management in 1997. Mr. Schneider holds a BS in Finance and Investments from Babson College and also an MS in Finance from Boston College. He has earned the Chartered Alternative Investment Analyst (CAIA) designation and is a member of the CAIA Association. Mr. Krivitsky is a Vice President of State Street Investment Management and a Senior Portfolio Manager in the Systematic Equity Team and Tax-Efficient Market Capture Group. He is responsible for managing both U.S. and international index funds and taxable institutional accounts. Mr. Krivitsky's previous experience at State Street Investment Management includes affiliation with the firm's U.S. Structured Products Operations Group. Mr. Krivitsky began his tenure at State Street Corporation in the Mutual Funds Division in 1992. He has been working in the investment management field since 1991. Mr. Krivitsky holds a Bachelor of Arts in Humanities/Social Sciences from the University of Massachusetts and a Master of Business Administration with a specialization in Finance from the Sawyer School of Management at Suffolk University. Mr. Rabinovich is a Managing Director of State Street Investment Management and Co-Head of the Systematic Equity Team in the Americas. Within this team, he is the strategy leader for their Tax Aware, Smart Beta and ESG products. Mr. Rabinovich manages a varied mix of portfolios that include both traditional indexing as well as a variety of alternative beta mandates. He also manages local and global strategies and fund structures, which include separately managed accounts, commingled funds, mutual funds and ETFs. Mr. Rabinovich joined State Street Investment Management in Montreal in 2006, where he served as the Head of the Indexing team in Canada. He has been working in the investment management field since 2003. Mr. Rabinovich holds a BA in Economics from the University of Buenos Aires and a Master of Arts in Economics from the University of CEMA. He has also earned the CFA designation and is a member of CFA Society Boston, Inc.

EXTENDED MARKET INDEX FUND:

SSGA Funds Management, Inc.: SSGA Funds Management Inc. (SSGA FM), located at One Congress Street, Boston, Massachusetts 02114, serves as a Sub-Adviser for a portion of the assets of the Extended Market Index Fund allocated to SSGA FM. The professionals primarily responsible for the day-to-day management of the portion of the assets of the Extended Market Index Fund allocated to SSGA FM are Karl Schneider, CAIA, Amy Scofield and Emiliano Rabinovich, CFA. Mr. Schneider is a Managing Director of State Street Investment Management and Co-Head of the Systematic Equity Team in the Americas. He also serves as a Senior

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Portfolio Manager for a number of the Team's index equity portfolios. Previously within the Team, he was the Deputy Head of the Americas, and prior to that served as a portfolio manager and product specialist for U.S. equity strategies and synthetic beta strategies, including commodities, buy/write, and hedge fund replication. He is a member of the S&P Dow Jones U.S. Equities Index Advisory Panel. Prior to joining the Team, Mr. Schneider worked as a portfolio manager in State Street Investment Management's Currency Management Group, managing both active currency selection and traditional passive hedging overlay portfolios. He joined State Street Investment Management in 1997. Mr. Schneider holds a BS in Finance and Investments from Babson College and also an MS in Finance from Boston College. He has earned the Chartered Alternative Investment Analyst (CAIA) designation and is a member of the CAIA Association. Ms. Scofield is a Principal of State Street Investment Management and a Portfolio Manager in the Systematic Equity Team. She is responsible for the management of various equity index funds, with domestic and international strategies. Ms. Scofield rejoined State Street Investment Management in November of 2010, after spending two years at Atlantic Trust Company, a private wealth management firm. In her role at Atlantic Trust Company, she specialized in asset allocation and performance analysis for high net worth clients. Prior to Atlantic Trust Company, Ms. Scofield was a compliance officer at State Street Investment Management, where she was responsible for ensuring equity portfolios met specified guidelines. She also worked as an operations associate in State Street Investment Management's International Structured Products Group. Ms. Scofield holds a Bachelor of Arts in Economics from Boston College. Mr. Rabinovich is a Managing Director of State Street Investment Management and Co-Head of the Systematic Equity Team in the Americas. Within this team, he is the strategy leader for their Tax Aware, Smart Beta and ESG products. Mr. Rabinovich manages a varied mix of portfolios that include both traditional indexing as well as a variety of alternative beta mandates. He also manages local and global strategies and fund structures, which include separately managed accounts, commingled funds, mutual funds and ETFs. Mr. Rabinovich joined State Street Investment Management in Montreal in 2006, where he served as the Head of the Indexing team in Canada. He has been working in the investment management field since 2003. Mr. Rabinovich holds a BA in Economics from the University of Buenos Aires and a Master of Arts in Economics from the University of CEMA. He has also earned the CFA designation and is a member of CFA Society Boston, Inc.

SMALL CAP FUND:

Axiom Investors LLC: Axiom Investors LLC (Axiom), located at 33 Benedict Place, 2nd Floor, Greenwich, Connecticut 06830 serves as a Sub-Adviser to the Small Cap Fund. A team of investment professionals manages the portion of the Small Cap Fund's assets allocated to Axiom. Mr. Matthew Franco, CFA, is the Lead Portfolio Manager for the International Small-Cap Equity Strategy and the Axiom Global and International Small/Micro-Cap Opportunity Funds and Co-Portfolio Manager for the US Small Cap and Global Small Cap Equity Strategies. Mr. Franco was one of the original investment team members at Axiom's inception in 1998. Prior to Axiom, Mr. Franco was an Associate at Columbus Circle Investors, a unit of PIMCO Advisors LP, where he was an Analyst for the International Fund. Mr. Franco was also affiliated with investment boutique R.L. Renck & Company, a small capitalization company specialist firm. Mr. Franco has the designation of CFA and is a member of the New York Society of Security Analysts. Mr. Franco holds a B.S., summa cum laude, in Finance with a concentration in Asian Studies from Saint John's University. Mr. David Kim, CFA, is the Lead Portfolio Manager for the Axiom US Small Cap Equity Strategy and Co-Portfolio Manager for the Axiom Global and International Small/Micro-Cap Opportunity Funds and the Axiom Concentrated Global Growth and the Global Small Cap Equity Strategies. Prior to joining Axiom, Mr. Kim was a Research Analyst for small and micro-capitalization companies at Pinnacle Associates LTD. Mr. Kim is a CFA and a member of the New York Society of Security Analysts. Mr. Kim holds a B.S. degree in Business Administration from Georgetown

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University, with a double major in Finance and International Business. Mr. Kim also attended Georgetown's Corporate Business Program at the Chinese University of Hong Kong.

Los Angeles Capital Management LLC.: Los Angeles Capital Management LLC (Los Angeles Capital), located at 11150 Santa Monica Blvd. Suite 200, Los Angeles, CA 90025, serves as a Sub-Adviser to the Small Cap Fund. A team of investment professionals manages the portion of the Small Cap Fund's assets allocated to Los Angeles Capital. Hal W. Reynolds, CFA, Vice Chairman and Senior Portfolio Manager, co-founded Los Angeles Capital in 2002. Mr. Reynolds began his investment career in 1982 and earned a B.A. from the University of Virginia and an M.B.A. from University of Pittsburgh. Daniel E. Allen, CFA, CEO, President and Senior Portfolio Manager, joined Los Angeles Capital in 2009. Mr. Allen began his investment career in 1983 and earned a B.B.A. from Pacific Lutheran University and an M.B.A. from University of Chicago Booth School of Business. Kristin Ceglar, CFA, Senior Portfolio Manager and Group Managing Director, joined Los Angeles Capital in 2005 and earned a B.A. from Harvard University.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Small Cap Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA and Gal Skarishevsky manage the portion of the Small Cap Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 until 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025.

Martingale Asset Management, L.P.: Martingale Asset Management, L.P. (Martingale), located at 888 Boylston Street, Suite 1400, Boston, MA 02199, serves as a Sub-Adviser to the Small Cap Fund. A team of investment professionals, led by Mr. James M. Eysenbach, CFA, Co-Chief Executve Officer, Chief Investment Officer, manages the portion of the Small Cap Fund's assets allocated to Martingale. Mr. Eysenbach joined Martingale in 2004. Mr. Eysenbach began managing Martingale's allocated portion of the Fund's portfolio in December 2018.

The Informed Momentum Company LLC: The Informed Momentum Company LLC (IMC), located at 215 Highway 101, Suite 216, Solana Beach, California 92075, serves as a Sub-Adviser to a portion of the assets of the Small Cap Fund. Travis T. Prentice manages the portion of the Small Cap Fund's assets allocated to IMC. Mr. Prentice serves as Chief Investment Officer and Portfolio Manager at IMC and has managed the firm's small cap growth strategy since January 2018.

SMALL CAP II FUND:

Copeland Capital Management, LLC: Copeland Capital Management, LLC (Copeland), located at 161 Washington Street, Suite 1325, Conshohocken, PA 19428, serves as a Sub-Adviser to the Small Cap II Fund. A team of investment professionals manages the portion of the Small Cap II Fund's assets allocated to Copeland. Mr. Mark Giovanniello, CFA, is the Chief Investment Officer, Principal and Portfolio Manager at Copeland. Mr. Giovanniello joined Copeland in 2009 and is a co-portfolio manager on all Domestic Strategies and the lead manager for the Mid Cap, Smid Cap, and Small Cap Strategies. Mr. Giovanniello holds a Bachelor of Science degree from the Carroll School of Management at Boston College. Mr. Giovanniello also holds the

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CFA designation and is a member of the Philadelphia Security Analyst Society. Mr. Eric Brown, CFA, is the Chief Executive Officer, Principal and a Portfolio Manager at Copeland. Mr. Brown formed Copeland in 2005 and is responsible for research coverage of the Utilities and MLP sectors across all domestic portfolios. While founding Copeland, Mr. Brown developed a proprietary fundamental model to best evaluate dividend growth stocks. Mr. Brown holds a Bachelor of Arts in Political Science from Trinity College in Hartford, CT and also holds the CFA designation. Mr. Brown is a member of the Boston Security Analysts Society and the American Mensa Society. Mr. David McGonigle, CFA, is a Senior Research Analyst, Principal and a Portfolio Manager at Copeland. Mr. McGonigle's primary coverage responsibilities are in the Consumer Discretionary, Financial and Industrial sectors across all domestic portfolios. Mr. McGonigle holds a Bachelor of Science in Business Administration, with a finance concentration, from the E. Claiborne Robins School of Business at the University of Richmond. Mr. McGonigle also holds the CFA designation and is a member of the CFA Society of Philadelphia. Mr. Jeffrey Walkenhorst, CFA, is a Research Analyst, Principal and a Portfolio Manager at Copeland. Mr. Walkenhorst joined Copeland in 2011 and his primary coverage responsibilities are in the Consumer Staples, Real Estate, and Technology/Telecom sectors across all domestic portfolios. Mr. Walkenhorst holds a Bachelor of Arts degree in Economics from Stanford University. Mr. Walkenhorst also holds the CFA designation and is a member of the New York Society of Security Analysts.

Easterly Investment Partners LLC: Easterly Investment Partners LLC (EIP), located at 138 Conant Street, Suite 100, Beverly, Massachusetts, 01915 serves as a Sub-Adviser to the Small Cap II Fund. A team of investment professionals manages the portion of the Small Cap II Fund's assets allocated to EIP. Joshua Schachter, CFA is the Chief Investment Officer and Senior Portfolio Manager at EIP. Prior to EIP's acquisition of Snow Capital Management (SCM) in 2021, Mr. Schachter had been with SCM since the firm's inception in 2001. Mr. Schachter's responsibilities include portfolio management research, selection and organizational management. Philip Greenblatt, CFA is a Portfolio Manager and Senior Analyst at EIP. Mr. Greenblatt joined SCM in 2011 and was appointed to his current role in 2020.

Leeward Investments, LLC: Leeward Investments, LLC (Leeward), located at 10 Winthrop Square, Suite 500, Boston MA 02110, serves as a Sub-Adviser to the Small Cap II Fund. The portion of the Small Cap II Fund's assets managed by Leeward is managed by R. Todd Vingers. CFA, President and Portfolio Manager, and Jay C. Willadsen, CFA, Portfolio Manager. Mr. Vingers is the President of Leeward, and also serves as the Head of the Investment Team and as a Portfolio Manager. Prior to joining Leeward, he spent 20 years at LMCG Investments, LLC, where he established the Value team in 2002 and served as a Managing Director. Mr. Vingers has over 34 years of investment experience. Mr. Willadsen is a Portfolio Manager at Leeward. Prior to joining Leeward, he spent 19 years at LMCG Investments, LLC, most recently as a Portfolio Manager. Mr. Willadsen has over 26 years of investment experience.

Los Angeles Capital Management LLC: Los Angeles Capital Management LLC (Los Angeles Capital), located at 11150 Santa Monica Blvd. Suite 200, Los Angeles, CA 90025, serves as a Sub-Adviser to the Small Cap II Fund. A team of investment professionals manages the portion of the Small Cap II Fund's assets allocated to Los Angeles Capital. Hal W. Reynolds, CFA, Vice Chairman and Senior Portfolio Manager, co-founded Los Angeles Capital in 2002. Mr. Reynolds began his investment career in 1982 and earned a B.A. from the University of Virginia and an M.B.A. from University of Pittsburgh. Daniel E. Allen, CFA, CEO, President and Senior Portfolio Manager, joined Los Angeles Capital in 2009. Mr. Allen began his investment career in 1983 and earned a B.B.A. from Pacific Lutheran University and an M.B.A. from University of Chicago Booth School of Business. Kristin Ceglar, CFA, Senior Portfolio Manager and Group Managing Director, joined Los Angeles Capital in 2005 and earned a B.A. from Harvard University.

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The Informed Momentum Company LLC: The Informed Momentum Company LLC (IMC), located at 215 Highway 101, Suite 216, Solana Beach, California 92075, serves as a Sub-Adviser to a portion of the assets of the Small Cap II Fund. Travis T. Prentice manages the portion of the Small Cap II Fund's assets allocated to IMC. Mr. Prentice serves as Chief Investment Officer and Portfolio Manager at IMC and has managed the firm's small cap growth strategy since January 2018.

SMALL/MID CAP EQUITY FUND:

Axiom Investors LLC: Axiom Investors LLC (Axiom), located at 33 Benedict Place, 2nd Floor, Greenwich, Connecticut 06830 serves as a Sub-Adviser to the Small/Mid Cap Equity Fund. A team of investment professionals manages the portion of the Small/Mid Cap Equity Fund's assets allocated to Axiom. Mr. Matthew Franco, CFA, is the Lead Portfolio Manager for the International Small-Cap Equity Strategy and the Axiom Global and International Small/Micro-Cap Opportunity Funds and Co-Portfolio Manager for the US Small Cap and Global Small Cap Equity Strategies. Mr. Franco was one of the original investment team members at Axiom's inception in 1998. Prior to Axiom, Mr. Franco was an Associate at Columbus Circle Investors, a unit of PIMCO Advisors LP, where he was an Analyst for the International Fund. Mr. Franco was also affiliated with investment boutique R.L. Renck & Company, a small capitalization company specialist firm. Mr. Franco has the designation of CFA and is a member of the New York Society of Security Analysts. Mr. Franco holds a B.S., summa cum laude, in Finance with a concentration in Asian Studies from Saint John's University. Mr. David Kim, CFA, is the Lead Portfolio Manager for the Axiom US Small Cap Equity Strategy and Co-Portfolio Manager for the Axiom Global and International Small/Micro-Cap Opportunity Funds and the Axiom Concentrated Global Growth and Global Small Cap Equity Strategies. Prior to joining Axiom, Mr. Kim was a Research Analyst for small and micro-capitalization companies at Pinnacle Associates LTD. Mr. Kim is a CFA and a member of the New York Society of Security Analysts. Mr. Kim holds a B.S. degree in Business Administration from Georgetown University, with a double major in Finance and International Business. Mr. Kim also attended Georgetown's Corporate Business Program at the Chinese University of Hong Kong.

Copeland Capital Management, LLC: Copeland Capital Management, LLC (Copeland), located at 161 Washington Street, Suite 1325, Conshohocken, PA 19428, serves as a Sub-Adviser to the Small/Mid Cap Equity Fund. A team of investment professionals manages the portion of the Small/Mid Cap Equity Fund's assets allocated to Copeland. Mr. Mark Giovanniello, CFA, is the Chief Investment Officer, Principal and Portfolio Manager at Copeland. Mr. Giovanniello joined Copeland in 2009 and is a co-portfolio manager on all Domestic Strategies and the lead manager for the Mid Cap, Smid Cap and Small Cap Strategies. Mr. Giovanniello holds a Bachelor of Science degree from the Carroll School of Management at Boston College. Mr. Giovanniello also holds the CFA designation and is a member of the Philadelphia Security Analyst Society. Mr. Eric Brown, CFA, is the Chief Executive Officer, Principal and a Portfolio Manager at Copeland. Mr. Brown formed Copeland in 2005 and is responsible for research coverage of the Utilities and MLP sectors across all domestic portfolios. While founding Copeland, Mr. Brown developed a proprietary fundamental model to best evaluate dividend growth stocks. Mr. Brown holds a Bachelor of Arts degree in Political Science from Trinity College in Hartford, CT and also holds the CFA designation. Mr. Brown is a member of the Boston Security Analysts Society and the American Mensa Society. Mr. David McGonigle, CFA, is a Senior Research Analyst, Principal and a Portfolio Manager at Copeland. Mr. McGonigle's primary coverage responsibilities are in the Consumer Discretionary, Financial and Industrial sectors across all domestic portfolios. Mr. McGonigle holds a Bachelor of Science in Business Administration, with a finance concentration, from the E. Claiborne Robins School of Business at the University of Richmond. Mr. McGonigle also holds the CFA designation and is a member of the CFA Society of Philadelphia. Mr. Jeffrey Walkenhorst, CFA, is a Research Analyst, Principal and a Portfolio Manager at Copeland. Mr. Walkenhorst joined Copeland in 2011 and his primary coverage

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responsibilities are in the Consumer Staples, Real Estate, and Technology/Telecom sectors across all domestic portfolios. Mr. Walkenhorst holds a Bachelor of Arts degree in Economics from Stanford University. Mr. Walkenhorst also holds the Chartered Financial Analyst (CFA) designation and is a member of the New York Society of Security Analysts.

Geneva Capital Management LLC: Geneva Capital Management LLC (Geneva), located at 411 E. Wisconsin Ave. Suite 2320, Milwaukee, WI 53202, serves as a Sub-Adviser to the Small/Mid Cap Equity Fund. A team of investment professionals manages the portion of the Small/Mid Cap Equity Fund's assets allocated to Geneva. William S. ("Scott") Priebe is a Managing Principal, Portfolio Manager at Geneva. He joined Geneva in 2004 and was promoted to Portfolio Manager in 2006. Mr. Priebe is a member of its Investment Strategy Group responsible for the management and oversight of Geneva's growth equity products. Mr. Priebe received a BA from DePauw University and an MBA in Economics & Finance from the University of Chicago. Jose Munoz, CFA, is a Managing Principal, Portfolio Manager at Geneva. He joined Geneva in 2011 and was promoted to Portfolio Manager in 2017. Mr. Munoz is a member of its Investment Strategy Group responsible for the management and oversight of Geneva's growth equity products. Mr. Munoz received a BA from Marquette University and an MBA from the University of Chicago. He is a CFA Charterholder.

Jackson Creek Investment Advisors LLC: Jackson Creek Investment Advisors LLC (Jackson Creek), located at 115 Wilcox Street, Suite 220, Castle Rock, CO 80104, serves as a Sub-Adviser to the Small-Mid Cap Equity Fund. John R. Riddle, CFA, Chief Investment Officer/Managing Member, manages the portion of the Small/Mid Cap Equity Fund's assets allocated to Jackson Creek. Mr. Riddle is responsible for portfolio management, investment research and quantitative analysis. Previously, Mr. Riddle was an equity owner at 361 Capital LLC where he served as a Portfolio Manager and Chief Investment Officer. Prior to that, Mr. Riddle was a majority owner, one of the founding principals and a Managing Member of BRC Investment Management LLC, which was acquired by 361 Capital LLC on October 31, 2016. At BRC Investment Management LLC, Mr. Riddle served as the Managing Principal and Chief Investment Officer from its inception in May of 2005 until its acquisition by 361 Capital LLC. Mr. Riddle has over 30 years of investment management experience and previously held the positions of President and Chief Investment Officer at Duff & Phelps Investment Management Co.; Chief Executive Officer and Chief Investment Officer with Capital West Asset Management LLC; Director of Research and Portfolio Management with US West, Inc.; Portfolio Manager with GTE Investment Management, Inc.; and Senior Financial Analyst with GTE, Inc. Mr. Riddle received an MBA from the University of Connecticut and a Bachelor of Arts in Finance from the University of Hawaii. Mr. Riddle holds the designation of CFA and is a member of the Denver Society of Security Analysts and the CFA Institute.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Small/Mid Cap Equity Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA and Gal Skarishevsky manage the portion of the Small/Mid Cap Equity Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 until 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025.

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U.S. MANAGED VOLATILITY FUND:

Acadian Asset Management LLC: Acadian Asset Management LLC (Acadian), located at 260 Franklin Street, Boston, Massachusetts 02110, serves as a Sub-Adviser to the U.S. Managed Volatility Fund. A team of investment professionals manages the portion of the U.S. Managed Volatility Fund's assets allocated to Acadian. Brendan O. Bradley, Ph.D., Executive Vice President, Chief Investment Officer, serves as lead portfolio manager to the U.S. Managed Volatility Fund. Mr. Bradley joined Acadian in 2004 and has previously served as the firm's director of portfolio management, overseeing portfolio management policy, and was also previously the director of Acadian's Managed Volatility strategies. He is a member of the Acadian Board of Managers and Executive Committee. Fanesca Young, Ph.D., CFA, Senior Vice President, Director, Equity Portfolio Management, serves as Director, Equity Portfolio Management. Prior to joining Acadian, she was head of global systematic equities at GIC Private Ltd. Prior to that, she was managing director and director of quantitative research at Los Angeles Capital Management. Ms. Young is also a member of the editorial boards of the Financial Analyst Journal and the Journal of Systematic Investing, as well as a member of the Q Group's program committee. Ms. Young earned a Ph.D. in statistics from Columbia University and an M.Phil. and an M.A. in statistics from Columbia University. She also holds a B.A. in mathematics from the University of Virginia. Ms. Young is a CFA charterholder.

LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the U.S. Managed Volatility Fund. Josef Lakonishok, Ph.D, Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA, Jason Karceski, Ph.D. and Gal Skarishevsky manage the portion of the U.S. Managed Volatility Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 until 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Dr. Karceski has served previously as a Senior Research Analyst since 2009 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025.

GLOBAL MANAGED VOLATILITY FUND:

Acadian Asset Management LLC: Acadian Asset Management LLC (Acadian), located at 260 Franklin Street, Boston, Massachusetts 02110, serves as a Sub-Adviser to the Global Managed Volatility Fund. A team of investment professionals manage the portion of the Global Managed Volatility Fund's assets allocated to Acadian. Brendan O. Bradley, Ph.D., Executive Vice President, Chief Investment Officer, serves as lead portfolio manager to the Global Managed Volatility Fund. Mr. Bradley joined Acadian in 2004 and has previously served as the firm's director of portfolio management, overseeing portfolio management policy, and was also previously the director of Acadian's Managed Volatility strategies. He is a member of the Acadian Board of Managers and Executive Committee. Fanesca Young, Ph.D., Senior Vice President, Director, Equity Portfolio Management serves as a portfolio manager on the Global Managed Volatility Fund. She joined Acadian in 2023 and previously led the Global Systematic Equities team at GIC. She has 19 years of professional investment experience.

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LSV Asset Management: LSV Asset Management (LSV), located at 155 North Wacker Drive, Chicago, Illinois 60606, serves as a Sub-Adviser to the Global Managed Volatility Fund. Josef Lakonishok, Ph.D., Menno Vermeulen, CFA, Puneet Mansharamani, CFA, Greg Sleight, Guy Lakonishok, CFA, Jason Karceski, Ph.D. and Gal Skarishevsky manage the portion of the Global Managed Volatility Fund's assets allocated to LSV. Dr. Lakonishok has served as Chief Executive Officer, Chief Investment Officer, Partner and Portfolio Manager of the firm since its founding in 1994. Mr. Vermeulen has served previously as a Senior Quantitative Analyst from 1995 until 2013 and, currently, as a Portfolio Manager and Partner since 1998. Mr. Mansharamani has served previously as a Quantitative Analyst from 2000 to 2013 and, currently, as a Partner and Portfolio Manager since 2006. Mr. Sleight has served previously as a Quantitative Analyst since 2006 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Lakonishok has served previously as a Quantitative Analyst since 2009 and, currently, as a Partner since 2013 and Portfolio Manager since 2014. Dr. Karceski has served previously as a Senior Research Analyst since 2009 and, currently, as a Partner since 2012 and Portfolio Manager since 2014. Mr. Skarishevsky has served as a Quantitative Analyst since 2017, a Partner since 2022 and Portfolio Manager since 2025.

WORLD EQUITY EX-US FUND:

Acadian Asset Management LLC: Acadian Asset Management LLC (Acadian), located at 260 Franklin Street, Boston, Massachusetts 02110, serves as a Sub-Adviser to the World Equity Ex-US Fund. A team of investment professionals manages the portion of the World Equity Ex-US Fund's assets allocated to Acadian. Brendan O. Bradley, Ph.D., Executive Vice President, Chief Investment Officer, serves as lead portfolio manager to the World Equity Ex-US Fund. Mr. Bradley joined Acadian in 2004 and has previously served as the firm's director of portfolio management, overseeing portfolio management policy, and was also previously the director of Acadian's Managed Volatility strategies. He is a member of the Acadian Board of Managers and Executive Committee. Fanesca Young, Ph.D., Senior Vice President, Director, Equity Portfolio Management serves as a portfolio manager on the World Equity Ex-US Fund. She joined Acadian in 2023 and previously led the Global Systematic Equities team at GIC. She has 19 years of professional investment experience.

Brickwood Asset Management LLP: Brickwood Asset Management LLP (Brickwood), located at 8-10 Grosvenor Gardens, London, United Kingdom SW1W 0DH, serves as a Sub-Adviser to the World Equity Ex-US Fund. A team of investment professionals manages the portion of the World Equity Ex-US Fund's assets allocated to Brickwood. Ben Whitmore is a Fund Manager and Partner at Brickwood. Mr. Whitmore has been working in the asset management industry for nearly 30 years. Most recently, he was lead portfolio manager and head of the Value Equities team at Jupiter Asset Management Limited. He was responsible for £10 billion of clients' assets across UK, Global and Income strategies for institutional and retail clients. Prior to that role, Mr. Whitmore spent over 10 years at Schroders Investment Management. Mr. Whitmore has a degree in Geography from Cambridge University. Dermot Murphy is a Fund Manager and Partner at Brickwood. Mr. Murphy has been working in the asset management industry for 12 years. Most recently, he worked at Jupiter Asset Management Limited where he was a member of the Value Equities team which managed £10 billion of clients' assets across UK, Global and Income strategies. Mr. Murphy co-managed the Global Value strategy and invested on behalf of institutional and retail clients. Prior to that role, he spent a year at Fidelity as an analyst. Mr. Murphy holds a BA in Commerce from the National University of Ireland, Galway.

Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust (MIMBT): Delaware Investments Fund Advisers (DIFA), a series of Macquarie Investment Management Business Trust (a Delaware statutory trust), located at 100 Independence, 610 Market Street, Philadelphia, Pennsylvania 19106, serves as a Sub-Adviser to the World Equity Ex-US Fund. A team of investment professionals manages the portion of the World Equity Ex-US Fund's assets allocated to DIFA. DIFA is

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responsible for day-to-day portfolio management of its portion of the World Equity Ex-US Fund but may delegate certain of its duties to its affiliate, Macquarie Investment Management Global Limited (MIMGL). MIMGL is located at 1 Elizabeth Street, Sydney NSW 2000, Australia. MIMBT, and MIMGL are U.S. registered investment advisers and are subsidiaries of Macquarie Group Limited.

Jens Hansen heads the firm's Global Equity team and is a Portfolio Manager for the team's strategies. He joined Macquarie Asset Management (MAM) in June 2018. Mr. Hansen has been a Portfolio Manager since 2001. Mr. Hansen started his career in 1982 with Spar Nord Bank, where he worked as an analyst and trader of bonds, equities, and derivatives. In 1994, he joined Nykredit Bank, where he worked as a bond trader. Mr. Hansen attended the Aarhus School of Business where he gained a graduate diploma in business administration within finance and international trade. Klaus Petersen is a Senior Portfolio Manager for the firm's Global Equity team. He joined MAM in June 2018. Mr. Petersen has been a Portfolio Manager since 2006. Previously, he worked for ATP, Denmark's largest pension fund, beginning in 1999 as a Senior Portfolio Manager and later in the role as team leader of the technology, media, and telecommunications (TMT) team. He joined Codan Bank in 1996, first as a Senior Sales Analyst and later as a Senior Portfolio Manager. Between 1988 and 1996, Mr. Petersen worked for various brokers as an Equity Sales Analyst. He started his career in 1984 as an administrator of pension pools at Faellesbanken in Denmark. Mr. Petersen attended the Copenhagen Business School where he gained a graduate diploma in business administration (financial and management accounting). Claus Juul is a Portfolio Manager for the firm's Global Equity team. He joined MAM in June 2018. Mr. Juul has been a portfolio manager since 2004. Prior to that, he was an Equity Analyst at Spar Nord Bank before becoming Vice President of the research department in 2001. He started his career in 1998 with Sydbank as an Equity Analyst. He attended the Aarhus School of Business where he gained a master's degree in economics and business administration. Åsa Annerstedt is a Portfolio Manager for the firm's Global Equity team. She joined MAM in June 2018. Ms. Annerstedt has been a Portfolio Manager since 2013. Previously, she was a member of the investment committee of a European Union fund dedicated to the financing of companies. Between 1999 and 2009, Ms. Annerstedt managed award-winning European Small Cap and Global Equity portfolios at SEB Asset Management in Denmark. She started her career in 1996 as a business controller and consultant in Sweden. Ms. Annerstedt attended Ecole Supérieur de Commerce in Paris and Marseille and earned a master's degree in finance and international trade from Lund University in Sweden. Allan Saustrup Jensen joined MAM in May 2020 as a Portfolio Manager for the firm's Global Equity team. He has more than 20 years of experience in the asset management industry. Prior to joining MAM, he spent five years at European Capital Partners as a fund manager. From 2010 to 2015, Mr. Jensen was a trader at European Value Partners. Prior to that, he spent four years at UBS Wealth Management as a Portfolio Manager. He began his investment career at Nordea Bank. Mr. Jensen attended Copenhagen Business School where he earned a Graduate Diploma in finance. Chris Gowlland is the Head of Equity Quantitative Research, a role he assumed in July 2019. As part of his role, he also serves as Portfolio Manager for certain portfolios managed by the Global Equity team and for several different strategies in the firm's multi-asset class offerings. Previously, Mr. Gowlland was a Senior Quantitative Analyst for the firm's equity department. Prior to joining MAM in May 2007, he spent seven years working in fundamental equity research and corporate finance for Morgan Stanley and Commerzbank Securities, followed by two years as a quantitative strategist at Morgan Stanley and at State Street Global Markets. Mr. Gowlland holds a bachelor's degree in Chinese and Spanish from the University of Leeds (U.K.), a master's degree in development studies from Brown University, and another master's degree in international management from Thunderbird. He also spent several years in a Ph.D. program in political economy at Harvard University. Mr. Gowlland is a member of the CFA Institute, the CFA Society New York, the CFA Society of Philadelphia, and the Society of Quantitative Analysts.

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Effective on or about October 31, 2025, Nomura Holding America Inc. is expected to acquire the U.S. and European public investments asset management business of Macquarie Asset Management, which includes Delaware Investments Fund Advisers (DIFA), a series of Macquarie Investment Management Business Trust. No material changes to DIFA's investment objectives and strategies are anticipated as a result of the acquisition. Upon the closing of the acquisition, it is expected that DIFA's name will be updated to Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust.

Lazard Asset Management LLC: Lazard Asset Management LLC (Lazard), located at 30 Rockefeller Plaza, New York, New York 10112, serves as a Sub-Adviser to the World Equity Ex-US Fund. A team of investment professionals manages the portion of the World Equity Ex-US Fund's assets allocated to Lazard. Louis Florentin-Lee is a Managing Director and Portfolio Manager/Analyst on various global equity teams, International Quality Growth and US Equity Select. He was formerly the co-Portfolio Manager/Analyst for the Lazard European Explorer Fund between 2004 and 2010. Mr. Florentin-Lee began working in the investment industry in 1996. Prior to joining Lazard in 2004, he was an equity research analyst at Soros Funds Limited and Schroder Investment Management. He has a BSc (Hons) in Economics from the London School of Economics. Mr. Florentin-Lee currently serves as a Governor for The Hall School, Hampstead, London. Barnaby Wilson is a Managing Director and Portfolio Manager/Analyst on various global equity teams as well as International Quality Growth. He began working in the investment field in 1998. Prior to joining Lazard in 1999, he worked for Orbitex Investments as a Research Analyst. Mr. Wilson has a BA (Hons) in Mathematics and Philosophy from Balliol College, Oxford University. Mr. Wilson is a CFA<sup>®</sup> charterholder. Robert Failla is a Managing Director and Portfolio Manager / Analyst on the International and Global Equity platforms and a member of the International Quality Growth portfolio management team. He began working in the investment field in 1993. Prior to joining Lazard in 2003, Mr. Failla was a Portfolio Manager with AllianceBernstein. He has an MBA from NYU's Stern School of Business and a BA (Hons) from Harvard University. Mr. Failla is a member of the Board of Trustees of Link Education Partners and previously served on the Board of Trustees at Delbarton School in Morristown NJ from 2007-2019. Mr. Failla is a CFA charterholder. Paul Moghtader is a Managing Director and Portfolio Manager/Analyst, leading Lazard's Equity Advantage team. He began working in the investment field in 1992. Prior to joining Lazard in 2007, Mr. Moghtader was Head of the Global Active Equity Group and a Senior Portfolio Manager at State Street Global Advisors (SSgA). At SSgA Mr. Moghtader was the senior manager responsible for the research and portfolio management of all multi-regional active quantitative equity strategies. Previously, Mr. Moghtader was an analyst at State Street Bank. He began his career at Dain Bosworth as a research assistant. Mr. Moghtader has a Master of Management (MM) from Northwestern University and a BA in Economics from Macalester College. Mr. Moghtader is a CFA<sup>®</sup> charterholder. Susanne Willumsen is a Managing Director and Portfolio Manager/Analyst on Lazard's Equity Advantage team. She began working in the investment field in 1993. Prior to joining Lazard in 2008, Ms. Willumsen was Managing Director, Head of Active Equities Europe with State Street Global Advisors (SSgA). During her 13 year tenure at SSgA, Ms. Willumsen was responsible for the research and portfolio management of all UK and European equity strategies. Prior to joining SSgA Ms. Willumsen traded equity derivatives for the proprietary desk at Investcorp. Ms. Willumsen received an MSc in Shipping, Trade and Finance from City University and a BSc in Management Studies from the University of Surrey. Taras Ivanenko is a Director and Portfolio Manager/Analyst on Lazard's Equity Advantage team. He began working in the investment field in 1995. Prior to joining Lazard in 2007, Mr. Ivanenko was a Senior Portfolio Manager in the Global Active Equity group at State Street Global Advisors (SSgA). Earlier at SSgA, he was a Principal and Senior Application Development Architect in the Equity Systems group. Previously, Mr. Ivanenko was an analyst in Quantitative Research and Trading Systems at

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Oxbridge Research. He has a PhD in Physics from Massachusetts Institute of Technology and an Engineer-Physicist degree from Moscow Physical-Technical Institute. Mr. Ivanenko is a CFA<sup>®</sup> charterholder. Peter Kashanek is a Director and Portfolio Manager/Analyst on Lazard's Equity Advantage team. He began working in the investment field in 1994. Prior to joining Lazard in 2007, Mr. Kashanek was a Principal and a Portfolio Manager in the Global Active Equity group at State Street Global Advisors (SSgA). Previously, Mr. Kashanek was an investment analyst in the Institutional Equity Research Group at Bank of Montreal where he focused on global energy companies. Prior to that, he was an Associate in the Global Equity Research Group at Deutsche Bank Securities. Mr. Kashanek also worked at Reliant Energy in Houston as a member of its Corporate Development team. Peter has an MBA with a concentration in Finance from Vanderbilt University and a BA in Government from St. Lawrence University. Alex Lai is a Director and Portfolio Manager/Analyst on Lazard's Equity Advantage team. He began working in the investment field in 2002. Prior to joining Lazard in 2008, Mr. Lai was a Vice President and Quantitative Portfolio Manager in the Global Active Equity group at State Street Global Advisors (SSgA). Prior to that, Mr. Lai was an investment-banking analyst at Lehman Brothers Asia in Hong Kong. He has an MSc in Finance from Boston College and a BBA (Hons) in Finance and Accounting from the University of Michigan, Ann Arbor. Mr. Lai is a CFA<sup>®</sup> charterholder. Ciprian Marin is a Director of Quantitative Research and Portfolio Manager/Analyst on Lazard's Equity Advantage team. He began working in the investment field in 1997. Prior to joining Lazard in 2008, Mr. Marin was a Senior Portfolio Manager at State Street Global Advisors (SSgA), managing European, UK and Global funds. He was also responsible for quantitative research on the European team of the Global Active Equity Group. Prior to joining SSgA, Mr. Marin was a Quantitative Analyst at Citigroup where he focused on developing stock selection models, statistical arbitrage trading strategies and factor research. Previously, he was a quantitative research associate at Nikko Salomon Smith Barney. Mr. Marin has an MBA in Finance from the International University of Japan and a BS in International Economics from the Academy of Economic Studies Bucharest. Mr. Marin is a Certified Investment Adviser (UK). Kurt Livermore is a Portfolio Manager/Analyst on the Lazard Equity Advantage team. He began working in the investment field in 1997. Prior to joining Lazard in 2023, he was a senior quantitative equity Portfolio Manager with Acadian Asset Management. Previously, Mr. Livermore served as a Partner and Portfolio Manager for U.S. and global equity strategies at GlobeFlex Capital, and beforehand was a portfolio manager for U.S. equity market-neutral strategies at FrontPoint Partners/Matikos Capital. He started his career at BGI/BlackRock. He has a B.S. in business administration from the University of Arizona. Mr. Livermore is a CFA<sup>®</sup> charterholder.

Pzena Investment Management, LLC: Pzena Investment Management, LLC (Pzena), located at 320 Park Avenue, 8th Floor, New York, NY 10022, serves as a Sub-Adviser to the World Equity Ex-US Fund. A team of investment professionals manages the portion of the World Equity Ex-US Fund's assets allocated to Pzena. Caroline Cai, CFA, Managing Principal, Chief Executive Officer, Portfolio Manager, and a member of the firm's Executive Committee. Ms. Cai is a co-portfolio manager for the Global, International, and Emerging Markets strategies, and the Financial Opportunities service. Ms. Cai became a member of the firm in 2004. Prior to joining Pzena, Ms. Cai was a senior analyst at AllianceBernstein LLP, and a business analyst at McKinsey & Company. She earned a B.A. summa cum laude in Math and Economics from Bryn Mawr College. Ms. Cai holds the CFA designation. Allison Fisch, Managing Principal, President, Portfolio Manager, and a member of the firm's Executive Committee. Ms. Fisch became a member of the firm in 2001 and helped to launch the Emerging Markets strategies in 2008, on which she has been a co-portfolio manager since inception. She joined the International portfolio management team in 2016. Ms. Fisch also co-managed the International Small Cap Value strategy and oversaw Global Best Ideas from 2017 to 2022. She was promoted to President in 2023. Prior to joining Pzena, Ms. Fisch was a business analyst at McKinsey & Company. She earned a B.A. summa cum laude in Psychology and a minor in Drama from Dartmouth College. John P. Goetz, Managing

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Principal, Co-Chief Investment Officer, Portfolio Manager, and member of the firm's Executive Committee. Mr. Goetz is a co-portfolio manager for the Global, International, European and Japan Focused Value strategies. He also previously served as the Director of Research and was responsible for building and training the research team. Mr. Goetz became a member of the firm in 1996. Prior to joining Pzena, Mr. Goetz held a range of key positions at Amoco Corporation, his last as the Global Business Manager for Amoco's $1 billion polypropylene business where he had bottom-line responsibility for operations and development worldwide. Prior positions included strategic planning, joint venture investments, and project financing in various oil and chemical businesses. Before joining Amoco, Mr. Goetz had been employed by The Northern Trust Company and Bank of America. He earned a B.A. summa cum laude in Mathematics and Economics from Wheaton College and an M.B.A from the Kellogg School at Northwestern University. Rakesh Bordia, Principal and Portfolio Manager. Mr. Bordia is a co-portfolio manager for the Emerging Markets and International strategies. Mr. Bordia became a member of the firm in 2007. Prior to joining Pzena, Mr. Bordia was a principal at Booz Allen Hamilton focusing on innovation and growth strategies, and a software engineer at River Run Software Group. He earned a Bachelor of Technology in Computer Science and Engineering from the Indian Institute of Technology, Kanpur, India and an M.B.A. from the Indian Institute of Management, Ahmedabad, India.

SCREENED WORLD EQUITY EX-US FUND:

Acadian Asset Management LLC: Acadian Asset Management LLC (Acadian), located at 260 Franklin Street, Boston, Massachusetts 02110, serves as a Sub-Adviser to the Screened World Equity Ex-US Fund. A team of investment professionals manages the portion of the Screened World Equity Ex-US Fund's assets allocated to Acadian. Brendan O. Bradley, Ph.D., Executive Vice President, Chief Investment Officer, serves as lead portfolio manager to the Screened World Equity Ex-US Fund. Mr. Bradley joined Acadian in 2004 and has previously served as the firm's director of portfolio management, overseeing portfolio management policy, and was also previously the director of Acadian's Managed Volatility strategies. He is a member of the Acadian Board of Managers and Executive Committee. Fanesca Young, Ph.D., Senior Vice President, Director, Equity Portfolio Management serves as a portfolio manager on the Screened World Equity Ex-US Fund. She joined Acadian in 2023 and previously led the Global Systematic Equities team at GIC. She has 19 years of professional investment experience.

Brickwood Asset Management LLP: Brickwood Asset Management LLP (Brickwood), located at 8-10 Grosvenor Gardens, London, United Kingdom SW1W 0DH, serves as a Sub-Adviser to the Screened World Equity Ex-US Fund. A team of investment professionals manages the portion of the Screened World Equity Ex-US Fund's assets allocated to Brickwood. Ben Whitmore is a Fund Manager and Partner at Brickwood. Mr. Whitmore has been working in the asset management industry for nearly 30 years. Most recently, he was lead portfolio manager and head of the Value Equities team at Jupiter Asset Management Limited. He was responsible for £10 billion of clients' assets across UK, Global and Income strategies for institutional and retail clients. Prior to that role, Mr. Whitmore spent over 10 years at Schroders Investment Management. Mr. Whitmore has a degree in Geography from Cambridge University. Dermot Murphy is a Fund Manager and Partner at Brickwood. Mr. Murphy has been working in the asset management industry for 12 years. Most recently, he worked at Jupiter Asset Management Limited where he was a member of the Value Equities team which managed £10 billion of clients' assets across UK, Global and Income strategies. Mr. Murphy co-managed the Global Value strategy and invested on behalf of institutional and retail clients. Prior to that role, he spent a year at Fidelity as an analyst. Mr. Murphy holds a BA in Commerce from the National University of Ireland, Galway.

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Lazard Asset Management LLC: Lazard Asset Management LLC (Lazard), Lazard Asset Management LLC: Lazard Asset Management LLC (Lazard), located at 30 Rockefeller Plaza, New York, New York 10112, serves as a Sub-Adviser to the Screened World Equity Ex-US Fund. A team of investment professionals manages the portion of the Screened World Equity Ex-US Fund's assets allocated to Lazard. Louis Florentin-Lee is a Managing Director and Portfolio Manager/Analyst on various global equity teams, International Quality Growth and US Equity Select. He was formerly the co-Portfolio Manager/Analyst for the Lazard European Explorer Fund between 2004 and 2010. Mr. Florentin-Lee began working in the investment industry in 1996. Prior to joining Lazard in 2004, he was an equity research analyst at Soros Funds Limited and Schroder Investment Management. He has a BSc (Hons) in Economics from the London School of Economics. Mr. Florentin-Lee currently serves as a Governor for The Hall School, Hampstead, London. Barnaby Wilson is a Managing Director and Portfolio Manager/Analyst on various global equity teams as well as International Quality Growth. He began working in the investment field in 1998. Prior to joining Lazard in 1999, he worked for Orbitex Investments as a Research Analyst. Mr. Wilson has a BA (Hons) in Mathematics and Philosophy from Balliol College, Oxford University. Mr. Wilson is a CFA<sup>®</sup> charterholder. Robert Failla is a Managing Director and Portfolio Manager / Analyst on the International and Global Equity platforms and a member of the International Quality Growth portfolio management team. He began working in the investment field in 1993. Prior to joining Lazard in 2003, Mr. Failla was a Portfolio Manager with AllianceBernstein. He has an MBA from NYU's Stern School of Business and a BA (Hons) from Harvard University. Mr. Failla is a member of the Board of Trustees of Link Education Partners and previously served on the Board of Trustees at Delbarton School in Morristown NJ from 2007-2019. Mr. Failla is a CFA charterholder. Paul Moghtader is a Managing Director and Portfolio Manager/Analyst, leading Lazard's Equity Advantage team. He began working in the investment field in 1992. Prior to joining Lazard in 2007, Mr. Moghtader was Head of the Global Active Equity Group and a Senior Portfolio Manager at State Street Global Advisors (SSgA). At SSgA Mr. Moghtader was the senior manager responsible for the research and portfolio management of all multi-regional active quantitative equity strategies. Previously, Mr. Moghtader was an analyst at State Street Bank. He began his career at Dain Bosworth as a research assistant. Mr. Moghtader has a Master of Management (MM) from Northwestern University and a BA in Economics from Macalester College. Mr. Moghtader is a CFA<sup>®</sup> charterholder. Susanne Willumsen is a Managing Director and Portfolio Manager/Analyst on Lazard's Equity Advantage team. She began working in the investment field in 1993. Prior to joining Lazard in 2008, Ms. Willumsen was Managing Director, Head of Active Equities Europe with State Street Global Advisors (SSgA). During her 13 year tenure at SSgA, Ms. Willumsen was responsible for the research and portfolio management of all UK and European equity strategies. Prior to joining SSgA Ms. Willumsen traded equity derivatives for the proprietary desk at Investcorp. Ms. Willumsen received an MSc in Shipping, Trade and Finance from City University and a BSc in Management Studies from the University of Surrey. Taras Ivanenko is a Director and Portfolio Manager/Analyst on Lazard's Equity Advantage team. He began working in the investment field in 1995. Prior to joining Lazard in 2007, Mr. Ivanenko was a Senior Portfolio Manager in the Global Active Equity group at State Street Global Advisors (SSgA). Earlier at SSgA, he was a Principal and Senior Application Development Architect in the Equity Systems group. Previously, Mr. Ivanenko was an analyst in Quantitative Research and Trading Systems at Oxbridge Research. He has a PhD in Physics from Massachusetts Institute of Technology and an Engineer-Physicist degree from Moscow Physical-Technical Institute. Mr. Ivanenko is a CFA<sup>®</sup> charterholder. Peter Kashanek is a Director and Portfolio Manager/Analyst on Lazard's Equity Advantage team. He began working in the investment field in 1994. Prior to joining Lazard in 2007, Mr. Kashanek was a Principal and a Portfolio Manager in the Global Active Equity group at State Street Global Advisors (SSgA). Previously, Mr. Kashanek was an investment analyst in the Institutional Equity Research Group at Bank of Montreal where he focused on global energy companies. Prior to that, he was an Associate in the Global Equity Research Group at Deutsche Bank Securities. Mr. Kashanek also worked at

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Reliant Energy in Houston as a member of its Corporate Development team. Peter has an MBA with a concentration in Finance from Vanderbilt University and a BA in Government from St. Lawrence University. Alex Lai is a Director and Portfolio Manager/Analyst on Lazard's Equity Advantage team. He began working in the investment field in 2002. Prior to joining Lazard in 2008, Mr. Lai was a Vice President and Quantitative Portfolio Manager in the Global Active Equity group at State Street Global Advisors (SSgA). Prior to that, Mr. Lai was an investment-banking analyst at Lehman Brothers Asia in Hong Kong. He has an MSc in Finance from Boston College and a BBA (Hons) in Finance and Accounting from the University of Michigan, Ann Arbor. Mr. Lai is a CFA<sup>®</sup> charterholder. Ciprian Marin is a Director of Quantitative Research and Portfolio Manager/Analyst on Lazard's Equity Advantage team. He began working in the investment field in 1997. Prior to joining Lazard in 2008, Mr. Marin was a Senior Portfolio Manager at State Street Global Advisors (SSgA), managing European, UK and Global funds. He was also responsible for quantitative research on the European team of the Global Active Equity Group. Prior to joining SSgA, Mr. Marin was a Quantitative Analyst at Citigroup where he focused on developing stock selection models, statistical arbitrage trading strategies and factor research. Previously, he was a quantitative research associate at Nikko Salomon Smith Barney. Mr. Marin has an MBA in Finance from the International University of Japan and a BS in International Economics from the Academy of Economic Studies Bucharest. Mr. Marin is a Certified Investment Adviser (UK). Kurt Livermore is a Portfolio Manager/Analyst on the Lazard Equity Advantage team. He began working in the investment field in 1997. Prior to joining Lazard in 2023, he was a senior quantitative equity Portfolio Manager with Acadian Asset Management. Previously, Mr. Livermore served as a Partner and Portfolio Manager for U.S. and global equity strategies at GlobeFlex Capital, and beforehand was a portfolio manager for U.S. equity market-neutral strategies at FrontPoint Partners/Matikos Capital. He started his career at BGI/BlackRock. He has a B.S. in business administration from the University of Arizona. Mr. Livermore is a CFA<sup>®</sup> charterholder.

EMERGING MARKETS EQUITY FUND:

Causeway Capital Management LLC: Causeway Capital Management LLC (Causeway), located at 11111 Santa Monica Boulevard, 15th Floor, Los Angeles, California 90025, serves as a Sub-Adviser to the Emerging Markets Equity Fund. The following team of portfolio managers manages the portion of the Emerging Markets Equity Fund's assets allocated to Causeway. Arjun Jayaraman, Ph.D., CFA, is the Head of the Quantitative Research Group and a Portfolio Manager for Causeway's emerging markets equity and other quantitatively-managed equity strategies. Dr. Jayaraman joined Causeway in 2006 as a Portfolio Manager. MacDuff Kuhnert, CFA, is a member of the Quantitative Research Group and a Portfolio Manager for Causeway's emerging markets equity and other quantitatively-managed equity strategies. Mr. Kuhnert joined Causeway as a Quantitative Research Associate in July 2001 and was promoted to Portfolio Manager in March 2007. Joe Gubler, CFA, is a member of the Quantitative Research Group and a Portfolio Manager for Causeway's emerging markets equity and other quantitatively-managed equity strategies. Mr. Gubler joined Causeway as a Quantitative Research Associate in April 2005 and was promoted to Portfolio Manager in January 2014. Ryan Myers is a member of the Quantitative Research Group and a Portfolio Manager for Causeway's emerging markets equity and other quantitatively-managed equity strategies. Mr. Myers joined Causeway as a Quantitative Research Associate in June 2013 and was promoted to Portfolio Manager in January 2021.

JOHCM (USA) Inc.: JOHCM (USA) Inc. (JOHCM), located at One Congress Street, Suite 3101, Boston, MA 02114 serves as a Sub-Adviser to the Emerging Markets Equity Fund. A team of investment professionals manages the portion of the Emerging Markets Equity Fund's assets allocated to JOHCM. Emery Brewer is the lead Senior Fund Manager of the JOHCM Emerging Markets strategy — a position he has held since 2010. He

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also serves as Senior Fund Manager for the JOHCM Emerging Markets Small Cap strategy. Prior to JOHCM, Mr. Brewer worked at Driehaus Capital Management for 14 years. Dr. Ivo Kovachev is Senior Fund Manager of the JOHCM Emerging Markets strategy — a position he has held since 2010. He also serves as Senior Fund Manager for the JOHCM Emerging Markets Small Cap strategy. Prior to joining JOHCM, Dr. Kovachev worked at Kinsale Capital Management where he was Chief Investment Officer. Prior to this role, he spent 10 years at Driehaus Capital Management, more recently as Fund Manager for the Driehaus European Opportunity Fund. Stephen Lew is Senior Fund Manager for the JOHCM Emerging Markets Small Cap Strategy. Prior to joining JOHCM, Mr. Lew was a Senior Portfolio Manager for Artio Global Investors (Artio), where he was responsible for managing the Asia ex-Japan sleeve of the Artio International Equity Fund, Artio International Equity Fund II and separately managed accounts. From 2005 to 2010, Mr. Lew was the Senior Asia ex-Japan Analyst at Janus Capital Group. Between 1999 and 2005 he worked at Driehaus Capital Management alongside Mr. Brewer and Dr. Kovachev — as the Asia ex-Japan Analyst.

Robeco Institutional Asset Management US Inc.: Robeco Institutional Asset Management US Inc. (Robeco), located at 230 Park Avenue, Suite 3330, New York, NY 10169, serves as a Sub-Adviser to the Emerging Markets Equity Fund. A team of investment professionals manages the portion of the Emerging Markets Equity Fund's assets allocated to Robeco. Those professionals are employed by Robeco's affiliate, Robeco Institutional Asset Management B.V., a Rotterdam, Netherlands based asset manager, who provide asset management serves to Robeco pursuant to a participating affiliate agreement. Jaap van der Hart is the Lead Portfolio Manager of Robeco's High Conviction Emerging Stars strategy. Previously, he was responsible for investments in South America, Eastern Europe, South Africa, Mexico, China and Taiwan. He started his career in the investment industry in 1994 in Robeco's Quantitative Research department and moved to the Emerging Markets Equity team in 2000. Mr. van der Hart holds a Master's in Econometrics from Erasmus University Rotterdam. Karnail Sangha is a Portfolio Manager within the Emerging Markets Equities team and provides analytical research coverage on India. Prior to joining Robeco in 2000, Mr. Sangha was a Risk Manager/Controller at Aegon Asset Management where he started his career in the industry in 1999. He holds a Master's in Economics from Erasmus University Rotterdam and is a CFA<sup>®</sup> charterholder.

RWC Asset Advisors (US) LLC: RWC Asset Advisors (US) LLC (RWC), located at 2640 South Bayshore Drive, Suite 201, Miami, Florida 33133, serves as a Sub-Adviser to the Emerging Markets Equity Fund. A team of investment professionals manages the portion of the Emerging Markets Equity Fund's assets allocated to RWC. The professionals primarily responsible for the day-to-day management are James Johnstone and John Malloy. Mr. Johnstone, Portfolio Manager for RWC's emerging markets and frontier markets strategies, joined RWC in 2015. Previously, Mr. Johnstone was Senior Managing Director, Director of Investments, and Portfolio Manager at Everest Capital, having joined the Everest Capital group of companies in 2009. Mr. Johnstone was a member of the firm's Investment Committee. Mr. Johnstone has 28 years of investment management experience. Mr. Johnstone holds a M.A. in Classics and Modern Languages from Christ Church, Oxford University. Mr. Malloy, Portfolio Manager for RWC's emerging markets and frontier markets strategies, joined RWC in 2015. Previously, Mr. Malloy was Senior Managing Director, Director of Investments and Portfolio Manager at Everest Capital, and was with the Everest Capital group of companies for 18 years. Mr. Malloy was a member of the firm's Executive, Investment and Risk Committees. Mr. Malloy has 31 years of global investment management and research analysis experience. Mr. Malloy holds a B.S. in Management from Norwich University and an M.B.A. from Boston University.

WCM Investment Management, LLC: WCM Investment Management, LLC (WCM), located at 281 Brooks Street, Laguna Beach, CA 92651, serves as a Sub-Adviser to a portion of the assets of the Emerging Markets

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Equity Fund. A team of investment professionals manages the portion of the Emerging Markets Equity Fund's assets allocated to WCM. Sanjay Ayer serves as Portfolio Manager and Business Analyst at WCM and has been with the firm since 2007. Mr. Ayer's primary responsibilities are portfolio management and equity research. Gregory S. Ise serves as Portfolio Manager and Business Analyst at WCM, and has been with the firm since 2014. Prior to joining WCM, Mr. Ise served as a Senior International Research Analyst at Rainier Investment Management in Seattle. Mr. Ise's primary responsibilities are portfolio management and equity research. Michael Z. Tian serves as Portfolio Manager and Business Analyst at WCM, and has been with the firm since 2012. Mr. Tian's primary responsibilities are portfolio management and equity research. Michael B. Trigg serves as Portfolio Manager and President at WCM and has been with the firm since 2006. Mr. Trigg's primary responsibilities are portfolio management and equity research.

OPPORTUNISTIC INCOME FUND:

Ares Capital Management II LLC: Ares Capital Management II LLC (ACM II), a wholly-owned subsidiary of Ares Management LLC (Ares), located at 1800 Avenue of the Stars, Suite 1400, Los Angeles, California 90067, serves as a Sub-Adviser to the Opportunistic Income Fund. A team of investment professionals manages the portion of the Opportunistic Income Fund's assets allocated to ACM II. The team consists of Seth Brufsky, Samantha Milner and Russel Almeida. Mr. Brufsky joined Ares in March 1998 as a Lead Portfolio Manager. Ms. Milner joined Ares in 2004 as an Analyst, was promoted to Head of Research and has served in a portfolio management capacity since 2016. Mr. Almeida joined Ares in 2008 as an Analyst, was promoted to senior analyst and has served in a portfolio manager capacity since 2024. Mr. Brufsky, Ms. Milner and Mr, Almeida have over 35 years, 25 years and 21 years respectively, of experience with the leveraged finance asset class.

Manulife Investment Management (US) LLC: Manulife Investment Management (US) LLC (Manulife), formerly known as Declaration Management & Research LLC, located at 197 Clarendon Street, Boston, Massachusetts, 02116, serves as a Sub-Adviser to the Opportunistic Income Fund. David Bees, CFA, Managing Director, Portfolio Manager, and Connor Minnaar, CFA, Senior Director, Portfolio Manager serve as the portfolio managers for the portion of the Opportunistic Income Fund's assets allocated to Manulife. Mr. Bees joined Manulife, in 2001 and has 24 years of fixed income experience in mortgage and asset-backed securities markets. Mr. Bees is a Portfolio Manager focused on dedicated securitized strategies, specifically covering the asset backed securities and residential mortgage backed securities market. From 2008-2016, he provided research and analysis for non-agency residential mortgage backed and asset backed securities. Prior to that, Mr. Bees was responsible for all mortgage securities trading at the company. Mr. Minnaar joined Manulife in 2006 and has 19 years of fixed income experience in mortgage and asset-backed securities markets. Mr. Minnaar is a Portfolio Manager focused on both core fixed income and dedicated securitized strategies, specifically covering the asset backed securities and residential mortgage backed securities markets. He began his tenure at Manulife as an analyst. From 2006-2023, Mr. Minnaar provided research and analysis for agency and non-agency residential mortgage backed and certain subsectors of the asset backed securities market.

Wellington Management Company LLP: Wellington Management Company LLP (Wellington Management), a Delaware limited liability partnership with principal offices located at 280 Congress Street, Boston, Massachusetts 02210, serves as a Sub-Adviser to the Opportunistic Income Fund. Marc Piccuirro, Senior Managing Director and Fixed Income Portfolio Manager of Wellington Management, has served as the Portfolio Manager for the Opportunistic Income Fund since 2023. Mr. Piccuirro joined Wellington Management as an investment professional in 2007.

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CORE FIXED INCOME FUND:

Allspring Global Investments, LLC: Allspring Global Investments, LLC (Allspring Investments), located at 1415 Vantage Park Drive, 3rd Floor, Charlotte, North Carolina 28203, serves as a Sub-Adviser to the Core Fixed Income Fund. Allspring Investments is a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. A team of investment professionals led by Senior Portfolio Managers and Co-Heads Maulik Bhansali, CFA, and Jarad Vasquez manage the portion of the Core Fixed Income Fund's assets allocated to Allspring Investments. Mr. Bhansali joined the firm in 2001 and previously served as the Head of Portfolio Strategies and Risk Analytics before becoming a Portfolio Manager in 2014. He also served as an equity research analyst responsible for quantitative modeling and portfolio construction in addition to fundamental analysis for various equity teams. Prior to joining the firm in 2001, Mr. Bhansali worked with Watson Wyatt Worldwide where he served as a retirement actuary. He earned a bachelor's degree in economics and international studies from Yale University, where he graduated cum laude. Mr. Bhansali also earned a master's degree in financial engineering at the University of California, Berkeley. He is an Associate of the Society of Actuaries and has earned the right to use the CFA designation. Mr. Vasquez joined the firm in 2007 and was previously a specialist within mortgage-backed securities, holding the title of Portfolio Manager since 2012. Prior to joining the firm in 2007, Mr. Vasquez was a trader at Susquehanna International Group where he traded MBS in a proprietary relative value strategy and equity options as a specialist on the Philadelphia Stock Exchange. He has been in the investment industry since 2001. Mr. Vasquez earned a bachelor's degree in management science from the Massachusetts Institute of Technology.

Jennison Associates LLC: Jennison Associates LLC (Jennison), located at 55 East 52nd Street, New York, New York 10055 (Main Office) and One International Place, Suite #4300, Boston, Massachusetts 02110 (Fixed Income Management), serves as a Sub-Adviser to the Core Fixed Income Fund. A team of investment professionals manages the portion of the Core Fixed Income Fund's assets allocated to Jennison. The team consists of James Gaul, CFA, Head of Fixed Income, Managing Director, and Fixed Income Credit Portfolio Manager; Miriam Zussman, Managing Director and Fixed Income Credit Portfolio Manager; Eric G. Staudt, CFA, Managing Director and Fixed Income Credit Portfolio Manager; Samuel B. Kaplan, CFA, Managing Director and Fixed Income Rates and Securitized Portfolio Manager; Dmitri Rabin, CFA, Managing Director and Fixed Income Rates and Securitized Portfolio Manager; David Morse, CFA, Managing Director and Fixed Income Credit Portfolio Manager; Natalia Glekel, CFA, Managing Director and Fixed Income Credit Portfolio Manager; Griffin Sullivan, CFA, Managing Director and Fixed Income Credit Portfolio Manager; and Adriano Taylor-Escribano, Managing Director and Fixed Income Rates and Securitized Portfolio Manager. Mr. Gaul joined Jennison in February 2016 as a Managing Director and Fixed Income Credit Portfolio Manager with expertise in the investment grade credit sector and became the Head of the Fixed Income team in 2024. Prior to Jennison, Mr. Gaul was with Standish Mellon Asset Management Company from 2006 to 2016 where he served as the Director of Investment Grade Credit since 2011 and a Credit Portfolio Manager since 2009. Ms. Zussman joined Jennison in May 2004 as a Senior Vice President and Fixed Income Credit Portfolio Manager. From 2006 to January 2012, Ms. Zussman provided her credit expertise on a full time basis to Jennison as an outside consultant. Ms. Zussman rejoined Jennison beginning February 2012 as a Managing Director and Fixed Income Credit Portfolio Manager. Ms. Zussman has announced her retirement from Jennison Associates LLC and will no longer serve as a portfolio manager effective on or about December 31, 2025. Mr. Staudt joined Jennison in 2010 to add to the depth of Jennison's credit team. Mr. Staudt is responsible for developing and implementing strategies in the credit sector. For the previous 11 years, Mr. Staudt worked at UBS Global Asset Management. While there Mr. Staudt was a Senior Credit Analyst for

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three years prior to becoming a Fixed Income Portfolio Manager in 2001 and Senior Fixed Income Portfolio Manager in 2005. Mr. Kaplan joined Jennison in March 2008 as a Fixed Income Trader and became a Fixed Income Rates and Securitized Portfolio Manager in February 2016. Mr. Kaplan works on the yield curve, Treasury/agency and futures team. Mr. Rabin joined Jennison in 2019 as a Managing Director and Fixed Income Rates and Securitized Portfolio Manager focused on the rates and structured finance sectors. Prior to Jennison, Mr. Rabin was with Loomis, Sayles & Co. from 2008 to 2018 where he served various positions including Co-Head of Mortgage and Structured Finance, Portfolio Manager, and RMBS Strategist. Mr. Morse joined Jennison in 2020 as a Managing Director and Fixed Income Credit Portfolio Manager. Prior to Jennison, Mr. Morse was Managing Director of Global Credit and Head of Credit Research at Mellon Investment Management. He joined Mellon in 2006 as an Associate Portfolio Manager, and over the 14 years there has held several different positions spanning trading, research and portfolio management. Ms. Glekel joined Jennison in 2022 as a Managing Director and Fixed Income Credit Portfolio Manager. Prior to Jennison, Ms. Glekel was a credit analyst at Amundi US, covering US investment grade, high yield, and loan credits. Prior to joining Amundi US, she was a fixed income analyst at Aberdeen Standard Investments, where she covered US high yield and US investment grade credit. Mr. Sullivan joined Jennison in 2007 as part of the operations group and later became a Fixed Income trader. In February 2024, Mr. Sullivan became a Managing Director and Fixed Income Credit Portfolio Manager. Mr. Taylor-Escribano joined Jennison in 2021 as a fixed income quantitative analyst and was named portfolio manager in 2025. Prior to Jennison, Mr. Taylor-Escribano was an analyst and trader specializing in CMBS/CRE products at Longfellow Investment Management. Prior to joining Longfellow Investment Management, he was an analyst at Loomis Sayles in the mortgage and structured finance group.

MetLife Investment Management, LLC: MetLife Investment Management, LLC (MIM), located at One MetLife Way, Whippany, New Jersey, 07981, serves as a Sub-Adviser to the Core Fixed Income Fund. MIM is a wholly owned subsidiary of MetLife, Inc., a publicly held company. Joshua Lofgren, CFA, Portfolio Manager, has served as a co-portfolio manager for the Core Plus Fund since 2012. Prior to joining the Adviser's predecessor firm in 2012, he worked in the securities division at Goldman Sachs in New York for nine years, working with institutional clients across a range of credit products, including investment grade and high yield credit, in both cash and derivative form. Mr. Lofgren has a Bachelor of Science in business administration with a concentration in finance from the University of Richmond.

Metropolitan West Asset Management, LLC: Metropolitan West Asset Management, LLC (MetWest), located at 515 South Flower Street, Los Angeles, California 90071, serves as a Sub-Adviser to the Core Fixed Income Fund. A team of investment professionals manages the portion of the Core Fixed Income Fund's assets allocated to MetWest. The team consists of Bryan Whalen, CFA, Generalist Portfolio Manager and Head of Fixed Income, Jerry Cudzil, Group Managing Director and Generalist Portfolio Manager and Ruben Hovhannisyan, CFA, Group Managing Director and Generalist Portfolio Manager. In addition to co-managing the security selection and trade execution process, Mr. Whalen serves as Chief Investment Officer, with responsibility for developing the U.S. Fixed Income Group's long-term economic outlook that guides strategies. Messrs. Whalen, Cudzil and Hovhannisyan have been with MetWest since May 2004, May 2012, and December 2007, respectively. MetWest is an indirect wholly-owned subsidiary of The TCW Group, Inc. (TCW).

HIGH YIELD BOND FUND:

Ares Capital Management II LLC: Ares Capital Management II LLC (ACM II), a wholly-owned subsidiary of Ares, located at 1800 Avenue of the Stars, Suite 1400, Los Angeles, California 90067, serves as a Sub-Adviser to the High Yield Bond Fund. A team of investment professionals manages the portion of the High Yield Bond

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Fund's assets allocated to ACM II. The team consists of Seth Brufsky, Chris Mathewson, and Kapil Singh. Mr. Brufsky joined Ares in March 1998 as a Lead Portfolio Manager. Mr. Mathewson joined Ares in 2006 as an Analyst and has served in a portfolio management capacity since 2016. Prior to joining Ares in 2018, Mr. Singh was a Portfolio Manager in the Global Developed Credit Group at DoubleLine Capital, where he led the high yield effort across numerous strategies and portfolios in a variety of investment vehicles. Mr. Brufsky, Mr. Mathewson, and Mr. Singh have over 35 years, 21 years and 32 years, respectively, of experience with the leveraged finance asset class.

Benefit Street Partners L.L.C.: Benefit Street Partners L.L.C. (Benefit Street), located at 1 Madison Avenue, Suite 1600, New York, New York 10010, serves as Sub-Adviser to the High Yield Bond Fund. The Benefit Street platform was established in 2008 in partnership with Providence Equity Partners L.L.C. On February 1, 2019, Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton Investments, acquired Benefit Street. Thomas Gahan and Paul Karpers manage the portion of the assets of the High Yield Bond Fund allocated to Benefit Street. Mr. Gahan is the founder, Chief Investment Officer and Chairman of Benefit Street. Mr. Karpers has been a Managing Director of Benefit Street since 2016. Previously, Mr. Karpers was a vice president with T. Rowe Price, where he served as a high yield portfolio manager. Prior to T. Rowe Price, Mr. Karpers was an associate with the Vanguard Group.

Brigade Capital Management, LP: Brigade Capital Management, LP (Brigade), located at 399 Park Avenue, 16th Floor, New York, New York 10022, serves as a Sub-Adviser to the High Yield Bond Fund. Donald E. Morgan III and Douglas C. Pardon manage the portion of the High Yield Bond Fund's assets allocated to Brigade. Mr. Morgan is responsible for the day-to-day management and investment decisions made with respect to the High Yield Bond Fund. Mr. Morgan formed Brigade in 2006 and has served as the Chief Investment Officer/Managing Partner of Brigade since that date. Prior to forming Brigade, Mr. Morgan was the Head of the High Yield Division of MacKay Shields LLC from 2000-2006. Mr. Pardon joined Brigade in 2007 and became involved with the investment decision making with respect to the High Yield Bond Fund in 2017. Prior to joining Brigade, Mr. Pardon was a Vice President/Senior Analyst in the High Yield Group at Lehman Asset Management. Mr. Pardon also served as an Analyst in the Mergers and Acquisitions Group at Merrill Lynch & Co.

J.P. Morgan Investment Management Inc.: J.P. Morgan Investment Management Inc. (JPMIM), a wholly-owned subsidiary of JPMorgan Chase & Co., located at 383 Madison Avenue, New York, New York 10179, serves as a Sub-Adviser to the High Yield Bond Fund. Robert Cook, a Managing Director and Lead Portfolio Manager, Thomas Hauser, a Managing Director and Co-Lead Portfolio Manager, and Jeffrey Lovell, a Managing Director and Co-Lead Portfolio Manager, manage the portion of the High Yield Bond Fund's assets allocated to JPMIM. Mr. Cook is the head of the High Yield Fixed Income team and is a Senior Portfolio Manager responsible for co-managing high yield total return assets. Mr. Hauser and Mr. Lovell are also Senior Portfolio Managers responsible for co-managing high yield total return assets. Cook, Hauser and Lovell joined JPMIM in 2004.

T. Rowe Price Associates, Inc.: T. Rowe Price Associates, Inc. (T. Rowe Price), located at 1307 Point Street, Baltimore, Maryland 21231, serves as a Sub-Adviser to the High Yield Bond Fund. A team of investment professionals manages the portion of the High Yield Bond Fund's assets allocated to T. Rowe Price. Kevin Loome, CFA, is a Vice President and Portfolio Manager of T. Rowe Price. Mr. Loome joined the firm in 2017 through T. Rowe Price's acquisition of the Henderson High Yield Opportunities Fund. Prior to joining T. Rowe Price, Mr. Loome had worked with the Henderson team since 2013, most recently as a Portfolio Manager, and previously as Head of U.S. Credit and Manager of the high yield team. Before that, Mr. Loome worked for Delaware Investments, where he was Head of High Yield Investments and a Senior Portfolio Manager. He

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began his career at Morgan Stanley as an investment banking analyst. Mr. Loome earned a B.S. in commerce from the University of Virginia and an M.B.A. from the Tuck School of Business at Dartmouth. Mr. Loome also has earned the CFA designation.

LONG DURATION FUND:

Income Research + Management: Income Research + Management (IR+M), located at 115 Federal Street, 22nd Floor, Boston, Massachusetts 02110, serves as a Sub-Adviser to the Long Duration Fund. A team of investment professionals manages the portion of the Long Duration Fund's assets allocated to IR+M. The team consists of James Gubitosi, CFA, Co-Chief Investment Officer, Chair of Investment Committee, Michael Sheldon, CFA, Co-Chief Investment Officer, and Jake Remley, CFA, Senior Portfolio Manage, Director of Investment Strategy. This team is ultimately responsible for the day-to-day management and strategic direction of the Long Duration Fund. Mr. Gubitosi joined IR+M in March 2007, Mr. Sheldon joined IR+M in November 2007, and Mr. Remley joined IR+M in July 2005. Mr. Gubitosi was previously a Senior Portfolio Manager at IR+M, Mr. Sheldon was previously Deputy Chief Investment Officer and Senior Portfolio Manager at IR+M.

Jennison Associates LLC: Jennison Associates LLC (Jennison), located at 55 East 52nd Street, New York, New York 10055 (Main Office) and One International Place, Suite #4300, Boston, Massachusetts 02110 (Fixed Income Management), serves as a Sub-Adviser to the Long Duration Fund. A team of investment professionals manages the portion of the Long Duration Fund's assets allocated to Jennison. The team consists of James Gaul, CFA, Head of Fixed Income, Managing Director, and Fixed Income Credit Portfolio Manager; Miriam Zussman, Managing Director and Fixed Income Credit Portfolio Manager; Eric G. Staudt, CFA, Managing Director and Fixed Income Credit Portfolio Manager; Samuel B. Kaplan, CFA, Managing Director and Fixed Income Rates and Securitized Portfolio Manager; Dmitri Rabin, CFA, Managing Director and Fixed Income Rates and Securitized Portfolio Manager; David Morse, CFA, Managing Director and Fixed Income Credit Portfolio Manager; Natalia Glekel, CFA, Managing Director and Fixed Income Credit Portfolio Manager; Griffin Sullivan, CFA, Managing Director and Fixed Income Credit Portfolio Manager; and Adriano Taylor-Escribano, Managing Director and Fixed Income Rates and Securitized Portfolio Manager. Mr. Gaul joined Jennison in February 2016 as a Managing Director and Fixed Income Credit Portfolio Manager with expertise in the investment grade credit sector and became the Head of the Fixed Income team in 2024. Prior to Jennison, Mr. Gaul was with Standish Mellon Asset Management Company from 2006 to 2016 where he served as the Director of Investment Grade Credit since 2011 and a Credit Portfolio Manager since 2009. Ms. Zussman joined Jennison in May 2004 as a Senior Vice President and Fixed Income Credit Portfolio Manager. From 2006 to January 2012, Ms. Zussman provided her credit expertise on a full time basis to Jennison as an outside consultant. Ms. Zussman rejoined Jennison beginning February 2012 as a Managing Director and Fixed Income Credit Portfolio Manager. Ms. Zussman has announced her retirement from Jennison Associates LLC and will no longer serve as a portfolio manager effective on or about December 31, 2025. Mr. Staudt joined Jennison in 2010 to add to the depth of Jennison's credit team. Mr. Staudt is responsible for developing and implementing strategies in the credit sector. For the previous 11 years, Mr. Staudt worked at UBS Global Asset Management. While there Mr. Staudt was a Senior Credit Analyst for three years prior to becoming a Fixed Income Portfolio Manager in 2001 and Senior Fixed Income Portfolio Manager in 2005. Mr. Kaplan joined Jennison in March 2008 as a Fixed Income Trader and became a Fixed Income Rates and Securitized Portfolio Manager in February 2016. Mr. Kaplan works on the yield curve, Treasury/agency and futures team. Mr. Rabin joined Jennison in 2019 as a Managing Director and Fixed Income Rates and Securitized Portfolio Manager focused on the rates and structured finance sectors. Prior to

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Jennison, Mr. Rabin was with Loomis, Sayles & Co. from 2008 to 2018 where he served various positions including Co-Head of Mortgage and Structured Finance, Portfolio Manager, and RMBS Strategist. Mr. Morse joined Jennison in 2020 as a Managing Director and Fixed Income Credit Portfolio Manager. Prior to Jennison, Mr. Morse was Managing Director of Global Credit and Head of Credit Research at Mellon Investment Management. He joined Mellon in 2006 as an Associate Portfolio Manager, and over the 14 years there has held several different positions spanning trading, research and portfolio management. Ms. Glekel joined Jennison in 2022 as a Managing Director and Fixed Income Credit Portfolio Manager. Prior to Jennison, Ms. Glekel was a credit analyst at Amundi US, covering US investment grade, high yield, and loan credits. Prior to joining Amundi US, she was a fixed income analyst at Aberdeen Standard Investments, where she covered US high yield and US investment grade credit. Mr. Sullivan joined Jennison in 2007 as part of the operations group and later became a Fixed Income trader. In February 2024, Mr. Sullivan became a Managing Director and Fixed Income Credit Portfolio Manager. Mr. Taylor-Escribano joined Jennison in 2021 as a fixed income quantitative analyst and was named portfolio manager in 2025. Prior to Jennison, Mr. Taylor-Escribano was an analyst and trader specializing in CMBS/CRE products at Longfellow Investment Management. Prior to joining Longfellow Investment Management, he was an analyst at Loomis Sayles in the mortgage and structured finance group.

Legal & General Investment Management America Inc.: Legal & General Investment Management America Inc. (LGIM America), located at 71 S. Wacker Drive, Suite 800, Chicago, Illinois 60606, serves as a Sub-Adviser to the Long Duration Fund. A team of investment professionals manages the portion of the Long Duration Fund's assets allocated to LGIM America. Jason Shoup joined LGIM America as Senior Portfolio Manager and Fixed Income Strategist in 2015, becoming Deputy Head of US Fixed Income in December 2021, and was promoted to Chief Investment Officer, Co-Head of Global Fixed Income in 2023. Mr. Shoup has 18 years of industry experience. Prior to joining LGIM America, Mr. Shoup spent 10 years at Citigroup. Mr. Shoup graduated from Seattle University with a B.S. in Physics and Applied Mathematics and a B.A. in Humanities, and has an NSFE from University of California at Berkley. Tim Bacik, CFA, joined LGIM America in 2011 as a Senior Portfolio Manager and has over 30 years of industry experience. In 2019, he was promoted to Head of Investment Grade Portfolio Management, and in 2023, to Head of Active Fixed Income. Mr. Bacik graduated from Wesleyan University with a B.A. in Economics. Jordan Bond joined LGIM America in 2016 as a Senior Portfolio Manager and has 22 years of industry experience. Mr. Bond joined LGIM America from PIMCO, where he was most recently Vice President and Portfolio Manager of investment grade assets. Mr. Bond earned an M.B.A. with honors in Finance/Investments from University of Southern California — Marshall School of Business and has a B.S. in Economics from University of Colorado Boulder. Patrick Dan joined LGIM America in 2017 as a Senior Portfolio Manager and has over 16 years of industry experience. In 2025, he was promoted to Head of Investment Grade Portfolio Management. Prior to joining LGIM America, Mr. Dan spent the majority of his career at Neuberger Berman, where he was most recently Senior Vice President-Senior Trader for investment grade credit strategies. Mr. Dan graduated from Villanova University with a B.S. in Finance and has an M.B.A. in Finance from Northwestern University. Felipe Telles, CFA, joined LGIM America in 2024 as Senior Portfolio Manager and has 16 years of industry experience. Mr. Telles joined LGIM America from UBS Asset Management where was most recently Senior Fixed Income Portfolio Manager/Trader. He earned a Bachelor of Commerce in Accounting & Finance from University of Sydney in Australia. Magdalena Szudy joined LGIM America in 2012 and is currently a Portfolio Manager and has over 13 years of industry experience. Prior to joining LGIM America, Ms. Szudy was an Associate Portfolio Manager for UBS Asset Management. Ms. Szudy earned a B.S. in Finance from the University of Illinois at Chicago.

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Metropolitan West Asset Management, LLC: Metropolitan West Asset Management, LLC (MetWest), located at 515 South Flower Street, Los Angeles, California 90071, serves as a Sub-Adviser to the Long Duration Fund. A team of investment professionals manages the portion of the Long Duration Fund's assets allocated to MetWest. The team consists of Bryan Whalen, CFA, Generalist Portfolio Manager and Head of Fixed Income, Jerry Cudzil, Group Managing Director and Generalist Portfolio Manager and Ruben Hovhannisyan, CFA, Group Managing Director and Generalist Portfolio Manager. In addition to co-managing the security selection and trade execution process, Mr. Whalen serves as Chief Investment Officers, with responsibility for developing the U.S. Fixed Income Group's long-term economic outlook that guides strategies. Messrs. Whalen, Cudzil and Hovhannisyan have been with MetWest since May 2004, May 2012, and December 2007, respectively. MetWest is an indirect wholly-owned subsidiary of The TCW Group, Inc. (TCW).

LONG DURATION CREDIT FUND:

Income Research + Management: Income Research + Management (IR+M), located at 115 Federal Street, 22nd Floor, Boston, Massachusetts 02110, serves as a Sub-Adviser to the Long Duration Credit Fund. A team of investment professionals manages the portion of the Long Duration Credit Fund's assets allocated to IR+M. The team consists of James Gubitosi, CFA, Co-Chief Investment Officer, Chair of Investment Committee, Michael Sheldon, CFA, Co-Chief Investment Officer, and Jake Remley, CFA, Senior Portfolio Manager, Director of Investment Strategy. This team is ultimately responsible for the day-to-day management and strategic direction of the Long Duration Fund. Mr. Gubitosi joined IR+M in March 2007, Mr. Sheldon joined IR+M in November 2007, and Mr. Remley joined IR+M in July 2005. Mr. Gubitosi was previously a Senior Portfolio Manager at IR+M, Mr. Sheldon was previously Deputy Chief Investment Officer and Senior Portfolio Manager at IR+M.

Jennison Associates LLC: Jennison Associates LLC (Jennison), located at 55 East 52nd Street, New York, New York 10055 (Main Office) and One International Place, Suite #4300, Boston, Massachusetts 02110 (Fixed Income Management), serves as a Sub-Adviser to the Long Duration Credit Fund. A team of investment professionals manages the portion of the Long Duration Credit Fund's assets allocated to Jennison. The team consists of James Gaul, CFA, Head of Fixed Income, Managing Director, and Fixed Income Credit Portfolio Manager; Miriam Zussman, Managing Director and Fixed Income Credit Portfolio Manager; Eric G. Staudt, CFA, Managing Director and Fixed Income Credit Portfolio Manager; Samuel B. Kaplan, CFA, Managing Director and Fixed Income Rates and Securitized Portfolio Manager; Dmitri Rabin, CFA, Managing Director and Fixed Income Rates and Securitized Portfolio Manager; David Morse, CFA, Managing Director and Fixed Income Credit Portfolio Manager; Natalia Glekel, CFA, Managing Director and Fixed Income Credit Portfolio Manager; Griffin Sullivan, CFA, Managing Director and Fixed Income Credit Portfolio Manager; and Adriano Taylor-Escribano, Managing Director and Fixed Income Rates and Securitized Portfolio Manager. Mr. Gaul joined Jennison in February 2016 as a Managing Director and Fixed Income Credit Portfolio Manager with expertise in the investment grade credit sector and became the Head of the Fixed Income team in 2024. Prior to Jennison, Mr. Gaul was with Standish Mellon Asset Management Company from 2006 to 2016 where he served as the Director of Investment Grade Credit since 2011 and a Credit Portfolio Manager since 2009. Ms. Zussman joined Jennison in May 2004 as a Senior Vice President and Fixed Income Credit Portfolio Manager. From 2006 to January 2012, Ms. Zussman provided her credit expertise on a full-time basis to Jennison as an outside consultant. Ms. Zussman rejoined Jennison beginning February 2012 as a Managing Director and Fixed Income Credit Portfolio Manager. Ms. Zussman has announced her retirement from Jennison Associates LLC and will no longer serve as a portfolio manager effective on or about December 31, 2025. Mr. Staudt joined Jennison in 2010 to add to the depth of Jennison's credit team. Mr. Staudt is responsible for developing and implementing strategies in the credit sector. For the previous 11 years,

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Mr. Staudt worked at UBS Global Asset Management. While there Mr. Staudt was a Senior Credit Analyst for three years prior to becoming a Fixed Income Portfolio Manager in 2001 and Senior Fixed Income Portfolio Manager in 2005. Mr. Kaplan joined Jennison in March 2008 as a Fixed Income Trader and became a Fixed Income Rates and Securitized Portfolio Manager in February 2016. Mr. Kaplan works on the yield curve, Treasury/agency and futures team. Mr. Rabin joined Jennison in 2019 as a Managing Director and Fixed Income Rates and Securitized Portfolio Manager focused on the rates and structured finance sectors. Prior to Jennison, Mr. Rabin was with Loomis, Sayles & Co. from 2008 to 2018 where he served various positions including Co-Head of Mortgage and Structured Finance, Portfolio Manager, and RMBS Strategist. Mr. Morse joined Jennison in 2020 as a Managing Director and Fixed Income Credit Portfolio Manager. Prior to Jennison, Mr. Morse was Managing Director of Global Credit and Head of Credit Research at Mellon Investment Management. He joined Mellon in 2006 as an Associate Portfolio Manager, and over the 14 years there has held several different positions spanning trading, research and portfolio management. Ms. Glekel joined Jennison in 2022 as a Managing Director and Fixed Income Credit Portfolio Manager. Prior to Jennison, Ms. Glekel was a credit analyst at Amundi US, covering US investment grade, high yield, and loan credits. Prior to joining Amundi US, she was a fixed income analyst at Aberdeen Standard Investments, where she covered US high yield and US investment grade credit. Mr. Sullivan joined Jennison in 2007 as part of the operations group and later became a Fixed Income trader. In February 2024, Mr. Sullivan became a Managing Director and Fixed Income Credit Portfolio Manager. Mr. Taylor-Escribano joined Jennison in 2021 as a fixed income quantitative analyst and was named portfolio manager in 2025. Prior to Jennison, Mr. Taylor-Escribano was an analyst and trader specializing in CMBS/CRE products at Longfellow Investment Management. Prior to joining Longfellow Investment Management, he was an analyst at Loomis Sayles in the mortgage and structured finance group.

Legal & General Investment Management America, Inc.: Legal & General Investment Management America, Inc. (LGIM America), located at 71 S. Wacker Drive, Suite 800, Chicago, Illinois 60606, serves as a Sub-Adviser to the Long Duration Credit Fund. A team of investment professionals manages the portion of the Long Duration Credit Fund's assets allocated to LGIM America. Jason Shoup joined LGIM America as Senior Portfolio Manager and Fixed Income Strategist in 2015, becoming Deputy Head of US Fixed Income in December 2021, and was promoted to Chief Investment Officer, Co-Head of Global Fixed Income in 2023. Mr. Shoup has 18 years of industry experience. Prior to joining LGIM America, Mr. Shoup spent 10 years at Citigroup. Mr. Shoup graduated from Seattle University with a B.S. in Physics and Applied Mathematics and a B.A. in Humanities, and has an NSFE from University of California at Berkley. Tim Bacik, CFA, joined LGIM America in 2011 as a Senior Portfolio Manager and has over 30 years of industry experience. In 2019, he was promoted to Head of Investment Grade Portfolio Management, and in 2023, to Head of Active Fixed Income. Mr. Bacik graduated from Wesleyan University with a B.A. in Economics. Jordan Bond joined LGIM America in 2016 as a Senior Portfolio Manager and has 22 years of industry experience. Mr. Bond joined LGIM America from PIMCO, where he was most recently Vice President and Portfolio Manager of investment grade assets. Mr. Bond earned an M.B.A. with honors in Finance/Investments from University of Southern California — Marshall School of Business and has a B.S. in Economics from University of Colorado Boulder. Patrick Dan joined LGIM America in 2017 as a Senior Portfolio Manager and has over 16 years of industry experience. In 2025, he was promoted to Head of Investment Grade Portfolio Management. Prior to joining LGIM America, Mr. Dan spent the majority of his career at Neuberger Berman, where he was most recently Senior Vice President-Senior Trader for investment grade credit strategies. Mr. Dan graduated from Villanova University with a B.S. in Finance and has an M.B.A. in Finance from Northwestern University. Felipe Telles, CFA, joined LGIM America in 2024 as Senior Portfolio Manager and has 16 years of industry experience. Mr. Telles joined LGIM America from UBS Asset Management where was most recently Senior

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Fixed Income Portfolio Manager/Trader. He earned a Bachelor of Commerce in Accounting & Finance from University of Sydney in Australia. Magdalena Szudy joined LGIM America in 2012 and is currently a Portfolio Manager and has over 13 years of industry experience. Prior to joining LGIM America, Ms. Szudy was an Associate Portfolio Manager for UBS Asset Management. Ms. Szudy earned a B.S. in Finance from the University of Illinois at Chicago.

MetLife Investment Management, LLC: MetLife Investment Management, LLC (MIM), located at One MetLife Way, Whippany, New Jersey, 07981, serves as a Sub-Adviser to the Long Duration Credit Fund. MIM is a wholly owned subsidiary of MetLife, Inc., a publicly held company. Stephen A. Mullin, CFA, manages the portion of the assets of the Long Duration Credit Fund allocated to MIM. Mr. Mullin has been with MIM and its predecessor firm since 2007.

Metropolitan West Asset Management, LLC: Metropolitan West Asset Management, LLC (MetWest), located at 515 South Flower Street, Los Angeles, California 90071, serves as a Sub-Adviser to the Long Duration Credit Fund. A team of investment professionals manages the portion of the Long Duration Credit Fund's assets allocated to MetWest. The team consists of Bryan Whalen, CFA, Generalist Portfolio Manager and Head of Fixed Income, Jerry Cudzil, Group Managing Director and Generalist Portfolio Manager and Ruben Hovhannisyan, CFA, Group Managing Director and Generalist Portfolio Manager. In addition to co-managing the security selection and trade execution process, Mr. Whalen serves as Chief Investment Officers, with responsibility for developing the U.S. Fixed Income Group's long-term economic outlook that guides strategies. Messrs. Whalen, Cudzil and Hovhannisyan have been with MetWest since May 2004, May 2012, and December 2007, respectively. MetWest is an indirect wholly-owned subsidiary of The TCW Group, Inc. (TCW).

ULTRA SHORT DURATION BOND FUND:

MetLife Investment Management, LLC: MetLife Investment Management, LLC (MIM), located at One MetLife Way, Whippany, New Jersey, 07981, serves as a Sub-Adviser to the Ultra Short Duration Bond Fund. MIM is a wholly owned subsidiary of MetLife, Inc., a publicly held company. Scott Pavlak, CFA has been with MIM and its predecessor firm since 2008.

Wellington Management Company LLP: Wellington Management Company LLP (Wellington Management), a Delaware limited liability partnership with principal offices located at 280 Congress Street, Boston, Massachusetts 02210, serves as the Sub-Adviser to the Ultra Short Duration Bond Fund. Marc Piccuirro, Senior Managing Director and Fixed Income Portfolio Manager of Wellington Management, has served as the Portfolio Manager for the Ultra Short Duration Bond Fund since 2023. Mr. Piccuirro joined Wellington Management as an investment professional in 2007.

EMERGING MARKETS DEBT FUND:

Artisan Partners Limited Partnership: Artisan Partners Limited Partnership (Artisan Partners), located at 875 East Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin, serves as a Sub-Adviser to the Emerging Markets Debt Fund. A team of investment professionals manages a portion of the Emerging Markets Debt Fund's assets allocated to Artisan Partners. Michael A. Cirami, CFA is a Managing Director of Artisan Partners. Mr. Cirami joined Artisan Partners in September 2021 and has been Portfolio Manager of Artisan Global Unconstrained Fund, Artisan Emerging Markets Debt Opportunities Fund and Artisan Emerging Markets Local Opportunities Fund since their inception in March 2022, April 2022 and July 2022, respectively. Prior to joining Artisan Partners, he was a portfolio manager for Eaton Vance Management from August 2010 until September 2021. Mr. Cirami holds a B.S. degree in Economics from University of Mary

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Washington and M.B.A. from University of Rochester, William E. Simon Graduate School of Business Administration. Sarah C. Orvin, CFA is a Managing Director of Artisan Partners. Ms. Orvin joined Artisan Partners in September 2021 and has been a Portfolio Manager of Artisan Global Unconstrained Fund, Artisan Emerging Markets Debt Opportunities Fund and Artisan Emerging Markets Local Opportunities Fund since their inception in March 2022, April 2022 and July 2022, respectively. Prior to joining Artisan Partners, she was a portfolio manager at Eaton Vance Management from December 2016 until September 2021. Ms. Orvin holds a B.A. degree in Political Science and History from Boston College.

Colchester Global Investors Ltd: Colchester Global Investors Ltd (Colchester), located at Heathcoat House, 20 Savile Row, London, United Kingdom W1S 3PR, serves as a Sub-Adviser to the Emerging Markets Debt Fund. A team of investment professionals manages the portion of the Emerging Markets Debt Fund's assets allocated to Colchester. Ian Sims is the Chairman and Chief Investment Officer of Colchester. Mr. Sims founded the firm in 1999 and is responsible for the strategic direction of the firm. Mr. Sims oversees the management of the firm's assets globally as Chief Investment Officer and has final say on any investment matter. Prior to Colchester, Mr. Sims was founder and Chief Investment Officer for Global Fixed Income at Delaware International Advisors, Ltd., subsequently renamed Mondrian, where he worked for nearly 10 years. Mr. Sims' previous work experience includes fixed income portfolio management at Royal Bank of Canada and Hill Samuel Investment Advisers. Mr. Sims has authored a widely read publication on the use of real yields in global bond management. Mr. Sims holds a B.Sc. in Economics from Leicester University and an M.Sc. in Statistics from Newcastle University. Keith Lloyd, CFA, is the Group Chief Executive Officer and Deputy Chief Investment Officer of Colchester and has been with the firm since its inception. Mr. Lloyd manages the Investment and Operations teams and oversees investment research, portfolio construction and implementation on a day to day basis. Mr. Lloyd regularly contributes his insights to Investment Outlook papers. Prior to Colchester, Mr. Lloyd spent eight years in the World Bank's Investment Department managing global real and leveraged money as a lead fixed income portfolio manager, senior investment strategist and proprietary trader. Mr. Lloyd's previous work experience includes seven years with the Reserve Bank of New Zealand as an economist where he served on its policy-making committee. Mr. Lloyd began his career in 1983 as an international macro-monetary economist and Investment Manager. Mr. Lloyd has authored several exchange and interest rate papers. Mr. Lloyd is a CFA charter holder and has a B.A. in Economics from Massey University and an M.Sc. in Economics from the London School of Economics.

Grantham, Mayo, Van Otterloo & Co. LLC: Grantham, Mayo, Van Otterloo & Co. LLC (GMO), located at 53 State Street, 33rd Floor Boston, MA 02109, serves as a Sub-Adviser to the Emerging Markets Debt Fund. A team of investment professionals manages the portion of the Emerging Markets Debt Fund's assets allocated to GMO. Tina Vandersteel is the head of GMO's Emerging Country Debt team, the lead portfolio manager for its strategies, and a partner of the firm. In her role as portfolio manager, she focuses on security selection and portfolio construction. Prior to joining GMO in 2004, she worked at J.P. Morgan in fixed income research developing quantitative arbitrage strategies for emerging debt and high yield bonds. Ms. Vandersteel began her career at Morgan Guaranty Trust, attending Morgan Finance Program #18, before establishing her career in emerging debt. She earned her Bachelor's degree in Economics from Washington & Lee University. Ms. Vandersteel is a CFA charterholder.

Invesco Advisers, Inc.: Invesco Advisers, Inc. (Invesco), located at 1331 Spring Street NW, Suite 2500, Atlanta, Georgia 30309, serves as a Sub-Adviser to the Emerging Markets Debt Fund. A team of investment professionals manages the portion of the Emerging Markets Debt Fund's assets allocated to Invesco. Hemant Baijal serves as a Portfolio Manager. Mr. Baijal has been associated with Invesco and/or its affiliates since 2019. Mr. Baijal joined Invesco when the firm combined with OppenheimerFunds in 2019, having joined

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OppenheimerFunds in 2011. Wim Vandenhoeck serves as a Portfolio Manager. Mr. Vandenhoeck has been associated with Invesco and/or its affiliates since 2019. Mr. Vandenhoeck joined Invesco when the firm combined with OppenheimerFunds in 2019. Prior to joining OppenheimerFunds in 2015, he was a partner at APQ Partners LLP, an emerging markets investment advisor based out of London.

Marathon Asset Management, L.P.: Marathon Asset Management, L.P. (Marathon), located at One Bryant Park, 38th Floor, New York, New York 10036, serves as a Sub-Adviser to the Emerging Markets Debt Fund. A team of investment professionals manages the portion of the Emerging Markets Debt Fund's assets allocated to Marathon. Lou Hanover, CIO & Co-Managing Partner, Co-Founder of Marathon, has been with Marathon since its founding in 1998. Mr. Hanover oversees Marathon's portfolio managers and their investment activities. His responsibilities also include managing risk on a firm-wide basis, as well as serving as Senior Portfolio Manager for the firm's multi-strategy credit investment funds and separate accounts. Andrew Szmulewicz is a Managing Director, Portfolio Manager & Co-Head of Marathon's Emerging Markets Group. Mr. Szmulewicz joined Marathon in August of 2014 and is responsible for the development of new Emerging Market strategies from a technical perspective. Mr. Szmulewicz spent 9 years at J.P. Morgan Chase prior to joining Marathon. Fernando Phillips is a Managing Director, Portfolio Manager & Co-Head of Marathon's Emerging Markets Group. Since joining Marathon in 2006, Mr. Phillips's core focus has been in Emerging Markets credit strategies. Prior to joining Marathon, he was an Assistant Vice President at General Electric Capital Corporation where he participated in the underwriting of credit securities. Mr. Phillips previously worked at ING Baring's Investment Banking Division (Mexico), where he directed the execution of debt market issuances, led the credit application process for loan facilities, and participated in the structuring, sale and execution of syndicated facilities.

LIMITED DURATION BOND FUND:

MetLife Investment Management, LLC: MetLife Investment Management, LLC (MIM), located at One MetLife Way, Whippany, New Jersey, 07981, serves as a Sub-Adviser to the Limited Duration Bond Fund. MIM is a wholly owned subsidiary of MetLife, Inc., a publicly held company. Scott Pavlak, CFA has been with MIM and its predecessor firm since 2008.

Metropolitan West Asset Management, LLC: Metropolitan West Asset Management, LLC (MetWest), located at 515 South Flower Street, Los Angeles, California 90071, serves as a Sub-Adviser to the Limited Duration Bond Fund. A team of investment professionals manages the portion of the Limited Duration Bond Fund's assets allocated to MetWest. The team consists of Bryan Whalen, CFA, Generalist Portfolio Manager and Head of Fixed Income, Jerry Cudzil, Group Managing Director and Generalist Portfolio Manager and Ruben Hovhannisyan, CFA, Group Managing Director and Generalist Portfolio Manager. In addition to co-managing the security selection and trade execution process, Mr. Whalen serves as Chief Investment Officers, with responsibility for developing the U.S. Fixed Income Group's long-term economic outlook that guides strategies. Messrs. Whalen, Cudzil and Hovhannisyan have been with MetWest since May 2004, May 2012, and December 2007, respectively. MetWest is an indirect wholly-owned subsidiary of The TCW Group, Inc. (TCW).

INTERMEDIATE DURATION CREDIT FUND:

Income Research + Management: Income Research + Management (IR+M), located at 115 Federal Street, 22nd Floor, Boston, Massachusetts 02110, serves as a Sub-Adviser to the Intermediate Duration Credit Fund. A team of investment professionals manages the portion of the Intermediate Duration Credit Fund's assets allocated to IR+M. The team consists of James Gubitosi, CFA, Co-Chief Investment Officer, Chair of

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Investment Committee, Michael Sheldon, CFA, Co-Chief Investment Officer, and Jake Remley, CFA, Senior Portfolio Manager, Director of Investment Strategy. This team is ultimately responsible for the day-to-day management and strategic direction of the Long Duration Fund. Mr. Gubitosi joined IR+M in March 2007, Mr. Sheldon joined IR+M in November 2007, and Mr. Remley joined IR+M in July 2005. Mr. Gubitosi was previously a Senior Portfolio Manager at IR+M, Mr. Sheldon was previously Deputy Chief Investment Officer and Senior Portfolio Manager at IR+M.

Legal & General Investment Management America, Inc.: Legal & General Investment Management America, Inc. (LGIM America), located at 71 South Wacker Drive, Suite 800, Chicago, Illinois 60606, serves as a Sub-Adviser to the Intermediate Duration Credit Fund. A team of investment professionals manages the portion of the Intermediate Duration Credit Fund's assets allocated to LGIM America. Jason Shoup joined LGIM America as Senior Portfolio Manager and Fixed Income Strategist in 2015, becoming Deputy Head of US Fixed Income in December 2021, and was promoted to Chief Investment Officer, Co-Head of Global Fixed Income in 2023. Mr. Shoup has 18 years of industry experience. Prior to joining LGIM America, Mr. Shoup spent 10 years at Citigroup. Mr. Shoup graduated from Seattle University with a B.S. in Physics and Applied Mathematics and a B.A. in Humanities, and has an NSFE from University of California at Berkley. Tim Bacik, CFA, joined LGIM America in 2011 as a Senior Portfolio Manager and has over 30 years of industry experience. In 2019, he was promoted to Head of Investment Grade Portfolio Management, and in 2023, to Head of Active Fixed Income. Mr. Bacik graduated from Wesleyan University with a B.A. in Economics. Jordan Bond joined LGIM America in 2016 as a Senior Portfolio Manager and has 22 years of industry experience. Mr. Bond joined LGIM America from PIMCO, where he was most recently Vice President and Portfolio Manager of investment grade assets. Mr. Bond earned an M.B.A. with honors in Finance/Investments from University of Southern California — Marshall School of Business and has a B.S. in Economics from University of Colorado Boulder. Patrick Dan joined LGIM America in 2017 as a Senior Portfolio Manager and has over 16 years of industry experience. In 2025, he was promoted to Head of Investment Grade Portfolio Management. Prior to joining LGIM America, Mr. Dan spent the majority of his career at Neuberger Berman, where he was most recently Senior Vice President-Senior Trader for investment grade credit strategies. Mr. Dan graduated from Villanova University with a B.S. in Finance and has an M.B.A. in Finance from Northwestern University. Felipe Telles, CFA, joined LGIM America in 2024 as Senior Portfolio Manager and has 16 years of industry experience. Mr. Telles joined LGIM America from UBS Asset Management where was most recently Senior Fixed Income Portfolio Manager/Trader. He earned a Bachelor of Commerce in Accounting & Finance from University of Sydney in Australia. Magdalena Szudy joined LGIM America in 2012 and is currently a Portfolio Manager and has over 13 years of industry experience. Prior to joining LGIM America, Ms. Szudy was an Associate Portfolio Manager for UBS Asset Management. Ms. Szudy earned a B.S. in Finance from the University of Illinois at Chicago.

MetLife Investment Management, LLC: MetLife Investment Management, LLC (MIM), located at, serves as a Sub-Adviser to the Intermediate Duration Credit Fund. MIM is a wholly owned subsidiary of MetLife, Inc., a publicly held company. Joshua Lofgren, CFA, Portfolio Manager, has served as a co-portfolio manager for the Core Plus Fund since 2012. Prior to joining the Adviser's predecessor firm in 2012, he worked in the securities division at Goldman Sachs in New York for nine years, working with institutional clients across a range of credit products, including investment grade and high yield credit, in both cash and derivative form. Mr. Lofgren has a Bachelor of Science in business administration with a concentration in finance from the University of Richmond.

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DYNAMIC ASSET ALLOCATION FUND:

SSGA Funds Management, Inc.: SSGA Funds Management, Inc. (SSGA FM), located at One Congress Street, Boston, Massachusetts 02114, serves as a Sub-Adviser for a portion of the assets of the Dynamic Asset Allocation Fund. The professionals primarily responsible for the day-to-day management of the portion of the assets of the Dynamic Asset Allocation Fund allocated to SSGA FM are Michael Finocchi, Karl Schneider, CAIA, Emiliano Rabinovich, CFA, and Xianhang Wu. Mr. Finocchi is a Vice President of State Street Investment Management and a Portfolio Manager in the Systematic Equity Team. He is responsible for managing a wide variety of equity index and tax-efficient strategies for institutional clients and high net worth individuals. Prior to assuming his current role in March 2012, Mr. Finocchi was a senior manager in Portfolio Administration responsible for the operations of funds managed by the Systematic Equity Team. Before joining State Street Investment Management in 2005, he worked for Investors Bank & Trust as a senior tax analyst following his role in custody servicing BGI. Mr. Finocchi holds a Master of Business Administration with a concentration in Finance from Boston University's Questrom School of Business as well as a Bachelor of Arts in History and Business Studies from Providence College. Mr. Schneider is a Managing Director of State Street Investment Management and Co-Head of the Systematic Equity Team in the Americas. He also serves as a Senior Portfolio Manager for a number of the Team's index equity portfolios. Previously within the Team, he was the Deputy Head of the Americas, and prior to that served as a portfolio manager and product specialist for U.S. equity strategies and synthetic beta strategies, including commodities, buy/write, and hedge fund replication. He is a member of the S&P Dow Jones U.S. Equities Index Advisory Panel. Prior to joining the Team, Mr. Schneider worked as a portfolio manager in State Street Investment Management's Currency Management Group, managing both active currency selection and traditional passive hedging overlay portfolios. He joined State Street Investment Management in 1997. Mr. Schneider holds a BS in Finance and Investments from Babson College and also an MS in Finance from Boston College. He has earned the Chartered Alternative Investment Analyst (CAIA) designation and is a member of the CAIA Association. Mr. Rabinovich is a Managing Director of State Street Investment Management and Co-Head of the Systematic Equity Team in the Americas. Within this team, he is the strategy leader for their Tax Aware, Smart Beta and ESG products. Mr. Rabinovich manages a varied mix of portfolios that include both traditional indexing as well as a variety of alternative beta mandates. He also manages local and global strategies and fund structures, which include separately managed accounts, commingled funds, mutual funds and ETFs. Mr. Rabinovich joined State Street Investment Management in Montreal in 2006, where he served as the Head of the Indexing team in Canada. He has been working in the investment management field since 2003. Mr. Rabinovich holds a BA in Economics from the University of Buenos Aires and a Master of Arts in Economics from the University of CEMA. He has also earned the CFA designation and is a member of CFA Society. Boston, Inc. Mr. Wu is an Assistant Vice President of State Street Investment Management and a Portfolio Manager in the Systematic Equity Team. In this capacity, he manages a diverse group of equity index portfolios, with both domestic and international strategies. Previously within the Team, Mr. Wu worked as a portfolio specialist assisting portfolio management and trading teams research index methodologies and trading strategies, as well as presenting investment results and value-add techniques of equity indexing and ESG strategies to institutional clients. Mr. Wu also supported the Active Quantitative Equity Group where he was responsible for research and presentation of performance and underlying mechanics of strategies to institutional clients inclusive of specific alpha models utilized in country/security selection and portfolio construction techniques. Prior to joining State Street Investment Management in 2016, Mr. Wu worked at Guangfa Fund Management Company as a quantitative research analyst and John Hancock Life Insurance Company as a business analyst. He holds a Bachelor of Science in Business Administration from Northeastern University.

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MULTI-ASSET REAL RETURN FUND:

AllianceBernstein L.P.: AllianceBernstein L.P. (AllianceBernstein or AB), located at 501 Commerce Street, Nashville, Tennessee, 37203, serves as a Sub-Adviser to the Multi-Asset Real Return Fund. A team of investment professionals, led by Mike Canter, PhD, Matthew Sheridan, and Serena Zhou manages the portion of the Multi-Asset Real Return Fund's assets allocated to AllianceBernstein. Mr. Canter is Director of US Multi-Sector and Securitized Assets at AllianceBernstein. He is also the Chief Investment Officer of AB's Securitized Assets Fund and the former CIO of the Recovery Asset Fund (ABRA-S) and the Legacy Securities (PPIP) Fund. In addition, Canter is Head of the Securitized Assets Research Group, which is responsible for the firm's investments in agency mortgage-backed securities (MBS), credit risk — transfer securities (CRT), non-agency residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities (ABS). Mr. Canter has been with the firm since 2007. Mr. Sheridan is a Senior Vice President and Director of Fixed Income, leading AB's US Multi-Sector Fixed Income Strategies. Mr. Sheridan has been with AllianceBernstein since 1998. Ms. Zhou is a Senior Vice President and Portfolio Manager in the Fixed Income US Multi-Sector Group. Previously, she was a portfolio analyst in AB's Global Multi-Sector Group in 2020 and a quantitative analyst in the Fixed Income Quantitative Research Group prior to 2020. Mrs. Zhou has been with the firm since 2013.

Franklin Advisers, Inc.: Franklin Advisers, Inc. (FAV), located at One Franklin Parkway, San Mateo, California 94403-1906, serves as a Sub-Adviser to the Multi-Asset Real Return Fund. A team of investment professionals manages the portion of the Multi-Asset Real Return Fund's assets allocated to FAV. Mr. Chris Floyd, CFA, SVP, is a Portfolio Manager at FAV. Prior to FAV, Mr. Floyd was a portfolio manager and member of the Equity Portfolio Management team at QS Investors since 2014. Prior to 2014, he was a portfolio manager at Batterymarch Financial Management, which in 2014 merged with QS Investors. Mr. Jose Maldonado, CFA, VP, is a Portfolio Manager for FAV. Prior to FAV, Mr. Maldonado was a portfolio manager and member of the Equity Portfolio Management team at QS Investors since 2014. Before joining QS, he was a global equity trader at Arrowstreet Capital.

*MARR COMMODITY STRATEGY SUBSIDIARY LTD, MARR Commodity Strategy Subsidiary Ltd. is organized under the laws of the Cayman Islands and is a wholly-owned subsidiary of the Multi-Asset Real Return Fund.*

UBS Asset Management (Americas) LLC: The O'Connor Commodities team of UBS Asset Management (Americas) LLC (UBS AM LLC), located at Eleven Madison Avenue, New York, New York, 10010, serves as a Sub-Adviser to MARR Commodity Strategy Subsidiary Ltd. Christopher Burton, CFA, FRM, is a Managing Director and Head of Commodities at O'Connor, based in New York. He also serves as Portfolio Manager and Trader for the Commodities Team. In this role, Mr. Burton is responsible for analyzing and implementing the team's hedging strategies, indexing strategies, and excess return strategies. Prior to joining O'Connor in 2024, he held the same position of Global Head of Commodities within Credit Suisse Asset Management (2005-2024). Preceding his tenure at Credit Suisse, Mr. Burton served as an Analyst and Derivatives Strategist with Putnam Investments, where he developed the team's analytical tools and managed their options-based yield enhancement strategies, as well as exposure management strategies (2002-2005). Mr. Burton holds a B.Sc. in Economics with concentrations in Finance and Accounting from the University of Pennsylvania's Wharton School of Business. Additionally, he is a CFA Charterholder and has achieved Financial Risk Manager<sup>®</sup> Certification through the Global Association of Risk Professionals (GARP). Scott Ikuss is an Executive Director and Portfolio Manager within of the O'Connor Commodities team of UBS Asset Management (Americas) LLC, based in New York. Mr. Ikuss acts as Portfolio Manager and Trader for the Commodities Team. In this role, he specializes in excess return strategies. Prior to joining UBS Asset

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Management (Americas) LLC in 2024, Mr. Ikuss held the same roles at Credit Suisse Asset Management, LLC which he joined in 2023. Prior to joining Credit Suisse Asset Management, LLC in 2023, he was a Portfolio Manager — Global Commodities & Natural Resources Equities at DWS Group. Mr. Ikuss received a B.A. in Economics from Rutgers University. Mr. Ikuss has 17 years of investment experience.

Wellington Management Company LLP: Wellington Management Company LLP (Wellington Management), a Delaware limited liability partnership with principal offices located at 280 Congress Street, Boston, Massachusetts 02210, serves as a Sub-Adviser to the MARR Commodity Strategy Subsidiary Ltd. David Chang, Senior Managing Director and Commodities Portfolio Manager of Wellington Management, has served as the Portfolio Manager for the MARR Commodity Strategy Subsidiary Ltd. since 2025. Mr. Chang joined Wellington Management as an investment professional in 2001.

The SAI provides additional information about the portfolio managers' compensation, other accounts they manage and their ownership, if any, of Fund shares.

PURCHASING, EXCHANGING AND SELLING FUND SHARES

The Funds offer Class A Shares to institutions, including defined benefit plans, defined contribution plans, healthcare defined benefit plans and board-designated funds, insurance operating funds, foundations, endowments, public plans, Taft-Hartley plans and other SIMC advisory clients that have entered into an Investment Management Agreement with SIMC (Eligible Investors). Under each Investment Management Agreement, SIMC will consult with the Eligible Investor to define its investment objectives, desired returns and tolerance for risk and to develop a plan for the allocation of its assets. Each Investment Management Agreement sets forth the fee to be paid to SIMC by the Eligible Investor, which is ordinarily expressed as a percentage of the Eligible Investor's assets managed by SIMC. This fee, which is negotiated by the Eligible Investor and SIMC, may include a performance-based fee or a fixed-dollar fee for certain specified services.

Eligible Investors also include institutional investors, employee benefit plans and other similar entities that purchase the Funds through an intermediary, such as a bank or another large institutional wealth advisor, that has an Investment Advisory Agreement with SIMC (or its agent) authorizing their availability on the intermediary's platform.

For information on how to open an account and set up procedures for placing transactions, call 1-800-DIAL-SEI.

HOW TO PURCHASE FUND SHARES

Fund shares may be purchased on any Business Day.

Eligible Investors (as defined above) may purchase, sell or exchange shares by placing orders with the Transfer Agent or the Funds' authorized agent. Authorized financial institutions and intermediaries that use certain SEI proprietary systems may place orders electronically through those systems. Institutions and intermediaries may also place orders by calling 1-800-858-7233. Generally, cash investments must be transmitted or delivered in federal funds to the Funds' wire agent by the close of business on the day after the order is placed. However, in certain circumstances, the Funds, at their discretion, may allow purchases to settle (*i.e.*, receive final payment) at a later date in accordance with the Funds' procedures and applicable law. The Funds reserve the right to refuse any purchase requests, particularly those that the Funds reasonably believe may not be in the best interests of the Funds or their shareholders and could adversely affect the Funds or their operations. This includes those from any individual or group who, in a Fund's view, is likely to engage in excessive trading (usually defined as four or more "round trips" in a Fund in any twelve-month

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period). For more information regarding the Funds' policies and procedures related to excessive trading, please see "Frequent Purchases and Redemptions of Fund Shares" below.

Each Fund calculates its NAV per share once each Business Day at the close of normal trading on the NYSE (normally, 4:00 p.m. Eastern Time). For you to receive the current Business Day's NAV, generally a Fund (or an authorized agent) must receive your purchase order in proper form before 4:00 p.m. Eastern Time. A Fund will not accept orders that request a particular day or price for the transaction or any other special conditions.

When you purchase, sell or exchange Fund shares through certain financial institutions, you may have to transmit your purchase, sale and exchange requests to these financial institutions at an earlier time for your transaction to become effective that day. This allows these financial institutions time to process your requests and transmit them to the Funds.

Certain other intermediaries, including certain broker-dealers and shareholder organizations, are authorized to accept purchase, redemption and exchange requests for Fund shares. These requests are executed at the next determined NAV after the intermediary receives the request, if transmitted to the Funds in accordance with the Funds' procedures and applicable law. These authorized intermediaries are responsible for transmitting requests and delivering funds on a timely basis.

You will have to follow procedures of your financial institution or intermediary for transacting with the Funds. You may be charged a fee for purchasing and/or redeeming Fund shares by your financial institution or intermediary.

Pricing of Fund Shares

NAV for one Fund share is the value of that share's portion of the net assets of the Fund. In calculating NAV, the Fund generally values its investment portfolio at market price. You may obtain the current NAV of the Fund by calling 1-800-DIAL-SEI.

If a market quotation is readily available for the valuation of Fund investments, then it is valued by the Funds' administrator at current market value in accordance with the Funds' Pricing and Valuation Procedures. The Trust's Board of Trustees has designated SIMC as the Valuation Designee for the Funds pursuant to Rule 2a-5 under the 1940 Act (the "Rule"). The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC, in furtherance of the Board's designation, has appointed a committee of SIMC persons to function as the Valuation Designee (the "Committee") and has established a Valuation and Pricing Policy to implement the Rule and the Funds' Valuation and Pricing Policy (together with SIMC's Valuation and Pricing Policy, the "Fair Value Procedures").

As discussed in detail below, the Committee will typically first seek to fair value investments with valuations received from an independent, third-party pricing agent (a "Pricing Service"). If such valuations are not available or are unreliable, the Committee will seek to obtain a bid price from at least one independent broker or dealer. If a broker or dealer quote is unavailable, the Committee will convene, subject to the Fair Value Procedures, to establish a fair value for the fair value investments.

When valuing portfolio securities, securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign

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or domestic) on which the securities are traded or, if there is no such reported sale, at the most recent quoted bid price. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price.

Redeemable securities issued by open-end investment companies are valued at the investment company's applicable NAV per share, with the exception of ETFs, which are priced as equity securities. These open-end investment company shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company's NAV is determined. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, then long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price as provided by a Pricing Service.

Futures and swaps cleared through a central clearing house (centrally cleared swaps) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by a Pricing Service. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time the fund calculates its NAV, the settlement price may not be available at the time at which a fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund's futures or centrally cleared swaps position.

If a security's price cannot be obtained, as noted above, or in the case of equity tranches of CLOs or CDOs, the securities will be valued using a bid price from at least one independent broker. If such prices are not readily available, are determined to be unreliable or cannot be valued using the methodologies described above, the Committee will fair value the security using the Fair Value Procedures, as described below.

If available, debt securities, swaps (which are not centrally cleared), bank loans or debt tranches of CLOs/CDOs, such as those held by the Funds, are priced based upon valuations provided by a Pricing Service. Such values generally reflect the last reported sales price if the security is actively traded. The Pricing Service may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations or other methodologies designed to identify the market value for such securities.

On the first day a new debt security purchase is recorded, if a price is not available from a Pricing Service or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Fair Value Procedures until an independent source can be secured. Securities held by a Fund with remaining maturities of 60 days or less will be valued at their amortized cost. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the security will be valued by an independent broker quote or fair valued by the Committee.

Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using forward rates provided by a Pricing Service.

The Committee and Fund's administrator, as applicable, reasonably believe that prices provided by Pricing Services are reliable. However, there can be no assurance that such Pricing Service's prices will be reliable. The Committee, who is responsible for making fair value determinations with respect to the Funds' portfolio securities, will, with assistance from the applicable Sub-Adviser, continuously monitor the reliability of readily available market quotations obtained from any Pricing Service and shall promptly notify the Funds' administrator if the Committee reasonably believes that a Pricing Service is no longer a reliable source of

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readily available market quotations. The Funds' administrator, in turn, will notify the Committee if it reasonably believes that a Pricing Service is no longer a reliable source for readily available market quotations.

The Fair Value Procedures provide that any change in a primary Pricing Service or a pricing methodology for investments with readily available market quotations requires prior approval by the Board. However, when the change would not materially affect the valuation of a Fund's net assets or involve a material departure in pricing methodology from that of the Fund's existing Pricing Service or pricing methodology, ratification may be obtained at the next regularly scheduled meeting of the Board. A change in a Pricing Service or a material change in a pricing methodology for investments with no readily available market quotations will be reported to the Board by the Committee in accordance with certain requirements.

Securities for which market prices are not "readily available" are valued in accordance with Rule 2a-5 and the Fair Value Procedures.

The Committee must monitor for circumstances that may necessitate that a security be valued using Fair Value Procedures, which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed from a national exchange, (iii) the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions, or (vii) a significant event (as defined below). When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.

The Committee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding.

The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available.

With respect to any investments in foreign securities, the Funds use a third-party fair valuation vendor, which provides a fair value for such foreign securities based on certain factors and methodologies (generally involving tracking valuation correlations between the U.S. market and each foreign security). Values from the vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a "confidence interval," which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair-valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds shall value the foreign securities in their portfolios that exceed the applicable "confidence interval" based upon the adjusted prices provided by the vendor. Additionally, if a local market in which the Funds own securities is closed for one or more days (scheduled or unscheduled) while a Fund is open, and if such securities in a Fund's portfolio exceed the predetermined confidence interval discussed above, then such Fund shall value such securities based on the fair value prices provided by the vendor.

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For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which a Fund calculates its NAV. The readily available market quotations of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a Significant Event) has occurred between the time of the security's last close and the time that the Fund calculates NAV thereby rendering the readily available market quotations as unreliable. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As a result, the NAV of a Fund's shares may change on days when shareholders will not be able to purchase or redeem Fund shares. A Significant Event may relate to a single issuer or to an entire market sector.

The Committee is primarily responsible for the obligation to monitor for Significant Events as part of the Committee's ongoing responsibility to determine whether a Fund investment is required to be fair valued (*i.e.*, the investment does not have a reliable readily available market quotation). The Committee may consider input from a Fund's service providers, including the Fund's administrator or a Sub-Adviser, if applicable and as appropriate. If the Committee becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, the Committee shall notify the Fund's administrator.

Minimum Purchases

To purchase shares for the first time, Eligible Investors must invest at least $100,000 in the Funds, with minimum subsequent investments of $1,000, which may be waived at the discretion of SIMC. A Fund may accept investments of smaller amounts at its discretion.

Frequent Purchases and Redemptions of Fund Shares

"Market timing" refers to a pattern of frequent purchases and sales of a Fund's shares, often with the intent of earning arbitrage profits. Market timing of a Fund could harm other shareholders in various ways, including by diluting the value of the shareholders' holdings, increasing Fund transaction costs, disrupting the portfolio management strategy, causing a Fund to incur unwanted taxable gains and forcing a Fund to hold excess levels of cash.

The Funds are intended to be long-term investment vehicles and are not designed for investors that engage in short-term trading activity (*i.e.*, a purchase of Fund shares followed shortly thereafter by a redemption of such shares, or vice versa, in an effort to take advantage of short-term market movements). Accordingly, the Board has adopted policies and procedures on behalf of the Funds to deter short-term trading. The Transfer Agent will monitor trades in an effort to detect short-term trading activities. If, as a result of this monitoring, a Fund determines, in its sole discretion, that a shareholder has engaged in excessive short-term trading, it will refuse to process future purchases or exchanges into the Fund from that shareholder's account.

A shareholder will be considered to be engaging in excessive short-term trading in a Fund in the following circumstances:

i. if the shareholder conducts four or more "round trips" in a Fund in any twelve-month period. A round trip involves the purchase of shares of a Fund and the subsequent redemption of all or most of those shares. An exchange into and back out of a Fund in this manner is also considered a round trip.

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ii. if a Fund determines, in its sole discretion, that a shareholder's trading activity constitutes excessive short-term trading, regardless of whether such shareholder exceeds the foregoing round trip threshold.

The Funds, in their sole discretion, also reserve the right to reject any purchase request (including exchange requests) for any reason without notice.

Judgments with respect to implementation of the Funds' policies are made uniformly and in good faith in a manner that the Funds believe is consistent with the best long-term interests of shareholders. When applying the Funds' policies, the Funds may consider (to the extent reasonably available) an investor's trading history in all SEI funds, as well as trading in accounts under common ownership, influence or control and any other information available to the Funds.

The Funds' monitoring techniques are intended to identify and deter short-term trading in the Funds. However, despite the existence of these monitoring techniques, it is possible that short-term trading may occur in the Funds without being identified. For example, certain investors seeking to engage in short-term trading may be adept at taking steps to hide their identity or activity from the Funds' monitoring techniques. Operational or technical limitations may also limit the Funds' ability to identify short-term trading activity.

The Funds and/or their service providers have entered into agreements with financial intermediaries that require them to provide the Funds and/or their service providers with certain shareholder transaction information to enable the Funds and/or their service providers to review the trading activity in the omnibus accounts maintained by financial intermediaries. The Funds may also delegate trade monitoring to the financial intermediaries. If excessive trading is identified in an omnibus account, the Funds will work with the financial intermediary to restrict trading by the shareholder and may request that the financial intermediary prohibit the shareholder from future purchases or exchanges into the Funds.

Certain of the Funds are sold to participant-directed employee benefit plans. The Funds' ability to monitor or restrict trading activity by individual participants in a plan may be constrained by regulatory restrictions or plan policies. In such circumstances, the Funds will take such action, which may include taking no action, as deemed appropriate in light of all the facts and circumstances.

The Funds may amend these policies and procedures in response to changing regulatory requirements or to enhance the effectiveness of the program.

Foreign Investors

The Funds do not generally accept investments by non-U.S. persons. Non-U.S. persons may be permitted to invest in a Fund subject to the satisfaction of enhanced due diligence. Prospective investors should consult their own financial institution or financial intermediary regarding their eligibility to invest in a Fund. The Funds may rely on representations from such financial institutions and financial intermediaries regarding their investor eligibility.

Customer Identification and Verification and Anti-Money Laundering Program

Federal law requires all financial institutions to obtain, verify and record information that identifies each customer who opens an account. Accounts for the Funds are generally opened through other financial institutions or financial intermediaries. When you open your account through your financial institution or financial intermediary, you will have to provide your name, address, date of birth, identification number and other information that will allow the financial institution or financial intermediary to identify you. When you open an account on behalf of an entity you will have to provide formation documents and identifying

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information about beneficial owner(s) and controlling parties. This information is subject to verification by the financial institution or financial intermediary to ensure the identity of all persons opening an account.

Your financial institution or financial intermediary is required by law to reject your new account application if the required identifying information is not provided. Your financial institution or intermediary may contact you in an attempt to collect any missing information required on the application, and your application may be rejected if they are unable to obtain this information. In certain instances, your financial institution or financial intermediary may be required to collect documents to establish and verify your identity.

The Funds will accept investments and your order will be processed at the next determined NAV after receipt of your application in proper form (which includes receipt of all identifying information required on the application). The Funds, however, reserve the right to close and/or liquidate your account at the then-current day's price if the financial institution or financial intermediary through which you open your account is unable to verify your identity. As a result, you may be subject to a gain or loss on Fund shares as well as corresponding tax consequences.

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

HOW TO EXCHANGE YOUR FUND SHARES

An authorized financial institution or intermediary may exchange Class A Shares of any Fund for Class A Shares of any other fund of SEI Institutional Investments Trust on any Business Day by placing orders with the Transfer Agent or the Fund's authorized agent. For information about how to exchange Fund shares through your authorized financial institution or intermediary, you should contact your authorized financial institution or intermediary directly. This exchange privilege may be changed or canceled at any time upon 60 days' notice. When you exchange shares, you are really selling your shares of one Fund and buying shares of another Fund. Therefore, your sale price and purchase price will be based on the next calculated NAV after the Funds receive your exchange request. All exchanges are based on the eligibility requirements of the Fund into which you are exchanging and any other limits on sales of or exchanges into that Fund. Each Fund reserves the right to refuse or limit any exchange order for any reason, including if the transaction is deemed not to be in the best interest of the Fund's other shareholders or possibly disruptive to the management of the Fund. When a purchase or exchange order is rejected, the Fund will send notice to the prospective investor or the prospective investor's financial intermediary.

HOW TO SELL YOUR FUND SHARES

Authorized financial institutions and intermediaries may sell Fund shares on any Business Day by placing orders with the Transfer Agent or the Funds' authorized agent. Authorized financial institutions and intermediaries that use certain SEI or third party systems may place orders electronically through those systems. Authorized financial institutions and intermediaries may also place orders by calling 1-800-858-7233.

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For information about how to sell Fund shares through your authorized financial institution or intermediary, you should contact your authorized financial institution or intermediary directly. Your authorized financial institution or intermediary may charge a fee for its services. The sale price of each share will be the next determined NAV after the Funds receive your request or after the Funds' authorized intermediary receives your request if transmitted to the Funds in accordance with the Funds' procedures and applicable law.

Receiving Your Money

Normally, the Funds will make payment on your redemption request on the Business Day following the day on which they receive your request regardless of the method the Funds use to make such payment, but it may take up to seven days. You may arrange for your proceeds to be wired to your bank account.

Methods Used to Meet Redemption Obligations

The Funds generally pay sale (redemption) proceeds in cash during normal market conditions. To the extent that a Fund does not have sufficient cash holdings for redemption proceeds, it will typically seek to generate such cash through the sale of portfolio assets. The Funds operate an interfund lending program that enables a Fund to borrow from another Fund on a temporary basis, which, on a less regular basis, may be used to help a Fund satisfy redemptions.

Each Fund reserves the right, under certain conditions, including under stressed or unusual conditions that make the payment of cash unwise (and for the protection of the Funds' remaining shareholders), to honor any request for redemption by making payment in whole or in part in securities valued as described in "Pricing of Fund Shares" above. The specific security or securities to be distributed will be determined by the Fund and could include a pro-rata slice of the Fund's portfolio or a non-pro-rata slice of the Fund's portfolio, depending upon various circumstances and subject to any applicable laws or regulations.

Redemptions in-kind may reduce the need for a Fund to maintain cash reserves, reduce Fund transaction costs, reduce the need to sell Fund investments at inopportune times, and lower Fund capital gain recognition.

In some circumstances, a Fund in its discretion may accept large purchase orders from one or more financial institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption in-kind rather than in cash. A Fund's ability to pay these redemption proceeds in-kind relieves the Fund of the need to sell the securities that are distributed in-kind and incur brokerage and other transaction costs associated with such sales. As with other redemption-in-kind transactions, a Fund would enter into these transactions only when the Fund determines it to be in the Fund's best interest to do so, and in accordance with the Fund's applicable policies on redemptions.

With any redemption in-kind, a shareholder who receives securities through a redemption in-kind and desires to convert them to cash may incur brokerage costs as well as taxes on any capital gains from the sale as with any redemption and other transaction costs in selling the securities. Also, there may be a risk that redemption in-kind activity could negatively impact the market value of the securities distributed in-kind and, in turn, the NAV of any Fund that holds securities that are being distributed in-kind. SIMC believes that the benefits to a Fund of redemptions in-kind will generally outweigh the risk of any potential negative NAV impact.

These methods may be used during both normal and stressed market conditions.

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Low Balance Redemptions

A Fund (or its delegate) may, in its discretion, and upon reasonable notice, redeem in full a financial institution, intermediary or shareholder that fails to maintain an investment of at least $1,000 in the Fund.

Suspension of Your Right to Sell Your Shares

The Funds may suspend your right to sell your shares if the NYSE restricts trading, the SEC declares an emergency or for other reasons, as permitted by the 1940 Act and the rules and regulations promulgated thereunder. More information about such suspension can be found in the SAI.

Telephone Transactions

Purchasing, selling and exchanging Fund shares over the telephone is extremely convenient, but not without risk. The Funds have certain safeguards and procedures to confirm the identity of callers and the authenticity of instructions. If the Funds follow these procedures, the Funds will not be responsible for any losses or costs incurred by following telephone instructions that the Funds reasonably believe to be genuine.

Unclaimed Property

Each state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property, including mutual fund shares, under various circumstances. Such circumstances include inactivity (*i.e.*, no owner-initiated contact for a certain period), returned mail (*i.e.*, when mail sent to a shareholder is returned by the post office, or "RPO," as undeliverable), or a combination of both inactivity and returned mail. More information on unclaimed property and how to maintain an active account is available through your state.

If you are a resident of certain states, you may designate a representative to receive notice of the potential escheatment of your property. The designated representative would not have any rights to your shares. Please contact your financial intermediary for additional information.

DISTRIBUTION OF FUND SHARES

SEI Investments Distribution Co. (SIDCo. or the Distributor) is the distributor of the shares of the Funds.

DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION

Portfolio holdings information for the Funds can be obtained on the Internet at the following address: http://www.seic.com/holdings (the Portfolio Holdings Website). Five calendar days after each month end, a list of all portfolio holdings in each Fund as of the end of such month shall be made available on the Portfolio Holdings Website. Beginning on the day after any portfolio holdings information is posted on the Portfolio Holdings Website, such information will be delivered directly to any person who requests it, through electronic or other means. The portfolio holdings information placed on the Portfolio Holdings Website shall remain there until the fifth calendar day of the thirteenth month after the date of which the data relates, at which time it will be permanently removed from the site.

On the Monday following each week end, a list of all portfolio holdings in the Dynamic Asset Allocation Fund as of the end of such week will be made available on the Portfolio Holdings Website. The portfolio holdings shall remain on the Portfolio Holdings Website until the following Monday at which time it will be permanently removed from the site.

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Additional information regarding the information disclosed on the Portfolio Holdings website and the Funds' policies and procedures on the disclosure of portfolio holdings information is available in the SAI.

DIVIDENDS, DISTRIBUTIONS AND TAXES

Dividends and Distributions

The Funds distribute their investment income periodically as a dividend to shareholders. It is the policy of the Global Managed Volatility, World Equity Ex-US, Screened World Equity Ex-US, Emerging Markets Equity and Limited Duration Bond Funds to pay dividends periodically (at least once annually); the Dynamic Asset Allocation and Multi-Asset Real Return Funds to pay dividends annually; the Core Fixed Income, High Yield Bond, Long Duration, Long Duration Credit, Ultra Short Duration Bond and Intermediate Duration Credit Funds to pay dividends monthly; and the Large Cap, Large Cap Disciplined Equity, Large Cap Index, S&P 500 Index, Extended Market Index, Small Cap, Small Cap II, Small/Mid Cap Equity, U.S. Equity Factor Allocation, U.S. Managed Volatility, Opportunistic Income, Emerging Markets Debt and Real Return Funds to pay dividends quarterly. The Funds make distributions of capital gains, if any, at least annually. You will receive dividends and distributions in cash unless otherwise stated.

Taxes

Please consult your tax advisor regarding your specific questions about federal, state and local income taxes. Below the Funds have summarized certain important U.S. federal income tax issues that affect the Funds and their shareholders. This summary is based on current tax laws, which may change.

This summary does not apply to shares held in individual retirement accounts or other tax-qualified plans, which are generally not subject to current taxation. Transactions relating to shares held in such accounts may, however, be taxable at some time in the future. You should consult your tax advisor regarding the rules governing your own retirement plan or tax-qualified plan.

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

Each Fund intends to distribute substantially all of its net investment income and its net realized capital gains, if any, at least annually. The dividends and distributions you receive, whether in cash or reinvested in additional shares of the Funds may be subject to federal, state and local taxation, depending upon your tax situation. Dividend distributions, including net short-term capital gains, but excluding distributions of qualified dividend income, are generally taxable at ordinary income tax rates. Certain dividend distributions may qualify for the reduced tax rates on qualified dividend income to the extent certain holding period requirements are met by you and by the Funds. Distributions that a Fund receives from an underlying fund taxable as a RIC or from a REIT will be treated as qualified dividend income only to the extent so designated by such underlying fund or REIT. Qualified dividend income is, in general, dividends from domestic corporations and from certain foreign corporations (*e.g.*, foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States or the stock of which is readily tradable on an established securities market in the United States). Distributions reported by the Funds as long-term capital gains distributions and qualified dividend income are generally taxable at

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the rates applicable to long-term capital gains, currently set at a maximum tax rate for individuals at 20% (lower rates apply to individuals in lower tax brackets), regardless of how long you have held your Fund shares. The Opportunistic Income, Core Fixed Income, High Yield Bond, Long Duration, Long Duration Credit, Ultra Short Duration Bond, Emerging Markets Debt, Real Return, Limited Duration Bond and Intermediate Duration Credit Funds are each expected to make primarily ordinary income distributions that will not be treated as qualified dividend income. In addition, the investment strategies of certain other Funds may limit their ability to make distributions eligible to be treated as qualified dividend income. Once a year the Funds (or their administrative agent) will send you a statement showing the types and total amount of distributions you received during the previous year.

Corporate shareholders may be entitled to a dividends received deduction for the portion of dividends they receive from a Fund that are attributable to dividends received by the Fund from U.S. corporations, subject to certain limitations. The Opportunistic Income, Core Fixed Income, High Yield Bond, Long Duration, Long Duration Credit, Ultra Short Duration Bond, Emerging Markets Debt, Real Return, Limited Duration Bond and Intermediate Duration Credit Funds are each expected to make primarily ordinary income distributions that will not be eligible for the dividends received deduction for corporate taxpayers. In addition, the investment strategies of certain other Funds may limit their ability to make distributions eligible for the dividends received deduction for corporate taxpayers.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under section 163(j) of the Internal Revenue Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. However, such holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the IRS.

Distributions of capital gain and distributions of net investment income received shortly after the purchase of shares reduce the NAV of a Fund's shares by the amount of the distribution. If you purchase shares just prior to a distribution, the purchase price would reflect the amount of the upcoming distribution. In this case, unless you are a tax-exempt investor or investing through a tax-advantaged account (such as an IRA or an employer-sponsored retirement or savings plan), you are taxed on the distribution even though, as an economic matter, the distribution represents a return of your investment. This is known as "buying a dividend" and generally should be avoided by taxable investors. To avoid buying a dividend, check a Fund's distribution schedules before you invest.

Each sale, redemption or exchange of Fund shares may be a taxable event. For tax purposes, an exchange of your Fund shares for shares of a different Fund is the same as a sale. Assuming you hold your shares as a

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capital asset, any gain or loss realized upon a sale or exchange of Fund shares is generally treated as long-term capital gain or loss if the shares have been held for more than twelve months. Capital gain or loss realized upon a sale or exchange of Fund shares held for twelve months or less is generally treated as short-term capital gain or loss, except that any capital loss on the sale of the Fund shares held for six months or less is treated as long-term capital loss to the extent that capital gain dividends were paid with respect to such Fund shares.

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

The Funds (or their administrative agents) must report to the IRS and furnish to Fund shareholders the cost basis information for Fund shares. In addition to reporting the gross proceeds from the sale of Fund shares, the Funds (or their administrative agent) are also required to report the cost basis information for such shares and indicate whether these shares have a short-term or long-term holding period. For each sale of such Fund's shares, each Fund will permit its shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, a Fund will use a default cost basis method which has been separately communicated to you. The cost basis method elected by a Fund shareholder (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Shareholders should consult with their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review the cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

In order for a Fund to qualify as a RIC under Subchapter M of the Code, a Fund must, among other requirements detailed in the SAI, derive at least 90% of its gross income each taxable year from qualifying income (as described in more detail in the SAI). The status of certain commodity-linked derivative instruments as qualifying income has been addressed in Revenue Ruling 2006-1 and Revenue Ruling 2006-31, which provide that income from certain commodity-linked derivative instruments that certain Funds may invest in, may not be considered qualifying income. Each Fund will attempt to restrict its income from commodity-linked derivative instruments that it believes do not generate qualifying income, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income). However, a Fund may generate more non-qualifying income than anticipated, may not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the qualifying income requirement, or may not be able to accurately predict the non-qualifying income from these investments. Accordingly, the extent to which a Fund invests in commodities or commodity-linked derivative instruments directly may be limited by the requirements of Subchapter M of the Code, which each Fund must continue to satisfy to maintain its status as a RIC. Failure to comply with such requirements could have significant negative consequences to Fund shareholders. Under certain circumstances, a Fund may be able to cure a failure to meet the qualifying income requirement, but in order to do so the Fund may incur significant Fund-level taxes, which would effectively reduce (and could eliminate) the Fund's returns.

A U.S. person, including a Fund, who owns (directly or indirectly) 10% or more of the total combined voting power of all classes of stock of 10% or more of the total value of shares of all classes of stock of a foreign corporation is a "U.S. Shareholder" for purposes of the controlled foreign corporation (CFC) provisions of the Code. A CFC is a foreign corporation that, on any day of its taxable year, is owned (directly, indirectly, or

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constructively) more than 50% (measured by voting power or value) by U.S. Shareholders. Because of its investment in the Subsidiary, each Commodity Fund is a U.S. Shareholder in a CFC. As a U.S. Shareholder, each Commodity Fund is required to include in gross income for U.S. federal income tax purposes for each taxable year of the Fund its pro rata share of its CFC's "Subpart F" income (discussed further below) and any "global intangible low-taxed income" or (GILTI) for the CFC's taxable year ending within the Fund's taxable year whether or not such income is actually distributed by the CFC. GILTI generally includes the active operating profits of the CFC, reduced by a deemed return on the tax basis of the CFC's depreciable tangible assets.

Each of the Commodity Funds may gain most of its exposure to the commodities markets through its investment in its own Subsidiary, which invests directly in commodities and in equity-linked securities and commodity-linked derivative instruments, including options, futures contracts, swaps, options on futures contracts and commodity-linked structured notes. The Commodity Funds' investment in their respective Subsidiaries is expected to provide the Commodity Funds with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Code for qualification as a RIC. The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of the Commodity Funds attributable to their investment in a Subsidiary is "qualifying income" to the Commodity Funds to the extent that such income is derived with respect to the Commodity Fund's business of investing in stock, securities or currencies. Each Commodity Fund expects its "Subpart F" income attributable to its investment in its Subsidiary to be derived with respect to the Commodity Fund's business of investing in stock, securities or currencies and accordingly expects its "Subpart F" income attributable to its investment in a Subsidiary to be treated as "qualifying income." The Adviser will carefully monitor the Commodity Funds' investments in their respective Subsidiaries to ensure that no more than 25% of a Commodity Fund's assets are invested in its Subsidiary.

Subpart F income and GILTI are treated as ordinary income, regardless of the character of the CFC's underlying income. Net losses incurred by a CFC during a tax year do not flow through to the Fund and thus will not be available to offset income or capital gain generated from the Fund's other investments. In addition, net losses incurred by a CFC during a tax year generally cannot be carried forward by the CFC to offset gains realized by it in subsequent taxable years. To the extent a Commodity Fund invests in its Subsidiary and recognizes "Subpart F" income or GILTI in excess of actual cash distributions from the Subsidiary, if any, it may be required to sell assets (including when it is not advantageous to do so) to generate the cash necessary to distribute as dividends to its shareholders all of its income and gains and therefore to eliminate any tax liability at the Fund level. "Subpart F" income also includes the excess of gains over losses from transactions (including futures, forward and other similar transactions) in commodities.

A Commodity Fund's recognition of any "Subpart F" income or GILTI from an investment in its Subsidiary will increase the Commodity Fund's tax basis in the Subsidiary. Distributions by a Subsidiary to a Commodity Fund, including in redemption of the Subsidiary's shares, will be tax free, to the extent of the Subsidiary's previously undistributed "Subpart F" income or GILTI, and will correspondingly reduce the Commodity Fund's tax basis in its Subsidiary, and any distributions in excess of the Commodity Fund's tax basis in its Subsidiary will be treated as realized gain. Any losses with respect to a Commodity Fund's shares of its Subsidiary will not be currently recognized. A Commodity Fund's investment in its Subsidiary will potentially have the effect of accelerating the Commodity Fund's recognition of income and causing its income to be treated as ordinary income, regardless of the character of its Subsidiary's income. If a net loss is realized by a Subsidiary, such loss is generally not available to offset the income earned by a Commodity Fund. In addition, the net losses

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incurred during a taxable year by a Subsidiary cannot be carried forward by such Subsidiary to offset gains realized by it in subsequent taxable years. A Commodity Fund will not receive any credit in respect of any non-U.S. tax borne by its Subsidiary.

If a Fund fails to qualify as a RIC and to avail itself of certain relief provisions, it would be subject to tax at the regular corporate rate without any deduction for distributions to shareholders, and its distributions would generally be taxable as dividends. Please see the SAI for a more detailed discussion, including the availability of certain relief provisions for certain failures by the Fund to qualify as a RIC.

Certain Funds may invest in U.S. REITs. "Qualified REIT dividends" (*i.e.*, ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Fund to its shareholders that are attributable to qualified REIT dividends received by such Fund and which such Fund properly reports as "section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as section 199A dividends as are eligible but is not required to do so.

U.S. REITs in which a Fund invests often do not provide complete and final tax information to the Funds until after the time that the Funds issue a tax reporting statement. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, a Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

Income received by a Fund from sources within foreign countries may be subject to foreign income taxes withheld at the source. Although in some countries a portion of these withholding taxes is recoverable, the non-recovered portion will reduce the income received from the securities in these Funds. In addition, if more than 50% of the total assets of a Fund consist of foreign securities, such Fund will be eligible to elect to treat some of those taxes as distributions to shareholders, which would allow shareholders to offset some of their U.S. federal income tax. A Fund (or its administrative agent) will notify you if it makes such election and provide you with the information necessary to reflect foreign taxes paid on your income tax return if it makes this election.

Non-U.S. investors in the Funds may be subject to U.S. withholding tax and are encouraged to consult their tax advisor prior to investing in the Funds.

Shareholders are urged to consult their tax advisors regarding specific questions about federal, state and local income tax from an investment in the Funds.

The SAI contains more information about taxes.

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ADDITIONAL INFORMATION

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

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

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FINANCIAL HIGHLIGHTS

The tables that follow present performance information about the Class A Shares of the Large Cap, Large Cap Disciplined Equity, Large Cap Index, S&P 500 Index, Extended Market Index, Small Cap, Small Cap II, Small/Mid Cap Equity, U.S. Equity Factor Allocation, U.S. Managed Volatility, Global Managed Volatility, World Equity Ex-US, Screened World Equity Ex-US, Emerging Markets Equity, Opportunistic Income, Core Fixed Income, High Yield Bond, Long Duration, Long Duration Credit, Ultra Short Duration Bond, Emerging Markets Debt, Real Return, Limited Duration Bond, Intermediate Duration Credit, Dynamic Asset Allocation and Multi-Asset Real Return Funds. This information is intended to help you understand each Fund's financial performance for the past five years, or, if shorter, the period of the Fund's operations. Some of this information reflects financial information for a single Fund share. The total returns in the tables represent the rate that you would have earned (or lost) on an investment in a Fund, assuming you reinvested all of your dividends and distributions.

The information below has been derived from each Fund's financial statements, which have been audited by KPMG LLP, the Funds' independent registered public accounting firm. Its report, along with each Fund's financial statements, appears in the Funds' Form N-CSR filing for the fiscal year ending May 31, 2025 and are available upon request, at no charge, by calling 1-800-DIAL-SEI.

SEI INSTITUTIONAL INVESTMENTS TRUST — FOR THE YEARS OR PERIOD ENDED MAY 31,

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

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| | Net Asset<br>Value,<br>Beginning<br>of Year | Net<br>Investment<br>Income <sup>(1)</sup> | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Dividends<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total <br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Year | Total<br>Return† | Net Assets<br>End of<br>Year<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net Assets\* | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers) | Ratio of<br>Net<br>Investment<br>Income to <br>Average<br>Net Assets | Portfolio<br>Turnover<br>Rate† |
| Large Cap Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $15.37 | $0.26 | $1.67 | $1.93 | $(0.27) | $(1.60) | $(1.87) | $15.43 | 12.92% | $803516 | 0.18% | 0.47% | 1.63% | 85% |
| 2024 | 13.18 | 0.27 | 3.04 | 3.31 | (0.26) | (0.86) | (1.12) | 15.37 | 26.05 | 799089 | 0.18 | 0.47 | 1.87 | 77 |
| 2023 | 15.07 | 0.27 | (0.45) | (0.18) | (0.27) | (1.44) | (1.71) | 13.18 | (0.74) | 704477 | 0.18 | 0.47 | 1.99 | 88 |
| 2022 | 18.68 | 0.27 | (0.36) | (0.09) | (0.27) | (3.25) | (3.52) | 15.07 | (1.96) | 773846 | 0.18 | 0.47 | 1.56 | 76 |
| 2021 | 13.95 | 0.27 | 5.57 | 5.84 | (0.29) | (0.82) | (1.11) | 18.68 | 43.39 | 1097320 | 0.18 | 0.47 | 1.70 | 78 |
| Large Cap Disciplined Equity Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $11.34 | $0.17 | $1.29 | $1.46 | $(0.36) | $(1.82) | $(2.18) | $10.62 | 13.18% | $1318047 | 0.18% | 0.47% | 1.54% | 113% |
| 2024 | 9.18 | 0.18 | 2.49 | 2.67 | (0.44) | (0.07) | (0.51) | 11.34 | 29.65 | 1185488 | 0.18 | 0.47 | 1.76 | 137 |
| 2023 | 9.58 | 0.14 | (0.05) | 0.09 | (0.18) | (0.31) | (0.49) | 9.18 | 1.27 | 1276028 | 0.17 | 0.47 | 1.56 | 118 |
| 2022 | 12.65 | 0.15 | 0.21 | 0.36 | (0.31) | (3.12) | (3.43) | 9.58 | 0.39 | 1389157 | 0.17 | 0.47 | 1.28 | 146 |
| 2021 | 9.71 | 0.17 | 3.73 | 3.90 | (0.21) | (0.75) | (0.96) | 12.65 | 42.00 | 1668804 | 0.17 | 0.47 | 1.51 | 142 |

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Year | Net<br>Investment<br>Income <sup>(1)</sup> | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Dividends<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total <br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Year | Total<br>Return† | Net Assets<br>End of<br>Year<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net Assets\* | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers) | Ratio of<br>Net<br>Investment<br>Income to <br>Average<br>Net Assets | Portfolio<br>Turnover<br>Rate† |
| Large Cap Index Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $199.60 | $2.78 | $23.84 | $26.62 | $(2.81) | $(26.20) | $(29.01) | $197.21 | 13.57% | $1952244 | 0.04% | 0.13% | 1.36% | 16% |
| 2024 | 176.71 | 2.83 | 43.82 | 46.65 | (2.70) | (21.06) | (23.76) | 199.60 | 28.03 | 1842403 | 0.04 | 0.13 | 1.50 | 12 |
| 2023 | 201.38 | 2.94 | (0.53) | 2.41 | (2.94) | (24.14) | (27.08) | 176.71 | 2.39 | 1659371 | 0.05 | 0.14 | 1.62 | 11 |
| 2022 | 226.91 | 3.06 | (6.83) | (3.77) | (3.13) | (18.63) | (21.76) | 201.38 | (2.74) | 1919037 | 0.04 | 0.13 | 1.34 | 18 |
| 2021 | 163.61 | 2.89 | 65.82 | 68.71 | (2.95) | (2.46) | (5.41) | 226.91 | 42.57 | 2297701 | 0.03 | 0.12 | 1.47 | 20 |
| S&P 500 Index Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $22.25 | $0.29 | $2.63 | $2.92 | $(0.31) | $(4.85) | $(5.16) | $20.01 | 13.45% | $4177021 | 0.05% | 0.12% | 1.33% | 5% |
| 2024 | 19.10 | 0.32 | 4.80 | 5.12 | (0.31) | (1.66) | (1.97) | 22.25 | 28.10 | 4317878 | 0.05 | 0.12 | 1.53 | 6 |
| 2023 | 20.36 | 0.31 | 0.11 | 0.42 | (0.30) | (1.38) | (1.68) | 19.10 | 2.82 | 4393830 | 0.06 | 0.13 | 1.66 | 6 |
| 2022 | 21.82 | 0.30 | (0.22) | 0.08 | (0.30) | (1.24) | (1.54) | 20.36 | (0.33) | 5106116 | 0.05 | 0.12 | 1.33 | 11 |
| 2021 | 16.13 | 0.29 | 6.09 | 6.38 | (0.29) | (0.40) | (0.69) | 21.82 | 40.24 | 6251980 | 0.04 | 0.11 | 1.51 | 19 |
| Extended Market Index Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $17.56 | $0.20 | $1.59 | $1.79 | $(0.22) | $(1.98) | $(2.20) | $17.15 | 9.88% | $1122322 | 0.06% | 0.20% | 1.14% | 21% |
| 2024 | 14.39 | 0.21 | 3.32 | 3.53 | (0.21) | (0.15) | (0.36) | 17.56 | 24.71 | 1156719 | 0.06 | 0.20 | 1.29 | 34 |
| 2023 | 15.51 | 0.20 | (0.70) | (0.50) | (0.20) | (0.42) | (0.62) | 14.39 | (3.11) | 1195076 | 0.06 | 0.20 | 1.37 | 34 |
| 2022 | 22.89 | 0.19 | (3.90) | (3.71) | (0.21) | (3.46) | (3.67) | 15.51 | (18.88) | 1453682 | 0.05 | 0.19 | 0.96 | 49 |
| 2021 | 14.47 | 0.18 | 8.81 | 8.99 | (0.18) | (0.39) | (0.57) | 22.89 | 62.79 | 1755160 | 0.05 | 0.19 | 0.95 | 58 |
| Small Cap Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $13.27 | $0.18 | $0.30 | $0.48 | $(0.28) | $(0.22) | $(0.50) | $13.25 | 3.57% | $251278 | 0.42% | 0.72% | 1.32% | 90% |
| 2024 | 10.83 | 0.16 | 2.42 | 2.58 | (0.14) |  | (0.14) | 13.27 | 23.93 | 247585 | 0.44 | 0.72 | 1.30 | 108 |
| 2023 | 12.59 | 0.15 | (0.97) | (0.82) | (0.16) | (0.78) | (0.94) | 10.83 | (6.73) | 211460 | 0.44 | 0.72 | 1.27 | 114 |
| 2022 | 18.54 | 0.15 | (1.46) | (1.31) | (0.16) | (4.48) | (4.64) | 12.59 | (9.62) | 227791 | 0.44 | 0.72 | 0.94 | 120 |
| 2021 | 11.91 | 0.15 | 7.22 | 7.37 | (0.14) | (0.60) | (0.74) | 18.54 | 63.38 | 287220 | 0.44 | 0.72 | 0.98 | 122 |

---

------

SEI / PROSPECTUS

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Year | Net<br>Investment<br>Income <sup>(1)</sup> | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Dividends<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total <br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Year | Total<br>Return† | Net Assets<br>End of<br>Year<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net Assets\* | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers) | Ratio of<br>Net<br>Investment<br>Income to <br>Average<br>Net Assets | Portfolio<br>Turnover<br>Rate† |
| Small Cap II Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $11.32 | $0.16 | $(0.03) | $0.13 | $(0.17) | $(0.90) | $(1.07) | $10.38 | 0.67% | $252161 | 0.40% | 0.72% | 1.43% | 94% |
| 2024 | 9.67 | 0.14 | 2.04 | 2.18 | (0.14) | (0.39) | (0.53) | 11.32 | 22.95 | 247025 | 0.43 | 0.72 | 1.37 | 101 |
| 2023 | 10.58 | 0.11 | (0.60) | (0.49) | (0.12) | (0.30) | (0.42) | 9.67 | (4.65) | 249026 | 0.43 | 0.72 | 1.12 | 107 |
| 2022 | 15.16 | 0.10 | (1.51) | (1.41) | (0.10) | (3.07) | (3.17) | 10.58 | (11.14) | 324229 | 0.43 | 0.72 | 0.75 | 130 |
| 2021 | 8.95 | 0.10 | 6.21 | 6.31 | (0.10) |  | (0.10) | 15.16 | 70.79 | 509597 | 0.43 | 0.72 | 0.82 | 151 |
| Small/Mid Cap Equity Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $10.28 | $0.12 | $0.03 | $0.15 | $(0.18) | $(0.61) | $(0.79) | $9.64 | 1.24% | $837763 | 0.40% | 0.72% | 1.16% | 67% |
| 2024 | 8.57 | 0.12 | 1.72 | 1.84 | (0.13) |  | (0.13) | 10.28 | 21.55 | 802878 | 0.41 | 0.72 | 1.31 | 81 |
| 2023 | 10.10 | 0.14 | (0.98) | (0.84) | (0.14) | (0.55) | (0.69) | 8.57 | (8.40) | 771014 | 0.41 | 0.72 | 1.49 | 79 |
| 2022 | 14.11 | 0.12 | (0.77) | (0.65) | (0.11) | (3.25) | (3.36) | 10.10 | (6.47) | 944301 | 0.42 | 0.72 | 1.00 | 82 |
| 2021 | 9.23 | 0.10 | 5.23 | 5.33 | (0.08) | (0.37) | (0.45) | 14.11 | 58.97 | 1173130 | 0.41 | 0.72 | 0.88 | 88 |
| U.S. Equity Factor Allocation Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $13.75 | $0.22 | $1.89 | $2.11 | $(0.20) | $(0.93) | $(1.13) | $14.73 | 15.71% | $2535640 | 0.02% | 0.32% | 1.48% | 47% |
| 2024 | 10.90 | 0.21 | 2.84 | 3.05 | (0.20) |  | (0.20) | 13.75 | 28.22 | 1473043 | 0.02 | 0.32 | 1.67 | 50 |
| 2023 | 12.36 | 0.21 | (0.35) | (0.14) | (0.21) | (1.11) | (1.32) | 10.90 | (0.57) | 1020867 | 0.02 | 0.32 | 1.91 | 72 |
| 2022 | 15.37 | 0.23 | 0.05 | 0.28 | (0.24) | (3.05) | (3.29) | 12.36 | 0.10 | 949390 | 0.02 | 0.32 | 1.61 | 64 |
| 2021 | 10.67 | 0.22 | 4.70 | 4.92 | (0.22) |  | (0.22) | 15.37 | 46.54 | 1068145 | 0.02 | 0.32 | 1.71 | 72 |
| U.S. Managed Volatility Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $11.56 | $0.28 | $1.24 | $1.52 | $(0.29) | $(1.09) | $(1.38) | $11.70 | 13.92% | $700961 | 0.20% | 0.65% | 2.38% | 116% |
| 2024 | 11.23 | 0.29 | 1.48 | 1.77 | (0.28) | (1.16) | (1.44) | 11.56 | 16.97 | 732663 | 0.20 | 0.72 | 2.55 | 59 |
| 2023 | 13.13 | 0.31 | (0.76) | (0.45) | (0.31) | (1.14) | (1.45) | 11.23 | (3.75) | 781076 | 0.20 | 0.72 | 2.52 | 55 |
| 2022 | 15.29 | 0.35 | 0.36 | 0.71 | (0.36) | (2.51) | (2.87) | 13.13 | 4.71 | 887170 | 0.20 | 0.72 | 2.47 | 55 |
| 2021 | 12.17 | 0.29 | 3.14 | 3.43 | (0.30) | (0.01) | (0.31) | 15.29 | 28.60 | 1115591 | 0.20 | 0.72 | 2.21 | 61 |

---

------

SEI / PROSPECTUS

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Year | Net<br>Investment<br>Income <sup>(1)</sup> | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Dividends<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total <br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Year | Total<br>Return† | Net Assets<br>End of<br>Year<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net Assets\* | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers) | Ratio of<br>Net<br>Investment<br>Income to <br>Average<br>Net Assets | Portfolio<br>Turnover<br>Rate† |
| Global Managed Volatility Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $11.60 | $0.35 | $1.58 | $1.93 | $(0.40) | $(1.00) | $(1.40) | $12.13 | 17.81% | $2090473 | 0.25%<sup>(2)</sup> | 0.73% | 2.95% | 102% |
| 2024 | 10.66 | 0.34 | 1.30 | 1.64 | (0.33) | (0.37) | (0.70) | 11.60 | 15.84 | 2024260 | 0.24 | 0.72 | 3.04 | 57 |
| 2023 | 11.92 | 0.32 | (0.41) | (0.09) | (0.66) | (0.51) | (1.17) | 10.66 | (0.62) | 2117951 | 0.25 | 0.72 | 2.88 | 67 |
| 2022 | 13.21 | 0.32 | 0.26 | 0.58 | (0.31) | (1.56) | (1.87) | 11.92 | 4.25 | 2457371 | 0.25 | 0.72 | 2.49 | 56 |
| 2021 | 10.88 | 0.28 | 2.29 | 2.57 | (0.24) |  | (0.24) | 13.21 | 23.93 | 2722519 | 0.24 | 0.72 | 2.42 | 53 |
| World Equity Ex-US Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $12.45 | $0.39 | $1.40 | $1.79 | $(0.43) | $(0.07) | $(0.50) | $13.74 | 14.92% | $8412365 | 0.27% | 0.63% | 3.07% | 54% |
| 2024 | 10.71 | 0.34 | 1.75 | 2.09 | (0.35) |  | (0.35) | 12.45 | 19.71 | 7717705 | 0.28 | 0.63 | 2.98 | 76 |
| 2023 | 11.65 | 0.36 | (0.78) | (0.42) | (0.28) | (0.24) | (0.52) | 10.71 | (3.47) | 7416607 | 0.29 | 0.64 | 3.36 | 107 |
| 2022 | 16.57 | 0.36 | (2.17) | (1.81) | (0.37) | (2.74) | (3.11) | 11.65 | (12.53) | 8786841 | 0.28 | 0.63 | 2.52 | 73 |
| 2021 | 11.67 | 0.28 | 4.87 | 5.15 | (0.22) | (0.03) | (0.25) | 16.57 | 44.38 | 10497695 | 0.29 | 0.63 | 1.96 | 85 |
| Screened World Equity Ex-US Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $11.31 | $0.33 | $1.27 | $1.60 | $(0.34) | $(0.13) | $(0.47) | $12.44 | 14.67% | $175851 | 0.35% | 0.82% | 2.89% | 67% |
| 2024 | 9.85 | 0.31 | 1.44 | 1.75 | (0.29) |  | (0.29) | 11.31 | 17.93 | 156418 | 0.36 | 0.83 | 2.93 | 122 |
| 2023 | 10.75 | 0.31 | (0.61) | (0.30) | (0.28) | (0.32) | (0.60) | 9.85 | (2.55) | 140438 | 0.29 | 0.77 | 3.11 | 93 |
| 2022 | 14.56 | 0.33 | (1.76) | (1.43) | (0.28) | (2.10) | (2.38) | 10.75 | (10.99) | 154699 | 0.29 | 0.78 | 2.64 | 84 |
| 2021 | 10.05 | 0.22 | 4.62 | 4.84 | (0.22) | (0.11) | (0.33) | 14.56 | 48.54 | 136932 | 0.36 | 0.82 | 1.78 | 102 |
| Emerging Markets Equity Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $9.70 | $0.27 | $0.79 | $1.06 | $(0.38) | $(0.22) | $(0.60) | $10.16 | 11.47% | $767426 | 0.63% | 0.99% | 2.73% | 54% |
| 2024 | 8.44 | 0.26 | 1.29 | 1.55 | (0.29) |  | (0.29) | 9.70 | 18.66 | 912695 | 0.66 | 1.03 | 2.87 | 71 |
| 2023 | 9.34 | 0.26 | (0.74) | (0.48) | (0.21) | (0.21) | (0.42) | 8.44 | (4.83) | 961247 | 0.63 | 1.19 | 3.05 | 61 |
| 2022 | 12.69 | 0.23 | (1.73) | (1.50) | (0.20) | (1.65) | (1.85) | 9.34 | (13.17) | 1139272 | 0.59 | 1.17 | 2.03 | 86 |
| 2021 | 8.37 | 0.19 | 4.34 | 4.53 | (0.21) |  | (0.21) | 12.69 | 54.35 | 1371657 | 0.61 | 1.18 | 1.79 | 90 |

---

------

SEI / PROSPECTUS

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Year | Net<br>Investment<br>Income <sup>(1)</sup> | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Dividends<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total <br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Year | Total<br>Return† | Net Assets<br>End of<br>Year<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net Assets\* | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers) | Ratio of<br>Net<br>Investment<br>Income to <br>Average<br>Net Assets | Portfolio<br>Turnover<br>Rate† |
| Opportunistic Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $8.03 | $0.54 | $0.01 | $0.55 | $(0.53) | $— | $(0.53) | $8.05 | 7.06% | $406809 | 0.29% | 0.57% | 6.67% | 48% |
| 2024 | 7.85 | 0.55 | 0.19 | 0.74 | (0.56) |  | (0.56) | 8.03 | 9.78 | 397223 | 0.28 | 0.55 | 6.98 | 37 |
| 2023 | 7.91 | 0.42 | (0.08) | 0.34 | (0.40) |  | (0.40) | 7.85 | 4.44 | 532975 | 0.25 | 0.52 | 5.35 | 33 |
| 2022 | 8.20 | 0.21 | (0.29) | (0.08) | (0.21) |  | (0.21) | 7.91 | (0.97) | 666905 | 0.23 | 0.52 | 2.56 | 45 |
| 2021 | 7.87 | 0.23 | 0.32 | 0.55 | (0.22) |  | (0.22) | 8.20 | 7.10 | 993299 | 0.23 | 0.52 | 2.83 | 62 |
| Core Fixed Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $8.64 | $0.39 | $0.12 | $0.51 | $(0.38) | $— | $(0.38) | $8.77 | 5.90% | $8868764 | 0.12% | 0.37% | 4.45% | 373% |
| 2024 | 8.87 | 0.38 | (0.24) | 0.14 | (0.37) |  | (0.37) | 8.64 | 1.59 | 7260855 | 0.13 | 0.37 | 4.34 | 311 |
| 2023 | 9.39 | 0.31 | (0.52) | (0.21) | (0.31) |  | (0.31) | 8.87 | (2.16) | 7365104 | 0.12 | 0.37 | 3.47 | 321 |
| 2022 | 10.47 | 0.18 | (1.06) | (0.88) | (0.20) |  | (0.20) | 9.39 | (8.52) | 8516949 | 0.12 | 0.36 | 1.77 | 380 |
| 2021 | 10.96 | 0.19 | (0.07) | 0.12 | (0.22) | (0.39) | (0.61) | 10.47 | 1.00 | 9105850 | 0.12 | 0.36 | 1.73 | 386 |
| High Yield Bond Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $7.02 | $0.67 | $(0.01) | $0.66 | $(0.63) | $— | $(0.63) | $7.05 | 9.65% | $2004311 | 0.29% | 0.57% | 9.38% | 53% |
| 2024 | 7.11 | 0.63 | 0.20 | 0.83 | (0.74) | (0.18) | (0.92) | 7.02 | 12.30 | 1825445 | 0.29 | 0.57 | 8.84 | 57 |
| 2023 | 8.05 | 0.55 | (0.66) | (0.11) | (0.63) | (0.20) | (0.83) | 7.11 | (1.20) | 1892537 | 0.28 | 0.56 | 7.40 | 42 |
| 2022 | 8.84 | 0.53 | (0.78) | (0.25) | (0.54) |  | (0.54) | 8.05 | (3.09) | 2262547 | 0.28 | 0.56 | 6.08 | 50 |
| 2021 | 7.74 | 0.47 | 1.25 | 1.72 | (0.52) | (0.10) | (0.62) | 8.84 | 22.88 | 2843123 | 0.29 | 0.55 | 5.61 | 78 |
| Long Duration Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $5.87 | $0.29 | $(0.14) | $0.15 | $(0.29) | $— | $(0.29) | $5.73 | 2.52% | $495003 | 0.16% | 0.39% | 4.93% | 176% |
| 2024 | 6.19 | 0.29 | (0.32) | (0.03) | (0.29) |  | (0.29) | 5.87 | (0.45) | 382975 | 0.15 | 0.38 | 4.85 | 105 |
| 2023 | 6.87 | 0.28 | (0.68) | (0.40) | (0.28) |  | (0.28) | 6.19 | (5.82) | 592257 | 0.14 | 0.37 | 4.40 | 109 |
| 2022 | 8.44 | 0.26 | (1.44) | (1.18) | (0.26) | (0.13) | (0.39) | 6.87 | (14.66) | 709737 | 0.14 | 0.37 | 3.15 | 127 |
| 2021 | 9.57 | 0.28 | (0.29) | (0.01) | (0.28) | (0.84) | (1.12) | 8.44 | (0.79) | 1297932 | 0.14 | 0.37 | 3.05 | 105 |

---

------

SEI / PROSPECTUS

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Year | Net<br>Investment<br>Income <sup>(1)</sup> | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Dividends<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total <br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Year | Total<br>Return† | Net Assets<br>End of<br>Year<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net Assets\* | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers) | Ratio of<br>Net<br>Investment<br>Income to <br>Average<br>Net Assets | Portfolio<br>Turnover<br>Rate† |
| Long Duration Credit Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $7.76 | $0.39 | $(0.18) | $0.21 | $(0.39) | $— | $(0.39) | $7.58 | 2.60% | $3010429 | 0.15% | 0.37% | 4.92% | 79% |
| 2024 | 8.06 | 0.38 | (0.30) | 0.08 | (0.38) |  | (0.38) | 7.76 | 1.06 | 3159355 | 0.15 | 0.37 | 4.85 | 84 |
| 2023 | 8.90 | 0.36 | (0.84) | (0.48) | (0.36) |  | (0.36) | 8.06 | (5.33) | 3081833 | 0.15 | 0.37 | 4.42 | 75 |
| 2022 | 11.10 | 0.35 | (1.88) | (1.53) | (0.35) | (0.32) | (0.67) | 8.90 | (14.73) | 2827904 | 0.14 | 0.37 | 3.22 | 85 |
| 2021 | 11.90 | 0.36 | (0.25) | 0.11 | (0.37) | (0.54) | (0.91) | 11.10 | 0.52 | 4548557 | 0.14 | 0.37 | 3.08 | 56 |
| Ultra Short Duration Bond Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $9.90 | $0.49 | $0.06 | $0.55 | $(0.48) | $— | $(0.48) | $9.97 | 5.63% | $455543 | 0.14% | 0.25% | 4.93% | 77% |
| 2024 | 9.79 | 0.48 | 0.10 | 0.58 | (0.47) |  | (0.47) | 9.90 | 6.09 | 501986 | 0.15 | 0.25 | 4.86 | 53 |
| 2023 | 9.81 | 0.26 | (0.01) | 0.25 | (0.27) |  | (0.27) | 9.79 | 2.56 | 333639 | 0.12 | 0.22 | 2.68 | 48 |
| 2022 | 10.02 | 0.08 | (0.20) | (0.12) | (0.09) |  | (0.09) | 9.81 | (1.22) | 523552 | 0.12 | 0.22 | 0.78 | 55 |
| 2021 | 9.99 | 0.10 | 0.04 | 0.14 | (0.11) |  | (0.11) | 10.02 | 1.45 | 723281 | 0.12 | 0.22 | 1.01 | 79 |
| Emerging Markets Debt Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $8.47 | $0.64 | $0.18 | $0.82 | $(0.50) | $— | $(0.50) | $8.79 | 10.00% | $1676351 | 0.44% | 0.73% | 7.42% | 142% |
| 2024 | 8.26 | 0.57 | 0.29 | 0.86 | (0.65) |  | (0.65) | 8.47 | 10.75 | 1634921 | 0.43 | 0.78 | 6.73 | 102 |
| 2023 | 8.33 | 0.51 | (0.41) | 0.10 | (0.17) |  | (0.17) | 8.26 | 1.22 | 1790312 | 0.42 | 0.95 | 6.37 | 82 |
| 2022 | 10.29 | 0.48 | (2.04) | (1.56) | (0.40) |  | (0.40) | 8.33 | (15.65) | 1973188 | 0.41 | 0.94 | 5.06 | 76 |
| 2021 | 9.37 | 0.48 | 0.64 | 1.12 | (0.20) |  | (0.20) | 10.29 | 12.04 | 2395679 | 0.40 | 0.94 | 4.72 | 81 |
| Real Return Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $9.14 | $0.33 | $0.30 | $0.63 | $(0.37) | $— | $(0.37) | $9.40 | 7.07% | $254149 | 0.02% | 0.29% | 3.58% | 34% |
| 2024 | 9.06 | 0.33 | 0.04 | 0.37 | (0.29) |  | (0.29) | 9.14 | 4.25 | 271349 | 0.02 | 0.29 | 3.71 | 45 |
| 2023 | 9.79 | 0.41 | (0.62) | (0.21) | (0.52) |  | (0.52) | 9.06 | (2.09) | 313023 | 0.02 | 0.29 | 4.48 | 40 |
| 2022 | 10.23 | 0.71 | (0.50) | 0.21 | (0.65) |  | (0.65) | 9.79 | 2.06 | 294248 | 0.02 | 0.29 | 7.08 | 36 |
| 2021 | 9.68 | 0.24 | 0.45 | 0.69 | (0.14) |  | (0.14) | 10.23 | 7.21 | 335816 | 0.02 | 0.29 | 2.41 | 46 |

---

------

SEI / PROSPECTUS

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Asset<br>Value,<br>Beginning<br>of Year | Net<br>Investment<br>Income <sup>(1)</sup> | Net Realized<br>and Unrealized<br>Gains (Losses) | Total<br>from<br>Operations | Dividends<br>from Net<br>Investment<br>Income | Distributions<br>from Net<br>Realized<br>Capital<br>Gains | Total <br>Distributions | Net<br>Asset<br>Value,<br>End of<br>Year | Total<br>Return† | Net Assets<br>End of<br>Year<br>($ Thousands) | Ratio of<br>Net<br>Expenses<br>to<br>Average<br>Net Assets\* | Ratio of<br>Expenses<br>to Average<br>Net Assets<br>(Excluding<br>Waivers) | Ratio of<br>Net<br>Investment<br>Income to <br>Average<br>Net Assets | Portfolio<br>Turnover<br>Rate† |
| Limited Duration Bond Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $9.48 | $0.44 | $0.14 | $0.58 | $(0.43) | $— | $(0.43) | $9.63 | 6.23% | $1967138 | 0.11%<sup>(3)</sup> | 0.33% | 4.60% | 289% |
| 2024 | 9.48 | 0.42 | (0.01) | 0.41 | (0.41) |  | (0.41) | 9.48 | 4.46 | 2225811 | 0.11 | 0.33 | 4.44 | 284 |
| 2023 | 9.66 | 0.26 | (0.18) | 0.08 | (0.26) |  | (0.26) | 9.48 | 0.84 | 2024072 | 0.11 | 0.32 | 2.75 | 238 |
| 2022 | 10.08 | 0.10 | (0.38) | (0.28) | (0.11) | (0.03) | (0.14) | 9.66 | (2.81) | 1609322 | 0.11 | 0.32 | 1.01 | 195 |
| 2021 | 10.13 | 0.12 | 0.08 | 0.20 | (0.14) | (0.11) | (0.25) | 10.08 | 1.89 | 1526502 | 0.11 | 0.32 | 1.22 | 155 |
| Intermediate Duration Credit Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $8.69 | $0.41 | $0.07 | $0.48 | $(0.41) | $— | $(0.41) | $8.76 | 5.54% | $4123796 | 0.14% | 0.32% | 4.61% | 130% |
| 2024 | 8.76 | 0.38 | (0.07) | 0.31 | (0.38) |  | (0.38) | 8.69 | 3.64 | 3975260 | 0.15 | 0.32 | 4.38 | 124 |
| 2023 | 9.24 | 0.32 | (0.48) | (0.16) | (0.32) |  | (0.32) | 8.76 | (1.72) | 4159244 | 0.15 | 0.32 | 3.62 | 136 |
| 2022 | 10.61 | 0.26 | (1.24) | (0.98) | (0.26) | (0.13) | (0.39) | 9.24 | (9.56) | 3468050 | 0.15 | 0.32 | 2.49 | 135 |
| 2021 | 10.88 | 0.29 | (0.03) | 0.26 | (0.29) | (0.24) | (0.53) | 10.61 | 2.30 | 3938939 | 0.15 | 0.32 | 2.62 | 103 |
| Dynamic Asset Allocation Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $21.41 | $0.39 | $2.79 | $3.18 | $(0.39) | $(5.58) | $(5.97) | $18.62 | 15.83% | $1684842 | 0.03% | 0.67% | 1.88% | 26% |
| 2024 | 19.05 | 0.42 | 4.32 | 4.74 | (0.24) | (2.14) | (2.38) | 21.41 | 26.35 | 1701367 | 0.03 | 0.67 | 2.07 | 2 |
| 2023 | 21.93 | 0.35 | (0.59) | (0.24) | (0.98) | (1.66) | (2.64) | 19.05 | (0.22) | 1756309 | 0.07 | 0.67 | 1.79 | 25 |
| 2022 | 25.07 | 0.29 | 0.82 | 1.11 | (1.55) | (2.70) | (4.25) | 21.93 | 3.00 | 1883125 | 0.08 | 0.67 | 1.17 | 13 |
| 2021 | 19.41 | 0.30 | 7.99 | 8.29 | (0.44) | (2.19) | (2.63) | 25.07 | 45.21 | 2059300 | 0.08 | 0.66 | 1.34 | 17 |
| Multi-Asset Real Return Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A | CLASS A |
| 2025 | $7.35 | $0.30 | $(0.01) | $0.29 | $(0.36) | $— | $(0.36) | $7.28 | 4.17% | $781955 | 0.59%<sup>(4)</sup> | 1.01% | 4.06% | 41% |
| 2024 | 7.11 | 0.34 | 0.17 | 0.51 | (0.27) |  | (0.27) | 7.35 | 7.27 | 805347 | 1.29<br><sup>(5)</sup> | 1.71 | 4.69 | 44 |
| 2023 | 8.61 | 0.33 | (0.81) | (0.48) | (1.02) |  | (1.02) | 7.11 | (6.04) | 801743 | 1.03<br><sup>(5)</sup> | 1.44 | 4.19 | 96 |
| 2022 | 8.21 | 0.36 | 0.84 | 1.20 | (0.80) |  | (0.80) | 8.61 | 15.80 | 784563 | 0.41<br><sup>(5)</sup> | 0.82 | 4.32 | 54 |
| 2021 | 7.36 | 0.20 | 0.83 | 1.03 | (0.18) |  | (0.18) | 8.21 | 14.17 | 711205 | 0.43<br><sup>(5)</sup> | 0.84 | 2.58 | 63 |

---

\* Includes Fees Paid Indirectly, if applicable. There was no impact to the expense ratios. See Note 6 in Notes to Financial Statements.

† Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.

------

SEI / PROSPECTUS

(1) Per share calculated using average shares.

(2) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.24%.

(3) The expense ratio includes a proxy fee expense. Had this expense been excluded the ratio would have been 0.10%.

(4) The expense ratio includes dividend, interest, and proxy fee expense. Had this expense been excluded the ratio would have been 0.21%.

(5) The expense ratio includes interest expense on reverse repurchase agreements and dividend expense on securities sold short. Had this expense been excluded the ratio would have been 0.21%.

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

------

![](j25226232_za028.jpg)

Investment Adviser

SEI Investments Management Corporation

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Distributor

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Legal Counsel

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

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

Statement of Additional Information (SAI)

The SAI dated September 30, 2025 includes more detailed information about SEI Institutional Investments Trust. The SAI is on file with the U.S. Securities and Exchange Commission (SEC) and is incorporated by reference into this prospectus. This means that the SAI, for legal purposes, is a part of this prospectus.

Annual and Semi-Annual Reports

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

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

By Telephone: Call 1-800-DIAL-SEI

By Mail: Write to the Funds at:

One Freedom Valley Drive

Oaks, Pennsylvania 19456

By Internet: www.seic.com/fundprospectuses.

From the SEC: You can also obtain the SAI or the Annual and Semi-Annual Reports, as well as other information about SEI Institutional Investments Trust, from the EDGAR Database on the SEC's website ("http://www.sec.gov"). You may request documents by mail from the SEC, upon payment of a duplicating fee, by e-mailing the SEC at the following public address: publicinfo@sec.gov.

SEI Institutional Investments Trust's Investment Company Act registration number is 811-07257.

SEI-F-145 (9/25)

seic.com

------

STATEMENT OF ADDITIONAL INFORMATION

SEI INSTITUTIONAL INVESTMENTS TRUST

Class A Shares

Large Cap Fund (SLCAX)

Large Cap Disciplined Equity Fund (SCPAX)

Large Cap Index Fund (LCIAX)

S&P 500 Index Fund (SPINX)

Extended Market Index Fund (SMXAX)

Small Cap Fund (SLPAX)

Small Cap II Fund (SECAX)

Small/Mid Cap Equity Fund (SSMAX)

U.S. Equity Factor Allocation Fund (SEHAX)

U.S. Managed Volatility Fund (SVYAX)

Global Managed Volatility Fund (SGMAX)

World Equity Ex-US Fund (WEUSX)

Screened World Equity Ex-US Fund (SSEAX)

Emerging Markets Equity Fund (SMQFX)

Opportunistic Income Fund (ENIAX)

Core Fixed Income Fund (SCOAX)

High Yield Bond Fund (SGYAX)

Long Duration Fund (LDRAX)

Long Duration Credit Fund (SLDAX)

Ultra Short Duration Bond Fund (SUSAX)

Emerging Markets Debt Fund (SEDAX)

Real Return Fund (RRPAX)

Limited Duration Bond Fund (SLDBX)

Intermediate Duration Credit Fund (SIDCX)

Dynamic Asset Allocation Fund (SDLAX)

Multi-Asset Real Return Fund (SEIAX)

Adviser:

SEI Investments Management Corporation

Administrator:

SEI Investments Global Funds Services

Distributor:

SEI Investments Distribution Co.

Sub-Advisers:

Acadian Asset Management LLC

AllianceBernstein L.P.

Allspring Global Investments, LLC

Ares Capital Management II LLC

Artisan Partners Limited Partnership

Axiom Investors LLC

Benefit Street Partners L.L.C.

Brandywine Global Investment Management, LLC

Brickwood Asset Management LLP

Brigade Capital Management, LP

Causeway Capital Management LLC

Colchester Global Investors Ltd

Copeland Capital Management, LLC

Cullen Capital Management LLC

Delaware Investments Fund Advisers, a series of

Macquarie Investment Management

Business Trust

Easterly Investment Partners LLC

Franklin Advisers, Inc.

Fred Alger Management, LLC

Geneva Capital Management LLC

Grantham, Mayo, Van Otterloo & Co. LLC

Income Research + Management

Invesco Advisers, Inc.

Jackson Creek Investment Advisors LLC

Jennison Associates LLC

JOHCM (USA) Inc.

J.P. Morgan Investment Management Inc.

Lazard Asset Management LLC

Leeward Investments, LLC

Legal & General Investment Management America, Inc.

Los Angeles Capital Management LLC

LSV Asset Management

Mackenzie Investments Corporation

Manulife Investment Management (US) LLC

Marathon Asset Management, L.P.

Martingale Asset Management, L.P.

MetLife Investment Management, LLC

Metropolitan West Asset Management, LLC

PineStone Asset Management Inc.

Pzena Investment Management, LLC

Robeco Institutional Asset Management US Inc.

RWC Asset Advisors (US) LLC

SSGA Funds Management, Inc.

The Informed Momentum Company LLC

T. Rowe Price Associates, Inc.

UBS Asset Management (Americas) LLC

WCM Investment Management, LLC

Wellington Management Company LLP

This Statement of Additional Information is not a prospectus. It is intended to provide additional information regarding the activities and operations of SEI Institutional Investments Trust (the "Trust") and should be read in conjunction with the Trust's prospectus relating to Class A Shares of the Large Cap Fund, Large Cap Disciplined Equity Fund, Large Cap Index Fund, S&P 500 Index Fund, Extended Market Index Fund, Small Cap Fund, Small Cap II Fund, Small/Mid Cap Equity Fund, U.S. Equity Factor Allocation Fund, U.S. Managed Volatility Fund, Global Managed Volatility Fund, World Equity Ex-US Fund, Screened World Equity Ex-US Fund, Emerging Markets Equity Fund, Opportunistic Income Fund, Core Fixed Income Fund, High Yield Bond Fund, Long Duration Fund, Long Duration Credit Fund, Ultra Short Duration Bond Fund, Emerging Markets Debt Fund, Real Return Fund, Limited Duration Bond Fund, Intermediate Duration Credit Fund, Dynamic Asset Allocation Fund and Multi-Asset Real Return Fund (the "Prospectus") dated September 30, 2025. A Prospectus may be obtained upon request and without charge by writing the Trust's distributor, SEI Investments Distribution Co., One Freedom Valley Drive, Oaks, Pennsylvania 19456, or by calling 1-800-342-5734.

[The Trust's financial statements for the fiscal year ended May 31, 2025, including notes thereto and the report of the Independent Registered Public Accounting Firm thereon are included in the most recent Form N-CSR for the Funds and are incorporated herein by reference to this SAI.](https://www.sec.gov/ix?doc=/Archives/edgar/data/939934/000139834425014811/fp0094596-1_ncsrixbrl.htm) Shareholders may obtain copies of the Prospectus, the Funds' annual or semi-annual report, and other information such as the Funds' financial statements free of charge online or by calling 1-800-DIAL-SEI. Unless you have elected to receive paper copies of the shareholder reports, you will be notified by mail each time a report is posted on the Funds' website and provided with a link to access the report online.

September 30, 2025

SEI-F-049 (9/25)

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| GLOSSARY OF TERMS | S-1 |
| THE TRUST | S-3 |
| INVESTMENT OBJECTIVES AND POLICIES | S-3 |
| DESCRIPTION OF PERMITTED INVESTMENTS AND RISK FACTORS | S-22 |
| Alternative Strategies | S-22 |
| American Depositary Receipts | S-24 |
| Artificial Intelligence Technology | S-25 |
| Asset-Backed Securities | S-25 |
| Collateralized Debt Obligations | S-26 |
| Commercial Paper | S-27 |
| Commodity Investments | S-27 |
| Construction Loans | S-28 |
| Country Concentration | S-28 |
| Credit-Linked Notes | S-28 |
| Current Market Conditions Risk | S-29 |
| Demand Instruments | S-29 |
| Derivatives | S-29 |
| Distressed Securities | S-31 |
| Dollar Rolls | S-31 |
| Equity-Linked Warrants | S-32 |
| Equity Securities | S-32 |
| Eurobonds | S-33 |
| Exchange-Traded Products | S-33 |
| Fixed Income Securities | S-35 |
| Foreign Securities and Emerging Frontier Markets | S-37 |
| Forward Foreign Currency Contracts | S-42 |
| Futures and Options on Futures | S-45 |
| High Yield Foreign Sovereign Debt Securities | S-46 |
| Illiquid Securities | S-47 |
| Interfund Lending and Borrowing Arrangements | S-47 |
| Investment Companies | S-47 |
| Investment in Subsidiary | S-49 |
| Loan Participations and Assignments | S-51 |
| Money Market Securities | S-51 |
| Mortgage-Backed Securities | S-51 |
| Mortgage Dollar Rolls | S-54 |
| Municipal Securities | S-54 |
| Non-Diversification | S-55 |
| Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks | S-55 |
| Obligations of Supranational Entities | S-56 |
| Options | S-56 |
| Participation Notes | S-57 |
| Pay-In-Kind Bonds | S-58 |
| Privatizations | S-58 |
| Put Transactions | S-58 |
| Quantitative Investing | S-59 |
| Real Estate Investment Trusts | S-59 |
| Real Estate Operating Companies | S-59 |
| Receipts | S-59 |
| Repurchase Agreements | S-60 |
| Restricted Securities | S-60 |
| Reverse Repurchase Agreements and Sale-Buybacks | S-60 |

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| | |
|:---|:---|
| Risks of Cyber Attacks | S-61 |
| Securities Lending | S-61 |
| Short Sales | S-62 |
| Social Investment Criteria | S-62 |
| Sovereign Debt | S-63 |
| Special Purpose Acquisition Companies  | S-63 |
| Structured Securities | S-63 |
| Swaps, Caps, Floors, Collars and Swaptions | S-64 |
| Tracking Error | S-66 |
| U.S. Government Securities | S-66 |
| Variable and Floating Rate Instruments | S-67 |
| When-Issued and Delayed Delivery Securities | S-68 |
| Yankee Obligations | S-68 |
| Zero Coupon Securities | S-68 |
| INVESTMENT LIMITATIONS | S-69 |
| THE ADMINISTRATOR AND TRANSFER AGENT | S-77 |
| THE ADVISER AND THE SUB-ADVISERS | S-79 |
| DISTRIBUTION AND SHAREHOLDER SERVICING | S-168 |
| SECURITIES LENDING ACTIVITY | S-169 |
| TRUSTEES AND OFFICERS OF THE TRUST | S-170 |
| PROXY VOTING POLICIES AND PROCEDURES | S-178 |
| PURCHASE AND REDEMPTION OF SHARES | S-182 |
| REDEMPTIONS IN-KIND | S-183 |
| TAXES | S-183 |
| FUND PORTFOLIO TRANSACTIONS | S-193 |
| DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION | S-199 |
| DESCRIPTION OF SHARES | S-200 |
| LIMITATION OF TRUSTEES' LIABILITY | S-200 |
| CODES OF ETHICS | S-200 |
| VOTING | S-200 |
| SHAREHOLDER LIABILITY | S-201 |
| CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES | S-201 |
| MASTER/FEEDER OPTION | S-209 |
| DISCLAIMER | S-209 |
| CUSTODIANS | S-210 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | S-210 |
| LEGAL COUNSEL | S-210 |
| APPENDIX A—DESCRIPTION OF RATINGS | A-1 |

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September 30, 2025

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GLOSSARY OF TERMS

The following terms are used throughout this SAI, and have the meanings set forth below. Because the following is a combined glossary of terms used for all the SEI Funds, certain terms below may not apply to your fund. Any terms used but not defined herein have the meaning ascribed to them in the applicable Fund's prospectus or as otherwise defined in this SAI.

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| | |
|:---|:---|
| *Term* | *Definition* |
| 1933 Act | Securities Act of 1933, as amended |
| 1940 Act | Investment Company Act of 1940, as amended |
| ADRs | American Depositary Receipts |
| ARMS | Adjustable Rate Mortgage Securities |
| BHCA | Bank-Holding Company Act |
| Bank Loan <br>Rate | The rate of interest that would be charged by a <br>bank for short-term borrowings |
| Board | The Trust's Board of Trustees |
| CATS | Certificates of Accrual on Treasury Securities |
| CDOs | Collateralized Debt Obligations |
| CDRs | Continental Depositary Receipts |
| CFTC | Commodity Futures Trading Commission |
| CLCs | Construction Loan Certificates |
| CLOs | Collateralized Loan Obligations |
| CMBS | Commercial Mortgage-Backed Securities |
| CMOs | Collateralized Mortgage Obligations |
| Code | Internal Revenue Code of 1986, as amended |
| Confidential <br>Information | Material, non-public information |
| Dodd-Frank <br>Act | Dodd-Frank Wall Street Reform and Consumer <br>Protections Act |
| EDRs | European Depositary Receipts |
| ETFs | Exchange-Traded Funds |
| ETNs | Exchange-Traded Notes |
| ETPs | Exchange-Traded Products |
| EU | European Union |
| Fannie Mae | Federal National Mortgage Association |
| FHA | Federal Housing Administration |
| Freddie Mac | Federal Home Loan Mortgage Corporation |
| GDRs | Global Depositary Receipts |
| GNMA | Government National Mortgage Association |
| IFA | Insurance Funding Agreement |
| IO | Interest-Only Security |
| IRS | Internal Revenue Service |
| LYONs | Liquid Yield Option Notes |
| MLPs | Master Limited Partnerships |
| Moody's | Moody's Investors Service, Inc. |
| NAV | Net Asset Value |
| NDFs | Non-Deliverable Forwards |
| NRSRO | Nationally Recognized Statistical Rating Organization |
| OTC | Over-the-Counter |
| PAC Bonds | Planned Amortization Class CMOs |
| PIPEs | Private Investments in Public Equity |
| PLC | Permanent Loan Certificate |
| P-Notes | Participation Notes |

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| | |
|:---|:---|
| *Term* | *Definition* |
| PO | Principal-Only Security |
| Program | SEI Funds' interfund lending program |
| QFII | Qualified Foreign Institutional Investor |
| QPTPs | Qualified Publicly Traded Partnerships |
| REITs | Real Estate Investment Trusts |
| REMIC Certificates | REMIC pass-through certificates |
| REMICs | Real Estate Mortgage Investment Conduits |
| REOCs | Real Estate Operating Companies |
| Repo Rate | rate of interest for an investment in overnight <br>repurchase agreements |
| RIC | Regulated Investment Company |
| S&P | Standard & Poor's Rating Group |
| SEC | U.S. Securities and Exchange Commission |
| SEI Funds | The existing or future investment companies <br>registered under the 1940 Act that are advised <br>by SIMC |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separately Traded Registered Interest and Principal Securities |
| Subsidiary | A wholly-owned subsidiary organized under the laws <br>of the Cayman Islands |
| TIGRs | Treasury Investment Growth Receipts |
| TRs | Treasury Receipts |
| UK | United Kingdom |
| World Bank | International Bank of Reconstruction and Development |
| Yankees | Yankee Obligations |

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THE TRUST

SEI Institutional Investments Trust (the "Trust") is an open-end management investment company that has diversified and non-diversified funds (only the Emerging Markets Debt Fund is non-diversified). The Trust was organized as a Massachusetts business trust under a Declaration of Trust dated March 1, 1995. The Declaration of Trust permits the Trust to offer separate series ("funds") of units of beneficial interest ("shares") and different classes of shares. At this time shareholders may purchase only Class A shares of a fund. Each share of a fund represents an equal proportionate interest in that fund with each other share of that fund.

The management and affairs of the Trust are supervised by a Board of Trustees (each member, a "Trustee" and collectively, the "Trustees" or the Board) under the laws of the Commonwealth of Massachusetts. The Trustees have approved contracts under which, as described in this Statement of Additional Information ("SAI"), certain companies provide essential management services to the Trust. All consideration received by the Trust for shares of any fund, and all assets of such fund, belong to that fund and would be subject to the liabilities related thereto. The Trust pays its expenses, including, among others, the fees of its service providers, audit and legal expenses, expenses of preparing prospectuses, proxy solicitation materials and reports to shareholders, costs of custodial services and registering the shares under federal and state securities laws, pricing, insurance expenses, litigation and other extraordinary expenses, brokerage costs, interest charges, taxes and organizational expenses.

This SAI relates to the following funds: Large Cap, Large Cap Disciplined Equity, Large Cap Index, S&P 500 Index, Extended Market Index, Small Cap, Small Cap II, Small/Mid Cap Equity, U.S. Equity Factor Allocation, U.S. Managed Volatility, Global Managed Volatility, World Equity Ex-US, Screened World Equity Ex-US, Emerging Markets Equity, Opportunistic Income, Core Fixed Income, High Yield Bond, Long Duration, Long Duration Credit, Ultra Short Duration Bond, Emerging Markets Debt, Real Return, Limited Duration Bond, Intermediate Duration Credit, Dynamic Asset Allocation and Multi-Asset Real Return Funds (each, a "Fund" and together, the "Funds").

The investment adviser, SEI Investments Management Corporation ("SIMC" or the "Adviser"), and investment sub-advisers (each, a "Sub-Adviser" and together, the "Sub-Advisers").

INVESTMENT OBJECTIVES AND POLICIES

LARGE CAP FUND—The Large Cap Fund seeks to provide long-term growth of capital and income.

Under normal circumstances, the Large Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies.

For purposes of this Fund, a large company is a company with a market capitalization in the range of companies in the Russell 1000 Index (between $828 million and $4.3 trillion as of July 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 1000 Index are subject to change. These securities may include common stocks, preferred stocks, warrants and ETFs and may in some instances be foreign securities or represent exposure to foreign markets. The Fund may also, to a lesser extent, invest in common and preferred stocks of small capitalization companies. The Fund uses a multi-manager approach, relying on a number of Sub-Advisers with differing investment philosophies and strategies to manage portions of the Fund's portfolio under the general supervision of SIMC.

LARGE CAP DISCIPLINED EQUITY FUND—The Large Cap Disciplined Equity Fund seeks to provide capital appreciation.

Under normal circumstances, the Large Cap Disciplined Equity Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large companies. These securities may include common stocks, preferred stocks, depositary receipts, warrants, ETFs and REITs based on a large capitalization equity index and equity securities of foreign companies. The Fund will invest primarily in common stocks of U.S. companies with market capitalizations in the range of companies in the S&P 500 Index (between $4.2 billion and $4.3 trillion as of July 31, 2025) at the time of purchase. The market

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capitalization range and the composition of the S&P 500 Index are subject to change. The Fund may also, to a lesser extent, invest in common and preferred stocks of small capitalization companies.

The Fund seeks to exceed the total return of the S&P 500 Index, with a similar level of volatility, by investing primarily in a portfolio of common stocks included in the S&P 500 Index, as well as other equity investments and derivative instruments whose value is derived from the performance of the S&P 500 Index. The Fund uses a multi-manager approach, relying on one or more Sub-Advisers with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SIMC. The Fund may employ Sub-Advisers that use a variety of different methods to seek to outperform the Fund's benchmark, including purchasing stocks with strong anticipated future earnings growth, selecting stocks that a Sub-Adviser believes are undervalued relative to their fundamentals, capturing returns from the natural volatility of the market and employing strategies that rotate among various sectors of the market. The Fund may also utilize one or more additional Sub-Advisers who manage in a complementary style with the objective to seek to add value over the S&P 500 Index while maintaining a similar level of volatility to the S&P 500 Index. Due to its investment strategy, the Fund may buy and sell securities frequently.

One or more Sub-Adviser(s) may implement a long/short equity investment strategy by investing in securities believed to offer capital appreciation opportunities while also attempting to take advantage of an anticipated decline in the price of a company. A long/short equity investment strategy takes (i) long positions with respect to investments that the Sub-Adviser believes to be undervalued relative to their potential and likely to increase in price, and (ii) short positions (including through derivative instruments such as swaps) with respect to investments that the Sub-Adviser believes to be overvalued and likely to decrease in price. A long/short equity investment strategy seeks returns from strong security selection on both the long and short sides. These long and short positions may be completely unrelated.

LARGE CAP INDEX FUND—The Large Cap Index Fund seeks to provide investment results that correspond to the aggregate price and dividend performance of the securities in the Russell 1000 Index.

The Large Cap Index Fund invests substantially all of its assets (at least 80%) in securities listed in the Russell 1000 Index. The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe and includes approximately 1,000 of the largest securities based on their market capitalization. The Fund's investment performance will depend on the Fund's tracking of the Russell 1000 Index and the performance of the Russell 1000 Index. The Fund's ability to replicate the performance of the Russell 1000 Index will depend to some extent on the size and timing of cash flows into and out of the Fund, as well as on the level of the Fund's expenses.

The Fund's Sub-Adviser selects the Fund's securities under the general supervision of SIMC, but the Sub-Adviser makes no attempt to "manage" the Fund in the traditional sense (*i.e.*, by using economic, market or financial analyses). Instead, the Sub-Adviser generally will attempt to invest in securities composing the Russell 1000 Index in approximately the same proportions as they are represented in the Russell 1000 Index. It may not be possible or practicable to purchase all of the securities composing the Russell 1000 Index or to hold them in the same weightings as they are represented in the Russell 1000 Index. In those cases, the Sub-Adviser may employ a sampling or optimization technique to replicate the Russell 1000 Index. In seeking to replicate the performance of the Russell 1000 Index, the Fund may invest, to a lesser extent, in ADRs. The Fund may also invest in securities of companies located in developed foreign countries and securities of small capitalization companies. The Sub-Adviser may, but is not required to, sell an investment if the merit of the investment has been substantially impaired by extraordinary events, such as fraud or a material adverse change in an issuer, or adverse financial conditions. The Fund's return may not match the return of the Russell 1000 Index. The Russell 1000 Index's market capitalization range and the composition of the Russell 1000 Index are subject to change.

S&P 500 INDEX FUND—The S&P 500 Index Fund seeks to provide investment results that correspond to the aggregate price and dividend performance of the securities in the S&P 500 Index.

The Fund invests substantially all of its assets (at least 80%) in securities listed in the S&P 500 Index, which is composed of approximately 500 leading U.S. publicly traded companies from a broad range of industries

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(mostly common stocks). The Fund's investment results are expected to correspond to the aggregate price and dividend performance of the S&P 500 Index before the fees and expenses of the Fund.

The equity securities in which the Fund invests are common stocks, preferred stocks, securities convertible into common stock and ADRs. The Fund may also: (i) invest in U.S. dollar-denominated obligations or securities of foreign issuers; (ii) purchase shares of REITs; (iii) invest a portion of its assets in securities of foreign companies located in developed foreign countries; (iv) invest a portion of its assets in securities of small capitalization companies; and (v) invest cash reserves in securities issued by the U.S. Government, its agencies or instrumentalities, bankers' acceptances, commercial paper of appropriate credit quality, as determined by the Fund's Sub-Adviser, certificates of deposit and repurchase agreements involving such obligations although such investments will not be used for defensive purposes.

The Fund may enter into stock index futures contracts to maintain adequate liquidity to meet its redemption demands while maximizing the level of the Fund's assets that are tracking the performance of the S&P 500 Index, provided that the value of these contracts does not exceed 20% of the Fund's total assets. The Fund may only purchase those stock index futures contracts—such as futures contracts on the S&P 500 Index—that are likely to closely replicate the performance of the S&P 500 Index. The Fund also can sell such futures contracts in order to close out a previously established position. The Fund will not enter into any stock index futures contract for the purpose of speculation, and will only enter into contracts traded on national securities exchanges with standardized maturity dates.

The Fund may lend a portion of its assets to qualified institutions for the purpose of realizing additional income. The Fund may invest in illiquid securities; however, not more than 10% of its total assets will be invested in such instruments. The Fund may enter into forward commitments, or purchase securities on a when-issued or delayed delivery basis.

The Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. Pursuant to orders issued by the SEC to certain ETF complexes and procedures approved by the Board, the Fund may invest in such ETFs in excess of the limitations otherwise imposed by the federal securities laws, provided that the Fund otherwise complies with the conditions of the applicable SEC orders, as they may be amended, and any other investment limitations applicable to the Fund. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

The Fund's investment performance will depend on the Fund's tracking of the S&P 500 Index and the performance of the S&P 500 Index. The Fund's ability to replicate the performance of the S&P 500 Index will depend to some extent on the size and timing of cash flows into and out of the Fund, as well as on the level of the Fund's expenses. The Fund may use futures contracts to obtain exposure to the equity market during high volume periods of investment into the Fund. Adjustments made to accommodate cash flows will track the S&P 500 Index to the maximum extent possible, and may result in brokerage expenses for the Fund. Over time, the correlation between the performance of the Fund and the S&P 500 Index is expected to be over 0.95. A correlation of 1.00 would indicate perfect correlation, which would be achieved when the net asset value of the Fund, including the value of its dividend and capital gains distributions, increased or decreased in exact proportion to changes in the S&P 500 Index.

An investment in shares of the Fund involves risks similar to those of investing in a portfolio consisting of the common stocks and other securities of some or all of the companies included in the S&P 500 Index.

The weightings of securities in the S&P 500 Index are based on each security's relative total market value, *i.e.*, market price per share times the number of shares outstanding. Because of this weighting, approximately 50% of the S&P 500 Index is currently composed of stocks of the 50 largest companies in the S&P 500 Index, and the S&P 500 Index currently represents over 60% of the market value of all U.S. common stocks listed on the New York Stock Exchange ("NYSE").

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The Fund does not seek to "beat" the markets it tracks and does not seek temporary defensive positions when markets appear overvalued. The Fund's Sub-Adviser, selects the Fund's securities under the general supervision of the Fund's adviser, SIMC, but the Sub-Adviser makes no attempt to "manage" the Fund in the traditional sense (*i.e.*, by using economic, financial or market analyses). Instead, the Sub-Adviser generally will attempt to invest in securities composing the S&P 500 Index in approximately the same proportions as they are represented in the S&P 500 Index. It may not be possible or practicable to purchase all of the securities composing the S&P 500 Index or to hold them in the same weightings as they are represented in the S&P 500 Index. In those cases, the Sub-Adviser may employ a sampling or optimization technique to replicate the S&P 500 Index. In seeking to replicate the performance of the S&P 500 Index, the Fund may also invest in futures contracts, ADRs, ETFs and REITs. The Fund may also invest a portion of its assets in securities of companies located in developed foreign countries and securities of small capitalization companies. The Sub-Adviser may, but is not required to, sell an investment if the merit of the investment has been substantially impaired by extraordinary events, such as fraud or a material adverse change in an issuer, or adverse financial conditions. Furthermore, administrative adjustments may be made in the Fund from time to time because of mergers, changes in the composition of the S&P 500 Index and similar reasons. In certain circumstances, the Sub-Adviser may exercise discretion in determining whether to exercise warrants or rights issued in respect to Fund securities or whether to tender Fund securities pursuant to a tender or exchange offer. The Fund's return may not match the return of the S&P 500 Index. The S&P 500 Index's market capitalization range and the composition of the S&P 500 Index are subject to change.

EXTENDED MARKET INDEX FUND—The investment objective of the Extended Market Index Fund is to seek investment results that approximate, as closely as practicable and before expenses, the performance of the Russell Small Cap Completeness Index.

The Fund is managed using a passive/indexing investment approach and invests substantially all of its assets in securities (mostly common stocks) of companies that are included (at the time of purchase) in the Russell Small Cap Completeness Index. As of July 31, 2025, the market capitalization of the companies included in the Russell Small Cap Completeness Index ranged from $21.4 million to $132.4 billion. The Russell Small Cap Completeness Index is composed of securities of the companies included in the Russell 3000 Index (which includes the largest 3,000 U.S. companies), excluding the securities of companies that are constituents of the S&P 500 Index (which includes 500 leading U.S. companies). The Russell Small Cap Completeness Index is constructed to attempt to provide a comprehensive and unbiased barometer of the extended broad market of U.S. equity securities beyond that of the 500 leading U.S. companies included in the S&P 500 Index. The Fund's investment performance will depend on the Fund's tracking of the Russell Small Cap Completeness Index and the performance of the Russell Small Cap Completeness Index. The market capitalization range and the composition of the Russell Small Cap Completeness Index are subject to change.

The Sub-Adviser selects the Fund's securities under the general supervision of SIMC, but the Sub-Adviser makes no attempt to "manage" the Fund in the traditional sense (*i.e.*, by using economic, market or financial analyses). Instead, the Fund generally will attempt to invest in securities (including interests of REITs) composing the Russell Small Cap Completeness Index in approximately the same proportions as they are represented in the Russell Small Cap Completeness Index. The Fund's ability to fully replicate the performance of the Russell Small Cap Completeness Index will depend to some extent on the size and timing of cash flows into and out of the Fund, as well as on the level of the Fund's expenses. In some cases, it may not be possible or practicable to purchase all of the securities composing the Russell Small Cap Completeness Index or to hold them in the same weightings as they are represented in the Russell Small Cap Completeness Index. In those cases, a Sub-Adviser may employ a sampling or optimization technique to construct the Fund's portfolio. In seeking to replicate the performance of the Russell Small Cap Completeness Index, the Fund may also invest in ETFs and REITs that are not constituents of the Russell Small Cap Completeness Index.

The Sub-Adviser may sell an investment if the merit of the investment has been substantially impaired by extraordinary events or adverse financial conditions. The Fund may, at times, purchase or sell index futures contracts, or options on those futures, or engage in forward or swap transactions in lieu of investing directly in the securities making up the Russell Small Cap Completeness Index or to enhance the Fund's replication of the

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Russell Small Cap Completeness Index's return. In addition, for liquidity purposes, the Fund may invest in securities that are not included in the Russell Small Cap Completeness Index, cash and cash equivalents or money market instruments, such as reverse repurchase agreements and money market funds. The Fund's return may not match the return of the Russell Small Cap Completeness Index.

SMALL CAP FUND—The investment objective of the Small Cap Fund is capital appreciation.

Under normal circumstances, the Small Cap Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (including common and preferred stocks) of small companies, including ETFs based on small capitalization indexes and securities of REITs. For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $21.4 million and $19.3 billion as of July 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund may also invest in securities of medium and large capitalization companies.

The Fund uses a multi-manager approach, relying upon a number of Sub-Advisers with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SIMC. Each Sub-Adviser, in managing its portion of the Fund's assets, generally applies a growth-oriented, a value-oriented or a blended approach to selecting investments. Growth-oriented managers generally select stocks they believe have attractive growth and appreciation potential in light of such characteristics as revenue and earnings growth, expectations from sell-side analysts and relative valuation, while value-oriented managers generally select stocks they believe are attractively valued in light of fundamental characteristics such as earnings, capital structure and/or return on invested capital. Due to its investment strategy, the Fund may buy and sell securities frequently.

SMALL CAP II FUND—The investment objective of the Small Cap II Fund is capital appreciation. There can be no assurance that the Fund will achieve its investment objective.

Under normal circumstances, the Small Cap II Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (including common and preferred stocks) of small companies, ETFs based on small capitalization indexes and securities of REITs. For purposes of this Fund, a small company is a company with a market capitalization in the range of companies in the Russell 2000 Index (between $21.4 million and $19.3 billion as of July 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell 2000 Index are subject to change. The Fund's investments in equity securities may include, to a lesser extent, securities of medium and large capitalization companies.

The Fund uses a multi-manager approach, relying upon one or more Sub-Advisers with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SIMC. Each Sub-Adviser, in managing its portion of the Fund's assets, generally applies a growth-oriented, a value-oriented or a blended approach to selecting investments. Growth-oriented managers generally select stocks they believe have attractive growth and appreciation potential in light of such characteristics as revenue and earnings growth, expectations from sell-side analysts and relative valuation, while value-oriented managers generally select stocks they believe are attractively valued in light of fundamental characteristics such as earnings, capital structure and/or return on invested capital. Due to its investment strategy, the Fund may buy and sell securities frequently.

SMALL/MID CAP EQUITY FUND—The Small/Mid Cap Equity Fund seeks to provide long-term capital appreciation.

Under normal circumstances, the Small/Mid Cap Equity Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (including common and preferred stocks) of small and medium-sized companies, ETFs based on small and medium-sized capitalization indexes and securities of REITs. The Fund will invest primarily in common stocks of U.S. companies with market capitalizations in the range of companies in the Russell 2500 Index (between $21.4 million and $28.1 billion as of July 31, 2025) at the time of purchase. The market capitalization range and the composition of the Russell

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2500 Index are subject to change. The Fund's investments in equity securities may include, to a lesser extent, securities of large capitalization companies.

The Fund uses a multi-manager approach, relying upon one or more Sub-Advisers with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SIMC. Each Sub-Adviser, in managing its portion of the Fund's assets, generally applies a growth-oriented, a value-oriented or a blended approach to selecting investments. Growth-oriented managers generally select stocks they believe have attractive growth and appreciation potential in light of such characteristics as revenue and earnings growth, expectations from sell-side analysts and relative valuation, while value-oriented managers generally select stocks they believe are attractively valued in light of fundamental characteristics such as earnings, capital structure and/or return on invested capital. Due to its investment strategy, the Fund may buy and sell securities frequently.

U.S. EQUITY FACTOR ALLOCATION FUND—The investment objective of the U.S. Equity Factor Allocation Fund is to provide long-term growth of capital and income.

Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity and equity-related securities of U.S. companies of all capitalization ranges. The Fund may also, to a lesser extent, invest in ADRs and interests in REITs. The Fund's investment portfolio will be diversified and will not be concentrated in any particular industry or sector.

The Fund uses a quantitative-based, active stock selection investment strategy, which typically relies on a model-based approach to make investment decisions. The Fund quantitatively categorizes and selects securities based on certain characteristics ("Factors") that are determined by SEI Investments Management Corporation (SIMC or the Adviser). These Factors may include security characteristics such as volatility, value or share price performance. The Adviser uses its own model-based systems to assess which Factors to use and to determine what portion of the Fund's assets should be invested in each security identified. Through the Adviser's model-based systems, the Fund generally seeks to select securities so that each Factor contributes proportionately to the Fund's long-term risk-adjusted expected payoff. However, based on perceived market opportunities, the Adviser may reallocate the Fund's assets to tilt in favor of one or more Factors. The Adviser may add, remove or modify certain Factors in its model based on investment research or in response to changes in market conditions.

U.S. MANAGED VOLATILITY FUND—The U.S. Managed Volatility Fund seeks to provide capital appreciation with less volatility than the broad U.S. equity markets.

Under normal circumstances, the U.S. Managed Volatility Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of U.S. companies of all capitalization ranges. These securities may include common stocks, preferred stocks, interests in REITs, ETFs and warrants. The Fund may also, to a lesser extent, invest in ADRs and securities of non-U.S. companies.

The Fund uses a multi-manager approach, relying on a number of Sub-Advisers with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SIMC. The Fund seeks to achieve an absolute return of the broad U.S. equity markets, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the Russell 3000 Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return, without regard to market capitalization and industry.

GLOBAL MANAGED VOLATILITY FUND—The investment objective of the Global Managed Volatility Fund is to provide capital appreciation with less volatility than the broad global equity markets.

The Global Managed Volatility Fund will typically invest in securities of U.S. and foreign companies of all capitalization ranges. These securities may include common stocks, preferred stocks, warrants, REITs, depositary receipts and ETFs. The Fund also may use futures contracts and forward contracts.

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

The Fund uses a multi-manager approach, relying on a number of Sub-Advisers with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SIMC. This approach is intended to manage the risk characteristics of the Fund. The Fund seeks to achieve an absolute return of the broad global equity markets, but with a lower absolute volatility. Over the long term, the Fund seeks to achieve a return similar to that of the MSCI World Index, but with a lower level of volatility. However, given that the Fund's investment strategy focuses on absolute return and risk, the Fund's country, sector and market capitalization exposures will typically vary from the index and may cause significant performance deviations relative to the index over shorter-term periods. The Fund seeks to achieve lower volatility by constructing a portfolio of securities that the Sub-Advisers believe will produce a less volatile return than the market over time. Each Sub-Adviser effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry. The Sub-Advisers may engage in short sales in an amount up to 30% of the Fund's value (measured at the time of investment) in an attempt to capitalize on equity securities that they believe will underperform the market or their peers. When the Sub-Advisers sell securities short they may use the proceeds from the sales to purchase long positions in additional equity securities that they believe will outperform the market or their peers. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss.

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

The Fund may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an opportunity to purchase shares of securities or other instruments directly. Pursuant to orders issued by the SEC to certain ETF complexes and procedures approved by the Board, the Fund may invest in such ETFs in excess of the limitations otherwise imposed by the federal securities laws, provided that the Fund otherwise complies with the conditions of the applicable SEC order, as it may be amended, and any other investment limitations applicable to the Fund. The particular ETF complexes in which the Fund may invest and additional information about the limitations of such investments are further described under the heading "Exchange-Traded Funds" in the sub-section "Investment Companies" of the "Description of Permitted Investments and Risk Factors" section below.

WORLD EQUITY EX-US FUND—The World Equity Ex-US Fund seeks to provide capital appreciation.

Under normal circumstances, the World Equity Ex-US Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of foreign companies of various capitalization ranges. These securities may include common stocks, preferred stocks, depositary receipts, warrants, ETFs that track an international Ex-US equity index and derivative instruments, principally futures and forward contracts, whose value is based on an international equity index or an underlying international equity security or basket of international equity securities. The Fund will invest in securities of foreign issuers located in developed and emerging market countries. However, the Fund will not invest more than 35% of its assets in the common stocks or other equity securities of issuers located in emerging market countries. The Fund may also, to a lesser extent, invest in swaps on securities for risk management purposes or as part of its investment strategies. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

The Fund uses a multi-manager approach, relying upon a number of Sub-Advisers with differing investment strategies to manage portions of the Fund's portfolio under the general supervision of SIMC. The Fund's benchmark is the MSCI All Country World Ex-U.S. Net Index (net of dividends). The Fund is expected to have an absolute return and risk profile similar to the international equity ex-US market. The Fund is diversified as to issuers, market capitalization, industry and country.

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One or more Sub-Advisers may implement a long/short equity investment strategy by investing in securities believed to offer capital appreciation opportunities while also attempting to take advantage of an anticipated decline in the price of a company. A long/short equity investment strategy takes (i) long positions with respect to investments that the Sub-Adviser believes to be undervalued relative to their potential increase in price, and (ii) short positions (including through derivative instruments, such as swaps) with respect to investments that the Sub-Adviser believes to be overvalued and likely to decrease in price. A long/short equity investment strategy seeks returns from strong security selection on both the long and short sides. These long and short positions may be completely unrelated.

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

The Fund may also invest in futures contracts and forward contracts for hedging purposes, including to seek to manage the Fund's currency exposure to foreign securities and mitigate the Fund's overall risk.

SCREENED WORLD EQUITY EX-US FUND—The Screened World Equity Ex-US Fund seeks to provide capital appreciation.

Under normal circumstances, the Screened World Equity Ex-US Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of foreign companies of various capitalization ranges. These securities may include common stocks, preferred stocks, depositary receipts, warrants, ETFs that track an international ex-US equity index, derivative instruments (principally futures and forward contracts) whose value is based on an international equity index or an underlying international equity security or basket of international equity securities and investment companies whose portfolios are designed to correlate with a portfolio of international equity securities.

Potential investments for the Fund are first assessed for financial soundness and then evaluated according to the Fund's social criteria (including "BDS" criteria, as described below). The Fund will invest in securities of foreign issuers located in developed and emerging market countries but will avoid investing in companies that have been identified as directly or indirectly benefiting the governments of countries that support terrorism, genocide or human rights abuses. This includes companies that pay royalties, such as those on oil or mining, to these governments and companies that help provide a stable economic environment that supports the government in its oppressive policies by having substantial operations or customers in the country. The Fund will also avoid investing in companies that have been identified as having adopted or implemented a "Pro-BDS" stance. "BDS" refers to the Palestinian-led movement promoting boycotts, divestments and economic sanctions against Israel. Accordingly, the Fund will maintain an "Anti-BDS" approach.

An independent compliance support organization will identify a list of issuers that have been identified as failing to meet the Fund's social criteria (including issuers that have a "Pro-BDS" stance). The list will be developed using information gathered from a variety of sources, such as government agencies, trade journals, direct company contacts and industry and regional publications. The Sub-Advisers will then rely on this list when determining what companies to avoid investing in. Additionally, a Sub-Adviser will promptly liquidate a position that no longer complies with the social criteria (including positions in issuers that have a "Pro-BDS" stance). The Adviser reserves the right to modify the Fund's social criteria from time to time in response to world events, such as changes in the governments that support terrorism, genocide or human rights abuses. All social criteria may be changed without shareholder approval. The Fund's Anti-BDS approach has been adopted to enable investment in the Fund by institutional investors that seek to support Israel or oppose the BDS movement in their investment implementation. This Fund policy is for the benefit of such investors and not meant as a formal representation of SEI's official corporate policy or position on the issue of BDS.

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The Fund will not invest more than 35% of its assets in the common stocks or other equity securities of issuers located in emerging market countries. The Fund may also, to a lesser extent, invest in swaps on securities for risk management purposes or as part of its investment strategies. The Fund's benchmark is the MSCI All Country World Ex-U.S. Net Index (net of dividends). The Fund is expected to have an absolute return and risk profile similar to the international equity ex-US market. The Fund is diversified as to issuers, market capitalization, industry and country.

The Fund uses a multi-manager approach, relying upon a number of Sub-Advisers with differing investment strategies to manage portions of the Fund's portfolio under the general supervision of SIMC. Due to its investment strategy, the Fund may buy and sell securities frequently.

One or more Sub-Advisers may implement a long/short equity investment strategy by investing in securities believed to offer capital appreciation opportunities while also attempting to take advantage of an anticipated decline in the price of a company. A long/short equity investment strategy takes (i) long positions with respect to investments that the Sub-Adviser believes to be undervalued relative to their potential increase in price, and (ii) short positions (including through derivative instruments, such as swaps) with respect to investments that the Sub-Adviser believes to be overvalued and likely to decrease in price. A long/short equity investment strategy seeks returns from strong security selection on both the long and short sides. These long and short positions may be completely unrelated.

The Sub-Advisers may seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. In managing the Fund's currency exposure, the Sub-Advisers may buy and sell currencies (*i.e.*, take long or short positions) using derivatives, principally foreign currency forward contracts, options and futures. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase their exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another.

The Fund may also invest in futures contracts and forward contracts for hedging purposes, including to seek to manage the Fund's currency exposure to foreign securities and mitigate the Fund's overall risk.

EMERGING MARKETS EQUITY FUND—The Emerging Markets Equity Fund seeks to provide capital appreciation.

Under normal circumstances, the Emerging Markets Equity Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of emerging market issuers. Equity securities may include common stocks, preferred stocks, warrants, participation notes, depositary receipts and real estate investment trusts ("REITs"). The Fund normally maintains investments in at least six emerging market countries, however, it may invest a substantial amount of its assets in issuers located in a single country or a limited number of countries. Due to the size of its economy relative to other emerging market countries, it is expected that China will generally constitute a significant exposure in the Fund and may include investments in variable interest entities (VIEs). Emerging market countries are those countries that are: (i) characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) included in an emerging markets index by a recognized index provider; or (iii) countries with similar developing frontier or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase.

The Fund uses a multi-manager approach, relying upon a number of Sub-Advisers with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SIMC.

The Fund may invest in swaps based on a single security or an index of securities, futures contracts, forward contracts on currencies or securities, and options on securities to synthetically obtain exposure to securities or baskets of securities or for hedging purposes, including seeking to manage the Fund's currency exposure to foreign securities and mitigate the Fund's overall risk. Securities index swaps may be used to obtain exposure

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to different foreign equity markets. Futures and swaps on futures may be used to gain exposure to foreign equity markets and commodities markets. The Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities.

The Fund may purchase shares of ETFs and other investment companies to gain exposure to a particular portion of the market while awaiting an opportunity to purchase securities or other instruments directly. The Fund may also invest a portion of its assets in U.S. and developed foreign country securities, including securities of small capitalization companies.

OPPORTUNISTIC INCOME FUND—The Opportunistic Income Fund seeks to provide capital appreciation and current income.

The Opportunistic Income Fund invests primarily in a diversified portfolio of investment grade and non-investment grade fixed-income securities (junk bonds), including: (i) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities and obligations of U.S. and foreign commercial banks, such as certificates of deposit, time deposits, bankers' acceptances and bank notes; (ii) obligations of foreign governments; (iii) U.S. and foreign corporate debt securities, including commercial paper, and fully-collateralized repurchase agreements with counterparties deemed credit-worthy by the Sub-Advisers; and (iv) securitized issues, such as mortgage-backed securities, asset-backed securities, residential and commercial mortgage-backed securities, mortgage dollar rolls, when issued/delayed delivery securities and collateralized debt obligations. These securities may be fixed-, variable- or floating-rate obligations and will primarily be rated CCC- or higher at the time of purchase by at least one ratings agency, although the Fund may also invest in lower rated securities. There are no restrictions on the maturity of any individual securities or on the Fund's average portfolio maturity, although the average portfolio duration of the Fund will typically vary between zero and two years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates.

The Fund uses a multi-manager approach under the general supervision of SIMC, allocating the assets among multiple Sub-Advisers that use different investment strategies designed to produce a total return that exceeds the total return of the Secured Overnight Financing Rate (SOFR), which measures the cost of borrowing cash overnight collateralized by U.S. Treasury securities.

The Sub-Advisers may seek to enhance the Fund's return by actively managing the Fund's foreign currency exposure. Up to 10% of the Fund's assets may be invested in foreign currencies. In managing the Fund's currency exposure, the Sub-Advisers buy and sell currencies (*i.e.*, take long or short positions) using derivatives, principally futures, foreign currency forward contracts, swaps and options. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. In managing the Fund's currency exposure for foreign securities, the Sub-Advisers may buy and sell currencies for hedging or for speculative purposes.

The Fund also invests a portion of its assets in bank loans, which are generally non-investment grade (junk bond) floating rate instruments. Up to 100% of the bank loans in which the Fund invests may be junk bonds. The Fund may invest in bank loans in the form of participations in the loans (participations) and assignments of all or a portion of the loans from third parties (assignments). The Fund may also invest in other financial instruments or use other investment techniques, such as reverse repurchase agreements, to seek to obtain market exposure to the securities in which the Fund primarily invests.

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

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CORE FIXED INCOME FUND—The investment objective of the Core Fixed Income Fund is current income consistent with the preservation of capital.

Under normal circumstances, the Core Fixed Income Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The Fund will invest in investment and non-investment grade (junk bond) U.S. and foreign corporate and government fixed income securities, including emerging market, asset-backed securities, mortgage dollar rolls and mortgage-backed securities. The Fund may invest in securities denominated in either U.S. dollars or foreign currency. The Fund uses a multi-manager approach, relying upon a number of Sub-Advisers with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SIMC. Sub-Advisers are selected for their expertise in managing various kinds of fixed income securities and each Sub-Adviser makes investment decisions based on an analysis of yield trends, credit ratings and other factors in accordance with its particular discipline.

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

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

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

While each Sub-Adviser chooses securities of different types and maturities, the Fund, in the aggregate, generally will have a dollar-weighted average duration that is consistent with that of the broad U.S. fixed income market, as represented by the Bloomberg U.S. Aggregate Bond Index. The dollar-weighted average duration of the Bloomberg U.S. Aggregate Bond Index varies significantly over time, but as of July 31, 2025, it was 6.03 years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with a higher duration typically have higher risk and higher volatility. Due to its investment strategy, the Fund may buy and sell securities frequently.

HIGH YIELD BOND FUND—The High Yield Bond Fund seeks to maximize total return.

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

The Fund uses a multi-manager approach, relying upon a number of Sub-Advisers with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SIMC. Assets of the Fund not allocated to Sub-Advisers are managed directly by SIMC. In managing the Fund's assets, the Sub-Advisers and, to the extent applicable, SIMC, seek to select securities that offer a high current yield as well

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as total return potential. The Fund seeks to have a portfolio of securities that is diversified as to issuers and industries. The Fund's average weighted maturity may vary, but will generally not exceed ten years. There is no limit on the maturity or credit quality of any individual security in which the Fund may invest.

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

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

LONG DURATION FUND—The Long Duration Fund seeks to provide investors with return characteristics similar to those of high-quality bonds.

Under normal circumstances, the Long Duration Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade US dollar-denominated fixed income instruments. The Fund will primarily invest in long duration government and corporate fixed income securities and may also invest in synthetic instruments or derivatives having economic characteristics similar to fixed income securities. The Fund will invest in a broad array of fixed income instruments including: (i) U.S. and foreign corporate obligations; (ii) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities; (iii) fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets; (iv) obligations of supranational entities; and (v) debt obligations issued by state, provincial, county or city governments or other municipalities, as well as those of public utilities, universities and other quasi-governmental bodies.

The Fund will primarily invest in the instruments described above. It may also invest in futures contracts, forward contracts, and swaps, including interest rate swaps, single security swaps, swaps on an index of securities or credit default swaps. The Fund will primarily use such derivatives for hedging purposes to attempt to manage the Fund's exposure to changes in interest rate duration and related investment risks resulting from the interaction of interest rate changes over time and the current value of fixed income securities. The Fund will typically use options and swaps in an attempt to either mitigate the Fund's overall level of risk or to gain exposure to a particular fixed income security or segment of the fixed income market. Interest rate swaps, credit default swaps and total return swaps may be used to manage various portfolio exposures including but not limited to interest rate risk and credit risk. The Fund may use credit default swaps to take an active long or short position with respect to a security or basket of securities. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities. The Fund may also, to a lesser extent, invest in shares of ETFs or mutual funds to obtain exposure to certain fixed income markets.

While the Fund may invest in securities with any maturity or duration, the Fund under normal circumstances will seek to maintain an effective average duration of greater than ten years. The Fund's effective average duration was approximately 12.68 years as of July 31, 2025. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a ten-year duration, it will decrease in value by 10% if interest rates rise

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1% and increase in value by 10% if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility.

The Fund uses a multi-manager approach under the general supervision of SIMC, allocating its assets among one or more Sub-Advisers using different investment strategies designed to provide current income consistent with the preservation of capital.

LONG DURATION CREDIT FUND—The Long Duration Credit Fund seeks return characteristics similar to those of high quality bonds.

Under normal circumstances, the Long Duration Credit Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade US dollar-denominated fixed income instruments. The Fund will primarily invest in (i) U.S. and foreign corporate obligations; (ii) fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets; (iii) obligations of supranational entities; (iv) debt obligations issued by state, provincial, county, or city governments or other municipalities, as well as those of public utilities, universities and other quasi-governmental bodies; and (v) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities. The Fund will invest primarily in fixed income securities rated in one of the three highest rating categories by a major rating agency and may also invest in fixed income securities rated in the fourth highest rating category by a major rating agency.

The Fund will primarily invest in the instruments described above and may also invest in futures contracts, options on securities or indexes and swaps, including interest rate swaps, single security swaps, swaps on an index of securities or credit default swaps. The Fund will primarily use such derivatives for hedging purposes to attempt to manage the Fund's exposure to changes in interest rate duration and related investment risks resulting from the interaction of interest rate changes over time and the current value of fixed income securities. The Fund will typically use options and swaps in an attempt to either mitigate the Fund's overall level of risk or to gain exposure to a particular fixed income security or segment of the fixed income market. Interest rate swaps, credit default swaps and total return swaps may be used to manage various portfolio exposures including, but not limited to, interest rate risk and credit risk. The Fund may use credit default swaps to take an active long or short position with respect to a security or basket of securities. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities. The Fund may also, to a lesser extent, invest in shares of ETFs or mutual funds to obtain exposure to certain fixed income markets.

While the Fund may invest in securities with any maturity or duration, the Fund under normal circumstances will seek to maintain an effective average duration of greater than ten years. The Fund's effective average duration was approximately 12.27 years as of July 31, 2025. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a ten-year duration, it will decrease in value by approximately 10% if interest rates rise 1% and increase in value by approximately 10% if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility.

The Fund uses a multi-manager approach under the general supervision of SIMC, the Fund's adviser, allocating its assets among one or more Sub-Advisers using different investment strategies designed to provide current income consistent with the preservation of capital.

ULTRA SHORT DURATION BOND FUND—The Ultra Short Duration Bond Fund seeks to provide higher current income than that typically offered by a money market fund while maintaining a high degree of liquidity and a correspondingly higher risk of principal volatility.

Under normal circumstances, the Ultra Short Duration Bond Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade U.S. dollar-denominated debt instruments, including: (i) commercial paper and other corporate obligations; (ii) certificates of deposit, time deposits, bankers' acceptances, bank notes and other obligations of U.S. savings and loan and thrift

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institutions, U.S. commercial banks (including foreign branches of such banks) and foreign banks that meet certain asset requirements; (iii) U.S. Treasury obligations and obligations issued or guaranteed as to principal and interest by agencies or instrumentalities of the U.S. Government; (iv) mortgage-backed securities; (v) asset-backed securities; (vi) collateralized debt obligations and collateralized loan obligations; (vii) fully-collateralized repurchase agreements involving any of the foregoing obligations; and (viii) U.S. dollar-denominated instruments of foreign issuers. In addition, the Fund may invest in futures contracts, options, swaps and other similar instruments. The primary derivatives used by the Fund are futures contracts, options, interest rate swaps and credit default swaps. The Fund will primarily use futures contracts for hedging purposes to manage the Fund's exposure to interest rate risk. There will be times when the Fund utilizes futures contracts to take an active position to either add or reduce the interest rate sensitivity of the Fund. The Fund will primarily use options and swaps to either mitigate the Fund's overall level of risk or to gain exposure to a particular fixed income security or segment of the fixed income market.

Using a top-down strategy and bottom-up security selection, one or more Sub-Advisers seeks attractively-valued securities that offer competitive yields and that are issued by issuers that are on a sound financial footing. The Sub-Adviser also considers factors such as the anticipated level of interest rates, relative valuations and yield spreads among various sectors and the duration of the Fund's entire portfolio. Duration measures the price sensitivity of a fixed income security to changes in interest rates. For example, a five-year duration means that the fixed income security will decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1%. While the Fund may invest in securities with any maturity or duration, the Fund will maintain a portfolio duration of 18 months or less under normal market conditions.

To achieve its investment goal, the Fund may invest in one or more SEI-sponsored funds to pursue its investment strategies in an efficient manner. The Fund may invest in a SEI-sponsored fund only if the SEI-sponsored fund invests in securities and pursues investment strategies that are consistent with the Fund's investment goal and strategy.

The Fund uses a multi-manager approach under the general supervision of SIMC, the Fund's adviser, allocating its assets among Sub-Advisers using different investment strategies designed to provide current income consistent with the preservation of capital.

EMERGING MARKETS DEBT FUND—The investment objective of the Emerging Markets Debt Fund is to maximize total return.

Under normal circumstances, the Emerging Markets Debt Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities of emerging market issuers. The Fund will invest in debt securities of government, government-related and corporate issuers in emerging market countries, as well as entities organized to restructure the outstanding debt of such issuers. The Fund may obtain its exposures by investing directly (*e.g.*, in fixed income securities and other instruments) or indirectly/synthetically (*e.g.*, through the use of derivative instruments, principally futures contracts, forward contracts, swaps, including swaps based on a single security or an index of securities, interest rate swaps, credit default swaps, currency swaps and fully funded total return swaps, and structured securities, such as credit-linked notes). The Fund may invest in swaps based on a single security or an index of securities, including interest rate swaps, credit default swaps, currency swaps and fully-funded total return swaps. Emerging market countries are those countries that are: (i) characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development; (ii) included in an emerging markets index by a recognized index provider; or (iii) countries with similar developing or emerging characteristics as countries classified as emerging market countries pursuant to sub-paragraph (i) and (ii) above, in each case determined at the time of purchase.

The Fund uses a multi-manager approach, relying upon a number of Sub-Advisers with differing investment philosophies to manage portions of the Fund's portfolio under the general supervision of SIMC, the Fund's adviser. The Sub-Advisers will spread the Fund's holdings across a number of countries and industries to limit its exposure to a single emerging market economy and may not invest more than 25% of its assets in any single country. There are no restrictions on the Fund's average portfolio maturity or on the maturity of any specific

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security. There is no minimum rating standard for the Fund's securities and the Fund's securities will generally be in the lower or lowest rating categories (including junk bonds).

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

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

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

REAL RETURN FUND—The Real Return Fund seeks to provide a total return that exceeds the rate of inflation.

Although the Fund is able to use a multi-manager approach under the general supervision of SIMC whereby Fund assets would be allocated among one or more Sub-Advisers, the Real Return Fund's assets currently are managed directly by SIMC. The Fund seeks to produce a return similar to that of the Bloomberg 1-5 Year U.S. TIPS Index, which is the Fund's benchmark index.

Under normal circumstances, the Fund will invest a significant portion of its assets in investment grade fixed income securities, including inflation-indexed bonds of varying maturities issued by the U.S. Treasury, other U.S. Government agencies and instrumentalities. An inflation-indexed bond is a bond that is structured so that its principal value will change with inflation. Treasury Inflation-Protected Securities ("TIPS") are a type of inflation-indexed bond in which the Fund may invest. The Fund's exposure to fixed income securities is not restricted by maturity requirements.

The Fund may, on a limited basis, also invest in futures contracts for risk management, speculative or hedging purposes. Futures contracts may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives may also be used to mitigate the Fund's overall level of risk and/or the Fund's risk to particular types of securities or market segments.

The Fund may also invest in securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities and obligations of U.S. and foreign commercial banks, such as time deposits, U.S. and foreign corporate debt including commercial paper and fully-collateralized repurchase agreements with highly rated counterparties (those rated A or better at the time of purchase); and securitized issues, such as mortgage-backed securities issued by U.S. Government agencies.

LIMITED DURATION BOND FUND—The Limited Duration Bond Fund seeks the preservation of capital and current income.

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Under normal circumstances, the Limited Duration Bond Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade U.S. dollar-denominated debt instruments, which may include (i) securities issued or guaranteed by the U.S. Government and its agencies or instrumentalities; (ii) obligations of U.S. and foreign commercial banks such as certificates of deposit, time deposits, bankers' acceptances and bank notes; (iii) corporate obligations; (iv) asset-backed securities; (v) residential and commercial mortgage-backed securities, collateralized debt obligations and mortgage dollar rolls; and (vi) U.S. dollar-denominated instruments of foreign issuers.

The Fund may also invest in futures contracts, forward contracts, to-be-announced mortgage-backed securities, options and swaps. The Fund will primarily use futures contracts and forward contracts for hedging purposes to attempt to manage the Fund's exposure to changes in interest rate duration and yield. The Fund will typically use options and swaps to attempt to either mitigate the Fund's overall level of risk or to gain exposure to a particular fixed income security or segment of the fixed income market. Any of these instruments may also be used to take an active position to attempt to add or reduce the Fund's interest rate sensitivity.

Duration measures how changes in interest rates affect the amount of time it takes an issuer to repay a bond from internal cash flows and indicates the price sensitivity of a fixed income security. For example, a five-year duration means that the fixed income security will decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility. Although the Fund may invest in securities with any maturity or duration, the Fund seeks to maintain an effective duration of three years or less under normal market conditions.

The Fund uses a multi-manager approach under the general supervision of SIMC, allocating its assets among one or more Sub-Advisers using different investment strategies designed to preserve capital and generate current income. Due to its investment strategy, the Fund may buy and sell securities frequently.

INTERMEDIATE DURATION CREDIT FUND—The investment objective of the Intermediate Duration Credit Fund is to seek current income consistent with the preservation of capital.

Under normal circumstances, the Intermediate Duration Credit Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade US dollar-denominated fixed income instruments. The Fund will primarily invest in (i) US and foreign corporate obligations; (ii) fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets; (iii) obligations of supranational entities; (iv) debt obligations issued by state, provincial, county, or city governments or other municipalities, as well as those of public utilities, universities and other quasi-governmental bodies; and (v) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities.

Although the Fund will primarily invest in the instruments described above, it may also invest in futures contracts, options on securities, currencies or indexes and swaps, including interest rate swaps, single security swaps, swaps on an index of securities or credit default swaps. The Fund will primarily use such derivatives for hedging purposes to attempt to manage the Fund's exposure to changes in interest rate duration and related investment risks resulting from the interaction of interest rate changes over time and the current value of fixed income securities. The Fund will typically use options and swaps in an attempt to either mitigate the Fund's overall level of risk or to gain exposure to a particular fixed income security or segment of the fixed income market. Interest rate swaps, credit default swaps and total return swaps may be used to manage various portfolio exposures including, but not limited to, interest rate risk and credit risk. When the Fund seeks to take an active long or short position with respect to the likelihood of an event of default of a security or basket of securities, the Fund may use credit default swaps. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer and the Fund may sell credit default swaps to more efficiently gain credit exposure to such security or basket of securities. The Fund may also, to a lesser extent, invest in shares of ETFs or mutual funds to obtain exposure to certain fixed income markets.

Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5%

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if interest rates fall 1%. Fixed income instruments with higher duration typically have higher risk and higher volatility. Although the Fund may invest in securities with any maturity or duration, the Fund under normal circumstances will seek to maintain an effective average duration between three and ten years.

The Fund uses a multi-manager approach under the general supervision of SIMC, allocating its assets among one or more Sub-Advisers using different investment strategies designed to provide current income consistent with the preservation of capital. Due to its investment strategy, the Fund may buy and sell securities frequently.

DYNAMIC ASSET ALLOCATION FUND—The investment objective of the Dynamic Asset Allocation Fund is long-term total return.

The Fund employs a dynamic investment strategy seeking to achieve, over time, a total return in excess of the broad U.S. equity market by selecting investments from among a broad range of asset classes or market exposures based upon SIMC's expectations of risk and return. Asset classes or market exposures in which the Fund may invest include U.S. and foreign equities and bonds, currencies, and investment exposures to various market characteristics such as interest rates or volatility. Assets of the Fund not allocated to the Sub-Adviser, as discussed below, are managed directly by SIMC.

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

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

The Fund may obtain asset class or market exposures by investing directly (*e.g.*, in equity and fixed income securities and other instruments) or indirectly (*e.g.*, through the use of other pooled investment vehicles (including a wholly-owned subsidiary) and/or derivative instruments, principally futures contracts, forward contracts, options and swaps). The particular types of securities and other instruments in which the Fund may invest are further described below. The Fund may invest in particular securities or instruments that are not specifically listed below, but which have similar characteristics or represent similar exposures as those described below.

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

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

The Fund's fixed income investments may also include U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, and TIPS and other inflation-linked debt securities of both U.S. and non-U.S. governments and corporations.

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

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

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

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

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

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

A portion of the Fund's assets may also be invested in commodity-linked securities to provide exposure to the investment returns of the commodities markets without investing directly in physical commodities. Commodity-linked securities include marketable securities issued by companies that own or invest in commodities or commodities contracts, equity and debt securities of issuers in commodity-related industries, ETFs or other exchange-traded products that are tied to the performance of a commodity or commodity index, or other types of investment vehicles or instruments that provide returns that are tied to commodities or commodity indexes.

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

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

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attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. In managing its currency exposure from foreign securities, the Fund may buy and sell currencies for hedging or for speculative purposes.

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

The goal of the Fund is to serve as a dynamic overlay to broader strategic allocations. This Fund is intended to be used by shareholders seeking to add a dynamic component to their broader overall investment strategy. *An investment in the Fund should not constitute a shareholder's complete investment program.* This Fund will represent the active investment views of SIMC.

MULTI-ASSET REAL RETURN FUND—The investment objective of the Multi-Asset Real Return Fund is to achieve total return exceeding the rate of inflation.

The Fund uses a multi-manager approach under the general supervision of SIMC, allocating its assets among one or more Sub-Advisers using different investment strategies designed to produce a total return that exceeds the rate of inflation in the U.S. Assets of the Fund not allocated to Sub-Advisers are managed directly by SIMC.

Under normal circumstances, the Fund will pursue its investment goal by selecting investments from a broad range of asset classes, including fixed income and equity securities and commodity linked instruments. The Fund seeks "real return" (*i.e.*, total returns that exceed the rate of inflation over a full market cycle, regardless of market conditions). The Fund may invest in U.S. and non-U.S. dollar-denominated securities.

Fixed income securities may include: (i) securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities and obligations of U.S. and foreign commercial banks, such as certificates of deposit, time deposits, bankers' acceptances and bank notes; (ii) obligations of foreign governments; (iii) TIPS and other inflation-linked debt securities; (iv) U.S. and foreign (including emerging markets) corporate debt securities, including commercial paper, and fully-collateralized repurchase and reverse repurchase agreements with highly rated counterparties (those rated A or better); and (v) securitized issues such as residential and commercial mortgage-backed securities, asset-backed securities and collateralized debt obligations. The Fund may invest in debt securities of any credit quality, including those rated below investment grade (junk bonds) or, if unrated, of equivalent credit quality, as determined by the Fund's managers. The Fund may invest in securities with a broad range of maturities. The Fund may also enter into reverse repurchase agreements with respect to its investment in TIPS. In an attempt to generate excess returns, when the Fund enters into such a TIPS reverse repurchase agreement it will use the cash received to enter into a short position on U.S. Treasury bonds.

Equity securities may include common or preferred stocks, warrants, rights, depositary receipts, equity-linked securities and other equity interests. The Fund may invest in securities of issuers of any market capitalization and may invest in both foreign and domestic equity securities. In addition to direct investment in securities and other instruments, the Fund may invest in ETFs. The Fund may also invest in REITs and U.S. and non-U.S. real estate companies.

A portion of the Fund's assets may also be invested in commodity-linked securities to provide exposure to the investment returns of the commodities markets without investing directly in physical commodities. Commodity-linked securities include notes with interest payments that are tied to an underlying commodity or commodity index, ETFs or other exchange-traded products that are tied to the performance of a commodity or commodity index or other types of investment vehicles or instruments that provide returns that are tied to commodities or commodity indexes. The Fund may also invest in equity and debt securities of issuers in commodity-related industries. The Fund may also seek to gain long and short exposure to the commodity markets, in whole or in part, through investments in a Subsidiary. The Subsidiary, unlike the Fund, may invest to

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a significant extent in long and short positions in commodities, commodity contracts, commodity investments and derivative instruments. The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC.

The Fund may also purchase or sell futures contracts, options, forward contracts and swaps (including swaptions) for return enhancement or hedging purposes. Futures contracts, forward contracts and swaps are used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund's interest rate duration and yield curve exposure. These derivatives are also used to mitigate the Fund's overall level of risk and/or the Fund's risk to particular types of securities or market segments. The Fund may purchase or sell futures contracts and options on U.S. Government securities for return enhancement.

Interest rate swaps are further used to manage the Fund's interest rate risk. Swaps on indexes are used to manage the inflation-adjusted return of the Fund. The Fund may buy credit default swaps in an attempt to manage credit risk where the Fund has credit exposure to an issuer, and the Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities.

The Sub-Adviser(s) may seek to enhance the Fund's return by actively managing the Fund's currency exposure. In managing the Fund's currency exposure, the Sub-Adviser(s) may buy and sell currencies (*i.e.*, take long or short positions) through the use of cash, securities and/or currency-related derivatives, including, without limitation, currency forward contracts, futures contracts, swaps and options. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase their exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another.

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

There can be no assurance that the Funds will achieve their respective investment objectives.

DESCRIPTION OF PERMITTED INVESTMENTS AND RISK FACTORS

The following are descriptions of the permitted investments and investment practices of the Funds, including those discussed in the applicable Prospectus and the Funds' "Investment Objectives and Policies" section of this SAI and the associated risk factors. A Fund may purchase any of these instruments and/or engage in any of these investment practices if, in the opinion of SIMC or the Sub-Advisers, such investments or investment practices will be advantageous to the Fund. A Fund is free to reduce or eliminate its activity in any of these areas. SIMC or a Sub-Adviser, as applicable, may invest in any of the following instruments or engage in any of the following investment practices unless such investment or activity is inconsistent with and not permitted by a Fund's stated investment policies. There is no assurance that any of these strategies or any other strategies and methods of investment available to a Fund will result in the achievement of the Fund's investment objectives.

ALTERNATIVE STRATEGIES—The Dynamic Asset Allocation Fund employs a diversified investment approach using various strategies simultaneously to realize short- and long-term gains. Such strategies are primarily designed to reduce fluctuations in the value of traditional assets and are distinguishable from traditional strategies (*i.e.*, strategies generally investing in long only equity, fixed income securities or money market instruments) employed by mutual funds. The Dynamic Asset Allocation Fund can implement a Global Tactical Asset Allocation Strategy (as described below), and the Fund may implement the following alternative strategies.

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*Directional (Tactical) Strategies.* Directional trading strategies are based upon speculating on the direction of market prices of currencies, commodities, equities and bonds in the futures and cash markets. A Sub-Adviser may rely on model-based systems to generate buy and sell signals. Others use a more subjective approach, ultimately using their own discretionary judgment in implementing trades. Strategies include long/short equity, long/short credit and global tactical asset allocation.

Long/Short Equity Strategy invests in securities believed to be undervalued or offer high growth opportunities while also attempting to take advantage of an anticipated decline in the price of an overvalued company or index by using short sales or options on common stocks or indexes. A Sub-Adviser may also use leverage and derivatives, including options, financial futures and options on futures contracts. The Sub-Adviser seeks returns from strong security selection on both the long and short sides. These long and short positions may be completely unrelated. The primary risk in this strategy is that the Sub-Adviser may exhibit poor security selection, losing money on both the long and short sides.

Long/Short Credit Strategy focuses on short positions by utilizing credit default swaps to anticipate the decline in the price of an overvalued security or by utilizing treasury futures to hedge interest rate risk. Strategies may also involve leverage and hedging through the use of ETFs or various derivatives, such as futures contracts, credit default swaps or total return swaps or committed term reverse repurchase facilities or other financings in order to enhance total return. The Fund may use certain derivatives to obtain greater leverage than would otherwise be achievable.

Global Tactical Asset Allocation is an investment strategy that attempts to exploit short-term market inefficiencies by taking positions in various markets with a view to profit from relative movements across those markets. The strategy focuses on general movements in the markets rather than on performance of individual securities. Generally, the strategy implements long and short positions in highly liquid futures and forward contracts across an investment universe of equity indexes, fixed income and currencies.

Event-Driven Strategies seek to exploit pricing inefficiencies that may occur before or after a corporate event, such as a bankruptcy, merger, acquisition or spinoff. A Sub-Adviser will analyze the potential event and determine the likelihood of the event actually occurring and purchase the stock of the target company with a view of selling it after its price has risen in connection with that event. Many corporate events, however, do not occur as planned. If a Sub-Adviser fails to accurately assess whether a corporate event will actually occur, it can ultimately reduce the price of a company's stock and cause the Fund to lose its investments.

Arbitrage Strategies focus on relative pricing discrepancies between instruments including equities, debt, futures contracts and options. A Sub-Adviser may employ mathematical, technical or fundamental analysis to determine incorrectly valued investments. Investments may be mispriced relative to an underlying security, related securities, groups of securities or the overall market. Positions are frequently hedged to isolate the discrepancy and to minimize market risk. Investments may represent either short-term trading opportunities or longer-term fundamental judgment on the relative performance of a security.

Fixed income or interest rate arbitrage aims to profit from price anomalies between related interest rate securities. This strategy includes interest rate swap arbitrage, U.S. and non-U.S. government bond arbitrage, forward yield curve arbitrage and mortgage-backed securities arbitrage, offsetting long and short positions in financial instruments likely to be affected by changes in interest rates.

Convertible arbitrage involves buying convertible bonds (bonds that are convertible into common stock) or shares of convertible preferred stock (stock that is convertible into common stock) that are believed to be undervalued. In addition to taking "long" positions (*i.e.*, owning the security) in convertible bonds or convertible preferred stock, a Sub-Adviser may take "short" positions (*i.e.*, borrowing and later selling the security) in the underlying common stock into which the convertible securities are exchangeable in order to hedge against market risk. The strategy is intended to capitalize on relative pricing inefficiencies between the related securities. This strategy may be employed with a directional bias (the Sub-Adviser anticipates the direction of the market) or on a market neutral basis (the direction of the market does not have a significant impact on returns). The source of return from this strategy arises from the fact that convertible bonds may be undervalued relative to other securities due to the complexity of investing in these securities. The primary risk associated with this

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strategy is that, in the event of an issuer bankruptcy, the short position may not fully cover the loss on the convertible security. Convertible bond hedging strategies may also be adversely affected by changes in the level of interest rates, downgrades in credit ratings, credit spread fluctuations, defaults and lack of liquidity.

Pairs trading combines a long position in a particular security with a short position in a similar security in the same or related industry or sector. A Sub-Adviser identifies a pair of securities that are correlated (*i.e.*, the price of one security moves in the same direction of the price of the other security) and looks for divergence of correlation between shares of a pair. When a divergence is noticed, the Sub-Adviser takes the opposite position for securities in a pair. For stocks, currencies and futures, the Sub-Adviser would take a long position for the underperforming security and a short position for the over-performing security. For options, the Sub-Adviser would write a put option for underperforming stock and a call option for outperforming stock. A profit can be realized when the divergence is corrected and the securities are brought to original correlation by market forces. Although the strategy does not have much downside risk, there is a scarcity of opportunities.

Equity value neutral seeks to buy an undervalued stock and, essentially simultaneously, short a similar overvalued stock against it, thereby taking advantage of pricing differences between the related equity securities. The strategy is designed to neutralize sector risks and will generally seek to have low correlation to major market indexes. The strategy is based on the relative difference between such companies, not whether the companies are overvalued or undervalued in absolute terms. The primary risk inherent in the strategy is that weaker companies may gain value or stronger companies may lose value relative to their peers and it is possible to lose money on both the long position and the short position.

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

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

Although the two types of depositary receipt facilities (unsponsored and sponsored) are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. A depositary may establish an unsponsored facility without participation by (or acquiescence of) the underlying issuer. Typically, however, the depositary requests a letter of non-objection from the underlying issuer prior to establishing the facility. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights to depositary receipt holders with respect to the underlying securities.

Sponsored depositary receipt facilities are created in generally the same manner as unsponsored facilities, except that sponsored depositary receipts are established jointly by a depositary and the underlying issuer

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through a deposit agreement. The deposit agreement sets out the rights and responsibilities of the underlying issuer, the depositary and the depositary receipt holders. With sponsored facilities, the underlying issuer typically bears some of the costs of the depositary receipts (such as dividend payment fees of the depositary), although most sponsored depositary receipt holders may bear costs such as deposit and withdrawal fees. Depositaries of most sponsored depositary receipts agree to distribute notices of shareholder meetings, voting instructions and other shareholder communications and information to the depositary receipt holders at the underlying issuer's request.

ARTIFICIAL INTELLIGENCE TECHNOLOGY—The rapid development and increasingly widespread use of certain artificial intelligence technologies, including machine learning models and generative artificial intelligence (collectively "AI"), may adversely impact markets, the overall performance of a Fund's investments, or the services provided to a Fund. To the extent a Fund invests in companies that are involved in various aspects of AI, the Fund will be affected by the risks of those types of companies, including changes in business cycles, world economic growth, technological progress, and changes in government regulation. Rapid change to technologies that affect a company's products could have a material adverse effect on such company's operating results. Companies that are extensively involved in AI also may rely heavily on a combination of patents, copyrights, trademarks, and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by these companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies' technology. Further, because of the innovative nature of the AI market, outpaced advancement by one company or increasing market share by one company could result in rapid and substantial declines in the value of competing companies. In addition, market reaction to the potential impact of AI could result in excess demand for access to AI-related investments, thereby resulting in accelerated growth in the market value of such companies, which may then be subject to sharp resets in the wake of news or other information that tempers expectations of AI or of particular AI-related companies, thus potentially resulting in periods of high volatility in the price of such securities, which could negatively affect the Funds' performance.

ASSET-BACKED SECURITIES—Asset-backed securities are securities that are backed primarily by the cash flows of a discrete pool of fixed or revolving receivables or other financial assets that by their terms convert into cash within a finite time period. Asset-backed securities include mortgage-backed securities, but the term is more commonly used to refer to securities supported by non-mortgage assets such as auto loans, motor vehicle leases, student loans, credit card receivables, floorplan receivables, equipment leases and peer-to-peer loans. The assets are removed from any potential bankruptcy estate of an operating company through the true sale of the assets to an issuer that is a special purpose entity, and the issuer obtains a perfected security interest in the assets. Payments of principal of and interest on asset-backed securities rely entirely on the performance of the underlying assets. Asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity and therefore, if the assets or sources of funds available to the issuer are insufficient to pay those securities, the Funds will incur losses. In addition, asset-backed securities entail prepayment risk that may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Additional risks related to collateralized risk obligations, CLOs and mortgage-backed securities are described below.

Losses may be greater for asset-backed securities that are issued as "pass-through certificates" rather than as debt securities, because those types of certificates only represent a beneficial ownership interest in the related assets and their payment is based primarily on collections actually received. For asset-backed securities as a whole, if a securitization issuer defaults on its payment obligations due to losses or shortfalls on the assets held by the issuer, a sale or liquidation of the assets may not be sufficient to support payments on the securities and the Funds, as securityholders, may suffer a loss.

Recent changes in legislation, together with uncertainty about the nature and timing of regulations that continue to be promulgated to implement such legislation, has created uncertainty in the credit and other financial markets and other unknown risks. The Dodd-Frank Act, for example, imposes a new regulatory framework on the U.S. financial services industry and the consumer credit markets in general. As a result of the

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Dodd-Frank Act and similar measures to re-regulate the credit markets and, in particular, the structured finance markets, the manner in which asset-backed securities are issued and structured has been altered and the reporting obligations of the issuers of such securities may be significantly increased or may become costlier. The value or liquidity of any asset-backed securities held or acquired by the Funds may be adversely affected as a result of these changes.

In particular, the implementation of Section 619 of the Dodd-Frank Act (and related regulations) prohibiting certain banking entities from engaging in proprietary trading (the so-called Volcker Rule) and of Section 941 of the Dodd-Frank Act (and related regulations) requiring the "sponsor" of a securitization to retain no less than 5% of the credit risk of the assets collateralizing the asset-backed securities, could have a negative effect on the marketability and liquidity of asset-backed securities (including mortgage-backed securities and CDOs and CLOs), whether in the primary issuance or in secondary trading. It is possible that the risk retention rules may reduce the number of new issuances of private-label mortgage backed securities or the number of collateral managers active in the CDO and CLO markets, which also may result in fewer new issue securities. A contraction or reduced liquidity in the asset-backed, CDO or CLO markets could reduce opportunities for the Funds to sell their securities and might adversely affect the management flexibility of the Funds in relation to the respective portfolios.

In addition to the changes required by the Dodd-Frank Act, the SEC adopted rules in August 2014 that substantially revise "Regulation AB" (the SEC's principal source of rules for asset-backed securities) and other rules governing the offering process, disclosure and reporting for asset-backed securities issued in registered transactions. Among other things, those rules require enhanced disclosure of asset-level information at the time of the securitization and on an ongoing basis. Certain elements of proposed Regulation AB remain outstanding, including the proposal that issuers of structured finance products offered privately provide the same initial and ongoing information as would be required if the offering were public. It is not clear when or whether any of the proposed revisions to Regulation AB that remain outstanding will be adopted, how those standards will be implemented, or what effect those standards will have on securitization transactions. The rules may, for example, have the effect of impeding new issuances and reducing the availability of investments for the Funds, or adversely affecting the market value of legacy securities that do not conform with the new rules.

There is a limited secondary market for asset-backed securities. Consequently, it may be difficult for the Funds to sell or realize profits on those securities at favorable times or for favorable prices.

CDO and CLO securities are non-recourse obligations of their issuer payable solely from the related underlying collateral or its proceeds. Therefore, as a holder of CDOs and CLOs, the Funds must rely only on distributions on the underlying collateral or related proceeds for payment. If distributions on the underlying collateral are insufficient to make payments on the CDO or CLO securities, no other assets will be available for payment of the deficiency. As a result, the amount and timing of interest and principal payments in respect of CDO and CLO securities will depend on the performance and characteristics of the related underlying collateral.

Recent legislation, such as the Dodd-Frank Act, together with uncertainty about the nature and timing of regulations that will continue to be promulgated to implement such legislation, may continue to create uncertainty in the credit and other financial markets. Given that all applicable final implementing rules and regulations have not yet been published or are not yet in effect, the potential impact of these actions on CDOs and CLOs owned by the Funds is unknown. If existing transactions are not exempted from the new rules or regulations, compliance with those rules and regulations could impose significant costs on the issuers of CDOs and CLOs and ultimately adversely impact the holders (including the Funds) of those types of securities.

COLLATERALIZED LOAN OBLIGATIONS AND COLLATERALIZED DEBT OBLIGATIONS—A Fund may invest in collateralized loan obligations ("CLOs"). CLOs are structured securities collateralized by a pool of senior secured loans extended to below investment grade borrowers. Collateralized debt obligations ("CDOs") are also structured securities, but are collateralized by a mix of debt obligations, which may include mortgage-backed securities, trust preferred securities, and other securities backed by fixed income assets.

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For CLOs and CDOs, the cash flows from the assets are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since they are partially protected from defaults, senior tranches from a CLO or CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CLO or CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, as well as aversion to CLO or CDO securities as a class.

The risks of an investment in a CLO or CDO depends largely on the type of the collateral securities and the class of the instrument in which a Fund invests. Normally, CLOs and CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CLOs and CDOs may be characterized by a Fund as illiquid securities, however an active dealer market may exist for CLOs and CDOs allowing them to qualify for Rule 144A transactions. In addition to the normal risks associated with investing in fixed income securities, investing in CLOs and CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; and (iii) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

COMMERCIAL PAPER—Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities to finance short-term credit needs. Commercial paper is usually sold on a discount basis and has a maturity at the time of issuance generally not exceeding 270 days. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities. The value of commercial paper will tend to fall when interest rates rise and rise when interest rates fall.

COMMODITY INVESTMENTS—Certain Funds may seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investments in commodity-linked instruments, which are designed to provide this exposure without direct investment in physical commodities or commodities futures contracts. Real assets are assets such as oil, gas, industrial and precious metals, livestock, agricultural or meat products or other items that have tangible properties, as compared to stocks or bonds, which are financial instruments. The Sub-Advisers and, to the extent it directly manages the assets of a Fund, SIMC, seek to provide exposure to various commodities and commodity sectors. The value of commodity-linked instruments may be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments. The prices of commodity-linked instruments may move in different directions than investments in traditional equity and debt securities when the value of those traditional securities is declining due to adverse economic conditions. For example, during periods of rising inflation, debt securities have historically tended to decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase in value. Of course, there cannot be any guarantee that these investments will perform in the same manner in the future, and at certain times the price movements of commodity-linked instruments have been parallel to those of debt and equity securities. In general, commodities have historically tended to increase and decrease in value during different parts of the business cycle than financial assets. Nevertheless, at various times, commodity prices may move in tandem with the prices of financial assets and thus may not provide overall portfolio diversification benefits.

Commodity-linked instruments in which a Fund invests may not produce "qualifying income" for purposes of the Qualifying Income Test (as defined below in the section titled "Taxes"), which must be met in order for a Fund to maintain its status as a RIC under the Code. To the extent a Fund invests in commodity-linked instruments directly, such Fund will seek to restrict the resulting income from such instruments so that, when combined with its other non-qualifying income, such Fund's non-qualifying income is less than 10% of its gross income. However, a Fund may generate more non-qualifying income than anticipated, may not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the Qualifying Income Test,

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or may not be able to accurately predict the non-qualifying income from these investments. Accordingly, the extent to which a Fund invests in commodities or commodity-linked instruments directly may be limited by the Qualifying Income Test, which a Fund must continue to satisfy to maintain its status as a RIC. Failure to comply with the Qualifying Income Test could negatively affect a shareholder's return from a Fund. Under certain circumstances, a Fund may be able to cure a failure to meet the Qualifying Income Test, but in order to do so the Fund may incur significant Fund-level taxes, which would effectively reduce (and could eliminate) the Fund's returns.

CONSTRUCTION LOANS—In general, construction loans are mortgages on multifamily homes that are insured by the FHA under various federal programs of the National Housing Act of 1934 and its amendments. Several FHA programs have evolved to insure the construction financing and permanent mortgage financing on multifamily residences, nursing homes, elderly residential facilities and health care units. Project loans typically trade in two forms: either as FHA-insured or GNMA insured pass-through securities. In this case, a qualified issuer issues the pass-through securities while holding the underlying mortgage loans as collateral. Regardless of form, all projects are government-guaranteed by the U.S. Department of Housing and Urban Development through the FHA insurance fund. The credit backing of all FHA and GNMA projects derives from the FHA insurance fund, so projects issued in either form enjoy the full faith and credit backing of the U.S. Government.

Most project pools consist of one large mortgage loan rather than numerous smaller mortgages, as is typically the case with agency single-family mortgage securities. As such, prepayments on projects are driven by the incentives most mortgagors have to refinance and are very project-specific in nature. However, to qualify for certain government programs, many project securities contain specific prepayment restrictions and penalties.

Under multifamily insurance programs, the government insures the construction financing of projects as well as the permanent mortgage financing on the completed structures. This is unlike the single-family mortgage market, in which the government only insures mortgages on completed homes. Investors purchase new projects by committing to fund construction costs on a monthly basis until the project is built. Upon project completion, an investor's construction loan commitments are converted into a proportionate share of the final permanent project mortgage loan. The construction financing portion of a project trades in the secondary market as an insured CLC. When the project is completed, the investor exchanges all the monthly CLCs for an insured PLC. The PLC is an insured pass-through security backed by the final mortgage on the completed property. As such, PLCs typically have a thirty-five to forty year maturity, depending on the type of final project. There are vastly more PLCs than CLCs in the market, owing to the long economic lives of the project structures. While neither CLCs nor PLCs are as liquid as agency single-family mortgage securities, both are traded on the secondary market and would generally not be considered illiquid. The benefit to owning these securities is a relatively high yield combined with significant prepayment protection, which generally makes these types of securities more attractive when prepayments are expected to be high in the mortgage market. CLCs typically offer a higher yield due to the fact that they are somewhat more administratively burdensome.

COUNTRY CONCENTRATION—A Fund's concentration of its assets in issuers located in a single country or a limited number of countries will increase the impact of, and potential losses associated with, the risks set forth in Foreign Securities and Emerging and Frontier Markets.

CREDIT-LINKED NOTES—Credit-linked notes and similarly structured products typically are issued by a limited purpose trust or other vehicle that, in turn, enters into a credit protection agreement or invests in a derivative instrument or basket of derivative instruments, such as credit default swaps or interest rate swaps, to obtain exposure to certain fixed-income markets or to remain fully invested when more traditional income producing securities are not available. Additional information about derivatives and the risks associated with them is provided under "Swaps, Caps, Floors, Collars and Swaptions." Like an investment in a bond, an investment in credit-linked notes represents the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the issuer's receipt of payments from, and the issuer's potential obligations to, the counterparties to certain credit protection agreements or derivative instruments entered into by the issuer of the credit-linked note. For example, the issuer may sell one or more credit default swaps entitling the issuer to receive a stream of payments

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over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt obligation. An investor holding a credit-linked note generally receives a fixed or floating coupon and the note's par value upon maturity, unless the referenced creditor defaults or declares bankruptcy, in which case the investor receives the amount recovered. In effect, investors holding credit-linked notes receive a higher yield in exchange for assuming the risk of a specified credit event.

CURRENT MARKET CONDITIONS RISK—Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks raised interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain foreign central banks recently began to lower interest rates, though economic or other factors, such as inflation, could stop such changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Funds' investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. While vaccines have been developed, there is no guarantee that vaccines will be effective against emerging future variants of the disease. As this global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Funds. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These events, and any other future events, may adversely affect the prices and liquidity of the Funds' portfolio investments and could result in disruptions in the trading markets.

DEMAND INSTRUMENTS—Certain instruments may entail a demand feature that permits the holder to demand payment of the principal amount of the instrument. Demand instruments may include variable amount master demand notes. Demand instruments with demand notice periods exceeding seven days are considered to be illiquid securities. Additional information about illiquid securities is provided under "Illiquid Securities" below.

DERIVATIVES—In an attempt to reduce systemic and counterparty risks associated with OTC derivative transactions, the Dodd-Frank Act requires that a substantial portion of OTC derivatives be executed in regulated markets and submitted for clearing to regulated clearinghouses. The CFTC also requires a substantial portion of derivative transactions that have historically been executed on a bilateral basis in the OTC markets to be executed through a regulated swap execution facility or designated contract market. The SEC has and is expected to continue to impose similar requirements with respect to security-based swaps. Such requirements could limit the ability of the Funds to invest or remain invested in derivatives and may make it more difficult and costly for investment funds, including the Funds, to enter into highly tailored or customized transactions. They

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may also render certain strategies in which a Fund might otherwise engage impossible or so costly that they will no longer be economical to implement.

OTC trades submitted for clearing will be subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as may be adjusted to a higher amount by the Fund's Futures Commission Merchant, as well as SEC- or CFTC-mandated margin requirements. With respect to uncleared swaps, swap dealers are required to collect variation margin from a Fund and may be required to collect initial margin from a Fund pursuant to the CFTC's or the Prudential Regulators' uncleared swap margin rules. Both initial and variation margin must be in the form of eligible collateral, and may be composed of cash and/or securities, subject to applicable regulatory haircuts. These rules also mandate that collateral in the form of initial margin be posted to cover potential future exposure attributable to uncleared swap transactions for certain entities, which may include the Funds. In the event a Fund is required to post collateral in the form of initial margin in respect of its uncleared swap transactions, all such collateral will be posted with a third-party custodian pursuant to a triparty custody agreement between the Fund, its dealer counterparty and an unaffiliated custodian.

Swap dealers and major swap participants that are registered with the CFTC and with whom a Fund may trade are subject to minimum capital and margin requirements. These requirements may apply irrespective of whether the OTC derivatives in question are traded bilaterally or cleared. OTC derivatives dealers are subject to business conduct standards, disclosure requirements, reporting and recordkeeping requirements, transparency requirements, position limits, limitations on conflicts of interest, and other regulatory burdens. These requirements may increase the overall costs for OTC derivative dealers, which are likely to be passed along, at least partially, to market participants in the form of higher fees or less advantageous dealer marks. The full impact of the Dodd-Frank Act on the Funds remains uncertain, and it is unclear how the OTC derivatives markets will ultimately adapt to this new regulatory regime.

Rule 18f-4 under the 1940 Act governs a Fund's use of derivative instruments and certain other transactions that create future payment and/or delivery obligations by the Fund. Rule 18f-4 permits a Fund to enter into Derivative Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including a Fund, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage"). In connection with the adoption of Rule 18f-4, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering Derivative Transactions and certain financial instruments.

Under Rule 18f-4, "Derivative Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options),

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any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions, if a Fund elects to treat these transactions as Derivative Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (*e.g.*, firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to physically settle the transactions and the transaction will settle within 35 days of its trade date.

Rule 18f-4 requires that a Fund that invests in Derivative Transactions above a specified amount adopt and implement a derivatives risk management program administered by a derivatives risk manager that is appointed by and overseen by the Funds' Board, and comply with an outer limit on Fund leverage risk based on value at risk. A Fund that uses Derivative Transactions in a limited amount are considered "limited derivatives users," as defined in Rule 18f-4, will not be subject to the full requirements of Rule 18f-4, but will have to adopt and implement policies and procedures reasonably designed to manage the Funds' derivatives risk. A Fund will be subject to reporting and recordkeeping requirements regarding its use of Derivative Transactions.

The requirements of Rule 18f-4 may limit a Fund's ability to engage in Derivative Transactions as part of its investment strategies. These requirements may also increase the cost of a Fund's investments and cost of doing business, which could adversely affect the value of the Fund's investments and/or the performance of the Fund. The rule also may not be effective to limit a Fund's risk of loss. In particular, measurements of VaR rely on historical data and may not accurately measure the degree of risk reflected in a Fund's derivatives or other investments. There may be additional regulation of the use of Derivative Transactions by registered investment companies, which could significantly affect their use. The ultimate impact of the regulations remains unclear. Additional regulation of Derivative Transactions may make them more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets.

More information about particular types of derivatives instruments is included below in the sections titled "Forward Foreign Currency Contracts," "Futures Contracts and Options on Futures Contracts," "Options," and "Swaps, Caps, Floors, Collars and Swaptions."

DISTRESSED SECURITIES—Distressed securities are securities of issuers that are in transition, out of favor, financially leveraged or troubled or potentially troubled, and may be, or have recently been, involved in major strategic actions, restructurings, bankruptcy, reorganization or liquidation. Distressed securities are considered risky investments, although they may also offer the potential for correspondingly high returns.

Such issuers' securities may be considered speculative, and the ability of such issuers to pay their debts on schedule could be affected by adverse interest rate movements, changes in the general economic climate, economic factors affecting a particular industry or specific developments within such issuers.

DOLLAR ROLLS—Dollar rolls are transactions in which securities (usually mortgage-backed securities) are sold for delivery in the current month and the seller simultaneously contracts to repurchase substantially similar securities on a specified future date. The difference between the sale price and the purchase price (plus any interest earned on the cash proceeds of the sale) is netted against the interest income foregone on the securities sold to arrive at an implied borrowing rate. Alternatively, the sale and purchase transactions can be executed at the same price, with a Fund being paid a fee as consideration for entering into the commitment to purchase. Dollar rolls may be renewed prior to cash settlement and may initially involve only a firm commitment agreement by a Fund to buy a security. If the broker-dealer to whom a Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into dollar rolls include the risk that the value of the security may change adversely over the term of the dollar roll and that the security a Fund is required to repurchase may be worth less than the security that the Fund originally held.

A Fund must comply with Rule 18f-4 under the 1940 Act with respect to its dollar roll transactions, which are considered Derivative Transactions under the Rule. See "Derivatives" above.

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EQUITY-LINKED WARRANTS—Equity-linked warrants provide a way for investors to access markets where entry is difficult and time consuming due to regulation. Typically, a broker issues warrants to an investor and then purchases shares in the local market and issues a call warrant hedged on the underlying holding. If the investor exercises his call and closes his position, the shares are sold and the warrant is redeemed with the proceeds.

Each warrant represents one share of the underlying stock. Therefore, the price, performance and liquidity of the warrant are all directly linked to the underlying stock. The warrant can be redeemed for 100% of the value of the underlying stock (less transaction costs). As American-style warrants, they can be exercised at any time. The warrants are U.S. dollar-denominated and priced daily on several international stock exchanges.

There are risks associated with equity-linked warrants. The investor will bear the full counterparty risk to the issuing broker; however, SIMC or a Sub-Adviser may select to mitigate this risk by only purchasing from issuers with high credit ratings. Equity-linked warrants also have a longer settlement period because they go through the same registration process as the underlying shares (about three weeks) and during this time the shares cannot be sold. There is currently no active trading market for equity-linked warrants. Certain issuers of such warrants may be deemed to be "investment companies" as defined in the 1940 Act. As a result, a Fund's investment in such warrants may be limited by certain investment restrictions contained in the 1940 Act.

EQUITY SECURITIES—Equity securities represent ownership interests in a company and include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock.

In general, investments in equity securities are subject to market risks, which may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which a Fund invests will cause the NAV of the Fund to fluctuate. The Funds purchase and sell equity securities in various ways, including through recognized foreign exchanges, registered exchanges in the United States or the OTC market. Equity securities are described in more detail below:

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

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

*Warrants.* Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying security. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. Warrants do not entitle a holder to dividends or voting rights with respect to the underlying security and do not represent any rights in the assets of the issuing company. A warrant ceases to have value if it is not exercised prior to its expiration date. These factors can make warrants more speculative than other types of investments.

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

Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide yields that are higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at a

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

*Small and Medium Capitalization Issuers.* Investing in equity securities of small and medium capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size, limited markets and financial resources, narrow product lines and the frequent lack of depth of management associated with small and medium capitalization companies. The securities of small and medium capitalization companies typically have lower trading volumes than large capitalization companies and consequently are often less liquid. Such securities may also have less market stability and may be subject to more severe, abrupt or erratic market movements than securities of larger, more established companies or the market averages in general.

*Initial Public Offerings ("IPOs")*. Certain Funds may purchase securities of companies that are offered pursuant to an IPO. An IPO is a company's first offering of stock to the public in the primary market, typically to raise additional capital. Like all equity securities, IPO securities are subject to market risk and liquidity risk, but those risks may be heightened for IPO securities. The market value of IPO securities may fluctuate considerably due to factors such as the absence of a prior public market for the security, unseasoned trading of the security, the small number of shares available for trading, limited information about the issuer, and aberrational trading activity and market interest surrounding the IPO. There is also the possibility of losses resulting from the difference between the issue price and potential diminished value of the security once it is traded in the secondary market. In addition, the purchase of IPO securities may involve high transaction costs. The Funds' investment in IPO securities may have a significant positive or negative impact on the Funds' performance and may result in significant capital gains.

EUROBONDS—A Eurobond is a fixed income security denominated in U.S. dollars or another currency and sold to investors outside of the country whose currency is used. Eurobonds may be issued by government or corporate issuers and are typically underwritten by banks and brokerage firms from numerous countries. Although Eurobonds typically pay principal and interest in Eurodollars or U.S. dollars held in banks outside of the United States, they may pay principal and interest in other currencies.

EXCHANGE-TRADED PRODUCTS—Certain Funds may directly purchase shares of or interests in ETPs (including ETFs, ETNs and exchange-traded commodity pools). A Fund will only invest in ETPs to the extent consistent with its investment objectives, policies, strategies and limitations.

The risks of owning interests of ETPs generally reflect the risks of owning the underlying securities or other instruments that the ETP is designed to track. The shares of certain ETPs may trade at a premium or discount to their intrinsic value (*i.e.*, the market value may differ from the NAV of an ETP's shares). For example, supply and demand for shares of an ETF or market disruptions may cause the market price of the ETF to deviate from the value of the ETF's investments, which may be emphasized in less liquid markets. The value of an ETN may also differ from the valuation of its reference market or instrument due to changes in the issuer's credit rating. By investing in an ETP, a Fund indirectly bears the proportionate share of any fees and expenses of the ETP in addition to the fees and expenses that the Fund and its shareholders directly bear in connection with the Fund's operations. Because certain ETPs may have a significant portion of their assets exposed directly or

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indirectly to commodities or commodity-linked instruments, developments affecting commodities may have a disproportionate impact on such ETPs and may subject the ETPs to greater volatility than investments in traditional securities.

*ETFs.* ETFs are investment companies that are registered under the 1940 Act as open-end funds or unit investment trusts. ETFs are actively traded on national securities exchanges and are generally based on specific domestic and foreign market indexes. An "index-based ETF" seeks to track the performance of an index by holding in its portfolio either the contents of the index or a representative sample of the securities in the index. Because ETFs are based on an underlying basket of stocks or an index, they are subject to the same market fluctuations as these types of securities in volatile market swings.

*ETNs.* ETNs are generally senior, unsecured, unsubordinated debt securities issued by a sponsor. ETNs are designed to provide investors with a different way to gain exposure to the returns of market benchmarks, particularly those in the natural resource and commodity markets. An ETN's returns are based on the performance of a market index minus fees and expenses. ETNs are not equity investments or investment companies, but they do share some characteristics with those investment vehicles. As with equities, ETNs can be shorted, and as with ETFs and index funds, ETNs are designed to track the total return performance of a benchmark index. Like ETFs, ETNs are traded on an exchange and can be bought and sold on the listed exchange. However, unlike an ETF, an ETN can be held until the ETN's maturity, at which time the issuer will pay a return linked to the performance of the market index to which the ETN is linked minus certain fees. Unlike regular bonds, ETNs do not make periodic interest payments, and principal is not protected. The market value of an ETN is determined by supply and demand, the current performance of the market index to which the ETN is linked and the credit rating of the ETN issuer.

The market value of ETN shares may differ from their NAV. This difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in time is not always identical to the supply and demand in the market for the securities/commodities/instruments underlying the index that the ETN seeks to track. The value of an ETN may also change due to a change in the issuer's credit rating. As a result, there may be times when an ETN share trades at a premium or discount to its NAV.

Certain ETNs may not produce qualifying income for purposes of the Qualifying Income Test (as defined below in the section titled "Taxes"), which must be met in order for a Fund to maintain its status as a RIC under the Code. The Funds intend to monitor such investments to ensure that any non-qualifying income does not exceed permissible limits, but the Funds may not be able to accurately predict the non-qualifying income from these investments (see more information in the "Taxes" section of this SAI).

*Exchange-Traded Commodity Pools.* Exchange-traded commodity pools are similar to ETFs in some ways, but are not structured as registered investment companies. Shares of exchange-traded commodity pools trade on an exchange and are registered under the 1933 Act. Unlike mutual funds, exchange-traded commodity pools generally will not distribute dividends to shareholders. There is a risk that the changes in the price of an exchange-traded commodity pool's shares on the exchange will not closely track the changes in the price of the underlying commodity or index that the pool is designed to track. This could happen if the price of shares does not correlate closely with the pool's NAV, the changes in the pool's NAV do not correlate closely with the changes in the price of the pool's benchmark, or the changes in the benchmark do not correlate closely with the changes in the cash or spot price of the commodity that the benchmark is designed to track. Exchange-traded commodity pools are often used as a means of investing indirectly in a particular commodity or group of commodities, and there are risks involved in such investments. Commodity prices are inherently volatile, and the market value of a commodity may be influenced by many unpredictable factors which interrelate in complex ways, such that the effect of one factor may offset or enhance the effect of another. Supply and demand for certain commodities tends to be particularly concentrated. Commodity markets are subject to temporary distortions or other disruptions due to various factors, including periodic illiquidity in the markets for certain positions, the participation of speculators, and government regulation and intervention. In addition, U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in some futures contract prices that may occur during a single business day. These and other risks and hazards that are inherent in a commodity or group of commodities may cause the price of that commodity or group of commodities to fluctuate

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widely, which will, in turn, affect the price of the exchange-traded commodity pool that invests in that commodity or group of commodities. The regulation of commodity interest transactions in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. Considerable regulatory attention has been focused on non-traditional investment pools that are publicly distributed in the United States. There is a possibility of future regulatory changes within the United States altering, perhaps to a material extent, the nature of an investment in exchange-traded commodity pools or the ability of an exchange-traded commodity pool to continue to implement its investment strategy. In addition, various national governments outside of the United States have expressed concern regarding the disruptive effects of speculative trading in the commodities markets and the need to regulate the derivatives markets in general. The effect of any future regulatory change on exchange-traded commodity pools is impossible to predict, but could be substantial and adverse.

Exchange-traded commodity pools generally do not produce qualifying income for purposes of the Qualifying Income Test (as defined below in the section titled "Taxes"), which must be met in order for a Fund to maintain its status as a RIC under the Code. The Funds intend to monitor such investments to ensure that any non-qualifying income does not exceed permissible limits, but the Funds may not be able to accurately predict the non-qualifying income from these investments (see more information in the "Taxes" section of this SAI).

FIXED INCOME SECURITIES—Fixed income securities consist primarily of debt obligations issued by governments, corporations, municipalities and other borrowers, but may also include structured securities that provide for participation interests in debt obligations. The market value of the fixed income securities in which a Fund invests will change in response to interest rate changes and other factors. During periods of falling interest rates, the value of outstanding fixed income securities generally rises. Conversely, during periods of rising interest rates, the value of such securities generally declines. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market fluctuations as a result of changes in interest rates. Changes by recognized agencies in the rating of any fixed income security and in the ability of an issuer to make payments of interest and principal also affect the value of these investments. Changes in the value of these securities will not necessarily affect cash income derived from these securities, but will affect a Fund's NAV.

Securities held by a Fund that are guaranteed by the U.S. Government, its agencies or instrumentalities guarantee only the payment of principal and interest and do not guarantee the yield or value of the securities or the yield or value of the Fund's shares.

There is a risk that the current interest rate on floating and variable rate instruments may not accurately reflect existing market interest rates.

Additional information regarding fixed income securities is described below:

*Duration.* Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, if a fixed income security has a five-year duration, it will decrease in value by approximately 5% if interest rates rise 1% and increase in value by approximately 5% if interest rates fall 1%. Fixed income instruments with longer duration typically have higher risk and higher volatility. Longer-term fixed income securities in which a portfolio may invest are more volatile than shorter-term fixed income securities. A portfolio with a longer average portfolio duration is typically more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

*Investment Grade Fixed Income Securities.* Fixed income securities are considered investment grade if they are rated in one of the four highest rating categories by a NRSRO, or, if not rated, are determined to be of comparable quality by SIMC or a Sub-Adviser, as applicable. See "Appendix A-Description of Ratings" for a description of the bond rating categories of several NRSROs. Ratings of each NRSRO represent its opinion of the safety of principal and interest payments, not the market risk, of bonds and other fixed income securities it undertakes to rate at the time of issuance. Ratings are not absolute standards of quality and may not reflect changes in an issuer's creditworthiness. Securities rated Baa3 or higher by Moody's or BBB- or higher by S&P are considered by those rating agencies to be "investment grade" securities, although securities rated Baa3 or

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BBB- lack outstanding investment characteristics and have speculative characteristics. Although issuers of bonds rated BBB by S&P are considered to have adequate capacity to meet their financial commitments, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and principal for debt in this category than debt in higher-rated categories. In the event a security owned by a Fund is downgraded below investment grade, SIMC or a Sub-Adviser, as applicable, will review the situation and take appropriate action with regard to the security.

*Lower-Rated Securities.* Lower-rated bonds or non-investment grade bonds are commonly referred to as "junk bonds" or high yield/high-risk securities. Lower-rated securities are defined as securities rated below the fourth highest rating category by an NRSRO. Such obligations are speculative and may be in default.

Fixed income securities are subject to the risk of an issuer's ability to meet principal and interest payments on the obligation (known as "credit risk") and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (known as "market risk"). Lower-rated or unrated (*i.e.*, high yield) securities are more likely to react to developments affecting market and credit risk than are more highly rated securities, which primarily react to movements in the general level of interest rates. Yields and market values of high yield securities will fluctuate over time, reflecting not only changing interest rates but also the market's perception of credit quality and the outlook for economic growth. When economic conditions appear to be deteriorating, medium- to lower-rated securities may decline in value due to heightened concern over credit quality, regardless of prevailing interest rates.

Investors should carefully consider the relative risks of investing in high yield securities and understand that such securities are not generally meant for short-term investing.

Adverse economic developments can disrupt the market for high yield securities and severely affect the ability of issuers, especially highly leveraged issuers, to service their debt obligations or to repay their obligations upon maturity, which may lead to a higher incidence of default on such securities. In addition, the secondary market for high yield securities may not be as liquid as the secondary market for more highly rated securities. As a result, it may be more difficult for a Fund to sell these securities, or a Fund may only be able to sell the securities at prices lower than if such securities were highly liquid. Furthermore, a Fund may experience difficulty in valuing certain high yield securities at certain times. Under these circumstances, prices realized upon the sale of such lower-rated or unrated securities may be less than the prices used in calculating the Fund's NAV. Prices for high yield securities may also be affected by legislative and regulatory developments.

Lower-rated or unrated fixed income obligations also present risks based on payment expectations. If an issuer calls the obligations for redemption, a Fund may have to replace the security with a lower-yielding security, resulting in a decreased return for investors. If a Fund experiences unexpected net redemptions, it may be forced to sell its higher-rated securities, resulting in a decline in the overall credit quality of the Fund's investment portfolio and increasing the Fund's exposure to the risks of high yield securities.

A Fund may invest in securities rated as low as "C" by Moody's or "D" by S&P and may invest in unrated securities that are of comparable quality as "junk bonds."

Sensitivity to Interest Rate and Economic Changes. Lower-rated bonds are very sensitive to adverse economic changes and corporate developments. During an economic downturn, highly leveraged issuers may experience financial stress that would adversely affect their ability to service their principal and interest payment obligations, to meet projected business goals and to obtain additional financing. If the issuer of a bond defaulted on its obligations to pay interest or principal or entered into bankruptcy proceedings, a Fund may incur losses or expenses in seeking recovery of amounts owed to it. In addition, periods of economic uncertainty and change can be expected to result in increased volatility of market prices of high-yield, high-risk bonds and a Fund's NAV.

Payment Expectations. High-yield, high-risk bonds may contain redemption or call provisions. If an issuer exercised these provisions in a declining interest rate market, a Fund would have to replace the security with a lower-yielding security, resulting in a decreased return for investors. Conversely, a high-yield, high-risk

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bond's value may decrease in a rising interest rate market, as will the value of a Fund's assets. If a Fund experiences significant unexpected net redemptions, it may be forced to sell high-yield, high-risk bonds without regard to their investment merits, thereby decreasing the asset base upon which expenses can be spread and possibly reducing the Fund's rate of return.

Liquidity and Valuation. There may be little trading in the secondary market for particular bonds, which may adversely affect a Fund's ability to value accurately or dispose of such bonds. Adverse publicity and investor perception, whether or not based on fundamental analysis, may decrease the value and liquidity of high-yield, high-risk bonds, especially in a thin market.

Taxes. A Fund may purchase debt securities (such as zero coupon or pay-in-kind securities) that contain original issue discount. Original issue discount that accretes in a taxable year is treated as earned by a Fund and is therefore subject to the distribution requirements applicable to RICs under Subchapter M of the Code. Because the original issue discount earned by a Fund in a taxable year may not be represented by cash income, the Fund may have to dispose of other securities and use the proceeds to make distributions to shareholders.

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

The value of a Fund's investments denominated in foreign currencies will depend on the relative strengths of those currencies and the U.S. dollar, and a Fund may be affected favorably or unfavorably by changes in the exchange rates or exchange or currency control regulations between foreign currencies and the U.S. dollar. Changes in foreign currency exchange rates may also affect the value of dividends and interest earned, gains and losses realized on the sale of securities and net investment income and gains, if any, to be distributed to shareholders by a Fund. Such investments may also entail higher custodial fees and sales commissions than domestic investments.

A Fund's investments in emerging and frontier markets can be considered speculative and therefore may offer higher potential for gains and losses than investments in developed markets. With respect to an emerging market country, there may be a greater potential for nationalization, expropriation or confiscatory taxation, political changes, government regulation, social instability or diplomatic developments (including war), which could adversely affect the economies of such countries or investments in such countries. "Frontier market countries" are a subset of emerging market countries with even smaller national economies, so these risks may be magnified further. The economies of emerging and frontier countries are generally heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange or currency controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade.

The economies of frontier market countries tend to be less correlated to global economic cycles than the economies of more developed countries and their markets have lower trading volumes and may exhibit greater price volatility and illiquidity. A small number of large investments in these markets may affect these markets to a greater degree than more developed markets. Frontier market countries may also be affected by government activities to a greater degree than more developed countries. For example, the governments of frontier market countries may exercise substantial influence within the private sector or subject investments to government approval, and governments of other countries may impose or negotiate trade barriers, exchange controls, adjustments to relative currency values and other measures that adversely affect a frontier market country.

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Governments of other countries may also impose sanctions or embargoes on frontier market countries. Although all of these risks are generally heightened with respect to frontier market countries, they also apply to emerging market countries.

In addition to the risks of investing in debt securities of emerging and frontier markets, a Fund's investment in government or government-related securities of emerging and frontier market countries and restructured debt instruments in emerging and frontier markets are subject to special risks, including the inability or unwillingness to repay principal and interest, requests to reschedule or restructure outstanding debt and requests to extend additional loan amounts. A Fund may have limited recourse in the event of default on such debt instruments.

Growing tensions, including trade disputes, between the United States and other nations, or among foreign powers, and possible diplomatic, trade or other sanctions could adversely impact the global economy, financial markets and the Funds. The strengthening or weakening of the U.S. dollar relative to other currencies may, among other things, adversely affect the Funds' investments denominated in non-U.S. dollar currencies. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have, and the duration of those effects.

<u>Investments in the United Kingdom</u>—On January 31, 2020, the UK officially withdrew from the EU (commonly known as "Brexit"). Following a transition period, the United Kingdom's post-Brexit trade agreement with the European union passed into law in December 2020, became effective on a provisional basis on January 1, 2021, and formally entered into force on May 1, 2021.

The impact of Brexit on the UK, the EU and global markets remains unclear and will depend largely upon the UK's ability to negotiate favorable terms with the EU with respect to trade and market access. Brexit may also impact each of these markets should it lead to the creation of divergent national laws and regulations that produce new legal regimes and unpredictable tax consequences. As a result of the uncertain consequences of Brexit, the economies of the UK and EU as well as the broader global economy could be significantly impacted, which may result in increased volatility and illiquidity, and potentially lower economic growth on markets in the UK, EU and globally that could potentially have an adverse effect on the value of a Fund's investments.

<u>Investments in China</u>—China is an emerging market, and as a result, investments in securities of companies organized and listed in China may be subject to liquidity constraints and significantly higher volatility, from time to time, than investments in securities of more developed markets. China may be subject to considerable government intervention and varying degrees of economic, political and social instability. These factors may result in, among other things, a greater risk of stock market, interest rate, and currency fluctuations, as well as inflation. While progress has been made in aligning audit oversight between China and the United States, including the PCAOB's recent inspections of certain Chinese companies, significant differences remain in accounting, auditing, and financial reporting standards. Therefore, foreign investors may face challenges in accessing reliable and transparent financial information, and disclosure of certain material information may not be made, may be less available, or may be less reliable. It may also be difficult or impossible for the Fund to obtain or enforce a judgment in a Chinese court. In addition, periodically there may be restrictions on investments in Chinese companies. For example, Executive Orders have been issued prohibiting U.S. persons from purchasing or investing in publicly-traded securities of certain companies identified by the U.S. Government because of their ties to the Chinese military or China's surveillance technology sector. These restrictions have also applied to instruments that are derivative of, or are designed to provide investment exposure to, those companies. The list of affected securities is subject to change and has expanded over time. As a result, these restrictions may reduce the liquidity of designated securities, impact their market prices, and potentially create broader market effects for other Chinese-based issuers. As a result of an increase in the number of investors looking to sell such securities, or because of an inability to participate in an investment that the Adviser or a Sub-Adviser otherwise believes is attractive, a Fund may incur losses. Certain investments that are or become designated as prohibited investments may have less liquidity as a result of such designation and the market price of such prohibited investments may decline, potentially causing losses to a Fund. In addition, the market for securities and other investments of other Chinese-based issuers may also be negatively impacted, resulting in reduced liquidity and price declines.

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*Investments in the China A-Shares.* A Fund may invest in People's Republic of China ("PRC") A-Shares through the Shanghai-Hong Kong Stock Connect program or Shenzhen-Hong Kong Stock Connect program (collectively, the "Stock Connect") subject to any applicable laws, rules and regulations. The Stock Connect is a securities trading and clearing linked program developed by Hong Kong Exchanges and Clearing Limited ("HKEX"), the Hong Kong Securities Clearing Company Limited ("HKSCC"), Shanghai Stock Exchange ("SSE"), Shenzhen Stock Exchange ("SZSE") and China Securities Depository and Clearing Corporation Limited ("ChinaClear") with the aim of achieving mutual stock market access between PRC and Hong Kong. This program allows foreign investors to trade eligible SSE-listed or SZSE-listed PRC A-Shares through their Hong Kong based brokers. All Hong Kong and overseas investors in the Stock Connect will trade and settle SSE or SZSE securities in the offshore Renminbi ("CNH") only. A Fund will be exposed to any fluctuation in the exchange rate between the U.S. Dollar and CNH in respect of such investments.

By seeking to invest in the domestic securities markets of the PRC via the Stock Connect a Fund is subject to the following additional risks:

*General Risks.* The relevant regulations governing the Stock Connect program have become more established through years of implementation. However, they remain subject to change and may have potential retrospective effect. Regulatory or policy adjustments could adversely affect a Fund's investment in PRC A-Shares. The program requires the use of new information technology systems which may be subject to operational risk due to the program's cross-border nature. Additionally, increasing cybersecurity risks, including potential cyberattacks on cross-border trading systems, could adversely impact the program's operations and a Fund's ability to trade PRC A-Shares.

Stock Connect will only operate on days when both the PRC and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. There may be occasions when it is a normal trading day for the PRC market but the Stock Connect is not trading. As a result, a Fund may be subject to the risk of price fluctuations in PRC A-Shares when the Fund cannot carry out any PRC A-Shares trading.

Each of the Hong Kong Stock Exchange ("SEHK"), SSE and SZSE reserves the right to suspend trading if necessary for ensuring an orderly and fair market and that risks are managed prodently. In case of a suspension, the Fund's ability to access the PRC market will be adversely affected.

PRC regulations impose restrictions on selling and buying certain Stock Connect securities from time to time. In the event that a Stock Connect security is recalled from the scope of eligible securities for trading via Stock Connect, the ability of the Fund to invest in Stock Connect securities will be adversely affected.

*Clearing and Settlement Risk.* HKSCC and ChinaClear have established the clearing links and each will become a participant of each other to facilitate clearing and settlement of cross-boundary trades. For cross-boundary trades initiated in a market, the clearing house of that market will on one hand clear and settle with its own clearing participants and on the other hand undertake to fulfill the clearing and settlement obligations of its clearing participants with the counterparty clearing house.

In the event ChinaClear defaults, HKSCC's liabilities under its market contracts with clearing participants may be limited to assisting clearing participants with claims. It is anticipated that HKSCC will act in good faith to seek recovery of the outstanding stocks and monies from ChinaClear through available legal channels or the liquidation of ChinaClear. However, there is no guarantee that full recovery will be achieved, and investors may suffer losses as a result. As ChinaClear does not contribute to the HKSCC guarantee fund, HKSCC will not use the HKSCC guarantee fund to cover any residual loss as a result of closing out any of ChinaClear's positions. HKSCC will in turn distribute the Stock Connect Securities and/or monies recovered to clearing participants on a pro-rata basis. The relevant broker through whom a Fund trades shall in turn distribute Stock Connect securities and/or monies to the extent recovered directly or indirectly from HKSCC. As such, a Fund may not fully recover their losses or their Stock Connect Securities and/or the process of recovery could be delayed.

*Legal/Beneficial Ownership.* The Stock Connect securities purchased by a Fund will be held by the relevant sub-custodian in accounts in the Hong Kong Central Clearing and Settlement System ("CCASS") maintained by

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the HKSCC, as central securities depositary in Hong Kong. The HKSCC will be the "nominee holder" of the Funds' Stock Connect Securities traded through Stock Connect. The Stock Connect regulations as promulgated by the China Securities Regulatory Commission ("CSRC") expressly provide that HKSCC acts as nominee holder and that the Hong Kong and overseas investors (such as the Funds) enjoy the rights and interests with respect to the Stock Connect Securities acquired through Stock Connect in accordance with applicable laws. The precise nature and rights of a Fund as the beneficial owner of the SSE Securities or SZSE Securities through HKSCC as nominee is not well defined under the PRC laws. There is a lack of a clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there have been few cases involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights and interests of a Fund under the PRC laws is also uncertain. Therefore, although the Funds' ownership may be ultimately recognised, it may suffer difficulties or delays in enforcing its rights over its Stock Connect securities.

To the extent that HKSCC is deemed to be performing safekeeping functions with respect to assets held through it, it should be noted that a Fund and its custodian will have no legal relationship with HKSCC and no direct legal recourse against HKSCC in the event that the Fund suffers losses resulting from the performance or insolvency of HKSCC. In the event that the Fund suffers losses due to the negligence, or willful default, or insolvency of HKSCC, the Fund may not be able to institute legal proceedings, file any proof of claim in any insolvency proceeding or take any similar action. In the unlikely event that HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or SZSE Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the general assets of HKSCC available for general distribution to its creditors. Consequently, the value of the Fund's investment in PRC A-Shares and the amount of its income and gains could be adversely affected.

*Participation in corporate actions and shareholder meetings.* Hong Kong and overseas investors (including the Fund) are holding Stock Connect securities traded via the Stock Connect through their brokers or custodians, and they need to comply with the arrangement and deadline specified by their respective brokers or custodians (*i.e.* CCASS participants). The time for them to take actions for some types of corporate actions of Stock Connect Securities may be as short as one business day only. Therefore, the Fund may not be able to participate in some corporate actions in a timely manner. According to existing mainland practice, multiple proxies are not available. Therefore, the Fund may not be able to appoint proxies to attend or participate in shareholders' meetings in respect of the Stock Connect securities.

*Operational Risk.* The HKSCC provides clearing, settlement, nominee functions and other related services in respect of trades executed by Hong Kong market participants. PRC regulations impose certain restrictions on the buying and selling of A-Shares, including pre-trade checking requirements. For investors not using SPSA (Special Segregated Account) or Master SPSA accounts (Master Special Segregated Account), pre-delivery of shares to the broker may be required, which could increase counterparty risk. Consequently, a Fund may face delays or operational challenges in purchasing or disposing of PRC A-Shares in a timely manner.

*Quota Limitations.* The Stock Connect program is subject to daily quota limitations which require that buy orders for A-shares be rejected once the daily quota is exceeded. These limitations may restrict a Fund from investing in A-shares on a timely basis, which could affect the Fund's ability to effectively pursue its investment strategy. Investment quotas are also subject to change.

*Investor Compensation.* A Fund will not benefit from the China Securities Investor Protection Fund in mainland China. The China Securities Investor Protection Fund is established to pay compensation to investors in the event that a securities company in mainland China is subject to compulsory regulatory measures (such as dissolution, closure, bankruptcy, and administrative takeover by the China Securities Regulatory Commission). Because the Fund is carrying out trading of PRC A-Shares through securities brokers in Hong Kong, but not mainland China brokers, it is not protected by the China Securities Investor Protection Fund.

That said, if the Fund suffers losses due to default matters of its securities brokers in Hong Kong in relation to the investment of PRC A-Shares through the Stock Connect program, it would be compensated by Hong Kong's Investor Compensation Fund.

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*Tax within the PRC.* Uncertainties in the PRC tax rules governing taxation of income and gains from investments in PRC securities could result in unexpected tax liabilities for a Fund. A Fund's investments in securities, including A-Shares, issued by PRC companies may cause the Fund to become subject to withholding and other taxes imposed by the PRC.

If a Fund were considered to be a tax resident enterprise of the PRC, it would be subject to PRC corporate income tax at the rate of 25% on its worldwide taxable income. If a Fund were considered to be a non-tax resident enterprise with a "permanent establishment" in the PRC, it would be subject to PRC corporate income tax on the profits attributable to the permanent establishment. SIMC and the Funds' Sub-Advisers intend to operate the Funds in a manner that will prevent them from being treated as tax resident enterprises of the PRC and from having a permanent establishment in the PRC. It is possible, however, that the PRC could disagree with that conclusion, or that changes in PRC tax law could affect the PRC corporate income tax status of a Fund.

Unless reduced or exempted by the applicable tax treaties, the PRC generally imposes withholding income tax at the rate of 10% on dividends, premiums, interest and capital gains originating in the PRC and paid to a company that is not a resident of the PRC for tax purposes and that has no permanent establishment in China. The State Administration of Taxation has confirmed the application to a QFII of the withholding income tax on dividends, premiums and interest. Effective as of November 17, 2014, Chinese authorities issued two circulars (Caishui [2014] 79 and Caishui [2014] 81) clarifying the corporate income tax policy of China with respect to QFIIs and Renminbi QFIIs and investments through the Stock Connect. Pursuant to the circulars, each Fund is expected to be temporarily exempt from withholding tax on capital gains out of trading in A-Shares, but the dividends derived from China A-shares by foreign investors is subject to a 10% withholding income tax. Because there is no indication how long the temporary exemption will remain in effect, the Funds may be subject to such withholding tax in future. If in the future China begins applying tax rules regarding the taxation of income from A-Shares investment to QFIIs and Renminbi QFIIs or investments through the Shanghai-Hong Kong Stock Connect. In addition, Chinese authorities issued Caishui [2016] 127 which took effect on December 5, 2016, to clarify the corporate income tax policy of China with respect to investments through the Shenzhen-Hong Kong Stock Connect, and/or begins collecting capital gains taxes on such investments, a Fund could be subject to withholding tax liability if the Fund determines that such liability cannot be reduced or eliminated by applicable tax treaties. The negative impact of any such tax liability on a Fund's return could be substantial.

SIMC, the Funds' Sub-Advisers or a Fund may also potentially be subject to PRC value added tax at the rate of 6% on capital gains derived from trading of A-Shares and interest income (if any). Existing guidance provides a temporary value added tax exemption for Hong Kong and overseas investors in respect of their gains derived from the trading of Chinese securities through Stock Connect. Because there is no indication how long the temporary exemption will remain in effect, the Funds may be subject to such value added tax in the future. In addition, surtaxes are imposed based on value added tax liabilities, so if SIMC or the Funds' Sub-Advisers or a Fund were liable for value added tax it would also be required to pay the applicable surtaxes.

The PRC rules for taxation of Stock Connect are evolving, and the tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance to clarify the subject matter may apply retrospectively, even if such rules are adverse to a Fund and its shareholders.

*Political Tension Risk.* Recently there have been heightened tensions in international economic relations and rising political tensions. Notably, political tensions between the United States and China have escalated due to a series of trade, international treaty, tax, and sanctions actions taken by United States against China, among other things, imposition of tariffs on a substantial quantity of Chinese imports; the imposition of sanctions on an expanded number of Chinese companies for their support of China's military industrial complex or alleged human rights violations; enhanced reviews by Committee on Foreign Investment in the United States of foreign direct investments in the United States by Chinese companies; the detention by US Customs and Border Protection of products made in Xinjiang involving alleged human rights violations; and the enhancement of extensive export controls on the semiconductor industry, as well as countersanctions or countermeasures from the PRC government that have been triggered or expected to be triggered. Rising political tensions could reduce levels of trade, investments and other economic activities between the two major economies, and any

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escalation thereof may have a negative impact on the general, economic, political, and social conditions in China and, in turn, adversely impact the Funds' portfolio securities.

*Investments in VIEs.* In seeking exposure to Chinese companies, a Fund may invest in VIE structures. VIE structures can vary, but generally consist of a U.S.-listed company with contractual arrangements, through one or more wholly-owned special purpose vehicles, with a Chinese company that ultimately provides the U.S.-listed company with contractual rights to exercise control over and obtain economic benefits from the Chinese company. Although the U.S.-listed company in a VIE structure has no equity ownership in the underlying Chinese company, the VIE contractual arrangements permit the VIE structure to consolidate its financial statements with those of the underlying Chinese company. The VIE structure enables foreign investors, such as a Fund, to obtain investment exposure similar to that of an equity owner in a Chinese company in situations in which the Chinese government has restricted the non-Chinese ownership of such company. As a result, an investment in a VIE structure subjects a Fund to the risks associated with the underlying Chinese company. In its efforts to monitor, regulate and/or control foreign investment and participation in the ownership and operation of Chinese companies, including in particular those within the technology, telecommunications and education industries, the Chinese government may intervene or seek to control the operations, structure, or ownership of Chinese companies, including VIEs, to the disadvantage of foreign investors, such as a Fund.

Intervention by the Chinese government with respect to VIE structures may adversely affect both the operations of the underlying Chinese company and the enforceability of the contractual arrangements. If these risks materialize simultaneously, the Fund could face severe losses with no legal recourse.

In addition to the risk of government intervention, a Fund's investment in a VIE structure is subject to risks related to the enforceability of contractual arrangements. For example, the underlying Chinese company (or its officers, directors, or Chinese equity owners) may breach these arrangements, or changes in Chinese law may render them unenforceable. If such risks materialize, the Fund may suffer significant losses on its VIE investments with little or no recourse available.

<u>Investments in Russia</u>—Russia launched a large-scale invasion of Ukraine on February 24, 2022, significantly amplifying already existing geopolitical tensions. Russia's actions and the resulting responses by the United States and other countries could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia, certain Russian individuals, banking entities and corporations, and Belarus as a response to Russia's invasion of Ukraine and may impose sanctions on other countries that provide military or economic support to Russia. The extent and duration of Russia's military actions or future escalation of such hostilities, and the extent and impact of the resulting sanctions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions, including cyber-attacks) are impossible to predict, but could result in significant market disruptions, including in certain industries or sectors, such as the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could have a significant impact on a Fund's performance and the value of the Fund's investments, even though the Fund does not have direct exposure to Russian issuers or issuers in other countries affected by the invasion.

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

FORWARD FOREIGN CURRENCY CONTRACTS—A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date or range of future dates (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are generally traded in the interbank market

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conducted directly between currency traders (usually large, commercial banks) and their customers. A forward foreign currency contract generally has no deposit requirement, and no commissions are charged at any stage for trades.

Forward contracts generally may not be liquidated prior to the stated maturity date, although the parties to a contract may agree to enter into a second offsetting transaction with the same maturity, thereby fixing each party's profit or loss on the two transactions. Nevertheless, each position must still be maintained to maturity unless the parties separately agree on an earlier settlement date. As a result, a party to a forward contract must be prepared to perform its obligations under each such contract in full. Parties to a forward contract may also separately agree to extend the contract by "rolling" it over prior to the originally scheduled settlement date. A Fund may use forward contracts for cash equitization purposes, which allows a Fund to invest consistent with its investment strategy while managing daily cash flows, including significant client inflows and outflows.

The Funds may use currency instruments as part of a hedging strategy, as described below.

*Transaction Hedging.* Transaction hedging is entering into a currency transaction with respect to specific assets or liabilities of a Fund, which will generally arise in connection with the purchase or sale of its portfolio securities or the receipt of income therefrom. A Fund may enter into transaction hedging out of a desire to preserve the U.S. dollar price of a security when it enters into a contract for the purchase or sale of a security denominated in a foreign currency. A Fund may be able to protect itself against possible losses resulting from changes in the relationship between the U.S. dollar and foreign currencies during the period between the date the security is purchased or sold and the date on which payment is made or received by entering into a forward contract for the purchase or sale, for a fixed amount of U.S. dollars, of the amount of the foreign currency involved in the underlying security transactions.

*Position Hedging.* A Fund may sell a non-U.S. currency and purchase U.S. currency to reduce exposure to the non-U.S. currency (called "position hedging"). A Fund may use position hedging when an adviser reasonably believes that the currency of a particular foreign country may suffer a substantial decline against the U.S. dollar. A Fund may enter into a forward foreign currency contract to sell, for a fixed amount of U.S. dollars, the amount of foreign currency approximating the value of some or all of its portfolio securities denominated in such foreign currency. The forward foreign currency contract amount and the value of the portfolio securities involved may not have a perfect correlation because the future value of the securities hedged will change as a consequence of the market between the date the forward contract is entered into and the date it matures.

*Cross Hedges.* A Fund may also cross-hedge currencies by entering into transactions to purchase or sell one or more currencies that are expected to decline in value relative to other currencies to which the Fund has, or in which the Fund expects to have, portfolio exposure.

*Proxy Hedges.* Proxy hedging is often used when the currency to which a Fund's portfolio is exposed is difficult to hedge or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies in which some or all of a Fund's portfolio securities are, or are expected to be denominated, and to buy U.S. dollars. The amount of the contract would not exceed the value of the Fund's securities denominated in linked currencies.

In addition to the hedging transactions described above, the Funds may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase their exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another.

Unless consistent with and permitted by its stated investment policies, a Fund will not enter into a transaction to hedge currency exposure to an extent greater, after netting all transactions intended wholly or partially to offset other transactions, than the aggregate market value (at the time of entering into the transaction) of the securities held in its portfolio that are denominated or generally quoted in or currently convertible into such currency, other than with respect to proxy hedging, described above. If consistent with and permitted by its stated investment policies, a Fund may take long and short positions in foreign currencies in excess of the value of the Fund's assets denominated in a particular currency or when the Fund does not own

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assets denominated in that currency. Certain Funds may engage in currency transactions for hedging purposes as well as to enhance the Fund's returns.

A non-deliverable forward transaction is a transaction that represents an agreement between a Fund and a counterparty (usually a commercial bank) to buy or sell a specified (notional) amount of a particular currency at an agreed-upon foreign exchange rate on an agreed upon future date. The non-deliverable forward transaction position is closed using a fixing rate, as defined by the central bank in the country of the currency being traded, that is generally publicly stated within one or two days prior to the settlement date. Unlike other currency transactions, there is no physical delivery of the currency on the settlement of a non-deliverable forward transaction. Rather, a Fund and the counterparty agree to net the settlement by making a payment in U.S. dollars or another fully convertible currency that represents any differential between the foreign exchange rate agreed upon at the inception of the non-deliverable forward agreement and the actual exchange rate on the agreed-upon future date. Thus, the actual gain or loss of a given non-deliverable forward transaction is calculated by multiplying the transaction's notional amount by the difference between the agreed-upon forward exchange rate and the actual exchange rate when the transaction is completed. Although forward foreign currency transactions are exempt from the definition of "swap" under the Commodity Exchange Act, non-deliverable forward transactions are not, and, thus, are subject to the CFTC's regulatory framework applicable to swaps.

The ability to establish and close out positions on currency futures contracts is subject to the maintenance of a liquid market, which may not always be available. An option on a currency provides the purchaser, or "holder," with the right, but not the obligation, to purchase, in the case of a "call" option, or sell, in the case of a "put" option, a stated quantity of the underlying currency at a fixed exchange rate up to a stated expiration date (or, in the case of certain options, on such date). The holder generally pays a nonrefundable fee for the option, referred to as the "premium," but cannot lose more than this amount, plus related transaction costs. Thus, where a Fund is a holder of options contracts, such losses will be limited in absolute amount. In contrast to a forward contract, an option imposes a binding obligation only on the seller, or "writer." If the holder exercises the option, the writer is obligated to complete the transaction in the underlying currency. An option generally becomes worthless to the holder when it expires. In addition, in the context of an exchange-traded option, the writer is often required to deposit initial margin and may be required to increase the margin on deposit if the market moves against the writer's position. Options on currencies may be purchased in the OTC market between commercial entities dealing directly with each other as principals. In purchasing an OTC currency option, the holder is subject to the risk of default by the writer and, for this reason, purchasers of options on currencies may require writers to post collateral or other forms of performance assurance.

Buyers and sellers of currency futures contracts are subject to the same risks that apply to the use of futures contracts generally, which are described elsewhere in this SAI. Further, settlement of a currency futures contract for the purchase of most currencies must occur at a bank based in the issuing nation, which may subject a Fund to additional risk.

*Risks*. Currency transactions are subject to risks that are different from those of other portfolio transactions. Currency exchange rates may fluctuate based on factors extrinsic to that country's economy. Although forward foreign currency contracts and currency futures tend to minimize the risk of loss due to a decline in the value of the hedged currency, at the same time they may limit any potential gain which might result should the value of such currency increase. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchase and sales of currency and related instruments can be negatively affected by government exchange controls, blockages, and manipulations or exchange restrictions imposed by governments. These can result in losses to a Fund if it is unable to deliver or receive currency or funds in the settlement of obligations and could also cause hedges it has entered into to be rendered useless, resulting in full currency exposure as well as incurring transaction costs. Buyers and sellers of currency futures are subject to the same risks that apply to the use of futures generally. Further, settlement of a currency futures contract for the purchase of most currencies must occur at a bank based in the issuing nation. The ability to establish and close out positions on currency futures contracts is subject to the maintenance of a liquid market, which may not always be available.

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The Funds may take active positions in currencies, which involve different techniques and risk analyses than the Funds' purchase of securities. Active investment in currencies may subject the Funds to additional risks, and the value of the Funds' investments may fluctuate in response to broader macroeconomic risks than if the Funds invested only in fixed income securities. The Funds may take long and short positions in foreign currencies in excess of the value of the Funds' assets denominated in a particular currency or when the Funds do not own assets denominated in that currency. If a Fund enters into currency transactions when it does not own assets denominated in that currency, the Fund's volatility may increase and losses on such transactions will not be offset by increases in the value of the Fund's assets.

Currency hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency transactions can result in losses to a Fund if the currency being hedged fluctuates in value to a degree in a direction that is not anticipated. Furthermore, there is a risk that the perceived linkage between various currencies may not be present or may not be present during the particular time that a Fund is engaging in proxy hedging. Suitable hedging transactions may not be available in all circumstances. Hedging transactions may also eliminate any chance for a Fund to benefit from favorable fluctuations in relevant foreign currencies.

Risks associated with entering into forward foreign currency contracts include the possibility that the market for forward foreign currency contracts may be limited with respect to certain currencies and, upon a contract's maturity, the inability of a Fund to negotiate with the dealer to enter into an offsetting transaction. As mentioned above, forward foreign currency contracts may be closed out only by the parties entering into an offsetting contract. This creates settlement risk in forward foreign currency contracts, which is the risk of loss when one party to the forward foreign currency contract delivers the currency it sold but does not receive the corresponding amount of the currency it bought. Settlement risk arises in deliverable forward foreign currency contracts where the parties have not arranged to use a mechanism for payment-versus-payment settlement, such as an escrow arrangement. In addition, the correlation between movements in the prices of those contracts and movements in the price of the currency hedged or used for cover will not be perfect. There is no assurance an active forward foreign currency contract market will always exist. These factors will restrict a Fund's ability to hedge against the risk of devaluation of currencies in which the Fund holds a substantial quantity of securities and are unrelated to the qualitative rating that may be assigned to any particular security. In addition, if a currency devaluation is generally anticipated, the Fund may not be able to contract to sell currency at a price above the devaluation level it anticipates. The successful use of forward foreign currency contracts as a hedging technique draws upon special skills and experience with respect to these instruments and usually depends on the ability of an adviser to forecast interest rate and currency exchange rate movements correctly. Should interest or exchange rates move in an unexpected manner, the Fund may not achieve the anticipated benefits of forward foreign currency contracts or may realize losses and thus be in a worse position than if those strategies had not been used. Many forward foreign currency contracts are subject to no daily price fluctuation limits so adverse market movements could continue with respect to those contracts to an unlimited extent over a period of time.

FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS—Futures contracts (also called "futures") provide for the future sale by one party and purchase by another party of a specified amount of a specific security at a specified future time and at a specified price. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. An index futures contract is a bilateral agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to a specified dollar amount times the difference between the index value at the close of trading of the contract and the price at which the futures contract is originally struck. No physical delivery of the securities comprising the index is made, and generally contracts are closed out prior to the expiration date of the contract.

A Fund may also invest in Treasury futures, interest rate futures, interest rate swaps, and interest rate swap futures. A Treasury futures contract involves an obligation to purchase or sell Treasury securities at a future date at a price set at the time of the contract. The sale of a Treasury futures contract creates an obligation by the Fund to deliver the amount of certain types of Treasury securities called for in the contract at a specified

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future time for a specified price. A purchase of a Treasury futures contract creates an obligation by the Fund to take delivery of an amount of securities at a specified future time at a specific price. Interest rate futures can be sold as an offset against the effect of expected interest rate increases and purchased as an offset against the effect of expected interest rate declines. Interest rate swaps are an agreement between two parties where one stream of future interest rate payments is exchanged for another based on a specified principal amount. Interest rate swaps often exchange a fixed payment for a floating payment that is linked to a particular interest rate. Interest rate swap futures are instruments that provide a way to gain swap exposure and the structure features of a futures contract in a single instrument. Swap futures are futures contracts on interest rate swaps that enable purchasers to cash settle at a future date at the price determined by the benchmark rate at the end of a fixed period.

A Fund will reduce the risk that it will be unable to close out a futures contract by only entering into futures contracts that are traded on national futures exchanges regulated by the CFTC (generally, futures must be traded on such exchanges). Subject to their permitted investment strategies, certain Funds may use futures contracts and related options for either hedging purposes or risk management purposes, or to gain exposure to currencies, as well as to enhance the Fund's returns. Instances in which a Fund may use futures contracts and related options for risk management purposes include: (i) attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; (ii) attempting to minimize fluctuations in foreign currencies; (iii) attempting to gain exposure to a particular market, index or instrument; or (iv) other risk management purposes. A Fund may use futures contracts for cash equitization purposes, which allows a Fund to invest consistent with its investment strategy while managing daily cash flows, including significant client inflows and outflows.

There are significant risks associated with a Fund's use of futures contracts and options on futures contracts, including: (i) the success of a hedging strategy may depend on SIMC or a Sub-Adviser's ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (ii) there may be an imperfect or no correlation between the changes in market value of the securities held by a Fund and the prices of futures and options on futures; (iii) there may not be a liquid secondary market for a futures contract or option; (iv) trading restrictions or limitations may be imposed by an exchange; and (v) government regulations or exchange requirements may restrict trading in futures contracts and options on futures contracts. In addition, some strategies reduce a Fund's exposure to price fluctuations, while others tend to increase its market exposure.

HIGH YIELD FOREIGN SOVEREIGN DEBT SECURITIES—Investing in fixed and floating rate high yield foreign sovereign debt securities will expose a Fund to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities. The ability of a foreign sovereign obligor to make timely payments on its external debt obligations will also be strongly influenced by the obligor's balance of payments, including export performance, its access to international credits and investments, fluctuations in interest rates and the extent of its foreign reserves. Countries such as those in which a Fund may invest have historically experienced, and may continue to experience, high rates of inflation, high interest rates, exchange rate or trade difficulties and extreme poverty and unemployment. Many of these countries are also characterized by political uncertainty or instability. Additional factors that may influence the ability or willingness to service debt include, but are not limited to, a country's cash flow situation, the availability of sufficient foreign exchange on the date a payment is due, the relative size of its debt service burden to the economy as a whole and its government's policy towards the International Monetary Fund, the World Bank and other international agencies. A country whose exports are concentrated in a few commodities or whose economy depends on certain strategic imports could be vulnerable to fluctuations in international prices of these commodities or imports. To the extent that a country receives payment for its exports in currencies other than U.S. dollars, its ability to make debt payments denominated in U.S. dollars could be adversely affected. If a foreign sovereign obligor cannot generate sufficient earnings from foreign trade to service its external debt, it may need to depend on continuing loans and aid from foreign governments, commercial banks and multilateral organizations and inflows of foreign investment. The commitment on the part of these foreign governments, multilateral organizations and others to make such disbursements may be conditioned on the government's implementation of economic reforms and/or economic performance and the timely service of its obligations. Failure to implement such reforms,

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achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties' commitments to lend funds, which may further impair the obligor's ability or willingness to timely service its debts.

ILLIQUID SECURITIES—Illiquid securities are investments that cannot be sold or disposed of in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If, subsequent to purchase, a security held by a Fund becomes illiquid, the Fund may continue to hold the security. Because of their illiquid nature, illiquid securities must be priced at fair value as determined in good faith pursuant to procedures approved by the Board. Despite such good faith efforts to determine fair value prices, a Fund's illiquid securities are subject to the risk that the security's fair value price may differ from the actual price that the Fund may ultimately realize upon its sale or disposition. Difficulty in selling illiquid securities may result in a loss or may be costly to a Fund. Under the supervision of the Board, SIMC or the Sub-Adviser, as applicable, determines the liquidity of a Fund's investments. In determining the liquidity of a Fund's investments, SIMC or the Sub-Adviser, as applicable, may consider various factors, including: (i) the frequency and volume of trades and quotations; (ii) the number of dealers and prospective purchasers in the marketplace; (iii) dealer undertakings to make a market; and (iv) the nature of the security and the market in which it trades (including any demand, put or tender features, the mechanics and other requirements for transfer, any letters of credit or other credit enhancement features, any ratings, the number of holders, the method of soliciting offers, the time required to dispose of the security, and the ability to assign or offset the rights and obligations of the security).

INTERFUND LENDING AND BORROWING ARRANGEMENTS—The SEC has granted an exemption that permits the Funds to participate in the Program with the SEI Funds. The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than the Repo Rate and more favorable to the borrowing fund than the Bank Loan Rate. The Bank Loan Rate will be determined using a formula approved by the SEI Funds' Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate.

All interfund loans and borrowings must comply with the conditions set forth in the exemption, which are designed to ensure fair and equitable treatment of all participating funds. Each Fund's participation in the Program must be consistent with its investment policies and limitations and is subject to certain percentage limitations. SIMC administers the Program according to procedures approved by the SEI Funds' Board of Trustees. In addition, the Program is subject to oversight and periodic review by the SEI Funds' Board of Trustees.

INVESTMENT COMPANIES—Securities of other investment companies, including shares of closed-end investment companies, unit investment trusts, open-end investment companies and REITs, represent interests in professionally managed portfolios that may invest in various types of instruments. Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but may involve additional expenses at the investment company-level, such as portfolio management fees and operating expenses. When a Fund invests in an affiliated or unaffiliated investment company, it will bear a pro rata portion of the investment company's expenses in addition to directly bearing the expenses associated with its own operations. Certain types of investment companies, such as closed-end investment companies, issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their NAV. Others are continuously offered at NAV, but may also be traded in the secondary market at a premium or discount to their NAV.

Because of restrictions on direct investment by U.S. entities in certain countries, investment in other investment companies may be the most practical or the only manner in which an international and global fund can invest in the securities markets of those countries. A Fund also may be subject to adverse tax consequences to the extent it invests in the stock of a foreign issuer that constitutes a "passive foreign investment company."

Generally, federal securities laws limit the extent to which investment companies can invest in securities of other investment companies, subject to certain statutory, regulatory and other exceptions. For example an investment company is generally prohibited under Section 12(d)(1)(A) of the 1940 Act from acquiring the

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securities of another investment company if, as a result of such acquisition: (i) the acquiring investment company would own more than 3% of the total voting stock of the other company; (ii) securities issued by any one investment company represent more than 5% of the acquiring investment company's total assets; or (iii) securities (other than treasury stock) issued by all investment companies represent more than 10% of the total assets of the acquiring investment company, subject to certain statutory, regulatory or other exceptions. Pursuant to Rule 12d1-1 under the 1940 Act and the conditions set forth therein, a Fund may invest in one or more affiliated or unaffiliated investment companies that operate in compliance with Rule 2a-7 under the 1940 Act, in excess of the limits of Section 12(d)(1)(A). A Fund may invest in investment companies managed by SIMC or the Fund's Sub-Adviser to the extent permitted by any rule or regulation of the SEC or any order or interpretation thereunder. A Fund may invest in such Rule 2a-7 compliant investment companies for cash management purposes, including as discussed in the "Securities Lending" section below, and to serve as collateral for derivatives positions.

In addition, Rule 12d1-4 under the 1940 Act permits a Fund to invest in other investment companies beyond the statutory limits of Section 12(d)(1)(A), subject to certain conditions. Notwithstanding the foregoing, an investment company that is an acquired fund of a registered investment company in reliance on Section 12(d)(1)(G) of the 1940 Act, generally will not be permitted to invest in shares of other investment companies beyond the limits set forth in Section 12(d)(1)(A), other than in the limited circumstances set forth in Rule 12d1-4.

The Funds may invest in unaffiliated underlying funds in reliance on Section 12(d)(1)(G) and Section 12(d)(1)(F) of the 1940 Act. Section 12(d)(1)(F) provides in pertinent part that issuers of any security purchased by a Fund are not obligated to redeem such security in an amount exceeding 1% of such issuer's total outstanding securities during any period of less than thirty days. As a result, shares of an unaffiliated underlying fund held by a Fund in excess of 1% of the unaffiliated underlying fund's outstanding shares could in certain circumstances be considered illiquid if it is determined that the shares may not be sold in the ordinary course of business within seven days. The liquidity of such excess shares will be considered on a case-by-case basis by SIMC based on the following factors: (i) the Adviser's knowledge of an unaffiliated underlying fund's section 12(d)(1)(F) redemption practice upon discussion with the unaffiliated underlying fund's investment adviser; (ii) the Fund's past specific redemption experiences with the unaffiliated underlying fund; (iii) the Adviser's evaluation of general market conditions that may affect securities held by the unaffiliated underlying fund; (iv) the Fund's ability to accept a redemption in-kind of portfolio securities from the unaffiliated underlying fund; (v) significant developments involving the unaffiliated underlying fund; and (vi) any other information the Adviser deems relevant.

*Exchange-Traded Funds.* ETFs are investment companies that are registered under the 1940 Act as open-end funds or unit investment trusts. ETFs are actively traded on national securities exchanges and are generally based on specific domestic and foreign market indexes. An index-based ETF seeks to track the performance of an index by holding in its portfolio either the contents of the index or a representative sample of the securities in the index. Because ETFs are based on an underlying basket of stocks or an index, they are subject to the same market fluctuations as these types of securities in volatile market swings.

Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent a Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk and other risks associated with derivatives and will be subject to the requirements of Rule 18f-4 under the 1940 Act. The more these ETFs invest in derivative instruments that give rise to leverage, the more this leverage will magnify any losses on those investments. Because leverage tends to exaggerate the effect of any increase or decrease in the value of an ETF's portfolio securities or other investments, leverage will cause the value of an ETF's shares to be more volatile than if the ETF did not use leverage. A leveraged ETF will engage in transactions and purchase instruments that give rise to forms of leverage, including, among others, the use of reverse repurchase agreements and other borrowings, the investment of collateral from loans of portfolio securities, the use of when issued, delayed-delivery or forward commitment transactions or short sales. Certain types of leveraging transactions, such as short sales that are not "against the box," could theoretically be subject to unlimited losses in cases where a leveraged ETF,

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for any reason, is unable to close out the transaction. In addition, to the extent a leveraged ETF borrows money, interest costs on such borrowed money may not be recovered by any appreciation of the securities purchased with the borrowed funds and could exceed the ETF's investment income, resulting in greater losses. Such ETFs often "reset" daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time, which may be enhanced during the periods of increased market volatility. Consequently, leveraged ETFs may not be suitable as long-term investments.

Leveraged inverse ETFs contain all of the risks that regular ETFs present. Additionally, to the extent a Fund invests in ETFs that seek to provide investment results that match a negative multiple of the performance of an underlying index, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF's benchmark rises-a result that is the opposite from traditional mutual funds. Leveraged inverse ETFs contain all of the risks that regular ETFs present, but also pose all of the risks associated with other leveraged ETFs as well as other inverse ETFs. These investment vehicles may be extremely volatile and can potentially expose an investing Fund to theoretically unlimited losses.

An investment company may invest in ETFs in excess of the limitations prescribed by Section 12(d)(1)(A), provided that such investment company otherwise complies with certain conditions imposed through Rule 12d1-4. Notwithstanding the foregoing, an investment company that is an acquired fund of a registered investment company in reliance on Section 12(d)(1)(G) of the 1940 Act, generally will not be permitted to invest in shares of an ETF beyond the limits set forth in Section 12(d)(1)(A), other than in the limited circumstances set forth in Rule 12d1-4. Neither the ETFs nor their investment advisers make any representations regarding the advisability of investing in the ETFs.

Certain ETFs that in general do not register as investment companies under the 1940 Act may not produce qualifying income for purposes of the "Qualifying Income Test" or the shares of such ETFs may not be considered "securities" for purposes of the "Asset Test" (as defined below under the heading "Taxes"), which must be met in order for a Fund to maintain its status as a RIC under the Code. If one or more ETFs generate more non-qualifying income for purposes of the Qualifying Income Test or if a Fund is not considered to be holding sufficient amounts of "securities" than SIMC or the Funds' Sub-Advisers expect, it could cause a Fund to inadvertently fail the Qualifying Income Test or Asset Test, thereby causing the Fund to inadvertently fail to qualify as a RIC under the Code, unless certain relief provisions (described in more detail under the heading "Taxes") are available to the Fund.

INVESTMENT IN SUBSIDIARY—Each of the Dynamic Asset Allocation and Multi-Asset Real Return Funds (each, a "Commodity Fund" and, collectively, the "Commodity Funds") may seek to gain exposure to the commodity markets, in whole or in part, through a Subsidiary. Each Subsidiary, unlike the applicable Commodity Fund, may invest to a significant extent in commodity-linked securities and derivative instruments. A Commodity Fund may invest up to 25% of its total assets in the applicable Subsidiary. The derivative instruments in which a Subsidiary primarily intends to invest are instruments linked to certain commodity indexes and instruments linked to the value of a particular commodity or commodity futures contract or a subset of commodities or commodity futures contracts.

With respect to its investments, a Subsidiary will generally be subject to the same fundamental, non-fundamental and certain other investment restrictions as the applicable Commodity Fund; however, each Subsidiary (unlike the applicable Commodity Fund) may invest significantly in commodity-linked swap agreements and other commodity-linked derivative instruments.

Each Subsidiary is not registered under the 1940 Act and is not subject to all of the investor protections of the 1940 Act. Thus, each Commodity Fund, as an investor in its Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, changes in the laws of the United States and/or the Cayman Islands, under which the Commodity Funds and the Subsidiaries, respectively, are organized, could result in the inability of the Commodity Funds and/or the Subsidiaries to operate as intended and could negatively affect the Commodity Funds and their shareholders.

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A U.S. person, including a Fund, who owns (directly or indirectly) 10% or more of the total combined voting power of all classes of stock of 10% or more of the total value of shares of all classes of stock of a foreign corporation is a "U.S. Shareholder" for purposes of the controlled foreign corporation (CFC) provisions of the Code. A CFC is a foreign corporation that, on any day of its taxable year, is owned (directly, indirectly, or constructively) more than 50% (measured by voting power or value) by U.S. Shareholders. Because of its investment in the Subsidiary, each Commodity Fund is a U.S. Shareholder in a CFC. As a U.S. Shareholder, each Commodity Fund is required to include in gross income for U.S. federal income tax purposes for each taxable year of the Fund its pro rata share of its CFC's "Subpart F" income (discussed further below) and any "global intangible low-taxed income" (GILTI) for the CFC's taxable year ending within the Fund's taxable year whether or not such income is actually distributed by the CFC. GILTI generally includes the active operating profits of the CFC, reduced by a deemed return on the tax basis of the CFC's depreciable tangible assets.

In order for each of the Commodity Funds to qualify as a RIC under the Code, the Commodity Funds must, among other requirements, derive at least 90% of their gross income for each taxable year from sources generating "qualifying income" for purposes of the Qualifying Income Test, which is described in more detail in the "Taxes" section below. The Commodity Funds' investment in their respective Subsidiary is expected to provide the Commodity Funds with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Code for qualification as a RIC. The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of the Commodity Funds attributable to their investment in a Subsidiary is "qualifying income" to the Commodity Funds to the extent that such income is derived with respect to the Commodity Fund's business of investing in stock, securities or currencies. Each Commodity Fund expects its "Subpart F" income attributable to its investment in its Subsidiary to be derived with respect to the Commodity Fund's business of investing in stock, securities or currencies. Accordingly, each Commodity Fund expects its "Subpart F" income attributable to its investment in a Subsidiary to be treated as "qualifying income." The Adviser will carefully monitor the Commodity Funds' investments in their respective Subsidiary to ensure that no more than 25% of the Commodity Fund's assets are invested in its Subsidiary.

Subpart F income and GILTI are treated as ordinary income, regardless of the character of the CFC's underlying income. Net losses incurred by a CFC during a tax year do not flow through to the Fund and thus will not be available to offset income or capital gain generated from the Fund's other investments. In addition, net losses incurred by a CFC during a tax year generally cannot be carried forward by the CFC to offset gains realized by it in subsequent taxable years. To the extent a Commodity Fund invests in its Subsidiary and recognizes "Subpart F" income or GILTI in excess of actual cash distributions from the Subsidiary, if any, it may be required to sell assets (including when it is not advantageous to do so) to generate the cash necessary to distribute as dividends to its shareholders all of its income and gains and therefore to eliminate any tax liability at the Fund level. "Subpart F" income also includes the excess of gains over losses from transactions (including futures, forward and other similar transactions) in commodities.

A Commodity Fund's recognition of any "Subpart F" income or GILTI from an investment in its Subsidiary will increase the Commodity Fund's tax basis in the Subsidiary. Distributions by a Subsidiary to a Commodity Fund, including in redemption of the Subsidiary's shares, will be tax free, to the extent of the Subsidiary's previously undistributed "Subpart F" income or GILTI, and will correspondingly reduce the Commodity Fund's tax basis in its Subsidiary, and any distributions in excess of the Commodity Fund's tax basis in its Subsidiary will be treated as realized gain. Any losses with respect to a Commodity Fund's shares of its Subsidiary will not be currently recognized. A Commodity Fund's investment in its Subsidiary will potentially have the effect of accelerating the Commodity Fund's recognition of income and causing its income to be treated as ordinary income, regardless of the character of its Subsidiary's income. If a net loss is realized by a Subsidiary, such loss is generally not available to offset the income earned by a Commodity Fund. In addition, the net losses incurred during a taxable year by a Subsidiary cannot be carried forward by such Subsidiary to offset gains realized by it in subsequent taxable years. A Commodity Fund will not receive any credit in respect of any non-U.S. tax borne by its Subsidiary.

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LOAN PARTICIPATIONS AND ASSIGNMENTS—Loan participations are interests in loans to corporations or governments that are administered by the lending bank or agent for a syndicate of lending banks and sold by the lending bank, financial institution or syndicate member (so-called "intermediary bank"). In a loan participation, the borrower will be deemed to be the issuer of the participation interest, except to the extent that a Fund derives its rights from the intermediary bank. Because the intermediary bank does not guarantee a loan participation in any way, a loan participation is subject to the credit risks generally associated with the underlying borrower. In the event of the bankruptcy or insolvency of the borrower, a loan participation may be subject to certain defenses that can be asserted by such borrower as a result of improper conduct by the intermediary bank. In addition, in the event the underlying borrower fails to pay principal and interest when due, a Fund may be subject to delays, expenses and risks that are greater than those that would have been involved if the Fund had purchased a direct obligation of such borrower. Under the terms of a loan participation, a Fund may be regarded as a creditor of the intermediary bank (rather than of the underlying borrower), so that the Fund may also be subject to the risk that the intermediary bank may become insolvent.

Loan assignments are investments in assignments of all or a portion of certain loans from third parties. When a Fund purchases assignments from lenders, it will acquire direct rights against the borrower on the loan. Because assignments are arranged through private negotiations between potential assignees and assignors, however, the rights and obligations acquired by the Fund may differ from, and be more limited than, those held by the assigning lender. Loan participations and assignments may be considered liquid, as determined by SIMC or the Funds' Sub-Advisers based on criteria approved by the Board.

MONEY MARKET SECURITIES—Money market securities include: (i) short-term U.S. Government securities; (ii) custodial receipts evidencing separately traded interest and principal components of securities issued by the U.S. Treasury; (iii) commercial paper determined by SIMC or a Sub-Adviser to be of the highest short-term credit quality at the time of purchase; (iv) short-term bank obligations (certificates of deposit, time deposits and bankers' acceptances) of U.S. commercial banks with assets of at least $1 billion as of the end of their most recent fiscal year; and (v) repurchase agreements involving such securities. For a description of ratings, see Appendix A to this SAI.

MORTGAGE-BACKED SECURITIES—Mortgage-backed securities are a class of asset-backed securities representing an interest in a pool or pools of whole mortgage loans (which may be residential mortgage loans or commercial mortgage loans). Mortgage-backed securities held or acquired by the Funds could include (i) obligations guaranteed by federal agencies of the U.S. Government, such as GNMA, which are backed by the "full faith and credit" of the United States, (ii) securities issued by Fannie Mae and Freddie Mac, which are not backed by the "full faith and credit" of the United States but are guaranteed by the U.S. Government as to timely payment of principal and interest, (iii) securities (commonly referred to as "private-label RMBS") issued by private issuers that represent an interest in or are collateralized by whole residential mortgage loans without a government guarantee and (iv) CMBS, which are multi-class or pass-through securities backed by a mortgage loan or a pool of mortgage loans secured by commercial property such as industrial and warehouse properties, office buildings, retail space and shopping malls, multifamily properties and cooperative apartments. Because private-label RMBS and CMBS are not issued or guaranteed by the U.S. Government, those securities generally are structured with one or more types of credit enhancement. There can be no assurance, however, that credit enhancements will support full payment to the Funds of the principal and interest on such obligations. In addition, changes in the credit quality of the entity that provides credit enhancement could cause losses to the Funds and affect their share prices.

A Fund may invest in mortgage-backed securities in the form of debt or in the form of "pass-through" certificates. Pass-through certificates, which represent the beneficial ownership interests in the related mortgage loans, differ from debt securities, which generally provide for periodic fixed payments of interest on and principal of the related notes. Mortgage pass-through securities provide for monthly payments that are a "pass-through" of the monthly interest and principal payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans, net of any fees and expenses owed to the servicers of the mortgage loans and other transaction parties that receive payment from collections on the mortgage loans.

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The performance of mortgage loans and, in turn, the mortgage-backed securities acquired by a Fund, is influenced by a wide variety of economic, geographic, social and other factors, including general economic conditions, the level of prevailing interest rates, the unemployment rate, the availability of alternative financing and homeowner behavior. Beginning in late 2006, delinquencies, defaults and foreclosures on residential and commercial mortgage loans increased significantly, and they may again increase in the future. In addition, beginning in late 2006, numerous originators and servicers of residential mortgage loans experienced serious financial difficulties and, in many cases, went out of business or were liquidated in bankruptcy proceedings. Those difficulties resulted, in part, from declining markets for their mortgage loans as well as from claims for repurchases of mortgage loans previously sold under provisions that require repurchase in the event of early payment defaults or for breaches of representations and warranties regarding loan characteristics.

Since mid-2007, the residential mortgage market has been subject to extensive litigation and legislative and regulatory scrutiny. The result has been extensive reform legislation and regulations including with respect to loan underwriting, mortgage loan servicing, foreclosure practices and timing, loan modifications, enhanced disclosure and reporting obligations and risk retention. Numerous laws, regulations and rules related to residential mortgage loans generally, and foreclosure actions particularly, have been proposed or enacted by federal, state and local governmental authorities, which may result in delays in the foreclosure process, reduced payments by borrowers, modification of the original terms of mortgage loans, permanent forgiveness of debt, increased prepayments due to the availability of government-sponsored refinancing initiatives and/or increased reimbursable servicing expenses. Any of these factors could result in delays and reductions in distributions to residential mortgage-backed securities and may reduce the amount of investment proceeds to which a Fund would be entitled.

The conservatorship of Fannie Mae and Freddie Mac and the current uncertainty regarding the future status of these organizations may also adversely affect the mortgage market and the value of mortgage-related assets. It remains unclear to what extent the ability of Fannie Mae and Freddie Mac to act as the primary sources of liquidity in the residential mortgage markets, both by purchasing mortgage loans for their own portfolios and by guaranteeing mortgage-backed securities, may be curtailed. Legislators have repeatedly unveiled various plans to reduce and reform the role of Fannie Mae and Freddie Mac in the mortgage market and, possibly, wind down both institutions. Although it is unclear whether, and if so how, those plans may be implemented or how long any such wind-down or reform of Fannie Mae and Freddie Mac, if implemented, would take, a reduction in the ability of mortgage loan originators to access Fannie Mae and Freddie Mac to sell their mortgage loans may adversely affect the financial condition of mortgage loan originators. In addition, any decline in the value of agency securities may affect the value of residential mortgage-backed securities as a whole.

Since March 13, 2020, there have been a number of government initiatives applicable to federally backed mortgage loans in response to the economic impacts of the COVID-19 outbreak, including foreclosure and eviction moratoria, mortgage forbearance and loan modifications for borrowers and renters experiencing financial hardship due to COVID-19.

Although the effects of COVID-19 have decreased on a relative basis, it is difficult to predict how the government initiatives relating to COVID-19 may affect the federally backed mortgage market, the U.S. mortgage market as a whole and the price of securities relating to the mortgage markets, and in turn, the Funds' investments. However, high forbearance rates create a real possibility of billions of dollars of loan servicers' obligations to advance payment to investors in securities backed by mortgages in the absence of borrower payments on the underlying loans. Accordingly, the Funds cannot predict with certainty the extent to which these or similar initiatives in the future may adversely impact the value of the Funds' investments in securities issued by Fannie Mae or Freddie Mac and in investments in securities in the U.S. mortgage industry as a whole.

The rate and aggregate amount of distributions on mortgage-backed securities, and therefore the average lives of those securities and the yields realized by a Fund, will be sensitive to the rate of prepayments (including liquidations) and modifications of the related mortgage loans, any losses and shortfalls on the related mortgage loans allocable to the tranches held by a Fund and the manner in which principal payments on the related mortgage loans are allocated among the various tranches in the particular securitization transaction. Furthermore, mortgage-backed securities are sensitive to changes in interest rates, but may respond to those

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changes differently from other fixed income securities due to the possibility of prepayment of the mortgage loans. Among other factors, a significant amount of defaults, rapid prepayments or prepayment interest shortfalls may erode amounts available for distributions to a Fund. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Funds' actual yield to maturity, even if the average rate of principal payments is consistent with a Fund's expectations. If prepayments of mortgage loans occur at a rate faster than that anticipated by a Fund, payments of interest on the mortgage-backed securities could be significantly less than anticipated. Similarly, if the number of mortgage loans that are modified is larger than that anticipated by a Fund, payments of principal and interest on the mortgage-backed securities could be significantly less than anticipated.

*Collateralized Mortgage Obligations.* CMOs are securities collateralized by mortgages, mortgage pass-throughs, mortgage pay-through bonds (bonds representing an interest in a pool of mortgages where the cash flow generated from the mortgage collateral pool is dedicated to bond repayment) and mortgage-backed bonds (general obligations of the issuers payable out of the issuers' general funds and additionally secured by a first lien on a pool of single family detached properties). To the extent a Fund invests in CMOs, the Fund typically will seek to invest in CMOs rated in one of the two highest categories by S&P or Moody's. Many CMOs are issued with a number of classes or series that have different expected maturities. Investors purchasing such CMOs are credited with their portion of the scheduled payments of interest and principal on the underlying mortgages plus all unscheduled prepayments of principal based on a predetermined priority schedule. Accordingly, the CMOs in the longer maturity series are less likely than other mortgage pass-through securities to be prepaid prior to their stated maturity. Although some of the mortgages underlying CMOs may be supported by various types of insurance and some CMOs may be backed by GNMA certificates or other mortgage pass-through securities issued or guaranteed by U.S. Government agencies or instrumentalities, the CMOs themselves are not generally guaranteed.

*Real Estate Mortgage Investment Conduits.* REMICs are private entities formed for the purpose of holding a fixed pool of mortgages secured by interests in real property. REMIC Certificates issued by Fannie Mae or Freddie Mac represent beneficial ownership interests in a REMIC trust consisting principally of mortgage loans or Fannie Mae, Freddie Mac or GNMA-guaranteed mortgage pass-through certificates. For Freddie Mac REMIC Certificates, Freddie Mac guarantees the timely payment of interest. GNMA REMIC Certificates are backed by the full faith and credit of the U.S. Government.

*Parallel Pay Securities; Planned Amortization Class CMOs.* Parallel pay CMOs and REMICs are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which must be retired by its stated maturity date or final distribution date but may be retired earlier. PAC Bonds generally require payments of a specified amount of principal on each payment date. PAC Bonds are always parallel pay CMOs, with the required principal payment on such securities having the highest priority after interest has been paid to all classes.

*Adjustable Rate Mortgage Securities.* ARMS are a form of pass-through security representing interests in pools of mortgage loans whose interest rates are adjusted from time to time. The adjustments are usually determined in accordance with a predetermined interest rate index and may be subject to certain limits. Although the value of ARMS, like other debt securities, generally varies inversely with changes in market interest rates (increasing in value during periods of declining interest rates and decreasing in value during periods of increasing interest rates), the value of ARMS should generally be more resistant to price swings than other debt securities because the interest rates of ARMS move with market interest rates. The adjustable rate feature of ARMS will not, however, eliminate fluctuations in the prices of ARMS, particularly during periods of extreme fluctuations in interest rates. Also, because many adjustable rate mortgages only reset on an annual basis, it can be expected that the prices of ARMS will fluctuate to the extent that changes in prevailing interest rates are not immediately reflected in the interest rates payable on the underlying adjustable rate mortgages.

*Stripped Mortgage-Backed Securities.* Stripped mortgage-backed securities are securities that are created when a U.S. Government agency or a financial institution separates the interest and principal components of a mortgage-backed security and sells them as individual securities. The holder of the PO receives the principal

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payments made by the underlying mortgage-backed security, while the holder of the IO receives interest payments from the same underlying security. The prices of stripped mortgage-backed securities may be particularly affected by changes in interest rates. As interest rates fall, prepayment rates tend to increase, which tends to reduce prices of IOs and increase prices of POs. Rising interest rates can have the opposite effect.

*Estimated Average Life.* Due to the possibility of prepayments of the underlying mortgage instruments, mortgage-backed securities generally do not have a known maturity. In the absence of a known maturity, market participants generally refer to an "average life estimate." An average life estimate is a function of an assumption regarding anticipated prepayment patterns and is based upon current interest rates, current conditions in the relevant housing markets and other factors. The assumption is necessarily subjective, and thus different market participants can produce different average life estimates with regard to the same security. There can be no assurance that the estimated average life will be a security's actual average life.

MORTGAGE DOLLAR ROLLS—Mortgage dollar rolls, or "covered rolls," are transactions in which a Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase, typically in 30 or 60 days, substantially similar, but not identical, securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on such securities. A Fund is compensated by the difference between the current sales price and the forward price for the future purchase (often referred to as the "drop"), as well as by the interest earned on the cash proceeds of the initial sale. At the end of the roll commitment period, a Fund may or may not take delivery of the securities it has contracted to purchase. Mortgage dollar rolls may be renewed prior to cash settlement and initially may involve only a firm commitment agreement by the Fund to buy a security. A "covered roll" is a specific type of mortgage dollar roll for which there is an offsetting cash position or cash equivalent securities position that matures on or before the forward settlement date of the mortgage dollar roll transaction. As used herein, the term "mortgage dollar roll" refers to mortgage dollar rolls that are not "covered rolls." If the broker-dealer to whom a Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security a Fund is required to repurchase may be worth less than the security that the Fund originally held.

MUNICIPAL SECURITIES—Municipal securities consist of: (i) debt obligations issued by or on behalf of public authorities to obtain funds to be used for various public facilities, refunding outstanding obligations, general operating expenses and lending such funds to other public institutions and facilities, and (ii) certain private activity and industrial development bonds issued by or on behalf of public authorities to obtain funds to provide for the construction, equipment, repair or improvement of privately operated facilities. Additional information regarding municipal securities is described below:

*Municipal Bonds.* Municipal bonds are debt obligations issued to obtain funds for various public purposes. Municipal bonds include general obligation bonds, revenue or special obligation bonds, private activity and industrial development bonds, moral obligation bonds and participation interests in municipal bonds. General obligation bonds are backed by the taxing power of the issuing municipality. Revenue bonds are backed by the revenues of a project or facility, such as tolls from a toll bridge. Certificates of participation represent an interest in an underlying obligation or commitment, such as an obligation issued in connection with a leasing arrangement. The payment of principal and interest on private activity and industrial development bonds is generally dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of real and personal property so financed as security for such payment. A Fund may purchase private activity or industrial development bonds if, in the opinion of counsel for the issuers, the interest paid is exempt from federal income tax. Municipal bonds are issued by or on behalf of public authorities to raise money to finance various privately-owned or operated facilities for business and manufacturing, housing, sports and pollution control. These bonds are also used to finance public facilities such as airports, mass transit systems, ports, parking, sewage or solid waste disposal facilities and certain other facilities. The payment of the principal and interest on such bonds is dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of real and personal property so financed as security for such payment. Moral obligation bonds are normally issued by special purpose authorities. Moral obligation bonds are not backed by the full

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faith and credit of the state, but are generally backed by the agreement of the issuing authority to request appropriations from the state legislative body.

*Municipal Leases.* Municipal leases are instruments, or participations in instruments, issued in connection with lease obligations or installment purchase contract obligations of municipalities (so-called "municipal lease obligations"). Although municipal lease obligations do not constitute general obligations of the issuing municipality, a lease obligation may be backed by the municipality's covenant to budget for, appropriate funds for and make the payments due under the lease obligation. However, certain lease obligations contain "non-appropriation" clauses, which provide that the municipality has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose in the relevant years. Municipal lease obligations are a form of financing, and the market for such obligations is still developing. Municipal leases will be treated as liquid only if they satisfy criteria set forth in guidelines established by the Board, and there can be no assurance that a market will exist or continue to exist for any municipal lease obligation. Information regarding illiquid securities is provided under the section "Illiquid Securities" above.

*Municipal Notes.* Municipal notes consist of general obligation notes, tax anticipation notes (notes sold to finance working capital needs of the issuer in anticipation of receiving taxes on a future date), revenue anticipation notes (notes sold to provide needed cash prior to receipt of expected non-tax revenues from a specific source), bond anticipation notes, tax and revenue anticipation notes, certificates of indebtedness, demand notes and construction loan notes. The maturities of the instruments at the time of issue will generally range from three months to one year.

SIMC and/or the Sub-Adviser, as applicable, may rely on the opinion of the issuer's counsel, which is rendered at the time the security is issued, to determine whether the security is fit, with respect to its validity and tax status, to be purchased by a Fund. SIMC, the Sub-Advisers and the Funds do not guarantee this opinion is correct, and there is no assurance that the IRS will agree with such counsel's opinion.

NON-DIVERSIFICATION—As indicated in the Investment Limitations section, the Emerging Markets Debt Fund is a non-diversified investment company as defined in the 1940 Act, which means that a relatively high percentage of the Fund's assets may be invested in the obligations of a limited number of issuers. The value of shares of the Fund may be more susceptible to any single economic, political or regulatory occurrence than the shares of a diversified investment company would be. The Fund intends to satisfy the diversification requirements necessary to qualify as a RIC under the Code, as described more fully in the "Taxes" section of this SAI.

OBLIGATIONS OF DOMESTIC BANKS, FOREIGN BANKS AND FOREIGN BRANCHES OF U.S. BANKS—Investments in bank obligations include obligations of domestic branches of foreign banks and foreign branches of domestic banks. Such investments in domestic branches of foreign banks and foreign branches of domestic banks may involve risks that are different from investments in securities of domestic branches of U.S. banks. These risks may include future unfavorable political and economic developments, possible withholding taxes on interest income, seizure or nationalization of foreign deposits, currency controls, interest limitations, or other governmental restrictions that might affect the payment of principal or interest on the securities held by a Fund. Additionally, these institutions may be subject to less stringent reserve requirements and to different accounting, auditing, reporting and recordkeeping requirements than those applicable to domestic branches of U.S. banks. Bank obligations include the following:

*Bankers' Acceptances.* Bankers' acceptances are bills of exchange or time drafts drawn on and accepted by a commercial bank. Corporations use bankers' acceptances to finance the shipment and storage of goods and to furnish dollar exchange. Maturities are generally six months or less.

*Bank Notes.* Bank notes are notes used to represent debt obligations issued by banks in large denominations.

*Certificates of Deposit.* Certificates of deposit are interest-bearing instruments with a specific maturity. They are issued by banks and savings and loan institutions in exchange for the deposit of funds and can normally be traded in the secondary market prior to maturity. Certificates of deposit with penalties for early withdrawal

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will be considered illiquid. Additional information about illiquid securities is provided under the section "Illiquid Securities" above.

*Time Deposits.* Time deposits are non-negotiable receipts issued by a bank in exchange for the deposit of funds. Like a certificate of deposit, a time deposit earns a specified rate of interest over a definite period of time; however, it cannot be traded in the secondary market. Time deposits with a withdrawal penalty or that mature in more than seven days are considered to be illiquid. Additional information about illiquid securities is provided under the section "Illiquid Securities" above.

OBLIGATIONS OF SUPRANATIONAL ENTITIES—Supranational entities are entities established through the joint participation of several governments, including the Asian Development Bank, the Inter-American Development Bank, the World Bank, the African Development Bank, the European Economic Community, the European Investment Bank and the Nordic Investment Bank. The governmental members, or "stockholders," usually make initial capital contributions to the supranational entity and, in many cases, are committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its debt securities, and a Fund may lose money on such investments.

OPTIONS—A Fund may purchase and write put and call options on indexes and enter into related closing transactions. A put option on a security gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security at any time during the option period, or for certain types of options, at the conclusion of the option period or only at certain times during the option period. A call option on a security gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at any time during the option period, or for certain types of options, at the conclusion of the option period or only at certain times during the option period. The premium paid to the writer is the consideration for undertaking the obligations under the option contract.

A Fund may purchase and write put and call options on foreign currencies (traded on U.S. and foreign exchanges or OTC markets) to manage its exposure to exchange rates.

Put and call options on indexes are similar to options on securities except that options on an index give the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the underlying index is greater than (or less than, in the case of puts) the exercise price of the option. This amount of cash is equal to the difference between the closing price of the index and the exercise price of the option, expressed in dollars multiplied by a specified number. Thus, unlike options on individual securities, all settlements are in cash, and gain or loss depends on price movements in the particular market represented by the index generally rather than the price movements in individual securities. Options on indexes may, depending on circumstances, involve greater risk than options on securities. Because stock index options are settled in cash, when a Fund writes a call on an index it may not be able to provide in advance for its potential settlement obligations by acquiring and holding the underlying securities.

Each Fund may trade put and call options on securities, securities indexes and currencies, as SIMC or a Sub-Adviser determines is appropriate in seeking to achieve the Fund's investment objective, unless otherwise restricted by the Fund's investment limitations.

The initial purchase (sale) of an option contract is an "opening transaction." In order to close out an option position, a Fund may enter into a "closing transaction," which is simply the sale (purchase) of an option contract on the same security with the same exercise price and expiration date as the option contract originally opened. If a Fund is unable to effect a closing purchase transaction with respect to an option it has written, it will not be able to sell the underlying security until the option expires or the Fund delivers the security upon exercise.

A Fund may purchase put and call options on securities for any lawful purpose, including to protect against a decline in the market value of the securities in its portfolio or to anticipate an increase in the market value of securities that the Fund may seek to purchase in the future. A Fund purchasing put and call options pays a premium for such options. If price movements in the underlying securities are such that exercise of the options

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would not be profitable for the Fund, loss of the premium paid may be offset by an increase in the value of the Fund's securities or by a decrease in the cost of the acquisition of securities by the Fund.

A Fund may write (*i.e.*, sell) "covered" call options on securities for any lawful purpose, including as a means of increasing the yield on its assets and as a means of providing limited protection against decreases in its market value. Certain Funds may engage in a covered call option writing (selling) program in an attempt to generate additional income or provide a partial hedge to another position of the Fund. A call option is "covered" if the Fund either owns the underlying instrument or has an absolute and immediate right (such as a call with the same or a later expiration date) to acquire that instrument. The underlying instruments of such covered call options may consist of individual equity securities, pools of equity securities, ETFs or indexes.

The writing of covered call options is a more conservative investment technique than writing of naked or uncovered options, but capable of enhancing the Fund's total return. When a Fund writes a covered call option, it profits from the premium paid by the buyer but gives up the opportunity to profit from an increase in the value of the underlying security above the exercise price. At the same time, the Fund retains the risk of loss from a decline in the value of the underlying security during the option period. Although the Fund may terminate its obligation by executing a closing purchase transaction, the cost of effecting such a transaction may be greater than the premium received upon its sale, resulting in a loss to the Fund. If such an option expires unexercised, the Fund realizes a gain equal to the premium received. Such a gain may be offset or exceeded by a decline in the market value of the underlying security during the option period. If an option is exercised, the exercise price, the premium received and the market value of the underlying security determine the gain or loss realized by the Fund.

When a Fund writes an option, if the underlying securities do not increase or decrease, as applicable, to a price level that would make the exercise of the option profitable to the holder thereof, the option will generally expire without being exercised and the Fund will realize as profit the premium received for such option. When a call option of which a Fund is the writer is exercised, the Fund will be required to sell the underlying securities to the option holder at the strike price and will not participate in any increase in the price of such securities above the strike price. When a put option of which a Fund is the writer is exercised, the Fund will be required to purchase the underlying securities at a price in excess of the market value of such securities.

A Fund may purchase and write options on an exchange or OTC. OTC options differ from exchange-traded options in several respects. They are transacted directly with dealers and not with a clearing corporation or futures commission merchant, and therefore entail the risk of non-performance by the dealer. OTC options are available for a greater variety of securities and for a wider range of expiration dates and exercise prices than are available for exchange-traded options. Because OTC options are not traded on an exchange, pricing is normally done by reference to information from a market maker. It is the SEC's position that OTC options are generally illiquid. The market value of an option generally reflects the market price of an underlying security. Other principal factors affecting market value include supply and demand, interest rates, the pricing volatility of the underlying security and the time remaining until the expiration date.

*Risks.* Risks associated with options transactions include: (i) the success of a hedging strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (ii) there may be an imperfect correlation between the movement in prices of options and the securities underlying them; (iii) there may not be a liquid secondary market for options; and (iv) though a Fund will receive a premium when it writes covered call options, it may not participate fully in a rise in the market value of the underlying security.

PARTICIPATION NOTES—P-Notes are participation interest notes that are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying equity, debt, currency or market. When purchasing a P-Note, the posting of margin is not required because the full cost of the P-Note (plus commission) is paid at the time of purchase. When the P-Note matures, the issuer will pay to, or receive from, the purchaser the difference between the minimal value of the underlying instrument at the time of purchase and that instrument's value at maturity. Investments in P-Notes involve the same risks associated with a direct investment in the underlying foreign companies or foreign securities markets that they seek to replicate.

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In addition, there can be no assurance that the trading price of P-Notes will equal the underlying value of the foreign companies or foreign securities markets that they seek to replicate. The holder of a P-Note that is linked to a particular underlying security is entitled to receive any dividends paid in connection with an underlying security or instrument. However, the holder of a P-Note does not receive voting rights as it would if it directly owned the underlying security or instrument. P-Notes are generally traded OTC. P-Notes constitute general unsecured contractual obligations of the banks or broker-dealers that issue them and the counterparty. There is also counterparty risk associated with these investments because the Fund is relying on the creditworthiness of such counterparty and has no rights under a P-Note against the issuer of the underlying security. In addition, a Fund will incur transaction costs as a result of investment in P-Notes.

PAY-IN-KIND BONDS—Pay-in-kind bonds are securities that, at the issuer's option, pay interest in either cash or additional securities for a specified period. Pay-in-kind bonds, like zero coupon bonds, are designed to give an issuer flexibility in managing cash flow. Pay-in-kind bonds are expected to reflect the market value of the underlying debt plus an amount representing accrued interest since the last payment.

Pay-in-kind bonds are usually less volatile than zero coupon bonds, but more volatile than cash pay securities.

PRIVATIZATIONS—Privatizations are foreign government programs for selling all or part of the interests in government owned or controlled enterprises. The ability of a U.S. entity to participate in privatizations in certain foreign countries may be limited by local law, or the terms on which a Fund may be permitted to participate may be less advantageous than those applicable for local investors. There can be no assurance that foreign governments will continue to sell their interests in companies currently owned or controlled by them or that privatization programs will be successful.

PUT TRANSACTIONS—A Fund may purchase securities at a price that would result in a yield to maturity lower than generally offered by the seller at the time of purchase when the Fund can simultaneously acquire the right to sell the securities back to the seller, the issuer or a third party (the "writer") at an agreed-upon price at any time during a stated period or on a certain date. Such a right is generally denoted as a "standby commitment" or a "put." The purpose of engaging in transactions involving puts is to maintain flexibility and liquidity to permit a Fund to meet redemptions and remain as fully invested as possible in municipal securities. The right to put the securities depends on the writer's ability to pay for the securities at the time the put is exercised. A Fund would limit its put transactions to institutions that SIMC or a Sub-Adviser believes present minimum credit risks, and SIMC or a Sub-Adviser would use its best efforts to initially determine and continue to monitor the financial strength of the sellers of the options by evaluating their financial statements and such other information as is available in the marketplace. It may, however, be difficult to monitor the financial strength of the writers because adequate current financial information may not be available. In the event that any writer is unable to honor a put for financial reasons, a Fund would be a general creditor (*i.e.*, on a parity with all other unsecured creditors) of the writer. Furthermore, particular provisions of the contract between a Fund and the writer may excuse the writer from repurchasing the securities; for example, a change in the published rating of the underlying municipal securities or any similar event that has an adverse effect on the issuer's credit or a provision in the contract that the put will not be exercised except in certain special cases, such as to maintain Fund liquidity. A Fund could, however, at any time sell the underlying portfolio security in the open market or wait until the portfolio security matures, at which time it should realize the full par value of the security.

The securities purchased subject to a put may be sold to third persons at any time, even though the put is outstanding, but the put itself, unless it is an integral part of the security as originally issued, may not be marketable or otherwise assignable. Therefore, the put would have value only to that particular Fund. Sale of the securities to third parties or lapse of time with the put unexercised may terminate the right to put the securities. Prior to the expiration of any put option, a Fund could seek to negotiate terms for the extension of such an option. If such a renewal cannot be negotiated on terms satisfactory to the Fund, the Fund could, of course, sell the portfolio security. The maturity of the underlying security will generally be different from that of the put. For the purpose of determining the "maturity" of securities purchased subject to an option to put, and for the purpose of determining the dollar-weighted average maturity of a Fund including such securities,

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the Fund will consider "maturity" to be the first date on which it has the right to demand payment from the writer of the put (although the final maturity of the security is later than such date).

QUANTITATIVE INVESTING—A quantitative investment style generally involves the use of computers to implement a systematic or rules-based approach to selecting investments based on specific measurable factors. Due to the significant role technology plays in such strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy. These issues or flaws, which can be difficult to identify, may result in the implementation of a portfolio that is different from that which was intended, and could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon quantitative models and computerization.

REAL ESTATE INVESTMENT TRUSTS—REITs are entities that invest primarily in commercial real estate or real estate-related loans. A U.S. REIT is not taxed on income distributed to its shareholders or unitholders if it complies with certain requirements under the Code relating to its organization, ownership, assets and income, as well as with a requirement that it distribute to its shareholders or unitholders at least 90% of its taxable income for each taxable year. Generally, REITs can be classified as Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest the majority of their assets directly in real property and derive their income primarily from rents and capital gains from appreciation realized through property sales. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both Equity and Mortgage REITs. By investing in REITs indirectly through a Fund, shareholders will bear not only the proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of underlying REITs.

A Fund may be subject to certain risks associated with the direct investments of REITs. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants. Mortgage REITs may be affected by the quality of the credit extended. Furthermore, REITs are dependent on specialized management skills. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs generally depend on their ability to generate cash flow to make distributions to shareholders or unitholders and may be subject to defaults by borrowers and to self-liquidations. In addition, a U.S. REIT may be affected by its failure to qualify for tax-free pass-through of income under the Code or its failure to maintain exemption from registration under the 1940 Act.

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

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REPURCHASE AGREEMENTS—A repurchase agreement is an agreement in which one party sells securities to another party in return for cash, with an agreement to repurchase equivalent securities at an agreed-upon price and on an agreed-upon future date. A Fund may enter into repurchase agreements with financial institutions. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions deemed creditworthy by SIMC or a Sub-Adviser. The repurchase agreements entered into by a Fund will provide that the underlying collateral at all times shall have a value at least equal to 102% of the resale price stated in the agreement at all times. SIMC and the applicable Sub-Advisers monitor compliance with this requirement as well as the ongoing financial condition and creditworthiness of the counterparty.

Under all repurchase agreements entered into by a Fund, the Fund's custodian or its agent must take possession of the underlying collateral. In the event of a default or bankruptcy by a selling financial institution, a Fund will seek to liquidate such collateral. However, the exercising of a Fund's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase are less than the repurchase price, the Fund could suffer a loss. A Fund may enter into "tri-party" repurchase agreements. In "tri-party" repurchase agreements, an unaffiliated third party custodian maintains accounts to hold collateral for the Fund and its counterparties and, therefore, the Fund may be subject to the credit risk of those custodians. At times, the investments of a Fund in repurchase agreements may be substantial when, in the view of SIMC or the Sub-Adviser(s), liquidity or other considerations so warrant.

RESTRICTED SECURITIES—Restricted securities are securities that may not be sold freely to the public without registration under the 1933 Act or an exemption from registration. Restricted securities, including securities eligible for re-sale under Rule 144A of the 1933 Act, that are determined to be liquid are not subject to a Fund's limitation on investing in illiquid securities. The determination of whether a restricted security is illiquid is to be made by SIMC or a Sub-Adviser pursuant to guidelines adopted by the Board. Under these guidelines, SIMC or a Sub-Adviser will consider the frequency of trades and quotes for the security, the number of dealers in, and potential purchasers for, the security, dealer undertakings to make a market in the security, and the nature of the security and of the marketplace trades. In purchasing such restricted securities, SIMC and each Sub-Adviser intends to purchase securities that are exempt from registration under Rule 144A under the 1933 Act and Section 4(a)(2) commercial paper issued in reliance on an exemption from registration under Section 4(a)(2) of the 1933 Act, including, but not limited to, Rules 506(b) or 506(c) under Regulation D.

*Private Investments in Public Equity*—A Fund may purchase PIPEs, which are equity securities in a private placement that are issued by issuers that have outstanding publicly-traded equity securities of the same class. Shares in PIPEs generally are not publicly registered until after a certain time period from the date the private sale is completed, which can last many months. Until the public registration process is completed, PIPEs are restricted as to resale and cannot be freely traded. Generally, such restrictions cause PIPEs to be illiquid during this restricted period. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered or that the registration will remain in effect.

REVERSE REPURCHASE AGREEMENTS AND SALE-BUYBACKS—Reverse repurchase agreements are transactions in which a Fund sells portfolio securities to financial institutions, such as banks and broker-dealers, and agrees to repurchase them at a mutually agreed-upon date and price that is higher than the original sale price. Reverse repurchase agreements are similar to a fully collateralized borrowing by a Fund. Rule 18f-4 under the 1940 Act permits a Fund to enter into reverse repurchase agreements and similar financing transactions, notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act. The Rule permits a Fund to elect whether to treat a reverse repurchase agreement as a borrowing, subject to the asset coverage requirements of Section 18 of the Act, or as a Derivative Transactions under Rule 18f-4. The Funds have elected to treat all reverse repurchase agreements as Derivative Transactions. See "Derivatives" above.

Reverse repurchase agreements involve risks. Reverse repurchase agreements are a form of leverage, and the use of reverse repurchase agreements by a Fund may increase the Fund's volatility. Reverse repurchase agreements are also subject to the risk that the other party to the reverse repurchase agreement will be unable

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or unwilling to complete the transaction as scheduled, which may result in losses to a Fund. Reverse repurchase agreements also involve the risk that the market value of the securities sold by a Fund may decline below the price at which it is obligated to repurchase the securities. In addition, when a Fund invests the proceeds it receives in a reverse repurchase transaction, there is a risk that those investments may decline in value. In this circumstance, the Fund could be required to sell other investments in order to meet its obligations to repurchase the securities.

In a sale-buyback transaction, a Fund sells an underlying security for settlement at a later date. A sale-buyback is similar to a reverse repurchase agreement, except that in a sale-buyback the counterparty who purchases the security is entitled to receive any principal or interest payments made on the underlying security pending settlement of the Fund's repurchase of the underlying security.

RISKS OF CYBER-ATTACKS—As with any entity that conducts business through electronic means in the modern marketplace, the Funds, and their service providers, may be susceptible to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential information, unauthorized access to relevant systems, compromises to networks or devices that the Funds and their service providers use to service the Funds' operations, ransomware, operational disruption or failures in the physical infrastructure or operating systems that support the Funds and their service providers, or various other forms of cyber security breaches. Cyber-attacks affecting a Fund, SIMC or any of the Sub-Advisers, a Fund's distributor, custodian, transfer agent, or any other of a Fund's intermediaries or service providers may adversely impact the Fund and its shareholders, potentially resulting in, among other things, financial losses or the inability of Fund shareholders to transact business. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential business information, impede trading, subject the Fund to regulatory fines or financial losses and/or cause reputational damage. The Funds may also incur additional costs for cyber security risk management purposes designed to mitigate or prevent the risk of cyber-attacks. Such costs may be ongoing because threats of cyber-attacks are constantly evolving as cyber attackers become more sophisticated and their techniques become more complex. Similar types of cyber security risks are also present for issuers of securities in which a Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund's investment in such companies to lose value. There can be no assurance that the Funds, the Funds' service providers, or the issuers of the securities in which the Funds invest will not suffer losses relating to cyber-attacks or other information security breaches in the future. A Fund may also experience losses due to systems failures or inadequate system back-up or procedures at the brokerage firm(s) carrying the Fund's positions.

SECURITIES LENDING—Each Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Board. These loans, if and when made, may not exceed 33<sup>1</sup>/<sub>3</sub>% of the total asset value of the Fund (including the loan collateral). No Fund will lend portfolio securities to SIMC nor its Sub-Advisers or their affiliates unless it has applied for and received specific authority to do so from the SEC. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. Government securities, and the collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily, although the borrower will be required to deliver collateral of 102% and 105% of the market value of borrowed securities for domestic and foreign issuers, respectively. Any gain or loss in the market price of the securities loaned that might occur during the term of the loan would be for the account of the Fund.

A Fund may pay a part of the interest earned from the investment of collateral or other fee to an unaffiliated third party for acting as the Fund's securities lending agent.

By lending its securities, a Fund may increase its income by receiving payments from the borrower that reflect the amount of any interest or any dividends payable on the loaned securities, as well as by either investing cash collateral received from the borrower in short-term instruments or obtaining a fee from the borrower when U.S. Government securities or letters of credit are used as collateral. Each Fund will adhere to the following conditions whenever its portfolio securities are loaned: (i) the Fund must receive at least 100% cash collateral

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or equivalent securities of the type discussed in the preceding paragraph from the borrower; (ii) the borrower must increase such collateral whenever the market value of the securities rises above the level of such collateral; (iii) the Fund must be able to terminate the loan on demand; (iv) the Fund must receive reasonable interest on the loan, as well as any dividends, interest or other distributions on the loaned securities and any increase in market value; (v) the Fund may pay only reasonable fees in connection with the loan (which may include fees payable to the lending agent, the borrower, the administrator and the custodian); and (vi) voting rights on the loaned securities may pass to the borrower, provided, however, that if a material event adversely affecting the investment occurs, the Fund must terminate the loan and regain the right to vote the securities. The Board has adopted procedures reasonably designed to ensure that the foregoing criteria will be met. Loan agreements involve certain risks in the event of default or insolvency of the borrower, including possible delays or restrictions upon the Fund's ability to recover the loaned securities or dispose of the collateral for the loan, which could give rise to loss because of adverse market action, expenses and/or delays in connection with the disposition of the underlying securities.

A Fund may invest the cash received as collateral through loan transactions in other eligible securities, which may include shares of an affiliated or unaffiliated registered money market fund or of an affiliated or unaffiliated unregistered money market fund that complies with the requirements of Rule 2a-7 under the 1940 Act to the extent required by the 1940 Act (see the "Investment Companies" section above). Money market funds may or may not seek to maintain a stable NAV of $1.00 per share. Investing the cash collateral subjects the Fund to market risk. A Fund remains obligated to return all collateral to the borrower under the terms of its securities lending arrangements even if the value of the investments made with the collateral has declined. Accordingly, if the value of a security in which the cash collateral has been invested declines, the loss would be borne by the Fund, and the Fund may be required to liquidate other investments in order to return collateral to the borrower at the end of a loan.

SHORT SALES—Short sales may be used by a Fund as part of its overall portfolio management strategies or to offset (hedge) a potential decline in the value of a security. A Fund may engage in short sales that are either "against the box" or "uncovered" (only the Multi-Asset Real Return Fund may engage in short sales that are "against the box"). A short sale is "against the box" if, at all times during which the short position is open, the Fund owns at least an equal amount of the securities or securities convertible into, or exchangeable without further consideration for, securities of the same issue as the securities that are sold short. A short sale against the box is a taxable transaction to a Fund with respect to the securities that are sold short. Uncovered short sales are transactions under which a Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Fund may also be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale may be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. Pursuant to its particular investment strategy, a Sub-Adviser may have a net short exposure in the portfolio of assets allocated to the Sub-Adviser.

When a Fund sells securities short, it may use the proceeds from the sales to purchase long positions in additional equity securities that it believes will outperform the market or its peers. This strategy may effectively result in the Fund having a leveraged investment portfolio, which results in greater potential for loss. Leverage can amplify the effects of market volatility on a Fund's share price and make a Fund's returns more volatile. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of a Fund's portfolio securities. The use of leverage may also cause a Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.

A Fund must comply with Rule 18f-4 under the 1940 Act with respect to its short sale borrowings, which are considered Derivative Transactions under the Rule. See "Derivatives" above.

SOCIAL INVESTMENT CRITERIA—The Screened World Equity Ex-US Fund's portfolio is subject to certain social investment criteria, including its anti-BDS approach. As a result, the Fund's Sub-Advisers may avoid

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purchasing certain securities for social reasons when it is otherwise economically advantageous to purchase those securities or may sell certain securities for social reasons when it is otherwise economically advantageous to hold those securities. In general, the application of the Fund's social investment criteria may affect the Fund's exposure to certain industries, sectors and geographic areas, which may affect the financial performance of the Fund, positively or negatively, depending on whether these industries or sectors are in or out of favor.

SOVEREIGN DEBT—The cost of servicing external debt will also generally be adversely affected by rising international interest rates because many external debt obligations bear interest at rates that are adjusted based upon international interest rates. The ability to service external debt will also depend on the level of the relevant government's international currency reserves and its access to a foreign exchange. Currency devaluations may affect the ability of a sovereign obligor to obtain sufficient foreign exchange to service its external debt.

As a result of the foregoing or other factors, a governmental obligor may default on its obligations. If such an event occurs, a Fund may have limited legal recourse against the issuer and/or guarantor. Remedies must, in some cases, be pursued in the courts of the defaulting party itself, and the ability of the holder of foreign sovereign debt securities to obtain recourse may be subject to the political climate in the relevant country. In addition, no assurance can be given that the holders of commercial bank debt will not contest payments to the holders of other foreign sovereign debt obligations in the event of default under their commercial bank loan agreements.

SPECIAL PURPOSE ACQUISITION COMPANIES—A Fund may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities that pool funds to seek potential acquisition or merger opportunities. A SPAC is typically a publicly traded company that raises funds through an initial public offering (IPO) for the purpose of acquiring or merging with another company to be identified subsequent to the SPAC's IPO. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, these securities, which may be traded in the over-the-counter market, may be considered illiquid and/or may be subject to restrictions on resale. An investment in a SPAC is subject a variety of risks, including that (i) a significant portion of the monies raised by the SPAC for the purpose of identifying and effecting an acquisition or merger may be expended during the search for a target transaction; (ii) an attractive acquisition or merger target may not be identified at all and the SPAC will be required to return any remaining monies to shareholders; (iii) any proposed merger or acquisition may be unable to obtain the requisite approval, if any, of SPAC shareholders; (iv) an acquisition or merger once effected may prove unsuccessful and an investment in the SPAC may lose value; (v) the warrants or other rights with respect to the SPAC held by a fund may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; (vi) a fund will be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled; (vii) an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC; (viii) no or only a thinly traded market for shares of or interests in a SPAC may develop, leaving the fund unable to sell its interest in the SPAC or to sell its interest only at a price below what a fund believes is the SPAC interest's intrinsic value; (ix) the values of investments in SPACs may be highly volatile, a fund may have little or no ability to hedge its exposure to a SPAC investment, and the value of a SPAC investment may depreciate significantly; (x) an investment in a SPAC may include potential conflicts and potential for misalignment of incentives in the structure of the SPAC; and (xi) the growth in SPAC offerings may increase competition for target companies and, as a result, contribute to a decline in deal quality.

STRUCTURED SECURITIES—Certain Funds may invest a portion of their assets in entities organized and operated solely for the purpose of restructuring the investment characteristics of sovereign debt obligations of emerging market issuers. This type of restructuring involves the deposit with, or purchase by, an entity, such as a corporation or trust, of specified instruments (such as commercial bank loans or Brady Bonds) and the issuance by that entity of one or more classes of securities ("Structured Securities") backed by, or representing interests in, the underlying instruments. The cash flow on the underlying instruments may be apportioned among the newly issued Structured Securities to create securities with different investment characteristics, such as varying

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maturities, payment priorities and interest rate provisions, and the extent of the payments made with respect to Structured Securities is dependent on the extent of the cash flow on the underlying instruments. Because Structured Securities of the type in which the Funds anticipate they will invest typically involve no credit enhancement, their credit risk will generally be equivalent to that of the underlying instruments. A Fund is permitted to invest in a class of Structured Securities that is either subordinated or unsubordinated to the right of payment of another class. Subordinated Structured Securities typically have higher yields and present greater risks than unsubordinated Structured Securities. Structured Securities are typically sold in private placement transactions, and there currently is no active trading market for Structured Securities. Certain issuers of such Structured Securities may be deemed to be "investment companies" as defined in the 1940 Act. As a result, a Fund's investment in such securities may be limited by certain investment restrictions contained in the 1940 Act.

SWAPS, CAPS, FLOORS, COLLARS AND SWAPTIONS—Swaps are centrally-cleared or OTC derivative products in which two parties agree to exchange payment streams calculated by reference to an underlying asset, such as a rate, index, instrument or securities (referred to as the "underlying") and a predetermined amount (referred to as the "notional amount"). The underlying for a swap may be an interest rate (fixed or floating), a currency exchange rate, a commodity price index, a security, group of securities or a securities index, a combination of any of these, or various other rates, securities, instruments, assets or indexes. Swap agreements generally do not involve the delivery of the underlying or principal, and a party's obligations are generally equal to only the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the swap agreement.

A great deal of flexibility is possible in the way swaps may be structured. For example, in a simple fixed-to-floating interest rate swap, one party makes payments equivalent to a fixed interest rate, and the other party makes payments calculated with reference to a specified floating interest rate, such as SOFR or the prime rate. In a currency swap, the parties generally enter into an agreement to pay interest streams in one currency based on a specified rate in exchange for receiving interest streams denominated in another currency. Currency swaps may involve initial and final exchanges of the currency that correspond to the agreed upon notional amount. The use of currency swaps is a highly specialized activity which involves special investment techniques and risks, including settlement risk, non-business day risk, the risk that trading hours may not align, and the risk of market disruptions and restrictions due to government action or other factors.

A Fund may engage in simple or more complex swap transactions involving a wide variety of underlying assets for various reasons. For example, a Fund may enter into a swap (i) to gain exposure to investments (such as an index of securities in a market) or currencies without actually purchasing those stocks or currencies; (ii) to make an investment without owning or taking physical custody of securities or currencies in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable; (iii) to hedge an existing position; (iv) to obtain a particular desired return at a lower cost to the Fund than if it had invested directly in an instrument that yielded the desired return; or (v) for various other reasons.

Certain Funds may enter into credit default swaps as a buyer or a seller. The buyer in a credit default contract is obligated to pay the seller a periodic stream of payments over the term of the contract provided no event of default has occurred. If an event of default occurs, the seller must pay the buyer the full notional value ("par value") of the underlying in exchange for the underlying. If a Fund is a buyer and no event of default occurs, the Fund will have made a stream of payments to the seller without having benefited from the default protection it purchased. However, if an event of default occurs, the Fund, as a buyer, will receive the full notional value of the underlying that may have little or no value following default. As a seller, a Fund receives a fixed rate of income throughout the term of the contract, provided there is no default. If an event of default occurs, the Fund would be obligated to pay the notional value of the underlying in return for the receipt of the underlying. The value of the underlying received by the Fund, coupled with the periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the Fund. Credit default swaps involve different risks than if a Fund invests in the underlying directly. For example, credit default swaps would increase credit risk by providing the Fund with exposure to both the issuer of the referenced obligation (typically a debt obligation) and the counterparty to the credit default swap. Credit default swaps may in some cases be illiquid. Furthermore, the definition of a "credit event" triggering the seller's payment obligations

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under a credit default swap may not encompass all of the circumstances in which the buyer may suffer credit-related losses on an obligation of a referenced entity.

The Funds may enter into total return swap agreements. Total return swap agreements are contracts in which one party agrees to make periodic payments based on the change in market value of underlying assets, which may include a specified security, basket of securities, defined portfolios of bonds, loans and mortgages, or securities indexes during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security or market.

Total return swap agreements may effectively add leverage to a Fund's portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap. Total return swaps are a mechanism for the user to accept the economic benefits of asset ownership without utilizing the balance sheet. The other leg of the swap is spread to reflect the non-balance sheet nature of the product. Total return swaps can be designed with any underlying asset agreed between two parties. Typically, no notional amounts are exchanged with total return swaps. Total return swap agreements entail the risk that a party will default on its payment obligations to the Fund thereunder. Swap agreements also entail the risk that a Fund will not be able to meet its obligation to the counterparty. Generally, a Fund will enter into total return swaps on a net basis (*i.e.*, the two payment streams are netted out with the Fund receiving or paying, as the case may be, only the net amount of the two payments). Fully funded total return swaps have economic and risk characteristics similar to credit-linked notes, which are described above.

Caps, floors, collars and swaptions are privately-negotiated option-based derivative products. Like a put or call option, the buyer of a cap or floor pays a premium to the writer. In exchange for that premium, the buyer receives the right to a payment equal to the differential if the specified index or rate rises above (in the case of a cap) or falls below (in the case of a floor) a pre-determined strike level. Like swaps, obligations under caps and floors are calculated based upon an agreed notional amount, and, like most swaps (other than foreign currency swaps), the entire notional amount is not exchanged. A collar is a combination product in which one party buys a cap from and sells a floor to another party. Swaptions give the holder the right to enter into a swap. A Fund may use one or more of these derivative products in addition to or in lieu of a swap involving a similar rate or index.

Under current market practice, swaps, caps, collars and floors between the same two parties are generally documented under a "master agreement." In some cases, options and forward contracts between the parties may also be governed by the same master agreement. In the event of a default, amounts owed under all transactions entered into under, or covered by, the same master agreement would be netted, and only a single payment would be made.

Generally, a Fund would calculate the obligations of the swap agreements' counterparties on a "net basis." Consequently, a Fund's current obligation (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each counterparty to the swap agreement (the "net amount"). A Fund's current obligation under a swap agreement will be accrued daily (offset against any amounts owed to the Fund).

Each Fund will not enter into a swap agreement with any single party if the net amount owed or to be received under the existing agreements with that party would exceed 5% of the Fund's assets.

The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents using standardized swap agreements. As a result, the use of swaps has become more prevalent in comparison with the markets for other similar instruments that are also traded in OTC markets.

Swaps and other derivatives involve risks. One significant risk in a swap, cap, floor, collar or swaption is the volatility of the specific interest rate, currency or other underlying that determines the amount of payments due to and from a Fund. This is true whether these derivative products are used to create additional risk exposure for a Fund or to hedge, or manage, existing risk exposure. If under a swap, cap, floor, collar or swaption agreement

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a Fund is obligated to make a payment to the counterparty, the Fund must be prepared to make the payment when due. A Fund could suffer losses with respect to such an agreement if the Fund is unable to terminate the agreement or reduce its exposure through offsetting transactions. Further, the risks of caps, floors and collars, like put and call options, may be unlimited for the seller if the cap or floor is not hedged or covered, but is limited for the buyer.

Because under swap, cap, floor, collar and swaption agreements a counterparty may be obligated to make payments to a Fund, these derivative products are subject to risks related to the counterparty's creditworthiness, in addition to other risks discussed in this SAI. If a counterparty defaults, a Fund's risk of loss will consist of any payments that the Fund is entitled to receive from the counterparty under the agreement (this may not be true for currency swaps that require the delivery of the entire notional amount of one designated currency in exchange for the other). Upon default by a counterparty, however, a Fund may have contractual remedies under the swap agreement.

A Fund will enter into swaps only with counterparties that SIMC or a Sub-Adviser believes to be creditworthy.

The swap market is a relatively new market for which regulations are still being developed. The Dodd-Frank Act has substantially altered and increased the regulation of swaps. Swaps are broadly defined in the Dodd-Frank Act, CFTC rules and SEC rules, and also include commodity options and NDFs. Additionally, the Dodd-Frank Act divided the regulation of swaps between commodity swaps (such as swaps on interest rates, currencies, physical commodities, broad based stock indexes, and broad based credit default swap indexes), regulated by the CFTC, and security based swaps (such as equity swaps and single name credit default swaps), regulated by the SEC. The CFTC will determine which categories of swaps will be required to be traded on regulated exchange-like platforms, such as swap execution facilities, and which will be required to be centrally cleared. Cleared swaps must be cleared through futures commission merchants registered with the CFTC, and such futures commission merchants will be required to collect margin from customers for such cleared swaps. Additionally, all swaps are subject to reporting to a swap data repository. Dealers in swaps are required to register with the CFTC as swap dealers and are required to comply with extensive regulations regarding their external and internal business conduct practices, regulatory capital requirements, and rules regarding the holding of counterparty collateral.

TRACKING ERROR—The following factors may affect the ability of a Fund that tracks the performance of a benchmark to achieve correlation with the performance of its benchmark: (i) Fund expenses, including brokerage fees (which may be increased by high portfolio turnover); (ii) the Fund holding less than all of the securities in the benchmark and/or securities not included in the benchmark; (iii) an imperfect correlation between the performance of instruments held by the Fund, such as futures contracts and options, and the performance of the underlying securities in the market; (iv) bid-ask spreads (the effect of which may be increased by portfolio turnover); (v) the Fund holding instruments traded in a market that has become illiquid or disrupted; (vi) Fund share prices being rounded to the nearest cent; (vii) changes to the index tracked that are not disseminated in advance; (viii) the need to conform the Fund's portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements. In addition, an adviser's use of hedging techniques will generally cause a Fund's performance to diverge from that of its respective index at times when hedges are employed.

U.S. GOVERNMENT SECURITIES—Examples of types of U.S. Government obligations in which a Fund may invest include U.S. Treasury obligations and the obligations of U.S. Government agencies or U.S. Government sponsored entities such as Federal Home Loan Banks, Federal Farm Credit Banks, Federal Land Banks, the FHA, the Farmers Home Administration, the Export-Import Bank of the United States, the Small Business Administration, Fannie Mae, GNMA, the General Services Administration, the Student Loan Marketing Association, the Central Bank for Cooperatives, Freddie Mac, Federal Intermediate Credit Banks, the Maritime Administration and other similar agencies. Whether backed by the full faith and credit of the U.S. Treasury or not, U.S. Government securities are not guaranteed against price movements due to fluctuating interest rates.

If the total public debt of the U.S. Government as a percentage of gross domestic product reaches high levels as a result of combating financial downturn or otherwise, such high levels of debt may create certain systemic risks if sound debt management practices are not implemented. A high national debt level may increase

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market pressures to meet government funding needs, which may increase borrowing costs and cause a government to issue additional debt, thereby increasing the risk of refinancing. A high national debt also raises concerns that a government may be unable or unwilling to repay the principal or interest on its debt when due. Unsustainable debt levels can decline the valuation of currencies, can prevent a government from implementing effective counter-cyclical fiscal policy during economic downturns, and can contribute to market volatility.

An increase in national debt levels may also necessitate the need for the U.S. Congress to negotiate adjustments to the statutory debt ceiling to increase the cap on the amount the U.S. Government is permitted to borrow to meet its existing obligations and finance current budget deficits. Future downgrades could increase volatility in domestic and foreign financial markets, result in higher interest rates, lower prices of U.S. Treasury securities and increase the costs of different kinds of debt. Any controversy or ongoing uncertainty regarding statutory debt ceiling negotiations may impact the U.S. long-term sovereign credit rating and may cause market uncertainty. As a result, market prices and yields of securities supported by the full faith and credit of the U.S. government may be adversely affected. Although remote, it is at least theoretically possible that under certain scenarios the U.S. Government could default on its debt, including U.S. Treasury securities.

*U.S. Treasury Obligations.* U.S. Treasury obligations consist of bills, notes and bonds issued by the U.S. Treasury and separately traded interest and principal component parts of such obligations that are transferable through the federal book-entry systems known as STRIPS and TRs.

*U.S. Government Zero Coupon Securities.* STRIPS and receipts are sold as zero coupon securities; that is, fixed income securities that have been stripped of their unmatured interest coupons. Zero coupon securities are sold at a (usually substantial) discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. The amount of this discount is accreted over the life of the security, and the accretion constitutes the income earned on the security for both accounting and tax purposes. Because of these features, the market prices of zero coupon securities are generally more volatile than the market prices of securities that have similar maturity but that pay interest periodically. Zero coupon securities are likely to respond to a greater degree to interest rate changes than are non-zero coupon securities with similar maturities and credit qualities.

*U.S. Government Agencies.* Some obligations issued or guaranteed by agencies of the U.S. Government are supported by the full faith and credit of the U.S. Treasury (*e.g.*, Treasury bills, notes and bonds, and securities guaranteed by GNMA), others are supported by the right of the issuer to borrow from the U.S. Treasury (*e.g.*, obligations of Federal Home Loan Banks), while still others are supported only by the credit of the instrumentality (*e.g.*, obligations of Fannie Mae). Guarantees of principal by agencies or instrumentalities of the U.S. Government may be a guarantee of payment at the maturity of the obligation so that, in the event of a default prior to maturity, there might not be a market and thus no means of realizing on the obligation prior to maturity. Guarantees as to the timely payment of principal and interest neither extend to the value or yield of these securities nor to the value of a Fund's shares.

VARIABLE AND FLOATING RATE INSTRUMENTS—Certain obligations may carry variable or floating rates of interest and may involve a conditional or unconditional demand feature. Such instruments bear interest at rates that are not fixed, but that vary with changes in specified market rates or indexes. The interest rates on these securities may be reset daily, weekly, quarterly, or some other reset period. There is a risk that the current interest rate on such obligations may not accurately reflect existing market interest rates. A demand instrument with a demand notice exceeding seven days may be considered illiquid if there is no secondary market for such security.

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WHEN-ISSUED AND DELAYED DELIVERY SECURITIES—When-issued and delayed delivery basis, including "TBA" (to be announced) basis, transactions involve the purchase of an instrument with payment and delivery taking place in the future. Delivery of and payment for these securities may occur a month or more after the date of the purchase commitment. A TBA transaction is a method of trading mortgage-backed securities. In a TBA transaction, the buyer and seller agree upon general trade parameters such as agency, settlement date, par amount and price. The actual pools delivered generally are determined two days prior to the settlement date. The interest rate realized on these securities is fixed as of the purchase date, and no interest accrues to a Fund before settlement. These securities are subject to market fluctuation due to changes in market interest rates, and it is possible that the market value of these securities at the time of settlement could be higher or lower than the purchase price if the general level of interest rates has changed. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of actually acquiring securities for its portfolio, the Fund may dispose of a when-issued security or forward commitment prior to settlement if SIMC or a Sub-Adviser deems it appropriate.

Rule 18f-4 under 1940 Act permits a Fund to enter into when-issued or delayed delivery basis securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date. If a when-issued or delayed delivery basis security does not satisfy those requirements, the Fund would need to comply with Rule 18f-4 under the 1940 Act with respect to its when issued or delayed delivery transactions, which are considered Derivative Transactions under the Rule. See "Derivatives" above.

YANKEE OBLIGATIONS—Yankees are U.S. dollar-denominated instruments of foreign issuers who either register with the SEC or issue securities under Rule 144A of the 1933 Act. These obligations consist of debt securities (including preferred or preference stock of non-governmental issuers), certificates of deposit, fixed time deposits and bankers' acceptances issued by foreign banks, and debt obligations of foreign governments or their subdivisions, agencies and instrumentalities, international agencies and supranational entities. Some securities issued by foreign governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of the foreign government.

The Yankees selected for a Fund will adhere to the same quality standards as those utilized for the selection of domestic debt obligations.

ZERO COUPON SECURITIES—Zero coupon securities are securities that are sold at a discount to par value and securities on which interest payments are not made during the life of the security. Upon maturity, the holder is entitled to receive the par value of the security. Although interest payments are not made on such securities, holders of such securities are deemed to have received "phantom income" annually. Because a Fund will distribute its "phantom income" to shareholders, to the extent that shareholders elect to receive dividends in cash rather than reinvesting such dividends in additional shares, a Fund will have fewer assets with which to purchase income producing securities. Pay-in-kind securities pay interest in either cash or additional securities, at the issuer's option, for a specified period. Pay-in-kind bonds, like zero coupon bonds, are designed to give an issuer flexibility in managing cash flow. Pay-in-kind bonds are expected to reflect the market value of the underlying debt plus an amount representing accrued interest since the last payment. Pay-in-kind bonds are usually less volatile than zero coupon bonds, but more volatile than cash pay securities. Pay-in-kind securities are securities that have interest payable by delivery of additional securities. Upon maturity, the holder is entitled to receive the aggregate par value of the securities. Deferred payment securities are securities that remain zero coupon securities until a predetermined date, at which time the stated coupon rate becomes effective and interest becomes payable at regular intervals.

Zero coupon, pay-in-kind and deferred payment securities may be subject to greater fluctuation in value and lesser liquidity in the event of adverse market conditions than comparably rated securities paying cash interest at regular interest payment periods. STRIPS and receipts (TRs, TIGRs, LYONs and CATS) are sold as zero coupon securities; that is, fixed income securities that have been stripped of their unmatured interest coupons. Zero coupon securities are sold at a (usually substantial) discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. The amount of this discount is accreted over the life of the security, and the accretion constitutes the income earned on the security for both accounting

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and tax purposes. Because of these features, the market prices of zero coupon securities are generally more volatile than the market prices of securities that have similar maturities but that pay interest periodically. Zero coupon securities are likely to respond to a greater degree to interest rate changes than are non-zero coupon securities with similar maturities and credit qualities.

Corporate zero coupon securities are: (i) notes or debentures that do not pay current interest and are issued at substantial discounts from par value; or (ii) notes or debentures that pay no current interest until a stated date one or more years into the future, after which date the issuer is obligated to pay interest until maturity, usually at a higher rate than if interest were payable from the date of issuance, and may also make interest payments in kind (*e.g.*, with identical zero coupon securities). Such corporate zero coupon securities, in addition to the risks identified above, are subject to the risk of the issuer's failure to pay interest and repay principal in accordance with the terms of the obligation. A Fund must accrete the discount or interest on high-yield bonds structured as zero coupon securities as income even though it does not receive a corresponding cash interest payment until the security's maturity or payment date. For tax purposes, original issue discount that accretes in a taxable year is treated as earned by a Fund and therefore is subject to the distribution requirements applicable to the RICs under Subchapter M of the Code. A Fund may have to dispose of its securities under disadvantageous circumstances to generate cash or may have to leverage itself by borrowing cash to satisfy distribution requirements. A Fund accrues income with respect to the securities prior to the receipt of cash payments.

INVESTMENT LIMITATIONS

The following are fundamental and non-fundamental policies of the Funds. The following percentage limitations (except for the limitation on borrowing and illiquid investments) will apply at the time of the purchase of a security and shall not be considered violated unless an excess or deficiency occurs immediately after or as a result of a purchase of such security.

Fundamental Policies

*The following investment limitations are fundamental policies of the Large Cap Fund, Large Cap Disciplined Equity Fund, Large Cap Index Fund, S&P 500 Index Fund, Small Cap Fund, Small/Mid Cap Equity Fund, U.S. Equity Factor Allocation Fund, U.S. Managed Volatility Fund, World Equity Ex-US Fund, Screened World Equity Ex-US Fund, Emerging Markets Equity Fund, Opportunistic Income Fund, Core Fixed Income Fund, High Yield Bond Fund, Emerging Markets Debt Fund, Real Return Fund, Limited Duration Bond Fund, Ultra Short Duration Bond Fund, Dynamic Asset Allocation Fund, Multi-Asset Real Return Fund, Intermediate Duration Credit Fund and Global Managed Volatility Fund and may not be changed with respect to a Fund without the consent of the holders of a majority of the Fund's outstanding shares. The term "majority of outstanding shares" means the vote of: (i) 67% or more of the Fund's shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy; or (ii) more than 50% of the Fund's outstanding shares, whichever is less.*

Each Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;1. Purchase securities of an issuer if it would cause the Fund to fail to satisfy the diversification requirement for a diversified management company under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute, rules and regulations may be amended or interpreted from time to time. This investment limitation does not apply to the Emerging Markets Debt and Multi-Asset Real Return Funds.

&nbsp;&nbsp;&nbsp;&nbsp;2. Concentrate investments in a particular industry or group of industries, as concentration is defined under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time. Each of the Ultra Short Duration Bond and Multi-Asset Real Return Funds may invest, without limitation, in: (i) securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities; and (ii) tax-exempt obligations of state or municipal governments and their political subdivisions.

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&nbsp;&nbsp;&nbsp;&nbsp;3. Borrow money or issue senior securities (as defined under the 1940 Act), except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;4. Make loans, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase or sell commodities or real estate, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;6. Underwrite securities issued by other persons, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

*The following investment limitations are fundamental policies of the Long Duration Fund and may not be changed without the consent of the holders of a majority of the Fund's outstanding shares.*

The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;1. Purchase securities of an issuer if it would cause the Fund to fail to satisfy the diversification requirement for a diversified management company under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;2. Purchase any securities which would cause 25% or more of its total assets to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that this limitation does not apply to investments in securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;3. Issue any class of senior security (as defined in the 1940 Act) except as permitted by rule, regulation or order of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;4. Make loans if, as a result, more than 33<sup>1</sup>/<sub>3</sub>% of its total assets would be loaned to other parties, except that the Fund may: (i) purchase or hold debt instruments in accordance with its investment objective and policies; (ii) enter into repurchase agreements; and (iii) lend its securities.

&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase or sell real estate, physical commodities or commodities contracts, except that the Fund may purchase: (i) marketable securities issued by companies which own or invest in real estate (including real estate investment trusts), commodities or commodities contracts; and (ii) commodities contracts relating to financial instruments, such as financial futures contracts and options on such contracts.

&nbsp;&nbsp;&nbsp;&nbsp;6. Underwrite securities issued by other persons, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;7. Borrow money in an amount exceeding 33<sup>1</sup>/<sub>3</sub>% of the value of its total assets, provided that, for purposes of this limitation, investment strategies that either obligate the Fund to purchase securities or require the Fund to segregate assets are not considered to be borrowing. Asset coverage of at least 300% is required for all borrowing, except where the Fund has borrowed money for temporary purposes in an amount not exceeding 5% of its total assets.

*The following investment limitations are fundamental policies of the Long Duration Credit and Small Cap II Funds and cannot be changed with respect to a Fund without the consent of the holders of a majority of such Fund's outstanding shares. The term "majority of outstanding shares" means the vote of: (i) 67% of the Fund's shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy; or (ii) more than 50% of the Fund's outstanding shares, whichever is less.*

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Each Fund may:

&nbsp;&nbsp;&nbsp;&nbsp;1. Borrow money, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;2. Make loans, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase or sell commodities, commodities contracts and real estate, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;4. Underwrite securities issued by other persons, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase securities of an issuer, except if it would cause the Fund to fail to satisfy the diversification requirement for a diversified management company under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

Each Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;1. Concentrate its investments in a particular industry or group of industries, as concentration is defined under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time, except that the Fund may invest without limitation in: (i) securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities; and (ii) tax-exempt obligations of state or municipal governments and their political subdivisions.

&nbsp;&nbsp;&nbsp;&nbsp;2. Issue senior securities, as such term is defined under the 1940 Act, the rules or regulations thereunder or any exemption therefrom as amended or interpreted from time to time, except as permitted under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

*The following are fundamental policies of the Extended Market Index Fund. The following percentage limitations (except for the limitation on borrowing) will apply at the time of the purchase of a security and shall not be considered violated unless an excess or deficiency occurs immediately after or as a result of a purchase of such security. The fundamental policies of the Fund cannot be changed without the consent of the holders of a majority of the Fund's outstanding shares. The term "majority of outstanding shares" means the vote of: (i) 67% or more of the Fund's shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy; or (ii) more than 50% of the Fund's outstanding shares, whichever is less.*

&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund may not concentrate its investments in a particular industry or group of industries, as concentration is defined under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time, except that the Fund may concentrate its investments to approximately the same extent that the index the Fund is designed to track concentrates in the securities of a particular industry or group of industries and the Fund may invest without limitation in (a) securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, and (b) tax-exempt obligations of state or municipal governments and their political subdivisions.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund may borrow money, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;3. The Fund may not issue senior securities (as such term is defined under the 1940 Act, the rules or regulations thereunder or any exemption therefrom as amended or interpreted from time to time), except as permitted

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under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Fund may make loans, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;5. The Fund may purchase or sell commodities or real estate, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Fund may underwrite securities issued by other persons, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

For purposes of the industry concentration limitation specified in the Prospectus and SAI: (i) utility companies will be divided according to their services, for example, gas, gas transmission, electric and telephone will each be considered a separate industry; (ii) financial service companies will be classified according to end users of their services, for example, automobile finance, bank finance and diversified finance will each be considered a separate industry; (iii) supranational agencies will be deemed to be issuers conducting their principal business activities in the same industry; and (iv) governmental issuers within a particular country will be deemed to be conducting their principal business activities in that same industry.

Non-Fundamental Policies

*The following investment limitations are non-fundamental policies of the Funds and, unless otherwise required by applicable law, may be changed by the Board without the consent of the holders of a majority of a Fund's outstanding shares.*

Each Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;1. Pledge, mortgage or hypothecate assets except to secure permitted borrowings or related to the deposit of assets in escrow or the posting of collateral in segregated accounts in compliance with applicable law or as otherwise contractually required.

&nbsp;&nbsp;&nbsp;&nbsp;2(a). With respect to the Large Cap Index, Extended Market Index, Small Cap, Small Cap II, Small/Mid Cap Equity, U.S. Managed Volatility, Opportunistic Income, Core Fixed Income, High Yield Bond, Long Duration, Ultra Short Duration Bond, Emerging Markets Debt, Real Return, Multi-Asset Real Return, Limited Duration Bond, Emerging Markets Equity and Global Managed Volatility Funds, purchase securities on margin or effect short sales, except that each Fund may: (i) obtain short-term credits as necessary for the clearance of security transactions; (ii) provide initial and variation margin payments in connection with transactions involving futures contracts and options on such contracts; and (iii) make short sales "against the box" or in compliance with applicable law or as otherwise contractually required.

&nbsp;&nbsp;&nbsp;&nbsp;2(b). With respect to the U.S. Equity Factor Allocation, World Equity Ex-U.S. and Screened World Equity Ex-U.S. Funds, purchase securities on margin, except such short-term credits as may be necessary for the clearance of purchases and sales of securities and provided that margin deposits in connection with futures contracts, options on futures or other derivative instruments shall not constitute purchasing securities on margin.

&nbsp;&nbsp;&nbsp;&nbsp;2(c). With respect to the S&P 500 Index Fund, make short sales of securities, maintain a short position or purchase securities on margin, except that the Fund may obtain short-term credits as necessary for the clearance of security transactions.

&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase investments, *i.e.*, any investment that the fund reasonably expects cannot be sold in current market conditions in seven calendar days without significantly changing the market value of the investment, if, in the aggregate, more than 15% of its net assets would be invested in illiquid securities.

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&nbsp;&nbsp;&nbsp;&nbsp;4. With respect to 75% of its total assets: (i) purchase the securities of any issuer (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities and securities of other investment companies) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer; or (ii) acquire more than 10% of the outstanding voting securities of any one issuer. This investment limitation does not apply to the Extended Market Index and Emerging Markets Debt Funds.

&nbsp;&nbsp;&nbsp;&nbsp;5(a). With respect to the Large Cap, Large Cap Disciplined Equity, Large Cap Index, Small Cap, Small/Mid Cap Equity, U.S. Equity Factor Allocation, U.S. Managed Volatility, Opportunistic Income, Core Fixed Income, High Yield Bond, Emerging Markets Debt, Real Return, Dynamic Asset Allocation, Emerging Markets Equity and Global Managed Volatility Funds, purchase any securities which would cause 25% or more of its total assets to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that this limitation does not apply to investments in securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;5(b). With respect to the Extended Market Index, Small Cap II, Long Duration Credit, Ultra Short Duration Bond, Multi-Asset Real Return, Limited Duration Bond, Emerging Markets Equity and Intermediate Duration Credit Funds, purchase any securities that would cause 25% or more of the total assets of the Fund to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, except that each Fund may invest without limitation in (i) securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, and (ii) tax-exempt obligations of state or municipal governments and their political subdivisions. Further, the Extended Market Index Fund may purchase securities that would cause 25% or more of the total assets of the Fund to be so invested to approximately the same extent that the index the Fund is designed to track invests in such securities.

&nbsp;&nbsp;&nbsp;&nbsp;5(c). With respect to the World Equity Ex-U.S. and Screened World Equity Ex-U.S. Funds, purchase any securities which would cause 25% or more of the total assets of the Fund to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that this limitation does not apply to investments in: (i) certificates of deposit, commercial paper, bankers' acceptances or similar instruments issued or guaranteed by domestic banks and U.S. branches of foreign banks, which the Fund has determined to be subject to the same regulation as U.S. banks; or (ii) obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;6. With respect to the Large Cap, Small Cap, U.S. Equity Factor Allocation, Core Fixed Income, High Yield Bond, Emerging Markets Debt, Dynamic Asset Allocation, Limited Duration Bond and Emerging Markets Equity Funds, issue any class of senior security or sell any senior security of which it is the issuer, except that a Fund may borrow from any bank, provided that immediately after any such borrowing there is asset coverage of at least 300% for all borrowings of the Fund, and further provided that, to the extent that such borrowings exceed 5% of a Fund's total assets, all borrowings shall be repaid before such Fund makes additional investments. The term "senior security" shall not include any temporary borrowings that do not exceed 5% of the value of such Fund's total assets at the time the Fund makes such temporary borrowing. In addition, investment strategies that either obligate a Fund to purchase securities or require a Fund to segregate assets will not be considered borrowings or senior securities.

&nbsp;&nbsp;&nbsp;&nbsp;7. Make loans if, as a result, more than 33<sup>1</sup>/<sub>3</sub>% of its total assets would be loaned to other parties, except that each Fund may: (i) purchase or hold debt instruments in accordance with its investment objective and policies; (ii) enter into repurchase agreements; (iii) lend its securities; and (iv) participate in the SEI Funds interfund lending program. This investment limitation does not apply to the Long Duration Fund.

&nbsp;&nbsp;&nbsp;&nbsp;8. Invest in unmarketable interests in real estate limited partnerships or invest directly in real estate except as permitted by the 1940 Act. For the avoidance of doubt, the foregoing policy does not prevent the Fund from, among other things; purchasing marketable securities of companies that deal in real estate or interests therein (including REITs). This investment limitation does not apply to the Long Duration or Dynamic Asset Allocation Funds.

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&nbsp;&nbsp;&nbsp;&nbsp;9. With respect to each of the World Equity Ex-U.S. and Screened World Equity Ex-U.S. Funds, sell securities short unless it owns the security or the right to obtain the security or equivalent securities, or unless it otherwise complies with current SEC rules and interpretations.

&nbsp;&nbsp;&nbsp;&nbsp;10(a). With respect to the Large Cap Disciplined Equity, Large Cap Index, Small/Mid Cap Equity, U.S. Equity Factor Allocation, U.S. Managed Volatility, Opportunistic Income, Real Return, World Equity Ex-US and Screened World Equity Ex-US Funds, borrow money in an amount exceeding 33<sup>1</sup>/<sub>3</sub>% of the value of its total assets, provided that, for purposes of this limitation, investment strategies which either obligate a Fund to purchase securities or require a Fund to segregate assets are not considered to be borrowing. Asset coverage of 300% is required for all borrowing, except where the Fund has borrowed money for temporary purposes in an amount not exceeding 5% of its total assets. With respect to the U.S. Managed Volatility, Opportunistic Income and Real Return Funds, to the extent that its borrowings exceed 5% of its assets: (i) all borrowings will be repaid before a Fund makes additional investments and any interest paid on such borrowings will reduce income; and (ii) asset coverage of at least 300% is required in accordance with applicable SEC or SEC staff positions.

&nbsp;&nbsp;&nbsp;&nbsp;10(b). With respect to the Extended Market Index, Small Cap II, Ultra Short Duration Bond, Multi-Asset Real Return, Limited Duration Bond, Emerging Markets Equity and Global Managed Volatility Funds, borrow money in an amount exceeding 33<sup>1</sup>/<sub>3</sub>% of the value of its total assets, including the amount borrowed (not including temporary or emergency borrowings not exceeding 5% of the Fund's total assets), provided that, for purposes of this limitation, investment strategies that either obligate the Fund to purchase securities or require the Fund to segregate assets are not considered to be borrowings. To the extent that its borrowings exceed 5% of its assets: (i) all borrowings will be repaid before the Fund makes additional investments and any interest paid on such borrowings will reduce income; and (ii) asset coverage of at least 300%, including the amount borrowed, is required in accordance with applicable SEC or SEC staff positions.

&nbsp;&nbsp;&nbsp;&nbsp;10(c). With respect to the Long Duration Credit and Intermediate Duration Credit Funds, borrow money in an amount exceeding 33<sup>1</sup>/<sub>3</sub>% of the value of its total assets, including the amount borrowed (not including temporary borrowings not in excess of 5% of its total assets), provided that, for purposes of this limitation, investment strategies which either obligate the Fund to purchase securities or require the Fund to segregate or earmark assets are not considered to be borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;11. With respect to the Large Cap Fund, under normal circumstances, invest less than 80% of its net assets in equity securities of large companies. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;12. With respect to the Large Cap Disciplined Equity Fund, under normal circumstances, invest less than 80% of its net assets in equity securities of large companies to the extent covered in accordance with applicable SEC or SEC staff positions. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;13. With respect to the Large Cap Index Fund, invest less than substantially all of its net assets, under normal circumstances, in securities included in the Russell 1000 Index. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;14. With respect to the Extended Market Index Fund, invest less than substantially all of its net assets (at least 80%), under normal circumstances, in securities included in the Russell Small Cap Completeness Index. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;15. With respect to the Small Cap Fund, under normal circumstances, invest less than 80% of its net assets in equity securities of small companies. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;16. With respect to the World Equity Ex-US and Screened World Equity Ex-US Funds, invest less than 80% of its net assets in equity securities of foreign companies. A Fund will notify its shareholders at least 60 days prior to any change to this policy.

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&nbsp;&nbsp;&nbsp;&nbsp;17. With respect to the Core Fixed Income Fund, under normal circumstances, invest less than 80% of its net assets in fixed income securities. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;18. With respect to the High Yield Bond Fund, under normal circumstances, invest less than 80% of its net assets in fixed income securities that are rated below investment grade. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;19. With respect to the Long Duration Fund, under normal circumstances, invest less than 80% of its net assets in fixed income securities and synthetic instruments or derivatives having economic characteristics similar to fixed income securities. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;20. With respect to the Emerging Markets Equity Fund, invest less than 80% of its net assets, under normal circumstances, in equity securities of emerging market issuers to the extent covered in accordance with applicable SEC or SEC staff positions. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;21. With respect to the Emerging Markets Debt Fund, invest less than 80% of its net assets, under normal circumstances, in fixed income securities of emerging markets issuers. This non-fundamental policy may be changed by the Board with at least 60 days' notice to the Emerging Markets Debt Fund's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;22. With respect to the Limited Duration Bond Fund, under normal circumstances, invest less than 80% of its net assets in fixed income securities and synthetic instruments or derivatives having economic characteristics similar to fixed income securities. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;23. With respect to the Dynamic Asset Allocation Fund, purchase or sell real estate, physical commodities or commodities contracts, except that the Fund may purchase: (i) marketable securities issued by companies which own or invest in real estate (including real estate investment trusts), commodities or commodities contracts; and (ii) commodities contracts relating to financial instruments, such as financial futures contracts and options on such contracts.

&nbsp;&nbsp;&nbsp;&nbsp;24. With respect to the Global Managed Volatility Fund, make loans if, as a result, more than 33<sup>1</sup>/<sub>3</sub>% of its total assets would be lent to other parties, except that the Fund may: (i) purchase or hold debt instruments in accordance with its investment objective and policies; (ii) enter into repurchase agreements; (iii) lend its securities; and (iv) participate in the SEI Funds inter-fund lending program.

&nbsp;&nbsp;&nbsp;&nbsp;25. With respect to the U.S. Equity Factor Allocation Fund, under normal circumstances, invest less than 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity and equity-related securities of U.S. companies. The Fund will notify its shareholders at least 60 days prior to any change to this policy.

In addition, each Fund may:

Purchase or sell financial and physical commodities, commodity contracts based on (or relating to) physical commodities or financial commodities and securities and derivative instruments whose values are derived from (in whole or in part) physical commodities or financial commodities. This investment policy does not apply to the Long Duration Credit, Dynamic Asset Allocation or Intermediate Duration Credit Funds.

For purposes of the industry concentration limitation specified in the Prospectus and Statement of Additional Information: (i) utility companies will be divided according to their services, for example, gas, gas transmission, electric and telephone will each be considered a separate industry; (ii) financial service companies will be classified according to end users of their services, for example, automobile finance, bank finance and diversified finance will each be considered a separate industry; (iii) supranational agencies, such as the World Bank or any affiliate thereof or the United Nations, or related entities, will be deemed to be issuers conducting their principal business activities in the same industry; and (iv) governmental issuers within a particular country will be deemed to be conducting their principal business activities in that same industry.

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

Diversification. Under the 1940 Act, a diversified investment management company, as to 75% of its total assets, may not purchase securities of any issuer (other than securities issued or guaranteed by the U.S. Government, its agents or instrumentalities or securities of other investment companies) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer, or more than 10% of the issuer's outstanding voting securities would be held by the fund. Under applicable federal securities laws, the diversification of a mutual fund's holdings is measured at the time a fund purchases a security. If a Fund holds securities that perform well on a relative basis, the value of those securities could appreciate such that the value of the Fund's securities that constitute more than 5% of the Fund's total assets, in the aggregate, might exceed 25% of the Fund's total assets. In these circumstances, the Adviser or applicable Sub-Adviser might determine that it is in the best interests of a Fund's shareholders not to reduce one or more of the Fund's holdings in securities that constitute more than 5% of the Fund's total assets. If the Adviser or applicable Sub-Adviser makes such a determination, a Fund's holdings in such securities would continue to exceed 25% of the Fund's total assets, and the Fund would not purchase any additional shares of securities that constituted more than 5% of the Fund's total assets. The Fund would continue to qualify as a diversified fund under applicable federal securities laws. If more than 25% of a Fund's assets were invested, in the aggregate, in securities of issuers that individually represented more than 5% of the Fund's total assets, the Fund would be subject to the risk that its performance could be disproportionately affected by the performance of such securities. The Emerging Markets Debt Fund is non-diversified.

Concentration. The SEC has presently defined concentration as investing 25% or more of an investment company's net assets in an industry or group of industries, with certain exceptions. For purposes of the Multi-Asset Real Return Fund's concentration policies, the Multi-Asset Real Return Fund may classify and re-classify companies in a particular industry and define and re-define industries in any reasonable manner.

Borrowing. The 1940 Act presently allows a fund to borrow from any bank (including pledging, mortgaging or hypothecating assets) in an amount up to 33<sup>1</sup>/<sub>3</sub>% of its total assets, including the amount borrowed (not including temporary borrowings not in excess of 5% of its total assets). In accordance with Rule 18f-4 under the 1940 Act, when a fund engages in reverse repurchase agreements and similar financing transactions, the fund may either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii) treat such transactions as "derivative transactions" and comply with Rule 18f-4 with respect to such transactions. Transactions that are treated as derivatives for purposes of Rule 18f-4, shall not be regarded as borrowings for the purposes of a fund's investment limitations.

Senior Securities. Senior securities may include any obligation or instrument issued by a fund evidencing indebtedness. The 1940 Act generally prohibits funds from issuing senior securities, although certain transactions are not treated as senior securities, such as certain borrowings, short sales, reverse repurchase agreements, firm commitment agreements and standby commitments.

Lending. Under the 1940 Act, a fund may only make loans if expressly permitted by its investment policies. Each Fund's investment policies on lending are 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. Certain Funds have adopted a fundamental policy that would permit direct investment in real estate. However, these Funds have a non-fundamental investment limitation that prohibits them from investing directly in real estate. This non-fundamental policy may be changed only by vote of the Board.

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THE ADMINISTRATOR AND TRANSFER AGENT

General. SEI Investments Global Funds Services (the "Administrator"), a Delaware statutory trust, has its principal business offices at One Freedom Valley Drive, Oaks, Pennsylvania 19456. The Administrator also serves as the transfer agent for the Funds (the "Transfer Agent"). SIMC, a wholly-owned subsidiary of SEI Investments Company ("SEI"), is the owner of all beneficial interest in the Administrator and Transfer Agent. SEI and its subsidiaries and affiliates, including the Administrator, are leading providers of fund evaluation services, trust accounting systems and brokerage and information services to financial institutions, institutional investors and money managers. The Administrator and its affiliates also serve as administrator or sub-administrator to other mutual funds.

Administration Agreement with the Trust. The Trust and the Administrator have entered into an administration and transfer agency agreement (the "Administration Agreement"). Under the Administration Agreement, the Administrator provides the Trust with administrative and transfer agency services or employs certain other parties, including its affiliates, who provide such services. Such services generally include, but are not limited to;

• maintaining books and records related to a Fund's cash and position reconciliations, and portfolio transactions;

• preparation of financial statements and other reports for the Funds;

• calculating the NAV of the Funds in accordance with the Funds' valuation policies and procedures;

• tracking income and expense accruals and processing disbursements to vendors and service providers;

• providing performance, financial and expense information for registration statements and board materials;

• providing certain tax monitoring and reporting;

• providing space, equipment, personnel and facilities;

• maintaining share transfer records;

• reviewing account opening documents and subscription and redemption requests;

• calculating and distributing required ordinary income and capital gains distributions; and

• providing anti-money laundering program services.

The Administration Agreement provides that the Administrator shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which the Administration Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Administrator in the performance of its duties or from the reckless disregard of its duties and obligations thereunder.

The Administration Agreement shall remain effective for the initial term of the Agreement and each renewal term thereof unless earlier terminated: (i) by a vote of a majority of the Trustees of the Trust on not less than 60 days' written notice to the Administrator; or (ii) by the Administrator on not less than 90 days' written notice to the Trust.

Administration Fees. For its administrative services, the Administrator receives a fee, which is calculated based upon the average daily net assets of each Fund and paid monthly by the Trust at the following annual rates:

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| | |
|:---|:---|
| Fund | Administration Fee |
| Large Cap Fund | 0.05% |
| Large Cap Disciplined Equity Fund | 0.05% |
| Large Cap Index Fund | 0.05% |
| S&P 500 Index Fund | 0.05% |

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| | |
|:---|:---|
| Fund | Administration Fee |
| Extended Market Index Fund | 0.05% |
| Small Cap Fund | 0.05% |
| Small Cap II Fund | 0.05% |
| Small/Mid Cap Equity Fund | 0.05% |
| U.S. Equity Factor Allocation Fund | 0.05% |
| U.S. Managed Volatility Fund | 0.05% |
| Global Managed Volatility Fund | 0.05% |
| World Equity Ex-US Fund | 0.05% |
| Screened World Equity Ex-US Fund | 0.05% |
| Emerging Markets Equity Fund | 0.05% |
| Opportunistic Income Fund | 0.05% |
| Core Fixed Income Fund | 0.05% |
| High Yield Bond Fund | 0.05% |
| Long Duration Fund | 0.05% |
| Long Duration Credit Fund | 0.05% |
| Ultra Short Duration Bond Fund | 0.05% |
| Emerging Markets Debt Fund | 0.05% |
| Real Return Fund | 0.05% |
| Limited Duration Bond Fund | 0.05% |
| Intermediate Duration Credit Fund | 0.05% |
| Dynamic Asset Allocation Fund | 0.05% |
| Multi-Asset Real Return Fund | 0.05% |

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For the fiscal years ended May 31, 2023, 2024 and 2025 the following table shows: (i) the dollar amount of fees paid to the Administrator by each Fund; and (ii) the dollar amount of the Administrator's voluntary fee waivers and/or reimbursements.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Administration <br>Fees Paid (000) | Administration <br>Fees Paid (000) | Administration <br>Fees Paid (000) | Administration Fees Waived or<br>Reimbursed (000) | Administration Fees Waived or<br>Reimbursed (000) | Administration Fees Waived or<br>Reimbursed (000) |
| Fund | 2023 | 2024 | 2025 | 2023 | 2024 | 2025 |
| Large Cap Fund | $0 | $0 | $0 | $361 | $377 | $412 |
| Large Cap Disciplined Equity Fund | $0 | $0 | $0 | $642 | $616 | $635 |
| Large Cap Index Fund | $0 | $0 | $0 | $844 | $866 | $914 |
| S&P 500 Index Fund | $0 | $0 | $0 | $2293 | $2265 | $2134 |
| Extended Market Index Fund | $0 | $0 | $0 | $651 | $621 | $571 |
| Small Cap Fund | $0 | $0 | $0 | $110 | $117 | $130 |
| Small Cap II Fund | $0 | $0 | $0 | $140 | $132 | $134 |
| Small/Mid Cap Equity Fund | $0 | $0 | $0 | $420 | $397 | $409 |
| U.S. Equity Factor Allocation Fund | $0 | $0 | $0 | $453 | $604 | $1024 |
| U.S. Managed Volatility Fund | $0 | $0 | $0 | $420 | $368 | $364 |
| Global Managed Volatility Fund | $0 | $0 | $0 | $1137 | $1041 | $984 |
| World Equity Ex-US Fund | $0 | $0 | $0 | $3936 | $3824 | $3919 |
| Screened World Equity Ex-US Fund | $0 | $0 | $0 | $70 | $74 | $82 |
| Emerging Markets Equity Fund | $0 | $0 | $0 | $500 | $482 | $421 |
| Opportunistic Income Fund | $0 | $0 | $0 | $286 | $242 | $194 |
| Core Fixed Income Fund | $0 | $0 | $0 | $3441 | $3188 | $3236 |
| High Yield Bond Fund | $0 | $0 | $0 | $1009 | $945 | $970 |
| Long Duration Fund | $0 | $0 | $0 | $316 | $294 | $203 |
| Long Duration Credit Fund | $0 | $0 | $0 | $1425 | $1518 | $1574 |
| Ultra Short Duration Bond Fund | $0 | $0 | $0 | $199 | $241 | $230 |
| Emerging Markets Debt Fund | $0 | $0 | $0 | $920 | $879 | $836 |
| Real Return Fund | $0 | $0 | $0 | $150 | $148 | $131 |
| Limited Duration Bond Fund | $0 | $0 | $0 | $859 | $1109 | $1048 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Administration <br>Fees Paid (000) | Administration <br>Fees Paid (000) | Administration <br>Fees Paid (000) | Administration Fees Waived or<br>Reimbursed (000) | Administration Fees Waived or<br>Reimbursed (000) | Administration Fees Waived or<br>Reimbursed (000) |
| Fund | 2023 | 2024 | 2025 | 2023 | 2024 | 2025 |
| Intermediate Duration Credit Fund | $0 | $0 | $0 | $1830 | $2022 | $2027 |
| Dynamic Asset Allocation Fund | $0 | $0 | $0 | $878 | $888 | $841 |
| Multi-Asset Real Return Fund | $0 | $0 | $0 | $386 | $442 | $381 |

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THE ADVISER AND THE SUB-ADVISERS

General. SIMC is a wholly-owned subsidiary of SEI (NASDAQ: SEIC), a leading global provider of outsourced asset management, investment processing and investment operations solutions. The principal business address of SIMC and SEI is One Freedom Valley Drive, Oaks, Pennsylvania 19456. SEI was founded in 1968 and is a leading provider of investment solutions to banks, institutional investors, investment advisers and insurance companies. As of June 30, 2025, SIMC had approximately $211.85 billion in assets under management.

SIMC is registered with the SEC as an investment adviser. SIMC also has registered with the National Futures Association as a "commodity pool operator" under the Commodity Exchange Act ("CEA") with respect to the Multi-Asset Real Return Fund, Dynamic Asset Allocation Fund and Emerging Markets Debt Fund and with respect to certain products not included in this SAI. SIMC has claimed, on behalf of the other Funds in this prospectus in accordance with CFTC Regulation 4.5 and other relevant rules, regulations and no-action relief, an exclusion from the definition of the term "commodity pool operator" under the CEA. SIMC, with the exception of the Multi-Asset Real Return Fund, Dynamic Asset Allocation Fund and Emerging Markets Debt Fund, is therefore not subject to regulation as a commodity pool operator under the CEA with regard to the operation of the Funds.

Manager of Managers Structure. SIMC is the investment adviser to each of the Funds and operates as a "manager of managers." SIMC and the Trust have obtained an exemptive order from the SEC that permits SIMC, with the approval of the Trustees, to hire, retain or terminate sub-advisers unaffiliated with SIMC for the Funds without submitting the sub-advisory agreements to a vote of the Funds' shareholders. Among other things, the exemptive relief permits the disclosure of only the aggregate amount payable by SIMC under all such sub-advisory agreements. The Funds will notify shareholders in the event of any addition or change in the identity of their sub-advisers.

Subject to Board review, SIMC allocates and, when appropriate, reallocates the Funds' assets to the Sub-Advisers, monitors and evaluates the Sub-Advisers' performance and oversees Sub-Advisers' compliance with the Funds' investment objectives, policies and restrictions. SIMC has the ultimate responsibility for the investment performance of the Funds due to its responsibility to oversee Sub-Advisers and recommend their hiring, termination and replacement.

Advisory and Sub-Advisory Agreements. The Trust and SIMC have entered into an investment advisory agreement (the "Advisory Agreement"). Pursuant to the Advisory Agreement, SIMC oversees the investment advisory services provided to the Funds, directly manages a significant portion of the U.S. Equity Factor Allocation and Real Return Funds' assets and may manage cash on behalf of the Funds. Pursuant to separate sub-advisory agreements (the "Sub-Advisory Agreements" and, together with the Advisory Agreement, the "Investment Advisory Agreements") with SIMC, and under the supervision of SIMC and the Board, one or more Sub-Advisers are generally responsible for the day-to-day investment management of all or a discrete portion of the assets of the Funds. The Sub-Advisers are also responsible for managing their employees who provide services to the Funds.

Each Investment Advisory Agreement sets forth a standard of care, pursuant to which the Adviser or Sub-Adviser, as applicable, is responsible for performing services to the Funds, and also includes liability and indemnification provisions.

The continuance of each Investment Advisory Agreement after the first two (2) years must be specifically approved at least annually: (i) by the vote of a majority of the outstanding shares of that Fund or by the Trustees; and (ii) by the vote of a majority of the Trustees who are not parties to such Investment Advisory Agreement or

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"interested persons" of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. Each Investment Advisory Agreement will terminate automatically in the event of its assignment and is terminable at any time without penalty by the Trustees of the Trust or, with respect to a Fund, by a majority of the outstanding shares of that Fund, on not less than 30 days' nor more than 60 days' written notice to SIMC or the Fund's Sub-Adviser, as applicable, or by SIMC or the Fund's Sub-Adviser, as applicable, on 90 days' written notice to the Trust.

In accordance with a separate exemptive order that the Trust and SIMC have obtained from the SEC, the Board may approve a new sub-advisory agreement or a material amendment to an existing sub-advisory agreement at a meeting that is not in person, subject to certain conditions, including that the Trustees are able to participate in the meeting using a means of communication that allows them to hear each other simultaneously during the meeting.

Advisory and Sub-Advisory Fees. For these advisory services, SIMC receives a fee, which is calculated daily and paid monthly, at the annual rates set forth in the table below (shown as a percentage of the average daily net assets of each Fund). SIMC then pays the Sub-Advisers out of its contractual advisory fee for sub-advisory services provided to the Funds. The rates paid to each Sub-Adviser vary. The aggregate sub-advisory fees paid by SIMC for the fiscal year ended May 31, 2025 are set forth below as a percentage of the average daily net assets of each Fund.

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| | | | |
|:---|:---|:---|:---|
| Fund Name | Contractual <br>Advisory Fee | Aggregate <br>Sub-Advisory <br>Fees Paid | Aggregate <br>Sub-Advisory <br>Fees Paid |
| Large Cap Fund | 0.40% | 0.16 | % |
| Large Cap Disciplined Equity Fund | 0.40% | 0.16 | % |
| Large Cap Index Fund | 0.05% | 0.01 | % |
| S&P 500 Index Fund | 0.03% | 0.01 | % |
| Extended Market Index Fund | 0.12% | 0.03 | % |
| Small Cap Fund | 0.65% | 0.40 | % |
| Small Cap II Fund | 0.65% | 0.36 | % |
| Small/Mid Cap Equity Fund | 0.65% | 0.37 | % |
| U.S. Equity Factor Allocation Fund | 0.25% | 0.00 | % |
| U.S. Managed Volatility Fund\* | 0.58% | 0.18 | % |
| Global Managed Volatility Fund | 0.65% | 0.22 | % |
| World Equity Ex-US Fund | 0.55% | 0.23 | % |
| Screened World Equity Ex-US Fund | 0.65% | 0.21 | % |
| Emerging Markets Equity Fund | 0.85% | 0.52 | % |
| Opportunistic Income Fund | 0.45% | 0.22 | % |
| Core Fixed Income Fund | 0.30% | 0.09 | % |
| High Yield Bond Fund | 0.4875% | 0.26 | % |
| Long Duration Fund | 0.30% | 0.13 | % |
| Long Duration Credit Fund | 0.30% | 0.12 | % |
| Ultra Short Duration Bond Fund | 0.15% | 0.09 | % |
| Emerging Markets Debt Fund\*\* | 0.61% | 0.37 | % |
| Real Return Fund | 0.22% | 0.00 | % |
| Limited Duration Bond Fund | 0.25% | 0.08 | % |
| Intermediate Duration Credit Fund | 0.25% | 0.12 | % |
| Dynamic Asset Allocation Fund | 0.60% | 0.01 | % |
| Multi-Asset Real Return Fund | 0.55% | 0.19 | %\*\*\* |

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\* Effective September 1, 2024, the Contractual Advisory Fee was lowered from 0.65% to 0.55%.

\*\* Effective September 1, 2024, the Contractual Advisory Fee was lowered from 0.65% to 0.60%.

\*\*\* Includes sub-advisory fees paid by SIMC to Sub-Advisers of the Subsidiary. For the fiscal year ended May 31, 2025, aggregate sub-advisory fees paid to Sub-Advisers of the Multi-Asset Real Return Fund excluding the Subsidiary were 0.11% of the average daily net assets of the Multi-Asset Real Return Fund.

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SIMC typically waives a portion of the advisory fees it is contractually entitled to receive under the Advisory Agreement. SIMC pays each Sub-Adviser a fee out of its advisory fee. Sub-Advisory fees are based on a percentage of the average daily net assets managed by the applicable Sub-Adviser.

For the fiscal years ended May 31, 2023, 2024 and 2025, the following tables show: (i) the contractual advisory fees that SIMC is entitled to receive from each Fund; (ii) the dollar amount of SIMC's contractual and voluntary fee waivers; (iii) the dollar amount of fees paid to the Sub-Advisers by SIMC; and (iv) the dollar amount of the fees retained by SIMC.

For the fiscal year ended May, 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name—Class A Shares | Contractual <br>Advisory Fees (000) | Advisory Fees <br>Waived (000) | Sub-Advisory Fees <br>Paid (000) | Advisory Fees <br>Retained <br>by SIMC (000) |
| Large Cap Fund | $3299 | $1979 | $1302 | $18 |
| Large Cap Disciplined Equity <br>Fund | $5082 | $3040 | $2042 | $0 |
| Large Cap Index Fund | $914 | $731 | $179 | $4 |
| S&P 500 Index Fund | $1281 | $854 | $418 | $9 |
| Extended Market Index Fund | $1371 | $1029 | $335 | $7 |
| Small Cap Fund | $1685 | $660 | $1025 | $0 |
| Small Cap II Fund | $1741 | $742 | $975 | $24 |
| Small/Mid Cap Equity Fund | $5323 | $2238 | $3036 | $49 |
| U.S. Equity Factor Allocation <br>Fund | $5118 | $5118 | $0 | $0 |
| U.S. Managed Volatility Fund | $4192 | $2881 | $1289 | $22 |
| Global Managed Volatility <br>Fund | $12793 | $8463 | $4330 | $0 |
| World Equity Ex-US Fund | $43105 | $24296 | $18151 | $658 |
| Screened World Equity Ex-US <br>Fund | $1069 | $690 | $352 | $27 |
| Emerging Markets Equity <br>Fund | $7153 | $2643 | $4367 | $143 |
| Opportunistic Income Fund | $1750 | $884 | $847 | $19 |
| Core Fixed Income Fund | $24635 | $17183 | $7170 | $282 |
| High Yield Bond Fund | $9461 | $4428 | $5033 | $0 |
| Long Duration Fund | $1217 | $730 | $487 | $0 |
| Long Duration Credit Fund | $9442 | $5639 | $3766 | $37 |
| Ultra Short Duration Bond <br>Fund | $689 | $272 | $409 | $8 |
| Emerging Markets Debt Fund | $10247 | $3939 | $6140 | $168 |
| Real Return Fund | $574 | $574 | $0 | $0 |
| Limited Duration Bond Fund | $5240 | $3545 | $1607 | $88 |
| Intermediate Duration Credit <br>Fund | $10133 | $5237 | $4896 | $0 |
| Dynamic Asset Allocation Fund | $10097 | $9928 | $124 | $45 |
| Multi-Asset Real Return Fund | $4186 | $2816 | $1370<br> \* | $0 |

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\* Includes sub-advisory fees paid by SIMC to Sub-Advisers of the Subsidiary. For the fiscal year ended May 31, 2025, aggregate sub-advisory fees paid to Sub-Advisers of the Multi-Asset Real Return Fund excluding the Subsidiary were $804,006.

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For the fiscal year ended May, 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name—Class A Shares | Contractual <br>Advisory Fees (000) | Advisory Fees <br>Waived (000) | Sub-Advisory Fees <br>Paid (000) | Advisory Fees <br>Retained <br>by SIMC (000) |
| Large Cap Fund | $3017 | $1847 | $1170 | $0 |
| Large Cap Disciplined Equity <br>Fund | $4926 | $2979 | $1939 | $8 |
| Large Cap Index Fund | $866 | $693 | $170 | $3 |
| S&P 500 Index Fund | $1359 | $906 | $444 | $9 |
| Extended Market Index Fund | $1491 | $1119 | $372 | $0 |
| Small Cap Fund | $1516 | $552 | $949 | $15 |
| Small Cap II Fund | $1710 | $631 | $1031 | $48 |
| Small/Mid Cap Equity Fund | $5164 | $2066 | $3049 | $49 |
| U.S. Equity Factor Allocation <br>Fund | $3018 | $3018 | $0 | $0 |
| U.S. Managed Volatility Fund | $4781 | $3457 | $1324 | $0 |
| Global Managed Volatility <br>Fund | $13531 | $8951 | $4580 | $0 |
| World Equity Ex-US Fund | $42064 | $23071 | $18665 | $328 |
| Screened World Equity Ex-US <br>Fund | $959 | $616 | $343 | $0 |
| Emerging Markets Equity <br>Fund | $8364 | $3117 | $5247 | $0 |
| Opportunistic Income Fund | $2180 | $1066 | $1111 | $3 |
| Core Fixed Income Fund | $21695 | $14463 | $6989 | $243 |
| High Yield Bond Fund | $9216 | $4225 | $4991 | $0 |
| Long Duration Fund | $1764 | $1058 | $706 | $0 |
| Long Duration Credit Fund | $9108 | $5161 | $3813 | $134 |
| Ultra Short Duration Bond <br>Fund | $723 | $241 | $476 | $6 |
| Emerging Markets Debt Fund | $11725 | $5195 | $6530 | $0 |
| Real Return Fund | $653 | $653 | $0 | $0 |
| Limited Duration Bond Fund | $5545 | $3549 | $1862 | $134 |
| Intermediate Duration Credit <br>Fund | $10111 | $4853 | $5198 | $60 |
| Dynamic Asset Allocation <br>Fund | $10651 | $10473 | $139 | $39 |
| Multi-Asset Real Return Fund | $4863 | $3197 | $1603<br> \* | $63 |

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\* Includes sub-advisory fees paid by SIMC to Sub-Advisers of the Subsidiary. For the fiscal year ended May 31, 2024, aggregate sub-advisory fees paid to Sub-Advisers of the Multi-Asset Real Return Fund excluding the Subsidiary were $940,827.

For the fiscal year ended May, 31, 2023:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name—Class A Shares | Contractual <br>Advisory Fees (000) | Advisory Fees <br>Waived (000) | Sub-Advisory Fees <br>Paid (000) | Advisory Fees <br>Retained <br>by SIMC (000) |
| Large Cap Fund | $2885 | $1731 | $1154 | $0 |
| Large Cap Disciplined Equity <br>Fund | $5139 | $3212 | $1927 | $0 |
| Large Cap Index Fund | $844 | $675 | $168 | $1 |
| S&P 500 Index Fund | $1376 | $917 | $455 | $4 |
| Extended Market Index Fund | $1562 | $1171 | $391 | $0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name—Class A Shares | Contractual <br>Advisory Fees (000) | Advisory Fees <br>Waived (000) | Sub-Advisory Fees <br>Paid (000) | Advisory Fees <br>Retained <br>by SIMC (000) |
| Small Cap Fund | $1424 | $500 | $908 | $16 |
| Small Cap II Fund | $1825 | $674 | $1148 | $3 |
| Small/Mid Cap Equity Fund | $5463 | $2185 | $3270 | $8 |
| U.S. Equity Factor Allocation <br>Fund | $2266 | $2266 | $0 | $0 |
| U.S. Managed Volatility Fund | $5466 | $3953 | $1513 | $0 |
| Global Managed Volatility <br>Fund | $14785 | $9685 | $5100 | $0 |
| World Equity Ex-US Fund | $43292 | $23614 | $19562 | $116 |
| Screened World Equity Ex-US <br>Fund | $916 | $613 | $303 | $0 |
| Emerging Markets Equity <br>Fund | $10510 | $5105 | $5405 | $0 |
| Opportunistic Income Fund | $2569 | $1282 | $1287 | $0 |
| Core Fixed Income Fund | $23292 | $15528 | $7546 | $218 |
| High Yield Bond Fund | $9841 | $4593 | $5248 | $0 |
| Long Duration Fund | $1894 | $1136 | $758 | $0 |
| Long Duration Credit Fund | $8551 | $5032 | $3519 | $0 |
| Ultra Short Duration Bond <br>Fund | $595 | $199 | $396 | $0 |
| Emerging Markets Debt Fund | $15638 | $8831 | $6799 | $8 |
| Real Return Fund | $658 | $658 | $0 | $0 |
| Limited Duration Bond Fund | $4294 | $2748 | $1473 | $73 |
| Intermediate Duration Credit <br>Fund | $9149 | $4392 | $4741 | $16 |
| Dynamic Asset Allocation <br>Fund | $10532 | $9627 | $837 | $68 |
| Multi-Asset Real Return Fund | $4247 | $2780 | $1431<br> \* | $36 |

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\* Includes sub-advisory fees paid by SIMC to Sub-Advisers of the Subsidiary. For the fiscal year ended May 31, 2023, aggregate sub-advisory fees paid to Sub-Advisers of the Multi-Asset Real Return Fund excluding the Subsidiary were $819,000.

For the fiscal years ended May 31, 2023, 2024 and 2025, the following table shows: (i) the dollar amount of fees paid by SIMC to LSV, which is an affiliate of SIMC, and (ii) the dollar amount of LSV's voluntary fee waivers.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Fees Paid (000) | Fees Paid (000) | Fees Paid (000) | Fees Waived (000) | Fees Waived (000) | Fees Waived (000) |
| Fund | 2023 | 2024 | 2025 | 2023 | 2024 | 2025 |
| Large Cap Fund | $191 | $208 | $220 | $0 | $0 | $0 |
| Small Cap Fund | $289 | $309 | $389 | $0 | $0 | $0 |
| Small/Mid Cap Equity Fund | $865 | $919 | $1055 | $0 | $0 | $0 |
| U.S. Managed Volatility Fund | $1125 | $934 | $876 | $0 | $0 | $0 |
| Global Managed Volatility Fund | $2656 | $2258 | $2069 | $0 | $0 | $0 |

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The Sub-Advisers.

ACADIAN ASSET MANAGEMENT LLC—Acadian Asset Management LLC ("Acadian") serves as a Sub-Adviser to a portion of the assets of the Large Cap, Large Cap Disciplined Equity, U.S. Managed Volatility, Global Managed Volatility, World Equity Ex-US and Screened World Equity Ex-US Funds. Acadian was founded in 1986 and is a subsidiary of Acadian Affiliate Holdings LLC, which is an indirectly wholly-owned subsidiary of Acadian Asset Management Inc., a publicly listed company on the NYSE.

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ALLIANCEBERNSTEIN L.P.—AllianceBernstein L.P. ("AllianceBernstein") serves as a Sub-Adviser to a portion of the assets of the Multi-Asset Real Return Fund. As of June 30, 2025, AllianceBernstein Corporation (an indirect wholly-owned subsidiary of EQH, "General Partner") is the general partner of both AllianceBernstein Holding L.P. ("AB Holding") and AllianceBernstein. AllianceBernstein Corporation owns 100,000 general partnership units in AB Holding and a 1% general partnership interest in AllianceBernstein.

As of June 30, 2025, the ownership structure of AllianceBernstein, including limited partnership units outstanding as well as the general partner's 1% interest, is as follows: EQH and its subsidiaries, 61.9%; AB Holding, 37.5%; Unaffiliated holders, 0.6%.

Including both the general partnership and limited partnership interests in AB Holding and AllianceBernstein, EQH and its subsidiaries had an approximate 68.6% economic interest in AllianceBernstein as of June 30, 2025.

ALLSPRING GLOBAL INVESTMENTS, LLC—Allspring Global Investments, LLC ("Allspring Investments") serves as a Sub-Adviser to the Core Fixed Income Fund. Allspring Investments is a Delaware limited liability company and is an SEC registered investment adviser. Allspring Investments is a direct and wholly owned subsidiary of Allspring Global Investments Holdings LLC, a holding company owned by certain private funds of GTCR LLC and of Reverence Capital Partners, L.P.

ARES CAPITAL MANAGEMENT II LLC—Ares Capital Management II LLC ("ACM II") serves as a Sub-Adviser to a portion of the assets of the Opportunistic Income and High Yield Bond Funds. ACM II is a wholly-owned subsidiary of Ares Management LLC (Ares) and registered with the SEC. Founded in 1997, Ares is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity, and infrastructure asset classes. Ares'scale and tenure in credit markets define their platform. Ares was built upon the fundamental principle that each group benefits from being part of the broader platform. ACM II is a Delaware limited liability company and its ultimate parent company is Ares Management Corporation, ("Ares Corp"), which is a publicly traded, global alternative investment manager. Its common units are traded on the New York Stock Exchange under the ticker symbol ARES.

ARTISAN PARTNERS LIMITED PARTNERSHIP—Artisan Partners Limited Partnership ("Artisan Partners") serves as a Sub-Adviser to a portion of the assets of the Emerging Markets Debt Fund. Artisan Partners is located at 875 East Wisconsin Avenue, Suite 800, Milwaukee, WI 53202. Artisan Partners is a limited partnership organized under the laws of Delaware. Artisan Partners is managed by its general partner, Artisan Investments GP LLC, a Delaware limited liability company wholly-owned by Artisan Partners Holdings LP ("Artisan Partners Holdings"). Artisan Partners Holdings is a limited partnership organized under the laws of Delaware whose sole general partner is Artisan Partners Asset Management Inc., a publicly traded Delaware corporation.

AXIOM INVESTORS LLC—Axiom Investors LLC ("Axiom") serves as a Sub-Adviser to a portion of the assets of the Small Cap and Small/Mid Cap Equity Funds. From its origins in 1998 as an investment adviser specializing in managing international equity portfolios, Axiom has evolved into the global investment firm it is today. Axiom manages global, small cap and emerging market equities with a single guiding philosophy and consistent, disciplined investment process. Axiom's experienced, research-focused team has worked together for an average of 20 years in its sole Greenwich, Connecticut office. Axiom's senior leadership has cultivated a culture of excellence, uncompromising effort and responsive service to meet the goals of the institutional investors it serves. As a 100% employee owned firm, Axiom maintains the independence it needs to focus on delivering alpha through its bottom-up, growth-oriented investment discipline.

BENEFIT STREET PARTNERS L.L.C.—Benefit Street Partners L.L.C. ("Benefit Street") serves as sub-adviser to the High Yield Bond Fund. Benefit Street is a subsidiary of Franklin Templeton Investments ("Franklin Templeton"). Importantly, Benefit Street operates all of its Investment Committees independently of Franklin Templeton.

BRANDYWINE GLOBAL INVESTMENT MANAGEMENT, LLC—Brandywine Global Investment Management, LLC ("Brandywine Global") serves as a Sub-Adviser to a portion of the assets of the Large Cap Disciplined Equity

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Fund. Brandywine Global, founded in 1986, is a specialist investment manager of Franklin Templeton, retaining complete investment autonomy and control over management, investment, and employment decisions.

BRICKWOOD ASSET MANAGEMENT LLP—Brickwood Asset Management LLP ("Brickwood") serves as a Sub-Adviser to a portion of the assets of the World Equity Ex-US and Screened World Equity Ex-US Funds. Brickwood Asset Management LLP was founded in 2024 and is authorised and regulated by the Financial Conduct Authority in the UK (FRN 1009069). Brickwood is also registered as an Investment Advisor with the SEC.

BRIGADE CAPITAL MANAGEMENT, LP—Brigade Capital Management, LP ("Brigade") serves as a Sub-Adviser to a portion of the assets of the High Yield Bond Fund. Brigade is a Delaware limited partnership and an SEC-registered investment adviser, and Donald E. Morgan III is the managing partner of Brigade.

CAUSEWAY CAPITAL MANAGEMENT LLC—Causeway Capital Management LLC ("Causeway") serves as a Sub-Adviser to a portion of the assets of the Emerging Markets Equity Fund. Causeway was founded in 2001 and is a Delaware limited liability company, which is a wholly-owned subsidiary of Causeway Capital Holdings LLC.

COLCHESTER GLOBAL INVESTORS LTD—Colchester Global Investors, Ltd ("Colchester") serves as a Sub-Adviser to a portion of the assets of the Emerging Markets Debt Fund. Colchester is majority employee-owned and is controlled by Ian Sims through his controlling ownership of its voting securities. Colchester is minority owned by Silchester Partners Limited, a private firm ("Silchester"). Silchester is controlled by Stephen Butt through his controlling share ownership.

COPELAND CAPITAL MANAGEMENT, LLC—Copeland Capital Management, LLC ("Copeland") serves as a Sub-Adviser to a portion of the assets of the Large Cap, Large Cap Disciplined Equity, Small Cap II and Small/Mid Cap Equity Funds. Copeland was founded in 2005 and is 100% employee owned.

CULLEN CAPITAL MANAGEMENT LLC—Cullen Capital Management LLC ("Cullen") serves as a Sub-Adviser to a portion of the assets of the Large Cap Fund. Cullen is a registered investment adviser with the SEC and is based in New York, NY.

DELAWARE INVESTMENTS FUND ADVISERS, A SERIES OF MACQUARIE INVESTMENT MANAGEMENT BUSINESS TRUST—Delaware Investments Fund Advisers ("DIFA"), a series of Macquarie Investment Management Business Trust ("MIMBT"), serves as a Sub-Adviser to a portion of the assets of the World Equity Ex-US Fund. MIMBT, a Delaware statutory trust, is a subsidiary of Macquarie Group Limited ("Macquarie") and a part of Macquarie Asset Management ("MAM"). MAM is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited. Macquarie is a Sydney, Australia-headquartered global provider of banking, financial, advisory, investment and funds management services. DIFA is responsible for day-to-day portfolio management of its portion of the Fund but may delegate certain of its duties to its affiliates, Macquarie Investment Management Global Limited ("MIMGL"). MIMGL is located at 1 Elizabeth Street, Sydney NSW 2000, Australia. DIFA and MIMGL are US registered investment advisers and are subsidiaries of Macquarie.

None of the entities noted in is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and the obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (Macquarie Bank). Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these entities. In addition, if this document relates to an investment (a) each investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group company guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

Effective on or about October 31, 2025, Nomura Holding America Inc. is expected to acquire the U.S. and European public investments asset management business of Macquarie Asset Management, which includes DIFA. No material changes to DIFA's investment objectives and strategies are anticipated as a result of the acquisition. Upon the closing of the acquisition, it is expected that DIFA's name will be updated to Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust.

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EASTERLY INVESTMENT PARTNERS LLC—Easterly Investment Partners LLC ("EIP") serves as a Sub-Adviser to a portion of the assets of the Small Cap II Fund. EIP is a Delaware limited liability company founded in 2019, but with roots dating back to 1982.

FRANKLIN ADVISERS, INC.—Franklin Advisers, Inc. ("FAV") serves as a Sub-Adviser to a portion of the assets of the Multi-Asset Real Return Fund. FAV is a California corporation with its principal offices at One Franklin Parkway, San Mateo, California 94403-1906. It is a wholly owned subsidiary of Franklin Resources, Inc. (referred to as "Franklin Templeton"). Franklin Templeton managed approximately $1,431.5 billion in assets worldwide as of June 30, 2023.

FRED ALGER MANAGEMENT, LLC—Fred Alger Management, LLC ("Alger") serves as a Sub-Adviser to a portion of the assets of the Large Cap Fund. Alger has been in the business of providing investment advisory services since 1964 and as of June 30, 2025 had approximately $28.3 billion in assets under management (together with its affiliated registered investment advisers). Alger is directly owned by Alger Group Holdings, LLC ("AGH"), a financial services holding company. AGH and Alger are indirectly controlled by Hilary M. Alger, Nicole D. Alger and Alexandra D. Alger, who own approximately 99% of the voting rights of Alger Associates, Inc., the parent company of AGH.

GENEVA CAPITAL MANAGEMENT LLC—Geneva Capital Management LLC ("Geneva") serves as a Sub-Adviser to a portion of the assets of the Small/Mid Cap Equity Fund. Geneva has furnished investment advisory services to clients since January 1987. As of June 30, 2025, Geneva managed approximately $6.4 billion of client assets on a discretionary basis.

GRANTHAM, MAYO, VAN OTTERLOO & CO. LLC—Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") serves as a Sub-Adviser to a portion of the assets of the Emerging Markets Debt Fund. GMO was founded in 1977 and furnishes investment advisory services, predominantly to institutional clients. GMO is a Massachusetts limited liability company that is controlled by active employee-members. As of June 30, 2025, GMO managed on a worldwide basis approximately $68 billion in assets.

INCOME RESEARCH + MANAGEMENT—Income Research + Management ("IR+M") serves as a Sub-Adviser to a portion of the assets of the Long Duration, Long Duration Credit and Intermediate Duration Credit Funds. IR+M is a Delaware Corporation founded in 1987. IR+M was incorporated as Income Research & Management, Inc. from inception through December 2003. In December 2003, Income Research + Management, Inc. merged into IR&M Holdings LLC, and IR&M Holdings LLC merged into IR&M Holdings Business Trust. IR+M has been 100% privately owned since its inception in 1987 and remains so today.

INVESCO ADVISERS, INC.—Invesco Advisers, Inc. ("Invesco") serves as a Sub-Adviser to a portion of the assets of the Emerging Markets Debt Fund. Invesco is located at 1331 Spring Street NW, Suite 2500, Atlanta, Georgia 30309. Invesco, as successor in interest to multiple investment advisers, is an indirect wholly owned subsidiary of Invesco Ltd. ("IVZ"), a publicly traded company that, through its subsidiaries, engages in the business of investment management on an international basis.

JACKSON CREEK INVESTMENT ADVISORS LLC—Jackson Creek Investment Advisors LLC ("Jackson Creek") serves as a Sub-Adviser to a portion of the assets of the Small/Mid Cap Equity Fund. Founded in 2020, Jackson Creek is an SEC registered investment adviser and provides investment advice to institutions and high-net-worth investors.

JENNISON ASSOCIATES LLC—Jennison Associates LLC ("Jennison") serves as a Sub-Adviser to a portion of the assets of the Core Fixed Income, Long Duration and Long Duration Credit Funds. Jennison (including its predecessor, Jennison Associates Capital Corp.) is a registered investment adviser founded in 1969. Jennison, a Delaware limited liability company, is a direct, wholly-owned subsidiary of PGIM, Inc. (formerly Prudential Investment Management, Inc.), which is a direct, wholly-owned subsidiary of PGIM Holding Company LLC (formerly Prudential Asset Management Holding Company LLC), which is a direct, wholly-owned subsidiary of Prudential Financial, Inc.

JOHCM (USA) Inc.—JOHCM (USA) Inc. ("JOHCM") serves as a Sub-Adviser to a portion of the assets of the Emerging Markets Equity Fund. JOHCM, a Delaware corporation, is an indirect wholly owned subsidiary of

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Perpetual Limited ("Perpetual"). JOHCM may engage with certain affiliates, (together with JOHCM, the "JOHCM Group") to perform certain activities and services related to the management of the Emerging Markets Equity Fund.

J.P. MORGAN INVESTMENT MANAGEMENT INC.—J.P. Morgan Investment Management Inc. ("JPMIM") serves as a Sub-Adviser to a portion of the assets of the High Yield Bond Fund. JPMIM is a registered investment adviser and an indirect, wholly owned subsidiary of JPMorgan Chase & Co ("JPMorgan").

LAZARD ASSET MANAGEMENT LLC—Lazard Asset Management LLC ("Lazard") serves as a Sub-Adviser to a portion of the assets of the World Equity Ex-US and Screened World Equity Ex-US Funds. Lazard is a Delaware limited liability company. It is an indirect, wholly owned subsidiary of Lazard Inc., a Delaware corporation with shares that are publicly traded on the New York Stock Exchange.

LEEWARD INVESTMENTS, LLC—Leeward Investments, LLC ("Leeward") serves as a Sub-Adviser to a portion of the assets of the Small Cap II Fund. Leeward is a manager-managed limited liability company that is 100% employee-owned.

LEGAL & GENERAL INVESTMENT MANAGEMENT AMERICA, INC.—Legal & General Investment Management America, Inc. ("LGIM America") serves as a Sub-Adviser to a portion of the assets of the Long Duration, Long Duration Credit and Intermediate Duration Credit Funds. LGIM America, a Delaware corporation, was established in 2006 and is a wholly-owned subsidiary of Legal & General Investment Management United States (Holdings), Inc., a Delaware corporation and subsidiary of L&G—Asset Management Ltd., a company incorporated under the laws of England and Wales, which in turn is a wholly-owned subsidiary of Legal & General Group PLC, a publicly-traded company in the United Kingdom.

LOS ANGELES CAPITAL MANAGEMENT LLC—Los Angeles Capital Management LLC ("Los Angeles Capital") serves as a Sub-Adviser to a portion of the assets of the Small Cap and Small Cap II Funds. Los Angeles Capital is an SEC registered investment adviser. Los Angeles Capital is a California limited liability company, and is wholly-owned through its parent companies by its employees.

LSV ASSET MANAGEMENT—LSV Asset Management ("LSV") serves as a Sub-Adviser to a portion of the assets of the Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds. The general partners of LSV developed a quantitative value investment philosophy that has been used to manage assets since 1994. LSV is organized as a Delaware general partnership. An affiliate of SIMC owns an interest in LSV.

MACKENZIE INVESTMENTS CORPORATION—Mackenzie Investments Corporation ("Mackenzie") serves as a Sub-Adviser to a portion of the assets of the Large Cap Disciplined Equity Fund. Mackenzie is an SEC registered investment adviser and a Delaware corporation. Mackenzie was founded in 2012 and provides investment advisory services to various types of clients.

MANULIFE INVESTMENT MANAGEMENT (US) LLC—Manulife Investment Management (US) LLC ("Manulife"), formerly known as Declaration Management & Research LLC, serves as a Sub-Adviser to a portion of the assets of the Opportunistic Income Fund. Manulife is located in Boston, Massachusetts. Manulife, an indirect, wholly-owned subsidiary of Manulife Financial Corporation, was organized in 1968 in the state of Delaware and registered with the SEC on August 4, 1992. Manulife Financial Corporation is a publicly-held corporation that trades under the symbol 'MFC' on the NYSE, TSX and PSE, and under '945' on the SEHK.

MARATHON ASSET MANAGEMENT, L.P.—Marathon Asset Management, L.P. ("Marathon") serves as a Sub-Adviser to a portion of the assets of the Emerging Markets Debt Fund. Marathon was formed in 1998 by Bruce Richards (Chairman and Chief Executive Officer) and Louis Hanover (Chief Investment Officer). In 2003, Marathon became an SEC-registered investment adviser in the U.S. In 2009, Marathon was one of nine managers selected by the U.S. Treasury to manage assets for the Public Private Investment Program ("PPIP"). In June 2016, Marathon was pleased to announce that Blackstone Strategic Capital Holdings Fund, a vehicle managed by Blackstone Alternative Asset Management, acquired a passive, minority interest in Marathon. Marathon maintains autonomy over its business management, operations, and investment processes.

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MARTINGALE ASSET MANAGEMENT, L.P.—Martingale Asset Management, L.P. ("Martingale") serves as a Sub-Adviser to a portion of the assets of the Small Cap Fund. Martingale is organized under the laws of the State of Delaware and is an independent, privately held investment adviser principally owned by its employees. Martingale is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

METLIFE INVESTMENT MANAGEMENT, LLC—MetLife Investment Management, LLC ("MIM") serves as a Sub-Adviser to a portion of the assets of the Core Fixed Income, Long Duration Credit, Ultra Short Duration Bond, Limited Duration Bond and Intermediate Duration Credit Funds. MIM, a Delaware limited liability company, was founded and registered with the SEC in 2006. MIM is a subsidiary of MetLife, Inc. ("MetLife"), a publicly listed company (NYSE: MET). There are no 25% or greater shareholders of MetLife.

METROPOLITAN WEST ASSET MANAGEMENT, LLC—Metropolitan West Asset Management, LLC ("MetWest") serves as a Sub-Adviser to a portion of the assets of the Core Fixed Income, Long Duration, Long Duration Credit and Limited Duration Bond Funds. MetWest, founded in 1996, is a wholly-owned subsidiary of The TCW Group, Inc.

PINESTONE ASSET MANAGEMENT INC.—PineStone Asset Management Inc. ("PineStone"), located at 1981 McGill College Avenue, Suite 1600, Montreal, QC, Canada H3A 2Y1, serves as a Sub-Adviser to a portion of the assets of the Large Cap and Large Cap Disciplined Equity Funds. PineStone is a specialist global equity manager founded in 2021 that is 100% employee owned and is a registered investment adviser with the SEC. PineStone is focused exclusively on helping clients achieve their financial goals by investing in what PineStone believes to be high quality companies worldwide. PineStone had approximately USD$59.01 billion in assets under management as of June 30, 2025 and is led by Nadim Rizk, a seasoned portfolio manager with over 25 years of experience.

PZENA INVESTMENT MANAGEMENT, LLC—Pzena Investment Management, LLC ("Pzena") serves as a Sub-Adviser to a portion of the assets of the World Equity Ex-US Fund. Based in New York, New York, Pzena was founded in late 1995 and began managing assets on January 1, 1996. The firm is 100% privately owned by its employee members and certain other partners, including former employees.

ROBECO INSTITUTIONAL ASSET MANAGEMENT US INC.—Robeco Institutional Asset Management US Inc. ("Robeco") serves as a Sub-Adviser to a portion of the assets of the Emerging Markets Equity Fund. Robeco has been registered with the US Securities and Exchange Commission as an investment adviser since 1997. Robeco has been registered as a Delaware corporation since 1997. Robeco has a participating affiliate agreement in place with its Rotterdam, the Netherlands based affiliate, Robeco Institutional Asset Management BV for it to provide asset management services on behalf of Robeco in the US through its portfolio managers.

RWC ASSET ADVISORS (US) LLC—RWC Asset Advisors (US) LLC ("RWC") serves as a Sub-Adviser to a portion of the assets of the Emerging Markets Equity Fund. RWC is a limited liability company formed under the laws of the State of Delaware in 2012. RWC is a wholly-owned subsidiary of RWC Partners Limited, a private limited company incorporated in England and Wales under no. 03517631.

SSGA FUNDS MANAGEMENT, INC.—SSGA Funds Management, Inc.("SSGA FM") serves as a Sub-Adviser to a portion of the assets of the Large Cap Index, S&P 500 Index, Extended Market Index and Dynamic Asset Allocation Funds. SSGA FM is a wholly-owned subsidiary of State Street Global Advisors, Inc., which itself is a wholly-owned subsidiary of State Street Corporation. SSGA FM and other advisory affiliates of State Street Corporation make up State Street Investment Management, the investment management arm of State Street Corporation. The principal address of SSGA FM is One Congress Street, Boston, Massachusetts 02114.

THE INFORMED MOMENTUM COMPANY LLC—The Informed Momentum Company LLC ("IMC"), located at 215 Highway 101, Suite 216, Solana Beach, California 92075, serves as a Sub-Adviser to a portion of the assets of the Small Cap and Small Cap II Funds. IMC was founded as a California Limited Liability Company in 2007. IMC employees own 56% of IMC. Byron C. Roth, through his majority ownership of CR Financial Holdings, Inc., indirectly owns a 44% interest in the firm.

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T. ROWE PRICE ASSOCIATES, INC.—T. Rowe Price Associates, Inc. ("T. Rowe Price") serves as a Sub-Adviser to a portion of the assets of the High Yield Bond Fund. T. Rowe Price, a wholly-owned subsidiary of T. Rowe Price Group, Inc. ("T. Rowe Price Group"), a publicly-traded financial services holding company, has been managing assets since 1937. As of June 30, 2025, T. Rowe Price and its affiliates had approximately $1.68 trillion in assets under management.

UBS ASSET MANAGEMENT (AMERICAS) LLC—UBS Asset Management (Americas) LLC ("UBS AM LLC") serves as a Sub-Adviser to a portion of the assets of the MARR Commodity Strategy Subsidiary Ltd., a wholly-owned subsidiary of the Multi-Asset Real Return Fund. UBS AM LLC is a New York-based registered investment adviser of UBS Asset Management ("UBS AM"). UBS AM is a global asset manager that focuses on Alternative Investments and Traditional Investments.

WCM INVESTMENT MANAGEMENT, LLC—WCM Investment Management, LLC ("WCM"), located at 281 Brooks Street, Laguna Beach, CA 92651, serves as a Sub-Adviser to a portion of the assets of the Emerging Markets Equity Fund. WCM is an independent asset management firm and was founded in 1976.

WELLINGTON MANAGEMENT COMPANY LLP—Wellington Management Company LLP ("Wellington Management"), a Delaware limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210, serves as a Sub-Adviser to a portion of the assets of the Opportunistic Income and Ultra Short Duration Bond Funds and the MARR Commodity Strategy Subsidiary Ltd., a wholly-owned subsidiary of the Multi-Asset Real Return Fund. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 90 years. Wellington Management is owned by the partners of Wellington Management Group LLP, a Massachusetts limited liability partnership.

Portfolio Management.

SIMC

*Compensation.* SIMC compensates each portfolio manager for his or her management of the Funds. Each portfolio manager's compensation consists of a fixed annual salary, plus a discretionary annual bonus determined generally as follows.

Portfolio manager compensation is a combination of both Fund performance and SEI Investments Company ("SEI") performance. A majority of each portfolio manager's compensation is determined by the performance of the Funds for which the portfolio manager is responsible for over both a short-term and long-term time horizon. A final factor is a discretionary component, which is based upon a qualitative review of the portfolio managers and their team.

With respect to the bonus, twenty percent of each portfolio manager's compensation is tied to the corporate performance of SEI (SIMC's ultimate parent company), as measured by the earnings per share earned for a particular year. This percentage is set at the discretion of SEI and not SIMC.

The remaining percentage is based upon each Fund's performance (pre-tax) versus its respective benchmark over a one and three year period.

*Ownership of Fund Shares.* As of May 31, 2025, the portfolio managers beneficially owned shares of the Funds they manage, as follows:

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| | | |
|:---|:---|:---|
| Portfolio Manager | Dollar Range of<br>Fund Shares | Dollar Range of<br>Fund Shares |
| David S. Aniloff |  | None |
| James Smigiel |  | None |
| Timothy J. Sauermelch, CFA |  | None |
| Eugene Barbaneagra, CFA |  | None |
| James Solloway, CFA |  | None |
| Richard A. Bamford |  | None |

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| | | |
|:---|:---|:---|
| Portfolio Manager | Dollar Range of<br>Fund Shares | Dollar Range of<br>Fund Shares |
| Rich Carr, CFA |  | None |
| Michael Schafer |  | None |
| Steven Treftz, CFA |  | None |
| David L. Hintz, CFA |  | None |
| Hardeep Khangura, CFA |  | None |
| Jason Collins |  | None |
| Anthony Karaminas, CFA |  | None |
| Philip Terrenzio, CFA |  | None |
| Nilay Shah |  | None |
| John Csaszar, CFA |  | None |
| Cory Furlong, CFA |  | None |
| Ryan McKeon, CFA |  | None |
| David Zhang, CFA |  | None |

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*Other Accounts.* As of May 31, 2025, in addition to the Funds, the portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| David S. Aniloff | 3 | $2806.52 | 3 | $1292.88 | 0 | $0 |
| James Smigiel | 1 | $795.75 | 13 | $6760.43 | 102 | $21861.90 |
| Timothy J. Sauermelch, CFA | 5 | $3035.05 | 1 | $854.44 | 6 | $5728.14 |
| Eugene Barbaneagra, CFA | 21 | $27142.67 | 6 | $5933.16 | 6 | $340.07 |
| James Solloway, CFA | 1 | $795.75 | 1 | $854.44 | 0 | $0 |
| Richard A. Bamford | 27 | $25685.90 | 1 | $215.07 | 0 | $0 |
| Rich Carr, CFA | 6 | $14842.20 | 2 | $1250.05 | 0 | $0 |
| Michael Schafer | 1 | $1125.84 | 3 | $1292.88 | 0 | $0 |
| Steven Treftz, CFA | 6 | $4252.60 | 2 | $1750.59 | 0 | $0 |
| David L. Hintz, CFA | 26 | $22811.03 | 7 | $3763.88 | 0 | $0 |
| Hardeep Khangura, CFA | 1 | $923.21 | 7 | $3133.99 | 0 | $0 |
| Jason Collins | 31 | $37473.46 | 11 | $5641.53 | 0 | $0 |
| Anthony Karaminas, CFA | 35 | $31555.58 | 1 | $6.34 | 0 | $0 |
| Philip Terrenzio, CFA | 10 | $11443.75 | 0 | $0 | 0 | $0 |
| Nilay Shah | 4 | $4445.79 | 0 | $0 | 0 | $0 |
| John Csaszar, CFA | 5 | $2822.85 | 7 | $3711.94 | 0 | $0 |
| Cory Furlong, CFA | 7 | $2611.51 | 2 | $1257.21 | 0 | $0 |
| Ryan McKeon, CFA | 6 | $10736.29 | 1 | $555.71 | 0 | $0 |
| David Zhang, CFA | 1 | $1525.13 | 2 | $1250.05 | 0 | $0 |

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No account listed above is subject to a performance-based advisory fee.

*Conflicts of Interest.* The portfolio managers' management of registered investment companies other pooled investment vehicles or other accounts may give rise to actual or potential conflicts of interest in connection with their day-to-day management of the Funds' investments. The other accounts might have similar investment objectives as the Funds.

While the portfolio managers' management of the other accounts may give rise to the following potential conflicts of interest, SIMC does not believe that the conflicts, if any, are material or, to the extent any such conflicts are material, SIMC believes that it has designed policies and procedures that are reasonably designed to manage such conflicts in an appropriate way.

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*Knowledge of the Timing and Size of Fund Trades.* A potential conflict of interest may arise as a result of the portfolio managers' day-to-day management of the Funds. Because of their positions with the Funds, the portfolio managers know the size, timing and possible market impact of Fund trades. It is theoretically possible that the portfolio managers could use this information to the advantage of the other accounts and to the possible detriment of the Funds. However, SIMC has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

*Investment Opportunities.* A potential conflict of interest may arise as a result of the portfolio managers' management of the Funds and other accounts, which, in theory, may allow them to allocate investment opportunities in a way that favors the other accounts over the Funds. This conflict of interest may be exacerbated to the extent that SIMC or the portfolio managers receive, or expect to receive, greater compensation from their management of the other accounts than the Funds. Notwithstanding this theoretical conflict of interest, it is SIMC's policy to manage each account based on its investment objectives and related restrictions and, as discussed above, SIMC has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time and in a manner consistent with each account's investment objectives and related restrictions. For example, while the portfolio managers may buy for other accounts securities that differ in identity or quantity from securities bought for the Funds, such an approach might not be suitable for the Funds given their investment objectives and related restrictions.

Acadian

*Compensation.* SIMC pays Acadian a fee based on the assets under management of the Large Cap, Large Cap Disciplined Equity, U.S. Managed Volatility, Global Managed Volatility, World Equity Ex-US and Screened World Equity Ex-US Funds as set forth in an investment sub-advisory agreement between Acadian and SIMC. Acadian pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Large Cap, Large Cap Disciplined Equity, U.S. Managed Volatility, Global Managed Volatility, World Equity Ex-US and Screened World Equity Ex-US Funds. The following information relates to the period ended June 30, 2025.

Compensation structure varies among professionals, although the basic package involves a generous base salary, strong bonus potential, profit sharing participation, various benefits and, among the majority of senior investment professionals and certain other key employees, equity ownership in the firm as part of the Acadian Key Employee Limited Partnership.

Compensation is highly incentive-driven, with Acadian often paying in excess of 100% of base pay for performance bonuses. Bonuses are tied directly to the individual's contribution and performance during the year, with members of the investment team evaluated on such factors as their contributions to the investment process, account retention, asset growth, and overall firm performance. Because portfolio management in Acadian's equity strategies is a team approach, investment team members' compensation is not linked to the performance of specific accounts, but rather to the individual's overall contribution to the success of the team and the firm's profitability. This helps to ensure an "even playing field" as investment team members are strongly incentivized to strive for the best possible portfolio performance for all clients rather than only for select accounts.

*Ownership of Fund Shares.* As of June 30, 2025, Acadian's portfolio managers did not beneficially own any shares of the Large Cap, Large Cap Disciplined Equity, U.S. Managed Volatility, Global Managed Volatility, World Equity Ex-US or Screened World Equity Ex-US Funds.

*Other Accounts.* As of June 30, 2025, in addition to the Large Cap, Large Cap Disciplined Equity, U.S. Managed Volatility, Global Managed Volatility, World Equity Ex-US or Screened World Equity Ex-US Funds,

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Acadian's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Brendan O. Bradley | 9 | $6444 | 92 | $39160 | 207 | $100743 |
|  | 0 | $0 | 13<br> \* | $4686 | 19<br> \* | $8441 |
| Fanesca Young | 9 | $6444 | 92 | $39160 | 207 | $100743 |
|  | 0 | $0 | 13<br> \* | $4686 | 19<br> \* | $8441 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

<sup>†</sup> Acadian utilizes a team-based approach to portfolio management, and each of the portfolio managers listed in the table is jointly responsibly for the management of a portion of the accounts listed in each category.

For all core equity products offered by the firm, including the subject strategy, Acadian manages a single process that is custom-tailored to the objectives of its clients. The investment professionals shown above function as part of a core equity team of 24 portfolio managers, all of whom are responsible for working with the dedicated research team to develop and apply quantitative techniques to evaluate securities and markets and for final quality-control review of portfolios to ensure mandate compliance. The data shown for these managers reflect firm-level numbers of accounts and assets under management, segregated by investment vehicle type. Not reflected: $1,188M in model advisory contracts where Acadian does not have trading authority.

Acadian has been appointed as adviser or sub-adviser to numerous public and private funds domiciled in the U.S. and abroad. Acadian is not an investment company and does not directly offer mutual funds. The asset data shown under "Registered Investment Companies" reflects Advisory and sub-advisory relationships with U.S. registered investment companies offering funds to retail investors. The asset data shown under "Other Pooled Investment Vehicles" reflects a combination of; 1) Delaware-based private funds where Acadian has been appointed adviser or sub-adviser and 2) Non-U.S.-based funds where Acadian has been appointed adviser or sub-adviser.

*Conflicts of Interest.* A conflict of interest may arise as a result of a portfolio manager being responsible for multiple accounts, including the Large Cap, Large Cap Disciplined Equity, U.S. Managed Volatility, Global Managed Volatility, World Equity Ex-US and Screened World Equity Ex-US Funds, which may have different investment guidelines and objectives. In addition to the Large Cap, Large Cap Disciplined Equity, U.S. Managed Volatility, Global Managed Volatility, World Equity Ex-US and Screened World Equity Ex-US Funds, these accounts may include other mutual funds managed on an advisory or sub-advisory basis, separate accounts and collective trust accounts. An investment opportunity may be suitable for the Large Cap, Large Cap Disciplined Equity, U.S. Managed Volatility, Global Managed Volatility, World Equity Ex-US and Screened World Equity Ex-US Funds as well as for any of the other managed accounts. However, the investment may not be available in sufficient quantity for all of the accounts to participate fully. In addition, there may be limited opportunity to sell an investment held by the Large Cap, Large Cap Disciplined Equity, U.S. Managed Volatility, Global Managed Volatility, World Equity Ex-US and Screened World Equity Ex-US Funds and the other accounts. The other accounts may have similar investment objectives or strategies as the Large Cap, Large Cap Disciplined Equity, U.S. Managed Volatility, Global Managed Volatility, World Equity Ex-US and Screened World Equity Ex-US Funds, may track the same benchmarks or indexes as the Large Cap, Large Cap Disciplined Equity, U.S. Managed Volatility, Global Managed Volatility, World Equity Ex-US and Screened World Equity Ex-US Funds track and may sell securities that are eligible to be held, sold or purchased by the Large Cap, Large Cap Disciplined Equity, U.S. Managed Volatility, Global Managed Volatility, World Equity Ex-US and Screened World Equity Ex-US Funds. A portfolio manager may be responsible for accounts that have different advisory fee schedules, which may create the incentive for the portfolio manager to favor one account over another in terms of access to investment opportunities. A portfolio manager may also manage accounts whose investment objectives and policies differ from those of the Large Cap, Large Cap Disciplined Equity, U.S. Managed Volatility, Global Managed Volatility, World Equity Ex-US and Screened World Equity Ex-US Funds, which may cause the portfolio manager to effect trading in one account that may have an adverse effect on the value of the holdings within another account,

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including the Large Cap, Large Cap Disciplined Equity, U.S. Managed Volatility, Global Managed Volatility, World Equity Ex-US and Screened World Equity Ex-US Funds.

To address and manage these potential conflicts of interest, Acadian has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of its clients is treated on a fair and equitable basis. Such policies and procedures include, but are not limited to, trade allocation and trade aggregation policies, portfolio manager assignment practices and oversight by investment management and the Compliance team.

AllianceBernstein

*Compensation.* AllianceBernstein's compensation program for portfolio managers is designed to align with clients' interests, emphasizing each portfolio manager's ability to generate long-term investment success for AllianceBernstein's clients, including the Multi-Asset Real Return Fund. AllianceBernstein also strives to ensure that compensation is competitive and effective in attracting and retaining the highest caliber employees.

Portfolio managers receive a base salary, incentive compensation and contributions to AllianceBernstein's 401(k) plan. Part of the annual incentive compensation is generally paid in the form of a cash bonus, and part through an award under the firm's Incentive Compensation Award Plan (ICAP). The ICAP awards vest over a three-year period. Deferred awards are paid in the form of restricted grants of the firm's Master Limited Partnership Units, and award recipients have the ability to receive a portion of their awards in deferred cash. The amount of contributions to the 401(k) plan is determined at the sole discretion of AllianceBernstein. On an annual basis, AllianceBernstein endeavors to combine all of the foregoing elements into a total compensation package that considers industry compensation trends and is designed to retain its best talent.

The incentive portion of total compensation is determined by quantitative and qualitative factors. Quantitative factors, which are weighted more heavily, are driven by investment performance. Qualitative factors are driven by contributions to the investment process and client success.

The quantitative component includes measures of absolute, relative and risk-adjusted investment performance. Relative and risk-adjusted returns are determined based on the benchmark in the Multi-Asset Real Return Fund's prospectus and versus peers over one-, three-and five-year calendar periods, with more weight given to longer-time periods. Peer groups are chosen by Chief Investment Officers, who consult with the product management team to identify products most similar to the firm's investment style and most relevant within the asset class. Portfolio managers of the Multi-Asset Real Return Fund do not receive any direct compensation based upon the investment returns of any individual client account, and compensation is not tied directly to the level or change in level of assets under management.

Among the qualitative components considered, the most important include thought leadership, collaboration with other investment colleagues, contributions to risk-adjusted returns of other portfolios in the firm, efforts in mentoring and building a strong talent pool and being a good corporate citizen. Other factors can play a role in determining portfolio managers' compensation, such as the complexity of investment strategies managed, volume of assets managed and experience.

AllianceBernstein applies a leadership framework to clarify expectations and define how performance is measured. Assessments of investment professionals are formalized in a year-end review process that includes 360-degree feedback from other professionals from across the investment teams and AllianceBernstein.

*Contributions under AllianceBernstein's Profit Sharing/401(k) Plan:* The contributions are based on AllianceBernstein's overall profitability. The amount and allocation of the contributions are determined at the sole discretion of AllianceBernstein.

*Ownership of Fund Shares.* As of June 30, 2025, AllianceBernstein's portfolio managers did not beneficially own any shares of the Multi-Asset Real Return Fund.

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*Other Accounts.* As of June 30, 2025, in addition to the Multi-Asset Real Return Fund, AllianceBernstein's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Mike Canter, PhD | 16 | $12005 | 23 | $3064 | 230 | $4446 |
| Matthew Sheridan | 24 | $21996 | 101 | $45709 | 256 | $18031 |
| Serena Zhou | 15 | $11703 | 17 | $403 | 230 | $4446 |

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None of the accounts listed above are subject to a performance-based advisory fee.

*Conflicts of Interest.* As an investment adviser and fiduciary, AllianceBernstein owes its investment advisory client's duty of loyalty. AllianceBernstein recognizes that conflicts of interest are inherent in its business and accordingly has developed policies and procedures (including oversight monitoring) reasonably designed to detect, manage and mitigate the effects of actual or potential conflicts of interest in the area of employee personal trading, managing multiple accounts for multiple clients, and allocating investment opportunities. Investment professionals, including portfolio managers and research analysts, are subject to the above-mentioned policies and oversight monitoring to ensure that all clients are treated equitably. AllianceBernstein places the interests of its clients first and expects all of its employees to meet their fiduciary duties.

*Approach to Handling Conflicts of Interest:* When acting as a fiduciary, AllianceBernstein owes its investment advisory clients a duty of loyalty. This includes the duty to address—or at least disclose—conflicts of interest which may exist between different clients, between the firm and clients, or between AllianceBernstein's employees and clients. Where potential conflicts arise from AllianceBernstein's fiduciary activities, the firm takes steps to mitigate, or at least disclose, them. Where AllianceBernstein's activities do not involve fiduciary obligations—such as the level of client servicing we offer through each client channel—the firm reserves the right to act in accordance with the firm's business judgment. Conflicts arising from fiduciary activities that the firm cannot avoid (or choose not to avoid) are mitigated through written policies that AllianceBernstein believes protect the interests of its clients as a whole. In these cases—which include issues such as personal trading and client entertainment—regulators have generally prescribed detailed rules or principles for investment firms to follow. By complying with these rules and using robust compliance practices, the firm believes it addresses these conflicts appropriately. Some potential conflicts are outside the scope of compliance monitoring. Identifying these conflicts requires careful and continuing consideration of the interaction of different products, business lines, operational processes and incentive structures. These interactions are not static; changes in the firm's activities can lead to new potential conflicts. Potential conflicts may also arise from new products or services, operational changes, new reporting lines and market developments.

*Conflicts Committee:* To assist in this area, AllianceBernstein has appointed a Conflicts Committee, which is chaired by the firm's Conflicts Officer. The Committee is comprised of compliance directors, firm counsel and experienced business leaders, who review areas of change and assess the adequacy of controls. The work of AllianceBernstein's Conflicts Committee is overseen by the firm's Code of Ethics Oversight Committee.

*Written Policies and Procedures:* AllianceBernstein has an "Approach to Potential Conflicts" disclosure which summarizes the firm's conflicts management plan. It is meant to provide employees, clients, and prospective clients with a summary description of the conflicts and potential conflicts AllianceBernstein may encounter, and outlines the policies and procedures the firm maintains for managing those conflicts.

*Employee Personal Trading:* AllianceBernstein ("AB") has adopted a Code of Business Conduct and Ethics (the "Code") that is designed to detect and prevent conflicts of interest amongst investment professionals and other personnel of AllianceBernstein. Personal securities transactions by an employee may raise a potential conflict of interest when an employee owns or trades in a security that is owned or considered for purchase or sale by a client or recommended for purchase or sale by an employee to a client. Subject to the reporting requirements and other limitations of AllianceBernstein's Code, AllianceBernstein permits its employees to engage in personal securities transactions, including acquisition of AllianceBernstein's proprietary Mutual Funds

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and ETFs, though the Code generally discourages employees from engaging in personal trading of individual securities. AllianceBernstein's Code requires disclosure of all personal and dependent accounts and maintenance of brokerage accounts must be with designated broker-dealers approved by AllianceBernstein. AllianceBernstein's Code also requires preclearance of all securities transactions including AllianceBernstein's proprietary funds (except transactions in U.S. Treasuries and non-AllianceBernstein open-end mutual funds), as well as imposes a limit of twenty (20) personal trades per rolling 30 days and a 60-day holding period for securities purchased by employees to discourage short-term trading. Subject to reporting and certain controls, AllianceBernstein may allow its employees to hire discretionary investment advisers to manage their personal accounts. Employees must confirm annually that they have disclosed any potential conflicts of interest and that they are in compliance with the requirements associated with the firm's Policy and Procedures.

The Code's personal trading procedures are administered by the AllianceBernstein's Legal and Compliance Department. The firm has established a Code of Ethics Oversight Committee, which is comprised of senior firm personal and who are responsible for reviewing exceptions to and violations of the Code, as well as establishing new or amending rules as necessary.

*Managing Multiple Accounts for Multiple Clients:* AllianceBernstein has compliance policies and oversight monitoring in place to address conflicts of interest relating to the management of multiple accounts for multiple clients. Conflicts of interest may arise when an investment professional has responsibilities for the investments of more than one account because the investment professional may be unable to devote equal time and attention to each account. The investment professional or investment professional teams for each client may have responsibilities for managing all or a portion of the investments of multiple accounts with a common investment strategy, including other registered investment companies, unregistered investment vehicles, such as hedge funds, pension plans, separate accounts, collective trusts and charitable foundations. Among other things, AllianceBernstein's policies and procedures provide for the prompt dissemination to investment professionals of initial or changed investment recommendations by analysts so that investment professionals are better able to develop investment strategies for all accounts they manage. In addition, investment decisions by investment professionals are reviewed for the purpose of maintaining uniformity among similar accounts and ensuring that accounts are treated equitably. Investment professional compensation reflects a broad contribution in multiple dimensions to long-term investment success for clients and is generally not tied specifically to the performance of any particular client's account, nor is it generally tied directly to the level or change in level of assets under management.

*Allocating Investment Opportunities:* The investment professionals at AllianceBernstein routinely are required to select and allocate investment opportunities among accounts. AllianceBernstein has policies and procedures intended to address conflicts of interest relating to the allocation of investment opportunities. These policies and procedures are designed to ensure that information relevant to investment decisions is disseminated promptly within its portfolio management teams and investment opportunities are allocated equitably among different clients. AllianceBernstein's policies and procedures require, among other things, objective allocation for limited investment opportunities (*e.g*., on a rotational basis) and documentation and review of justifications for any decisions to make investments only for select accounts or in a manner disproportionate to the size of the account. Portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar accounts which minimizes the potential for conflicts of interest relating to the allocation of investment opportunities. Nevertheless, access to portfolio funds or other investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as size of the account, cash position, tax status, risk tolerance and investment restrictions or for other reasons.

AllianceBernstein's procedures are also designed to address potential conflicts of interest that may arise when AllianceBernstein has a particular financial incentive, such as a performance-based management fee, relating to an account. An investment professional may perceive that he or she has an incentive to devote more time to developing and analyzing investment strategies and opportunities or allocating securities preferentially to accounts for which AllianceBernstein could share in investment gains.

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ACM II

*Compensation.* SIMC pays ACM II a fee based on the assets under management of the Opportunistic Income and High Yield Bond Funds as set forth in an investment sub-advisory agreement between ACM II and SIMC. ACM II pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Opportunistic Income and High Yield Bond Funds. The following information relates to the period ended June 30, 2025.

Similar to certain other stockholders of Ares Corp, Mr. Brufsky receives dividends that are distributed quarterly. Mr. Mathewson's, Ms. Milner's, Mr. Almeida's and Mr. Singh's performance is reviewed by Mr. Brufsky and other members of management, and their compensation, as well as that of other investment professionals, is determined pursuant to an annual review and is based on business and fund performance in addition to individual contributions.

Generally, compensation is determined by ACM II's executive leadership, with recommendations made by the head of each applicable business unit. Investment professionals receive a base salary and are eligible for a discretionary year-end bonus based on performance. Subject to a minimum compensation threshold, a portion of year-end bonus may be paid in the form of shares of Class A Common Stock of ACM II's publicly traded parent, Ares Corp which vests over time and is intended as a retention mechanism for portfolio managers, investment professionals and other senior professionals of the firm.

Additionally, and where applicable, portfolio managers and senior investment professionals as well as other senior professionals are awarded direct carried interest and/or profit participations with respect to funds in which they are involved and may also receive similar incentive awards relating to the funds in the firm's other investment groups. This both aligns the compensation of key employees with investment performance and rewards the collaboration of senior professionals across business platforms.

Professionals receive year-end annual reviews. For the research team, this will focus primarily on security analysis and communication, including the quality and number of investment recommendations made, the efficacy and accuracy of investment monitoring, and the contributions made to the strategy and relative value assessments prepared internally. In addition to the annual review, we also conduct mid-year performance reviews that are less formal and serve to evaluate progress against goals and specific action steps identified in the annual assessment.

For more detail on Ares' compensation philosophy and its elements of compensation, please refer to the "Compensation Discussion and Analysis" section of the firm's annual proxy as filed with the SEC, which also includes specific details on compensation for the firm's Named Executive Officers.

*Ownership of Fund Shares.* As of June 30, 2025, ACM II's portfolio managers did not beneficially own any shares of the Opportunistic Income or High Yield Bond Funds.

*Other Accounts.* As of June 30, 2025, in addition to the Opportunistic Income and High Yield Bond Funds, ACM's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles\* | Other Pooled<br>Investment Vehicles\* | <br>Other Accounts | <br>Other Accounts |
| <br>Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Ares Capital Management II <br>LLC Team (Seth Brufsky, <br>Chris Mathewson, <br>Samantha Milner, <br>Russell Almeida and<br>Kapil Singh) | 7 | $3912 | 4 | $2792 | 83 | $34614 |

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<sup>†</sup> ACM II utilizes a team-based approach to portfolio management, and each of the portfolio managers listed above are jointly responsible for the management of a portion of the accounts listed in each category.

\* These accounts include 51 accounts, mostly comprised of collateralized loan obligation structures, subject to a performance-based advisory fee. As of June 30, 2025, the total assets in such accounts was $25,270 million.

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*Conflicts of Interest.* The management of other accounts by ACM II's portfolio managers may give rise to potential conflicts of interest in connection with their management of the Opportunistic Income or High Yield Bond Fund's investments, on the one hand, and the investments of the other accounts, on the other. Other accounts advised by the Sub-Adviser might have similar investment objectives as the Opportunistic Income or High Yield Bond Funds or hold, purchase or sell securities that are eligible to be held, purchased or sold by the Opportunistic Income or High Yield Bond Funds. ACM II does not believe that these conflicts, if any, are material or, to the extent any such conflicts are material, ACM II believes that it has designed policies and procedures to manage those conflicts in an appropriate way.

A potential conflict of interest may arise as a result of ACM II's portfolio managers' day-to-day management of the Opportunistic Income and High Yield Bond Funds. Because of their positions with the Opportunistic Income and High Yield Bond Funds, the portfolio managers know the size, timing and possible market impact of the Opportunistic Income and High Yield Bond Fund trades. It is possible that ACM II's portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the Opportunistic Income or High Yield Bond Funds. However, ACM II has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

A potential conflict of interest may arise as a result of ACM II's portfolio managers' management of the Opportunistic Income and High Yield Bond Funds and other accounts, which, in theory, may allow them to allocate investment opportunities in a way that favors other accounts over the Opportunistic Income or High Yield Bond Funds. This conflict of interest may be exacerbated to the extent that ACM II or its portfolio managers receive, or expect to receive, greater compensation from their management of the other accounts (many of which receive a base and incentive fee) than from the Opportunistic Income or High Yield Bond Funds. Notwithstanding this potential conflict of interest, it is ACM II's policy to manage each account based on its investment objectives and related restrictions and, as discussed above, ACM II has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time and in a manner consistent with each account's investment objectives and related restrictions. For example, while ACM II's portfolio managers may buy for other accounts securities that differ in identity or quantity from securities bought for the Opportunistic Income or High Yield Bond Funds, such securities might not be suitable for the Opportunistic Income or High Yield Bond Funds given their investment objectives and related restrictions.

By reason of the various activities of the Sub-Adviser and its affiliates, the Sub-Adviser and such affiliates may acquire confidential or material non-public information or otherwise be restricted from purchasing certain potential Fund investments that otherwise might have been purchased or be restricted from selling certain investments that might otherwise have been sold at the time.

It is likely that the other advised funds may make investments in the same or similar securities at different times and on different terms than the Opportunistic Income or High Yield Bond Funds. The Opportunistic Income and High Yield Bond Funds and the other advised funds may make investments at different levels of a borrower's capital structure or otherwise in different classes of a borrower's securities, to the extent permitted by applicable law. Such investments may inherently give rise to conflicts of interest or perceived conflicts of interest between or among the various classes of securities that may be held by such entities. Conflicts may also arise because portfolio decisions regarding the Opportunistic Income or High Yield Bond Funds may benefit the other advised funds. For example, the sale of a long position or establishment of a short position by the Opportunistic Income or High Yield Bond Funds may impair the price of the same security sold short by (and therefore benefit) one or more advised funds, and the purchase of a security or covering of a short position in a security by the Opportunistic Income or High Yield Bond Funds may increase the price of the same security held by (and therefore benefit) one or more advised funds.

Applicable law, including the 1940 Act, may at times prevent the Opportunistic Income or High Yield Bond Funds from being able to participate in investments that they otherwise would participate in, and may require the Opportunistic Income or High Yield Bond Funds to dispose of investments at a time when they otherwise would not dispose of such investment, in each case, in order to comply with applicable law.

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ACM II has adopted a Code of Ethics (the "Code") that sets forth standards of business and fiduciary conduct. The Code is reasonably designed to minimize actual or potential conflicts of interest between ACM II and its clients and prevent violation of federal securities laws.

Allspring Investments

*Compensation.* SIMC pays Allspring Investments a fee based on the assets under management of the Core Fixed Income Fund as set forth in an investment sub-advisory agreement between Allspring Investments and SIMC. Allspring Investments pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Core Fixed Income Fund. The following information relates to the period ended June 30, 2025.

The compensation structure for Allspring Investment's portfolio managers includes a competitive fixed base salary plus variable incentives, payable annually and over a deferred period. Allspring Investments participates in third party investment management compensation surveys for market-based compensation information to help support individual pay decisions and to ensure the firm's compensation is aligned with the marketplace. In addition to surveys, Allspring Investments also considers prior professional experience, tenure, seniority and a portfolio manager's team size, scope and assets under management when determining his/her total compensation. In addition, portfolio managers, who meet the eligibility requirements, may participate in Allspring Investments' 401(k) plan that features a limited matching contribution. Eligibility for and participation in this plan is on the same basis for all employees.

Allspring Investment's investment incentive program plays an important role in aligning the interests of the firm's portfolio managers, investment team members, clients and shareholders. Incentive awards for portfolio managers are determined based on a review of relative investment and business/team performance. Investment performance is generally evaluated for 1, 3, and 5- year performance results, with a predominant weighting on the 3- and 5- year time periods, versus the relevant benchmarks and/or peer groups consistent with the investment style. Once determined, incentives are awarded to portfolio managers annually, with a portion awarded as annual cash and a portion awarded as long term incentive. The long-term portion of incentives generally carry a pro-rated vesting schedule over a three-year period. For many of its portfolio managers, Allspring Investments further requires a portion of their annual long-term award be allocated directly into each strategy they manage through a deferred compensation vehicle. In addition, Allspring Investment's investment team members who are eligible for long-term awards also have the opportunity to invest up to 100% of their awards into investment strategies they support (through a deferred compensation vehicle).

As an independent firm, approximately 20% of Allspring Group Holdings LLC (of which Allspring Investments is a subsidiary) is owned by employees, including portfolio managers.

*Ownership of Fund Shares.* As of June 30, 2025, Allspring Investment's portfolio managers did not beneficially own any shares of the Core Fixed Income Fund.

*Other Accounts.* As of June 30, 2025, in addition to the Core Fixed Income Fund, Allspring Investment's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Maulik Bhansali, CFA\*\* | 7 | $14177.52 | 9 | $4109.61 | 24 | $13384.23 |
| Jarad Vasquez\*\* | 7 | $14177.52 | 9 | $4109.61 | 24 | $13384.23 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

\*\* None of these accounts are subject to a performance-based advisory fee.

*Conflicts of Interest.* Allspring Investment's portfolio managers often provide investment management for separate accounts advised in the same or similar investment style as that provided to mutual funds. While

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management of multiple accounts could potentially lead to conflicts of interest over various issues such as trade allocation, fee disparities and research acquisition, Allspring Investments has implemented policies and procedures for the express purpose of ensuring that clients are treated fairly and that potential conflicts of interest are minimized.

The portfolio managers face inherent conflicts of interest in their day-to-day management of the Funds and other accounts because the Funds may have different investment objectives, strategies and risk profiles than the other accounts managed by the portfolio managers. For instance, to the extent that the portfolio managers manage accounts with different investment strategies than the Funds, they may from time to time be inclined to purchase securities, including initial public offerings, for one account but not for a Fund. Additionally, some of the accounts managed by the portfolio managers may have different fee structures, including performance fees, which are or have the potential to be higher or lower, in some cases significantly higher or lower, than the fees paid by the Funds. The differences in fee structures may provide an incentive to the portfolio managers to allocate more favorable trades to the higher-paying accounts.

To minimize the effects of these inherent conflicts of interest, Allspring Investments has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, believed to address the potential conflicts associated with managing portfolios for multiple clients and are designed to ensure that all clients are treated fairly and equitably. Accordingly, security block purchases are allocated to all accounts with similar objectives in a fair and equitable manner. Furthermore, Allspring Investments has adopted a Code of Ethics under Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act") to address potential conflicts associated with managing the Funds and any personal accounts the portfolio managers may maintain.

Artisan Partners

*Compensation.* SIMC pays Artisan Partners a fee based on the assets under management of the Emerging Markets Debt Fund as set forth in an investment sub-advisory agreement between Artisan Partners and SIMC. Artisan Partners pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Emerging Markets Debt Fund. The following information relates to the period ended June 30, 2025.

Artisan Partners' portfolio managers are compensated through a fixed base salary or similar payment and a subjectively determined incentive bonus or payment that is a portion of a bonus pool, the aggregate amount of which is tied to Artisan Partners' fee revenues generated by all accounts included within the manager's investment strategies. Artisan Partners also provides certain cash-based awards to its investment professionals (referred to by Artisan Partners as franchise capital awards) that, prior to vesting, Artisan Partners will generally invest such award amounts in one or more of the investment strategies managed by the investment professional. Portfolio managers may also receive a portion of the performance fee revenues or allocations from private funds sponsored by Artisan Partners.

Performance fee accounts (including private funds) may be managed by portfolio managers of the Fund using strategies not offered in any Fund. Allocations to and weightings in these accounts will differ from allocations to and weightings in the accounts managed by these portfolio managers because they use different strategies. An investment strategy with a higher risk tolerance may substantially outperform or underperform an investment strategy with a lower risk tolerance even when managed by the same portfolio managers in a similar strategy. Artisan Partners' portfolio managers also participate in group life, health, medical reimbursement and retirement plans that are generally available to all of Artisan Partners' associates.

*Ownership of Fund Shares.* As of June 30, 2025, Artisan Partners' portfolio managers did not beneficially own any shares of the Emerging Markets Debt Fund.

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*Other Accounts.* As of June 30, 2025, in addition to the Emerging Markets Debt Fund, Artisan Partners' portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment <br>Companies | Registered Investment <br>Companies | Other Pooled <br>Investment Vehicles | Other Pooled <br>Investment Vehicles | Other Accounts | Other Accounts |
| <br>Portfolio Manager | Number <br>of Accounts | Total Assets <br>(in millions) | Number <br>of Accounts | Total Assets <br>(in millions) | Number <br>of Accounts | Total Assets <br>(in millions) |
| Michael A. Cirami, CFA | 3 | $662.6 | 5 | $2212.3 | 1 | $578.1 |
|  | 0 | $0 | 0<br> \* | $0 | 1<br> \* | $578.1 |
| Sarah C. Orvin, CFA | 3 | $662.6 | 5 | $2212.3 | 1 | $578.1 |
|  | 0 | $0 | 0<br> \* | $0 | 1<br> \* | $578.1 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio manager being responsible for multiple accounts, including the Emerging Markets Debt Fund which may have different investment guidelines and objectives. In addition to the Emerging Markets Debt Fund, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts. In particular, this conflict of interest may arise as a result of Artisan Partners' management of the Emerging Markets Debt Fund and other accounts, which, in theory, may allow Artisan Partners to allocate investment opportunities in a way that favors other accounts over the Emerging Markets Debt Fund. This conflict of interest may be exacerbated to the extent that Artisan Partners or the portfolio manager receive, or expect to receive, greater compensation from their management of the other accounts (some of which receive both a management and incentive fee) than the Emerging Markets Debt Fund. Artisan Partners (or its members, employees and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the Emerging Markets Debt Fund. To the extent a particular investment is suitable for both the Emerging Markets Debt Fund and the other accounts, such investments will be allocated between the Emerging Markets Debt Fund and the other accounts in a manner that Artisan Partners determines is fair and equitable under the circumstances to all clients, including the Emerging Markets Debt Fund.

To address and manage these potential conflicts of interest, Artisan Partners has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis.

Axiom

*Compensation.* SIMC pays Axiom a fee based on the assets under management of the Small Cap and Small/Mid Cap Equity Funds as set forth in an investment sub-advisory agreement between Axiom and SIMC. Axiom pays its professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Small Cap and Small/Mid Cap Equity Funds. The following information relates to the period ended June 30, 2025.

Axiom is 100% employee owned with equity partnership distributed among 26 key individuals at the firm. All 10 portfolio managers at Axiom are equity partners. Andrew Jacobson, Chief Investment Officer and Portfolio Manager is the majority shareholder and will remain in that capacity.

Axiom offers a comprehensive benefit package and profit-sharing plan with the added incentive of firm ownership. The ability to attain equity ownership is a key determinant in the stability of its investment team. All of Axiom's employees receive a base salary. In addition, employees are eligible to participate in a profit sharing pool. Participation in that pool is a function of overall firm performance as well as individual contribution to that performance. Individual contribution is measured through a combination of short-term and long-term factors. Long-term factors include tenure, position and scope of responsibilities. Short-term factors include recent success meeting relevant operating targets, whether they are investment performance, trade execution metrics or administrative.

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Portfolio Managers' performance is viewed in the context of the entire strategy they are responsible for managing, not any one particular account. Given the variability in tax situations of Axiom's underlying clients, Axiom typically views performance on a pre-tax basis when making strategy wide assessments. Additionally, Axiom takes into consideration the performance of its strategies relative to specific benchmarks, in the case of small cap growth, the Russell 2000 Growth Index.

*Ownership of Fund Shares.* As of June 30, 2025, Axiom's portfolio managers did not beneficially own any shares of the Small Cap or Small/Mid Cap Equity Funds.

*Other Accounts.* As of June 30, 2025, in addition to the Small Cap and Small/Mid Cap Equity Funds, Axiom's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| David Kim, CFA | 1 | $233.96 | 16 | $6904.86 | <sup>†</sup> | 5 | $378.44 |
|  | 0 | $0 | 2<br> \* | $84.32 |  | 0 | $0 |
| Matthew Franco, CFA | 1 | $233.96 | 8 | $543.01 | <sup>†</sup> | 6 | $558.25 |
|  | 0 | $0 | 2<br> \* | $84.32 |  | 0 | $0 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

<sup>†</sup> These accounts include assets under advisement consisting of 1 model portfolio with approximately $78.11 MM USD as of 6/30/25.

*Conflicts of Interest.* A conflict of interest may arise as a result of a portfolio manager being responsible for multiple accounts, including the Small Cap and Small/Mid Cap Equity Funds, which may have different investment guidelines and objectives. In addition to the Small Cap and Small/Mid Cap Equity Funds, these accounts may include other mutual funds managed on an advisory or sub-advisory basis, separate accounts and collective trust accounts. An investment opportunity may be suitable for the Small Cap and Small/Mid Cap Equity Funds as well as for any of the other managed accounts. However, the investment may not be available in sufficient quantity for all of the accounts to participate fully. In addition, there may be limited opportunity to sell an investment held by the Small Cap and Small/Mid Cap Equity Funds and the other accounts. The other accounts may have similar investment objectives or strategies as the Small Cap and Small/Mid Cap Equity Funds, may track the same benchmarks or indexes as the Small Cap and Small/Mid Cap Equity Funds track and may sell securities that are eligible to be held, sold or purchased by the Small Cap and Small/Mid Cap Equity Funds. A portfolio manager may be responsible for accounts that have different advisory fee schedules, which may create the incentive for the portfolio manager to favor one account over another in terms of access to investment opportunities. A portfolio manager may also manage accounts whose investment objectives and policies differ from those of the Small Cap and Small/Mid Cap Equity Funds, which may cause the portfolio manager to effect trading in one account that may have an adverse effect on the value of the holdings within another account, including the Small Cap and Small/Mid Cap Equity Funds. To address and manage these potential conflicts of interest, Axiom has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis. Such policies and procedures include, but are not limited to, trade allocation and trade aggregation policies, portfolio manager assignment practices and oversight by investment management and the Compliance team.

Benefit Street

*Compensation.* SIMC pays Benefit Street a fee based on the assets under management of the High Yield Bond Fund as set forth in an investment sub-advisory agreement between Benefit Street and SIMC. Benefit Street pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the High Yield Bond Fund. The following information relates to the period ended June 30, 2025.

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Benefit Street maintains competitive compensation policies that are in line with industry standards for similarly-sized credit funds. The portfolio managers of the High Yield Bond Fund are compensated with a base salary and performance related bonus based on both the individual's performance and the High Yield Bond Fund's performance. While certain indexes may be considered when considering a portfolio manager's compensation, specific benchmarks or periods of time are not necessarily used to calculate a portfolio manager's compensation.

Other factors considered when determining a portfolio manager's compensation include, without limitation, contribution to business results and overall business strategy, success of marketing/business development efforts and client servicing, seniority/length of service with the firm, and management and supervisory responsibilities. In addition, the portfolio managers may, directly or indirectly, have capital invested in and/or interests in carried interest or similar performance-based fees collected by the general partners, managing members, special limited partners (or equivalent of any of the foregoing) or the investment adviser of Benefit Street-sponsored credit funds.

*Ownership of Fund Shares.* As of June 30, 2025, Benefit Street's portfolio managers did not beneficially own any shares of the High Yield Bond Fund.

*Other Accounts.* As of June 30, 2025, in addition to the High Yield Bond Fund, Benefit Street's portfolio managers were responsible for day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Thomas Gahan | 1 | $425.01 | 80 | $45859.72 | 19 | $3037.81 |
|  | 0 | $0 | 79<br> \* | $45823.67 | 17<br> \* | $2952.00 |
| Paul Karpers | 1 | $425.01 | 5 | $1407.21 | 0 | $0 |
|  | 0 | $0 | 4<br> \* | $1371.16 | 0 | $0 |

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<sup>†</sup> Benefit Street utilizes a team-based approach to portfolio management, and each of the portfolio managers listed above are jointly responsible for the management of a portion of the accounts listed in each category.

\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* Benefit Street's individual portfolio managers may manage multiple client accounts. These other accounts may include separate accounts, pooled investment vehicles, other registered investment companies or offshore funds. Each client account may pursue investment opportunities similar to those pursued by another client account or by client accounts of Benefit Street's affiliates. The allocation of investment opportunities will be determined by Benefit Street and its affiliates in their good faith judgment and in accordance with, among other things, Benefit Street's policies and procedures regarding allocating investment opportunities, individual account investment guidelines, and the organizational documents or advisory agreements of the relevant client accounts. Allocation decisions can raise conflicts, for example, if the client accounts have different fee structures. Furthermore, Benefit Street, its affiliates, certain of its principals and employees, and their relatives may invest in and alongside client accounts, either through a general partner of a client account, as direct investors in a client account or otherwise, and may therefore participate indirectly in investments made by the client accounts in which they invest. Such interests will vary account by account and may create an incentive to allocate particularly attractive investment opportunities to the client accounts in which such personnel hold a greater interest.

Subject to applicable investment objectives, guidelines and governing documents of the client accounts, Benefit Street and its affiliates generally allocate investment opportunities on a pro-rata basis among eligible client accounts based upon the current available capital of each such investment vehicle. In addition, certain investment opportunities are allocated on a non-pro rata basis using certain factors such as risk factors and/or diversification, client account investment restrictions, currency or other exposures, current portfolio composition (including current cash available), whether the client account has an existing investment in the portfolio

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company, as well as the client account's phase in its life cycle (for example, certain opportunities may be over-allocated or under-allocated to a client account during the beginning or the end of its investment cycle).

From time to time, Benefit Street may also determine to refer the allocation of certain investment opportunities to Benefit Street's Allocation Committee (the "Allocation Committee"). The Allocation Committee makes recommendations as to the allocation of investment and disposition opportunities among client accounts, with the intention of fostering fair and equitable allocation over time. The Allocation Committee consists of senior officers of appropriate departments of Benefit Street.

Benefit Street, its affiliates, and officers, principals or employees of Benefit Street and its affiliates may buy or sell securities or other instruments that Benefit Street has recommended to client accounts, including the High Yield Bond Fund. In addition, such officers, principals or employees may buy securities in transactions offered to but rejected by clients. Such transactions are subject to the policies and procedures set forth in Benefit Street's Code of Ethics. Benefit Street, its affiliates, and their employees are prohibited from "front running" (*i.e.*, purchasing a security for a personal account while knowing that a client account is about to purchase the same security, and then selling the security at a profit upon the rise in the market price following the purchase by the client account). They are similarly prohibited from engaging in short selling when they have access to confidential information that a client account is about to sell a particular security. In addition, they are prohibited from "intermarket front running" (*e.g.*, trading in an option for a personal account when a client account is trading in the underlying security and vice versa). Nevertheless, if Benefit Street, its affiliates, and their employees have made large capital investments in or alongside client accounts, such persons may have conflicting interests from such client accounts with respect to these investments (for example, with respect to the availability and timing of liquidity).

Certain client accounts of Benefit Street and its affiliates may invest in bank debt and securities of companies in which other client accounts hold securities, including equity securities, including a controlling position. In the event that such investments are made by a client account, the interests of such client account may be in conflict with the interests of other client accounts of Benefit Street or its affiliates, particularly in circumstances where the underlying company is facing financial distress. The involvement of client accounts at both the equity and debt levels could inhibit strategic information exchanges among fellow creditors. In certain circumstances, client accounts of Benefit Street or its affiliates may be prohibited from exercising voting or other rights, and may be subject to claims by other creditors with respect to the subordination of their interest. If additional capital is necessary as a result of financial or other difficulties, or to finance growth or other opportunities, the client accounts may or may not provide such additional capital, and if provided each client account will supply such additional capital in such amounts, if any, as determined by Benefit Street or its affiliates. Benefit Street and its affiliates may seek to address these conflicts by adopting policies and procedures designed to ensure that the team managing the investments make independent decisions through the enforcement of information barriers and similar procedures.

A portfolio manager may also face other potential conflicts of interest in managing the High Yield Bond Fund, and the description above is not a complete description of every conflict of interest that could arise in managing both the High Yield Bond Fund and other accounts listed above.

Brandywine Global

*Compensation.* SIMC pays Brandywine Global a fee based on the assets under management of the Large Cap Disciplined Equity Fund as set forth in an investment sub-advisory agreement between Brandywine Global and SIMC. Brandywine Global pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Large Cap Disciplined Equity Fund. The following information relates to the period ended June 30, 2025.

Portfolio managers, analysts and traders earn a base salary and bonus tied to investment performance. The performance bonus is awarded based on peer group outperformance on a one-quarter, one-year, three-year and five-year basis. The performance calculation is weighted to place more emphasis on longer-term

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outperformance, and less emphasis on the short-term. This emphasis on long term performance, in addition to quarterly oversight of the investment committee, serve as mechanisms to deter excessive risk-taking.

Investment professionals also receive a second quarterly bonus based on the profitability of their product group. Each investment team at Brandywine Global manages its own P&L and retains the bulk of its profits at the end of each quarter. The portion that is not retained is shared with the other investment teams in an effort to smooth income and to promote cross-team fertilization and cooperation. Brandywine Global has found that this form of compensation aligns the interests of investment professionals and clients and leads to accountability and low-turnover among Brandywine Global's staff. In essence, the portfolio management teams own all of the residual profits of Brandywine Global, which the firm believes leads to responsibility, accountability, and low turnover of people.

*Ownership of Fund Shares.* As of June 30, 2025, Brandywine Global's portfolio managers did not beneficially own any shares of the Large Cap Disciplined Equity Fund.

*Other Accounts.* As of June 30, 2025, in addition to the Large Cap Disciplined Equity Fund, Brandywine Global's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Patrick S. Kaser, CFA | 1 | $188 | 5 | $249 | 13 | $3286 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $13 |
| James J. Clarke | 1 | $188 | 14 | $982 | 16 | $3460 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $13 |
| Celia R. Hoopes, CFA | 1 | $188 | 5 | $249 | 13 | $3286 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $13 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio manager being responsible for multiple accounts, including the Large Cap Disciplined Equity Fund which may have different investment guidelines and objectives. In addition to the Large Cap Disciplined Equity Fund, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts.

Pursuant to and subject to any limitations in the investment management agreements under which Brandywine Global provides investment management services, Brandywine Global generally has authority to determine, without obtaining specific client consent, the securities to be bought and sold for client accounts, including the amounts of such securities. Brandywine Global typically has the authority to select broker/dealers to execute transactions, determine the price at which to transact and to negotiate transaction costs. Such authority may be subject to client directions relating to trade execution.

Conflicts of interest could arise between Brandywine Global and certain clients as a result of the potential value and structure of the revenue accruing to Brandywine Global from that client's account when compared to other clients' accounts, such as favoring high fee accounts over low fee accounts, favoring performance fee paying accounts over non-performance fee paying accounts or favoring large clients over small clients.

In order to manage this conflict, Brandywine Global has adopted policies and procedures to allocate securities to its clients in a fair and equitable manner in order to ensure that no client, or group of clients, is routinely advantaged or disadvantaged over any other. Brandywine Global has further adopted implemented trade surveillance procedures to monitor select aspects of Firm trading to seek to ensure that trading of portfolio securities in client accounts is effectuated in a way that is fair and reasonable.

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Brickwood

*Compensation.* SIMC pays Brickwood a fee based on the assets under management of the World Equity Ex-US and Screened World Equity Ex-US Funds as set forth in an investment sub-advisory agreement between Brickwood and SIMC. Brickwood pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the World Equity Ex-US and Screened World Equity Ex-US Funds. The following information relates to the period ended June 30, 2025. Brickwood believes in aligning the investment team's compensation structure to overall client outcomes.

At Brickwood, the firm remunerates employees through a combination of base salary and bonus. The variable component is awarded annually. Various factors are considered in determining compensation, including, client outcomes and demonstrating Brickwood's values such as teamwork, conduct and a commitment to putting clients first. Brickwood's founding investment team are also equity owners which further aligns their incentives with client success.

*Ownership of Fund Shares.* As of June 30, 2025, Brickwood's portfolio managers did not beneficially own any shares of the World Equity Ex-US or Screened World Equity Ex-US Funds.

*Other Accounts.* As of June 30, 2025, in addition to the World Equity Ex-US and Screened World Equity Ex-US Funds, Brickwood's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment <br>Companies | Registered Investment <br>Companies | Other Pooled <br>Investment Vehicles | Other Pooled <br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number <br>of Accounts | Total Assets <br>(in millions) | Number <br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets <br>(in millions) |
| Ben Whitmore | 1<br> \* | $18 | 4<br> \* | $117 | 1<br> \* | $10 |
| Dermot Murphy | 1<br> \* | $18 | 4<br> \* | $117 | 2 | $112 |

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None of the accounts listed above are subject to a performance-based advisory fee.

\* Each account is jointly managed by Ben Whitmore and Dermot Murphy aside from one account in the "Other Accounts" column above.

*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio managers being responsible for multiple accounts, including the World Equity Ex-US and Screened World Equity Ex-US Funds which may have different investment guidelines and objectives. In addition to the World Equity Ex-US and Screened World Equity Ex-US Funds, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts. In particular, this conflict of interest may arise as a result of Brickwood's management of the World Equity Ex-US and Screened World Equity Ex-US Funds and other accounts, which, in theory, may allow Brickwood to allocate investment opportunities in a way that favors other accounts over the World Equity Ex-US and Screened World Equity Ex-US Funds. This conflict of interest may be exacerbated to the extent that Brickwood or the portfolio managers receive, or expect to receive, greater compensation from their management of the other accounts (some of which receive both a management and incentive fee) than the World Equity Ex-US and Screened World Equity Ex-US Funds. Brickwood (or its members, employees and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the World Equity Ex-US and Screened World Equity Ex-US Funds. To the extent a particular investment is suitable for both the World Equity Ex-US and Screened World Equity Ex-US Funds and the other accounts, such investments will be allocated between the World Equity Ex-US and Screened World Equity Ex-US Funds and the other accounts in a manner that Brickwood determines is fair and equitable under the circumstances to all clients, including the World Equity Ex-US and Screened World Equity Ex-US Funds.

To address and manage these potential conflicts of interest, Brickwood has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis.

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Brigade

*Compensation.* SIMC pays Brigade a fee based on the assets under management of the High Yield Bond Fund as set forth in an investment sub-advisory agreement between Brigade and SIMC. Brigade pays its investment professionals out of its total revenues, including the sub-advisory fees earned with respect to the High Yield Bond Fund. Brigade's compensation structure is designed to attract and retain high caliber investment professionals necessary to deliver high quality investment management services to its clients. The following information relates to the period ended June 30, 2025.

Brigade's compensation of Donald E. Morgan, III, managing partner and portfolio manager, and Douglas C. Pardon, co-portfolio manager, includes a fixed monthly payment and incentive components. It is expected that Mr. Morgan and Mr. Pardon will receive an incentive payment based from other client accounts. It is expected that the incentive compensation component with respect to all portfolios managed by Mr. Morgan and Mr. Pardon can, and typically will, represent a significant portion of Mr. Morgan's and Mr. Pardon's respective overall compensation and can vary significantly from year to year.

*Ownership of Fund Shares.* As of June 30, 2025, Brigade's portfolio managers did not beneficially own any shares of the High Yield Bond Fund.

*Other Accounts.* As of June 30, 2025, in addition to the High Yield Bond Fund, Brigade's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Donald E. Morgan III | 4 | $1004.8 | 63 | $19104.7 | 47 | $8331.9 |
|  | 0 | $0 | 12<br> \* | $3006.7 | 14<br> \* | $3222 |
| Douglas C. Pardon | 4 | $1004.8 | 14 | $5108.9 | 25 | $5624.4 |
|  | 0 | $0 | 2<br> \* | $317.7 | 7<br> \* | $2094.5 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio managers being responsible for multiple accounts, including the High Yield Bond Fund, which may have different investment guidelines and objectives. In addition to the High Yield Bond Fund, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts.

In particular, this conflict of interest may arise as a result of Brigade's management of the High Yield Bond Fund and other accounts, which, in theory, may allow Brigade to allocate investment opportunities in a way that favors other accounts over the High Yield Bond Fund. This conflict of interest may be exacerbated to the extent that Brigade or the portfolio managers receive, or expect to receive, greater compensation from their management of the other accounts (some of which receive both a management and incentive fee) than the High Yield Bond Fund.

Brigade (or its members, employees and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the High Yield Bond Fund. To the extent a particular investment is suitable for both the High Yield Bond Fund and the other accounts, such investments will be allocated between the High Yield Bond Fund and the other accounts in a manner that Brigade determines is fair and equitable under the circumstances to all clients, including the High Yield Bond Fund.

To address and manage these potential conflicts of interest, Brigade has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis.

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Causeway

*Compensation.* SIMC pays Causeway a fee based on the assets under management of the Emerging Markets Equity Fund as set forth in an investment sub-advisory agreement between Causeway and SIMC. Causeway pays its investment professionals out of its total revenues, including the sub-advisory fees earned with respect to the Emerging Markets Equity Fund. The following information relates to the period ended June 30, 2025.

Arjun Jayaraman, Ph.D., CFA, MacDuff Kuhnert, CFA, Joe Gubler, CFA, and Ryan Myers are portfolio managers of the Emerging Markets Equity Fund and receive salaries, incentive compensations (including potential cash, awards of growth units, or awards of equity units) and distributions of the parent holding company's net profit based on their minority ownership interests.

Incentive compensation is paid in the discretion of the firm's Compensation Committee, comprised of the firm's chief executive officer, president, and chief operating officer, which weighs a variety of objective and subjective factors. Portfolios are team-managed: no specific formula is used, and incentive compensation is not based on the specific performance of the Emerging Markets Equity Fund or any other single client account managed by Causeway, but takes into account the performance of the individual portfolio manager, the relevant team, and Causeway's overall performance and financial results. The following factors are among those considered in determining incentive compensation for Dr. Jayaraman and Messrs. Kuhnert, Gubler and Myers: individual research contribution, portfolio management and team management contribution, group research contribution, client service, mentoring and recruiting contributions, and other contributions to client satisfaction and firm development.

*Ownership of Fund Shares.* As of June 30, 2025, Causeway's portfolio managers did not beneficially own any shares of the Emerging Markets Equity Fund.

*Other Accounts.* As of June 30, 2025, in addition to the Emerging Markets Equity Fund, Causeway's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
| Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in billions) | Number<br>of Accounts | Total Assets<br>(in billions) | Number<br>of Accounts | Total Assets<br>(in billions) |
| Arjun Jayaraman, Ph.D., CFA | 7 | $5.00 | 12 | $0.927 | 15 | $3.95 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $0.721 |
| MacDuff Kuhnert, CFA | 7 | $5.00 | 12 | $0.927 | 18 | $3.95 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $0.721 |
| Joe Gubler, CFA | 7 | $5.00 | 12 | $0.927 | 9 | $3.95 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $0.721 |
| Ryan Myers | 7 | $5.00 | 12 | $0.927 | 8 | $3.95 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $0.721 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

<sup>†</sup> Causeway uses a team-based approach to portfolio management, and the portfolio managers listed above are jointly responsible for the management of a portion of the accounts listed in each category.

*Conflicts of Interest.* The Causeway portfolio managers who manage the Emerging Markets Equity Fund also manage their own personal accounts and accounts for other clients, including corporations, pension plans, sovereign wealth funds, superannuation funds, public retirement plans, Taft-Hartley pension plans, endowments and foundations, mutual funds and other collective investment vehicles, charities, private trusts and funds, model and SMA programs and other institutions (collectively, "Causeway Other Accounts").

In managing certain of the Causeway Other Accounts, the portfolio managers employ investment strategies similar to those used in managing the Emerging Markets Equity Fund, subject to certain variations in investment

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restrictions. The portfolio managers recommend securities to the Causeway Other Accounts that they purchase and sell for the Emerging Markets Equity Fund.

The portfolio managers at times give advice or take action with respect to certain accounts that differs from the advice given to the Causeway Other Accounts with similar investment strategies. Certain Causeway Other Accounts pay higher management fee rates than the Emerging Markets Equity Fund or pay performance-based fees to Causeway. Causeway is the investment adviser and sponsor of a mutual fund family (the "Causeway Mutual Funds"). All of the portfolio managers have personal investments in one or more of the Causeway Mutual Funds. Dr. Jayaraman and Messrs. Kuhnert, Gubler and Myers have minority interests in Causeway's equity.

Actual or potential conflicts of interest may arise from the Emerging Markets Equity Fund's portfolio managers' management responsibilities with respect to the Causeway Other Accounts and their own personal accounts. These responsibilities may cause portfolio managers to devote unequal time and attention across client accounts, and the differing fees, incentives and relationships with the various accounts provide incentives to favor certain accounts. Causeway has written compliance policies and procedures designed to mitigate or manage these conflicts of interest. These include policies and procedures to seek fair and equitable allocation of investment opportunities (including initial public offerings) and trade allocations among all client accounts and policies and procedures concerning the disclosure and use of portfolio transaction information. Causeway also has a Code of Ethics, which, among other things, limits personal trading by portfolio managers and other employees of Causeway. There is no guarantee that any such policies or procedures will cover every situation in which a conflict of interest arises.

Colchester

*Compensation.* SIMC pays Colchester a fee based on the assets under management of the Emerging Markets Debt Fund as set forth in an investment sub-advisory agreement between Colchester and SIMC. Colchester pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Emerging Markets Debt Fund. The following information relates to the period ended June 30, 2025.

*Ownership of Fund Shares.* As of June 30, 2025, Colchester's portfolio managers did not beneficially own any shares of the Emerging Markets Debt Fund.

*Other Accounts.* As of June 30, 2025, in addition to the Emerging Markets Debt Fund, Colchester's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies\*\* | Registered Investment<br>Companies\*\* | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Ian Sims | 3 | $488 | 27 | $8591 | 62 | $18390 |
|  | 0 | $0 | 0 | $0 | 6<br> \* | $4400 |
| Keith Lloyd, CFA | 3 | $488 | 27 | $8591 | 62 | $18390 |
|  | 0 | $0 | 0 | $0 | 6<br> \* | $4400 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

\*\* Colchester sub-advises 4 accounts for a registered investment company but does not consider itself to have day to day responsibility for those funds.

<sup>†</sup> Colchester utilizes a team-based approach to portfolio management, and each of the portfolio managers listed above are jointly responsible for the management of a portion of the accounts listed in each category.

*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio manager being responsible for multiple accounts, including the Emerging Markets Debt Fund, which may have different investment guidelines and objectives. In addition to the Emerging Markets Debt Fund, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts. In particular, this conflict of interest may arise as a result of Colchester's management of the Emerging Markets Debt Fund and

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other accounts, which, in theory, may allow Colchester to allocate investment opportunities in a way that favors other accounts over the Emerging Markets Debt Fund. This conflict of interest may be exacerbated to the extent that Colchester or the portfolio manager receive, or expect to receive, greater compensation from their management of the other accounts (some of which receive both a management and incentive fee) than the Emerging Markets Debt Fund. Colchester (or its members, employees and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the Emerging Markets Debt Fund. To the extent a particular investment is suitable for both the Emerging Markets Debt Fund and the other accounts, such investments will be allocated between the Emerging Markets Debt Fund and the other accounts in a manner that Colchester determines is fair and equitable under the circumstances to all clients, including the Emerging Markets Debt Fund.

To address and manage these potential conflicts of interest, Colchester has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis.

Copeland

*Compensation.* SIMC pays Copeland a fee based on the assets under management of the Large Cap, Large Cap Disciplined Equity, Small Cap II and Small/Mid Cap Equity Funds as set forth in an investment sub-advisory agreement between Copeland and SIMC. Copeland pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Large Cap, Large Cap Disciplined Equity, Small Cap II and Small/Mid Cap Equity Funds. The following information relates to the period ended June 30, 2025.

*Ownership of Fund Shares.* As of June 30, 2025, Copeland's portfolio managers did not beneficially own any shares of the Large Cap, Large Cap Disciplined Equity, Small Cap II or Small/Mid Cap Equity Funds.

*Other Accounts.* As of June 30, 2025, in addition to the Large Cap, Large Cap Disciplined Equity, Small Cap II and Small/Mid Cap Equity Funds, Copeland's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Mark W. Giovanniello, CFA | 6 | $732.3 | 0 | $0 | 2308 | $3618.5 |
| Eric C. Brown, CFA | 6 | $732.3 | 0 | $0 | 2308 | $3618.5 |
| David McGonigle, CFA | 6 | $732.3 | 0 | $0 | 2308 | $3618.5 |
| Jeffrey Walkenhorst, CFA | 6 | $732.3 | 0 | $0 | 2308 | $3618.5 |
| John Cummings, CFA | 6 | $732.3 | 0 | $0 | 2308 | $3618.5 |

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None of the accounts listed above are subject to a performance-based advisory fee.

<sup>†</sup> Copeland utilizes a team-based approach to portfolio management, and each of the portfolio managers listed above are jointly responsible for the management of a portion of the accounts listed in each category.

*Conflicts of Interest.* The portfolio managers may manage numerous accounts for multiple clients. These accounts may include registered investment companies, other types of pooled accounts (*e.g.*, collective investment funds), and separate accounts (*i.e.*, accounts managed on behalf of individuals or public or private institutions). The portfolio managers make investment decisions for each account based on the investment objectives and policies and other relevant investment considerations applicable to that portfolio.

When the portfolio managers have responsibility for managing more than one account, potential conflicts of interest may arise. Those conflicts could include preferential treatment of one account over others in terms of allocation of resources or of investment opportunities. For instance, Copeland may receive fees from certain accounts that are higher than the fee it receives from the Large Cap, Large Cap Disciplined Equity, Small Cap II and Small/Mid Cap Equity Funds, or it may receive a performance-based fee on certain accounts. In those

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instances, the portfolio managers may have an incentive to favor the higher and/or performance-based fee accounts over the Large Cap, Large Cap Disciplined Equity, Small Cap II and Small/Mid Cap Equity Funds. Copeland has adopted policies and procedures designed to address these potential material conflicts. For instance, Copeland utilizes a system for allocating investment opportunities among portfolios that is designed to provide a fair and equitable allocation.

The portfolio manager's compensation is based upon their ownership share of the profits, if any, of Copeland.

To address and manage these potential conflicts of interest, Copeland has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis.

Cullen

*Compensation.* SIMC pays Cullen a fee based on the assets under management of the Large Cap Fund as set forth in an investment sub-advisory agreement between Cullen and SIMC. Cullen pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Large Cap Fund. The following information relates to the period ended June 30, 2025.

James Cullen owns 75.01% of the voting equity of Cullen Capital Management LLC. In his ownership capacity, Mr. Cullen shares commensurately in the profits and losses of Cullen. Mr. Cullen also receives a fixed base salary from Cullen and participates in its 401(k) / Profit Sharing Plan.

Jennifer Chang owns non-voting interests in Cullen which provide her a percentage of annual after-tax profits and losses and receives a fixed salary and bonus from Cullen. Bonus amounts are determined by the overall profitability of Cullen and are not directly related to the performance of any one fund or product. Ms. Chang also participates in Cullen's 401(k) / Profit Sharing plan.

*Ownership of Fund Shares.* As of June 30, 2025, Cullen's portfolio managers did not beneficially own any shares of the Large Cap Fund.

*Other Accounts.* As of June 30, 2025, in addition to the Large Cap Fund, Cullen's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| James Cullen | 9 | $2498 | 10 | $755 | 7813 | $21408 |
|  | 0 | $0 | 2<br> \* | $17.5 | 0 | $0 |
| Jennifer Chang | 5 | $940 | 5 | $638 | 5508 | $15126 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio manager being responsible for multiple accounts, including the Large Cap Fund, which may have similar or different investment guidelines and objectives. In addition to the Large Cap Fund, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts. This conflict of interest may arise as a result of Cullen's management of the Large Cap Fund and other accounts, which, in theory, may allow Cullen to allocate investment opportunities in a way that favors other accounts over the Large Cap Fund. This conflict of interest may be exacerbated to the extent that Cullen or the portfolio manager receive, or expect to receive, greater compensation from their management of the other accounts (some of which receive both a management and incentive fee) than the Large Cap Fund. Cullen (or its members, employees and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the Large Cap Fund. To the extent a particular investment is suitable for both the Large Cap Fund and the other accounts,

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such investments will be allocated between the Large Cap Fund and the other accounts in a manner that Cullen determines is fair and equitable under the circumstances to all clients, including the Large Cap Fund.

To address and manage these potential conflicts of interest, Cullen has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis.

DIFA

*Compensation.* SIMC pays DIFA a fee based on the assets under management of the World Equity Ex-US Fund as set forth in an investment sub-advisory agreement between DIFA and SIMC. DIFA pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the World Equity Ex-US Fund. The following information relates to the period ended June 30, 2025.

*Base Salary.* Each portfolio manager receives a fixed base salary. Salaries are determined by a comparison to industry data prepared by third parties to ensure that portfolio manager salaries are in line with salaries paid at peer investment advisory firms.

*Bonus.* Global Value Equity Portfolio Managers (Hansen, Petersen, Annerstedt, Jensen, Juul). Each named portfolio manager is eligible to receive an annual cash bonus. The bonus pool is determined by the revenues associated with the products a portfolio manager manages. Macquarie Asset Management keeps a percentage of the revenues and the remaining percentage of revenues (minus appropriate expenses associated with relevant product and the investment management team) creates the "bonus pool" for the product. Various members of the team have the ability to earn a percentage of the bonus pool. Individual allocations of the bonus pool are based on individual performance measurements, both objective and subjective, as determined by senior management.

*Bonus.* International Value Equity Portfolio Manager (Growlland). Fixed remuneration takes into consideration the role of individuals and market conditions. Remuneration is reviewed on a yearly basis in February/March and takes effect from April 1 of that year. Aggregate staff profit share is linked to Macquarie's profitability and return on ordinary equity, with the allocation of individual profit share being based on factors including contribution to profit, use of capital, funding, and risk. Macquarie operates profit share retention arrangements for employees meeting certain pay thresholds, to ensure an appropriate balance between short and longer-term incentives. Compensation is not directly based on the pre or post tax performance of the World Equity Ex-US Fund over a certain period. However, performance of the World Equity Ex-US Fund may be one factor taken into account in determining compensation.

Portfolio managers participate in retention programs, including a MAM Notional Investment Plan and the Macquarie Group Employee Retained Equity Plan, for alignment of interest purposes.

MAM Notional Investment Plan—A portion of a portfolio manager's retained profit share may be notionally exposed to the return of certain funds within Macquarie Asset Management Funds pursuant to the terms of the MAM Notional Investment Plan. The retained amount will vest in equal tranches over a period ranging from four to five years after the date of investment (depending on the level of the employee).

Macquarie Group Employee Retained Equity Plan—A portion of a portfolio manager's retained profit share may be invested in the Macquarie Group Employee Retained Equity Plan ("MEREP"), which is used to deliver remuneration in the form of Macquarie equity. The main type of award currently being offered under the MEREP is units comprising a beneficial interest in a Macquarie share held in a trust for the employee, subject to the vesting and forfeiture provisions of the MEREP. Subject to vesting conditions, vesting and release of the shares occurs in a period ranging from four to five years after the date of investment (depending on the level of the employee).

Other Compensation—Portfolio managers may also participate in benefit plans and programs available generally to all similarly situated employees.

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*Ownership of Fund Shares*. As of June 30, 2025, DIFA's portfolio managers did not beneficially own any shares of the World Equity Ex-US Fund.

*Other Accounts*. As of June 30, 2025, in addition to the World Equity Ex-US Fund, DIFA's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Jens Hansen | 0 | $0 | 4 | $252.8 | 4 | $2500 |
| Klaus Petersen, CFA | 0 | $0 | 4 | $252.8 | 4 | $2500 |
| Claus Juul | 0 | $0 | 4 | $252.8 | 4 | $2500 |
| Asa Annerstedt | 0 | $0 | 4 | $252.8 | 4 | $2500 |
| Allen Saustrup Jensens, CFA | 0 | $0 | 4 | $252.8 | 4 | $2500 |
| Chris Gowlland, CFA | 0 | $0 | 1 | $67.3 | 0 | $0 |

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None of the accounts listed above are subject to a performance-based advisory fee.

*Conflicts of Interest*. Individual portfolio managers may perform investment management services for other funds or accounts similar to those provided to the World Equity Ex-US Fund and the investment action for each other fund or account and the World Equity Ex-US Fund may differ. For example, one account or fund may be selling a security, while another account or fund maybe purchasing or holding the same security. As a result, transactions executed for one account and the World Equity Ex-US Fund may adversely affect the value of securities held by another fund or account. Additionally, the management of multiple other funds or accounts and the World Equity Ex-US Fund may give rise to potential conflicts of interest, as a portfolio manager must allocate time and effort to multiple funds or accounts and the World Equity Ex-US Fund. A portfolio manager may discover an investment opportunity that may be suitable for more than one account or fund. The investment opportunity may be limited, however, so that all funds or accounts for which the investment would be suitable may not be able to participate. DIFA and/or its affiliates have established proprietary accounts and initial seed accounts and also manage accounts for affiliated entities. A portfolio manager also may have invested in certain funds or accounts managed by DIFA. Accordingly, portfolio managers have an incentive to favor these accounts or funds over other client accounts or funds. DIFA has adopted procedures designed to allocate investments fairly across multiple funds and accounts including, unless prohibited by applicable law, proprietary and affiliated accounts.

A portfolio manager's management of personal accounts also may present certain conflicts of interest. While DIFA's Code of Ethics is designed to address these potential conflicts, there is no guarantee that it will do so.

When DIFA and its affiliates establish proprietary accounts, provide the initial seed capital in connection with the creation of a new investment product or style, and manage affiliate accounts, these accounts may not exhibit the same performance results as a similarly managed fund for a variety of reasons, including regulatory restrictions on the type and amount of securities in which the proprietary capital invests, differential credit and financing terms, and the use of hedging transactions that differ from those used to implement investment strategies for advisory clients.

Effective on or about October 31, 2025, Nomura Holding America Inc. is expected to acquire the U.S. and European public investments asset management business of Macquarie Asset Management, which includes DIFA. No material changes to DIFA's investment objectives and strategies are anticipated as a result of the acquisition. Upon the closing of the acquisition, it is expected that DIFA's name will be updated to Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust.

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EIP

*Compensation*. SIMC pays EIP a fee based on the assets under management of the Small Cap II Fund as set forth in an investment sub-advisory agreement between EIP and SIMC. EIP pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Small Cap II Fund. The following information relates to the period ended June 30, 2025.

EIP's Senior Portfolio Managers and Portfolio Managers are paid a competitive base salary, a discretionary bonus, and are, or will, be equity holders of the firm. Approximately one-third to one-half of their overall compensation is tied to a subjective analysis of their respective products' performance as well as the overall profitability of the firm. EIP's Senior Analysts and Analysts are paid a competitive base salary and a discretionary bonus that is based on their individual performance relative to expectations and the overall profitability of the firm. Approximately one-third to one-half of their overall compensation is bonus.

Key EIP employees have, after meeting certain performance objectives, an option to participate in direct equity ownership. All EIP Portfolio Managers and Senior Analysts are designated as key employees. All EIP equity holders are required to enter into employment agreements, which include non-compete provisions.

EIP attempts to benchmark compensation and benefits with other firms in the industry and/or market. EIP's objective is to provide total cash compensation that is competitive on a national basis and supplement with equity awards to provide long term incentive and retention.

*Ownership of Fund Shares*. As of June 30, 2025, EIP's portfolio managers did not beneficially own any shares of the Small Cap II Fund.

*Other Accounts.* As of June 30, 2025, in addition to the Small Cap II Fund, EIP's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Joshua Schachter, CFA | 1 | $28.1 | 0 | $0 | 1029 | $1026.6 |
| Philip Greenblatt, CFA | 1 | $28.1 | 0 | $0 | 801 | $486.7 |

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None of these accounts are subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio managers being responsible for multiple accounts, including the Small Cap II Fund, which may have different investment guidelines and objectives. In addition to the Small Cap II Fund, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts. In particular, this conflict of interest may arise as a result of EIP's management of the Small Cap II Fund and other accounts, which, in theory, may allow EIP to allocate investment opportunities in a way that favors other accounts over the Small Cap II Fund. This conflict of interest may be exacerbated to the extent that EIP or the portfolio manager receive, or expect to receive, greater compensation from their management of the other accounts (some of which receive both a management and incentive fee) than the Small Cap II Fund. EIP (or its members, employees and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the Small Cap II Fund. To the extent a particular investment is suitable for both the Small Cap II Fund and the other accounts, such investments will be allocated between the Small Cap II Fund and the other accounts in a manner that EIP determines is fair and equitable under the circumstances to all clients, including the Small Cap II Fund.

To address and manage these potential conflicts of interest, EIP has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis. Such policies and procedures include, but are not limited to, trade allocation and trade aggregation policies, portfolio manager assignment practices and oversight by investment management and the Compliance team.

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FAV

*Compensation.* SIMC pays FAV a fee based on the assets under management of the Multi-Asset Real Return Fund as set forth in an investment sub-advisory agreement between FAV and SIMC. FAV pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Multi-Asset Real Return Fund. The following information relates to the period ended June 30, 2025.

*Franklin Compensation.* The investment manager seeks to maintain a compensation program that is competitively positioned to attract, retain and motivate top-quality investment professionals. Portfolio managers receive a base salary, a cash incentive bonus opportunity, an equity compensation opportunity, and a benefits package. Portfolio manager compensation is reviewed annually and the level of compensation is based on individual performance, the salary range for a portfolio manager's level of responsibility and Franklin Templeton guidelines. Portfolio managers are provided no financial incentive to favor one fund or account over another. Each portfolio manager's compensation consists of the following three elements:

*Base Salary.* Each portfolio manager is paid a base salary.

*Annual Bonus.* Annual bonuses are structured to align the interests of the portfolio manager with those of the Fund's shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses generally are split between cash (50% to 65%) and restricted shares of Resources stock (17.5% to 25%) and fund shares (17.5% to 25%). The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the financial performance of both Resources and funds advised by the investment manager. The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving consistently strong investment performance, which aligns the financial incentives of the portfolio manager and Fund shareholders. The Chief Investment Officer of the investment manager and/or other officers of the investment manager, with responsibility for the Fund, have discretion in the granting of annual bonuses to portfolio managers in accordance with Franklin Templeton guidelines. The following factors are generally used in determining bonuses under the plan:

• Investment performance. Primary consideration is given to the historic investment performance over the 1, 3 and 5 preceding years of all accounts managed by the portfolio manager. The pre-tax performance of each fund managed is measured relative to a relevant peer group and/or applicable benchmark as appropriate.

• Non-investment performance. The more qualitative contributions of the portfolio manager to the investment manager's business and the investment management team, including professional knowledge, productivity, responsiveness to client needs and communication, are evaluated in determining the amount of any bonus award.

• Responsibilities. The characteristics and complexity of funds managed by the portfolio manager are factored in the investment manager's appraisal. Additional long-term equity-based compensation. Portfolio managers may also be awarded restricted shares or units of Resources stock or restricted shares or units of one or more funds. Awards of such deferred equity-based compensation typically vest over time, so as to create incentives to retain key talent.

*Benefits.* Portfolio managers also participate in benefit plans and programs available generally to all employees of the investment manager.

*Ownership of Fund Shares.* As of June 30, 2025, FAV's portfolio managers did not beneficially own any shares of the Multi-Asset Real Return Fund.

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*Other Accounts.* As of June 30, 2025, in addition to the Multi-Asset Real Return Fund, FAV's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Chris Floyd | 35 | $11482.4 | 4 | $1390.9 | 7 | $626.1 |
| Jose Maldonado | 13 | $6377.1 | 2 | $64.1 | 6 | $688.3 |

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None of the accounts listed above are subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio managers being responsible for multiple accounts, including the Multi-Asset Real Return Fund which may have different investment guidelines and objectives. In addition to the Multi-Asset Real Return Fund, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts. In particular, this conflict of interest may arise as a result of FAV's management of the Multi-Asset Real Return Fund and other accounts, which, in theory, may allow FAV to allocate investment opportunities in a way that favors other accounts over the Multi-Asset Real Return Fund. This conflict of interest may be exacerbated to the extent that FAV or the portfolio managers receive, or expect to receive, greater compensation from their management of the other accounts (some of which receive both a management and incentive fee) than the Multi-Asset Real Return Fund. FAV (or its members, employees and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the Multi-Asset Real Return Fund. To the extent a particular investment is suitable for both the Multi-Asset Real Return Fund and the other accounts, such investments will be allocated between the Multi-Asset Real Return Fund and the other accounts in a manner that FAV determines is fair and equitable under the circumstances to all clients, including the Multi-Asset Real Return Fund.

To address and manage these potential conflicts of interest, FAV has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis.

Fred Alger

*Compensation.* SIMC pays Alger a fee based on the assets under management of the Large Cap Fund as set forth in an investment sub-advisory agreement between Alger and SIMC. Alger pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Large Cap Fund. The following information relates to the period ended June 30, 2025:

An Alger portfolio manager's compensation generally consists of salary and an annual bonus. In addition, portfolio managers are eligible for health and retirement benefits available to all Alger employees, including a 401(k) plan sponsored by Alger. A portfolio manager's base salary is typically a function of the portfolio manager's experience (with consideration given to type, investment style and size of investment portfolios previously managed), education, industry knowledge and the individual's performance in his or her role. Base salaries will grow over time for Alger's superior employees, rewarding their performance and contributions to the firm.

Cash bonus may be a significant portion of an individual's compensation and can vary from year to year. The annual bonus considers various factors, including:

• the firm's overall financial results and profitability;

• the firm's collective investment management performance;

• an individual's adherence to Alger's investment process, generating investment ideas and overall performance of its clients' portfolios (both relative and absolute);

• qualitative assessment of an individual's performance with respect to Alger's standards; and

• the individual's leadership contribution within the firm.

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While the benchmarks and peer groups used in determining a portfolio manager's compensation may change from time to time, Alger may refer to benchmarks, such as those provided by Russell Investments and S&P Global Ratings, and peer groups, such as those provided by Lipper Inc. and Morningstar Inc., that are widely-recognized by the investment industry.

Alger has implemented a profit participation plan ("PPP") that gives key personnel the opportunity to have equity-like participation in the long-term growth and profitability of the firm. Members of the firm are eligible to receive awards annually in the PPP. The PPP reinforces the portfolio managers' commitment to generating superior investment performance for the firm's clients. The awards are invested in Alger's mutual funds and ETFs and have a four-year vesting schedule. The total award earned can increase or decrease with the firm's investment and earnings results over the four-year period.

Additionally, the Alger Partners Plan provides key investment and non-investment executives with phantom equity that allows participants pro-rata rights to growth in the firm's book value, dividend payments and participation in any significant corporate transactions (*e.g.* partial sale, initial public offering, merger, etc.). The firm does not have a limit on the overall percentage of the firm's value it will convey through this program. Participation in this program is determined annually.

*Ownership of Fund Shares.* As of June 30, 2025, Alger's portfolio managers did not beneficially own any shares of the Large Cap Fund.

*Other Accounts.* As of June 30, 2025, in addition to the Large Cap Fund, Alger's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Patrick Kelly, CFA | 7 | $12251.8 | 9 | $1669.6 | 43 | $3696.2 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $324.2 |
| Ankur Crawford, Ph.D. | 7 | $12234.2 | 9 | $1669.6 | 43 | $3697.2 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $324.2 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* Conflicts can emerge due to how Alger manages client accounts and allocates investment opportunities. To attempt to treat all clients reasonably in light of all factors relevant to managing an account, aggregated trades will generally be allocated pro rata among the accounts whenever possible. There are exceptions to this practice, however. Some of these exceptions include periods of unusual market conditions, the availability of certain investments, and differing account guidelines, objectives and time horizons. Additionally, while Alger will aggregate trades on behalf of similarly situated clients, there are instances when Alger places a trade ahead of, or contemporaneously with, trades for another account. In such cases, market impact, liquidity constraints, or other factors could result in the second account receiving less favorable trading results. The costs of implementing trades could be increased or the other account could otherwise be disadvantaged.

If Alger believes that the purchase or sale of a security is in the best interest of more than one client/proprietary account, it has the option (but is not obligated) to aggregate these orders. When trades are aggregated, prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices are generally averaged, and a participating account will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of an individual account. Alger maintains policies and procedures that it believes are reasonably designed to deal equitably with conflicts of interest that may arise when orders are aggregated.

Alger is under common ownership with Fred Alger & Company, LLC ("FAC"), a registered broker-dealer. FAC serves as the principal underwriter for the U.S. registered mutual funds and ETFs advised by Alger, as a

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placement agent for certain private funds managed by Alger and its affiliates, and as a broker-dealer for U.S. listed equity securities trades placed on behalf of certain clients of Alger, and provides distribution support to certain foreign affiliates. FAC does not conduct public brokerage business and substantially all of its transactions are in U.S. equities for those Alger clients who authorize Alger to use FAC as a broker, provided that relevant regulations that govern their accounts allow it. FAC does not act as principal in any client trade nor does it underwrite the offering of securities (except as the principal underwriter for certain U.S. registered mutual funds and ETFs advised by Alger). On a regular basis, Alger evaluates whether the commissions, rates and fees charged by FAC are commercially reasonable. Certain employees and officers of Alger serve as registered representatives and principals of FAC.

Consistent with the "safe harbor" provisions of Section 28(e) of the Securities Exchange Act of 1934, as amended, Alger will sometimes select brokers that charge higher commissions to provide brokerage and research services than would be charged by brokers providing trade execution services only. This benefits Alger because it does not have to pay for research products or services. Such benefit gives Alger an incentive to select a broker-dealer based on its interest in receiving the research products or services rather than on its clients' interest in receiving the most favorable execution.

To address and manage these potential conflicts of interest, Alger has adopted compliance policies and procedures that it believes are reasonably designed to deal equitably with these and other conflicts of interest.

Geneva

*Compensation.* SIMC pays Geneva a fee based on the assets under management of the Small/Mid Cap Equity Fund as set forth in an investment sub-advisory agreement between Geneva and SIMC. Geneva pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Small/Mid Cap Equity Fund. The following information relates to the period ended June 30, 2025. Geneva investment professionals receive a competitive market based salary and discretionary bonus. The size of the bonus pool is a function of firm revenues. Bonuses at the individual level will be based on a number of factors including analyst productivity, performance of coverage universe and a discretionary component. This discretionary component is meant to encourage teamwork and collaboration and reward individuals who make a positive long-term impact on the business. In addition to bonus and salary most members of the investment team are shareholders of the firm and receive profit distributions based on their ownership stake in the company. Additionally, Geneva continually evaluates ways to incent investment professionals who make a positive long term impact. This may include an opportunity to purchase equity in the Firm, which is offered on an invitation only basis. Geneva believes this compensation plan encourages investment professionals to focus on the long term success of the business.

*Ownership of Fund Shares.* As of June 30, 2025, Geneva's portfolio managers did not beneficially own any shares of the Small/Mid Cap Equity Fund.

*Other Accounts*. As of June 30, 2025, in addition to the Small/Mid Cap Equity Fund, Geneva's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| W. Scott Priebe | 5 | $2266.2 | 2 | $223.0 | 225 | $3902.5 |
| Jose Munoz | 5 | $2266.2 | 2 | $223.0 | 200 | $3825.6 |

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None of the accounts listed above are subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio manager being responsible for multiple accounts, including the Small/Mid Cap Equity Fund which may have different investment guidelines and objectives. In addition to the Small/Mid Cap Equity Fund, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts. In particular, this conflict of interest may arise as a result of Geneva's management of the Small/Mid Cap Equity Fund and other accounts,

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which, in theory, may allow Geneva to allocate investment opportunities in a way that favors other accounts over the Small/Mid Cap Equity Fund. This conflict of interest may be exacerbated to the extent that Geneva or the portfolio manager receive, or expect to receive, greater compensation from their management of the other accounts (some of which receive both a management and incentive fee) than the Small/Mid Cap Equity Fund. Geneva (or its members, employees and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the Small/Mid Cap Equity Fund. To the extent a particular investment is suitable for both the Small/Mid Cap Equity Fund and the other accounts, such investments will be allocated between the Small/Mid Cap Equity Fund and the other accounts in a manner that Geneva determines is fair and equitable under the circumstances to all clients, including the Small/Mid Cap Equity Fund.

To address and manage these potential conflicts of interest, Geneva has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis.

GMO

*Compensation.* SIMC pays GMO a fee based on the assets under management of the Emerging Markets Debt Fund as set forth in an investment sub-advisory agreement between GMO and SIMC. GMO pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Emerging Markets Debt Fund. The following information relates to the period ended June 30, 2025.

*Ownership of Fund Shares.* As of June 30, 2025, GMO's portfolio manager did not beneficially own any shares of the Emerging Markets Debt Fund.

*Other Accounts.* As of June 30, 2025, in addition to the Emerging Markets Debt Fund, GMO's portfolio manager was responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Tina Vandersteel | 1 | $2334.56 | 4 | $2437.84 | 5 | $1119.86 |
|  | 0 | $0 | 2 | $512.22 | 5 | $1119.86 |

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No account listed above is subject to a performance-based advisory fee.

*Conflicts of Interest.* Because each senior member manages other accounts, including accounts that pay higher fees or accounts that pay performance-based fees, potential conflicts of interest exist, including potential conflicts between the investment strategy of a fund and the investment strategy of the other accounts managed by the senior member and potential conflicts in the allocation of investment opportunities between a fund and the other accounts.

Senior members of each team are generally members (partners) of GMO. The compensation of each senior member consisted of a fixed annual base salary and an additional, discretionary, bonus and, in the case of partners, a partnership interest in the firm's profits. Base salary is determined by taking into account current industry norms and market data to ensure that GMO pays a competitive base salary. The discretionary bonus is paid on the basis of a number of factors, including features designed to align the compensation of the senior members with the performance of the accounts they manage, such as a fund, over various periods. In some cases, the performance of a fund relative to an index (which may or may not be the fund's benchmark) is considered. Such features are intended to promote a closer alignment of interests between those accounts and the senior members managing those accounts. Individual senior members may, however, have some or all of the same economic incentives that GMO itself may have when GMO is eligible to earn a performance fee. Specifically, even if GMO is not earning or eligible to earn a performance fee (none of the funds pay GMO a performance-based fee), individual senior members may have compensation-related incentives to make riskier investments, pursue riskier fund strategies, seek less downside risk when a fund has outperformed its benchmark

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and allocate superior investment ideas to GMO client accounts capable of generating higher performance-related compensation. The level of partnership interest is determined by taking into account the individual's contribution to GMO. Because each senior member's compensation is based, in part, on his or her individual performance, GMO does not have a typical percentage split among base salary, bonus and other compensation.

Please refer to GMO's Form ADV for additional information on conflicts of interest.

Invesco

*Compensation.* SIMC pays Invesco a fee based on the assets under management of the Emerging Markets Debt Fund as set forth in an investment sub-advisory agreement between Invesco and SIMC. Invesco pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Emerging Markets Debt Fund. The following information relates to the period ended June 30, 2025.

Invesco seeks to maintain a compensation program that is competitively positioned to attract and retain high caliber investment professionals. Portfolio managers receive a base salary, an incentive cash bonus opportunity, and a deferred compensation opportunity. Portfolio manager compensation is reviewed and may be modified each year as appropriate to reflect changes in the market, as well as to adjust the factors used to determine bonuses to promote competitive fund performance. Invesco evaluates competitive market compensation by reviewing compensation survey results conducted by an independent third party of investment industry compensation. Each portfolio manager's compensation consists of the following three elements:

*Base salary.* Each portfolio manager is paid a base salary. In setting the base salary, Invesco's intention is to be competitive in light of the particular portfolio manager's experience and responsibilities.

*Annual Bonus.* The portfolio managers are eligible, along with other employees of Invesco, to participate in a discretionary year-end bonus pool. The Compensation Committee of IVZ reviews and approves the firm-wide bonus pool based upon progress against strategic objectives and annual operating plan, including investment performance and financial results. In addition, while having no direct impact on individual bonuses, assets under management are considered when determining the starting bonus funding levels. Each portfolio manager is eligible to receive an annual cash bonus which is based on quantitative (*i.e.*, investment performance) and non-quantitative factors (which may include, but are not limited to, individual performance, risk management and teamwork).

Each portfolio manager's compensation is linked to the pre-tax investment performance of the funds/accounts managed by the portfolio manager as described in the table below.

<u> Sub-Adviser</u> <u> Performance time period<sup>1</sup></u> <br> Invesco<sup>2</sup> One-, Three- and Five-year performance against fund peer group

<sup>1</sup> Rolling time periods based on calendar year-end.

<sup>2</sup> Portfolio Managers may be granted an annual deferral award that vests on a pro-rata basis over a four-year period.

High investment performance (against applicable peer group and/or benchmarks) would deliver compensation generally associated with top pay in the industry (determined by reference to the third-party provided compensation survey information) and poor investment performance (versus applicable peer group) would result in low bonus compared to the applicable peer group or no bonus at all. These decisions are reviewed and approved collectively by senior leadership which has responsibility for executing the compensation approach across the organization.

*Deferred/Long-Term Compensation.* Portfolio managers may be granted a deferred compensation award based on a firm-wide bonus pool approved by the Compensation Committee of IVZ. Deferred compensation awards may take the form of annual fund deferral awards or long-term equity awards. Annual fund deferral awards are notionally invested in certain Invesco funds selected by the Portfolio Manager and are settled in cash. Long-term equity awards are settled in IVZ common shares. Both fund deferral awards and long-term

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equity awards have a four-year ratable vesting schedule. The vesting period aligns the interests of the Portfolio Managers with the long-term interests of clients and shareholders and encourages retention.

*Retirement and health and welfare arrangements.* Portfolio managers are eligible to participate in retirement and health and welfare plans and programs that are available generally to all employees.

*Ownership of Fund Shares.* As of June 30, 2025, Invesco's portfolio managers did not beneficially own any shares of the Emerging Markets Debt Fund.

*Other Accounts.* As of June 30, 2025, in addition to the Emerging Markets Debt Fund, Invesco's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Hemant Baijal | 4 | $3483.9 | 5 | $1007.9 | 3 | $1100.4 |
| Wim Vandenhoeck | 4 | $78.3 | 6 | $1128.6 | 3 | $1100.4 |

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No account listed above is subject to a performance-based advisory fee.

*Conflicts of Interest.* Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one fund or other account. More specifically, portfolio managers who manage multiple funds and/or other accounts may be presented with one or more of the following potential conflicts:

• The management of multiple funds and/or other accounts may result in a portfolio manager devoting unequal time and attention to the management of each fund and/or other account. Invesco seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio manager's focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment models that are used in connection with the management of the funds.

• If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one fund or other account, a fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible funds and other accounts. To deal with these situations, Invesco has adopted procedures for allocating portfolio transactions across multiple accounts.

• Invesco determines which broker to use to execute each order for securities transactions for the funds, consistent with its duty to seek best execution of the transaction. However, for certain funds and/or accounts (such as mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals), Invesco may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, trades for a fund and/or account in a particular security may be placed separately from, rather than aggregated with, other funds and/or accounts. Having separate transactions with respect to a security may temporarily affect the market price of the security or the execution of the transaction, or both, to the possible detriment of the fund(s) or other account(s) involved.

• The appearance of a conflict of interest may arise where Invesco has an incentive, such as a performance-based management fee, which relates to the management of one fund or account but not all funds and accounts for which a portfolio manager has day-to-day management responsibilities.

• In the case of a fund-of-funds arrangement, including where a portfolio manager manages both the investing fund and an affiliated underlying fund in which the investing fund invests or may invest, a conflict of interest may arise if the portfolio manager of the investing fund receives material nonpublic information about the underlying fund. For example, such a conflict may restrict the ability of the portfolio manager to buy or sell securities of the underlying fund, potentially for a prolonged period of time, which may adversely affect the investing fund.

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Invesco has adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

IR+M

*Compensation.* SIMC pays IR+M a fee based on the assets under management of the Long Duration, Long Duration Credit and Intermediate Duration Credit Funds as set forth in an investment sub-advisory agreement between IR+M and SIMC. IR+M pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Long Duration, Long Duration Credit and Intermediate Duration Credit Funds. The following information relates to the period ended June 30, 2025.

Compensation is one component of IR+M's total rewards package. The firm invests in its employees by offering them tangible rewards—like competitive compensation and medical benefits as well as attractive retirement benefits, vacation time, unlimited sick time, floating holidays, and tuition and certification reimbursement. Equally important are the intangible benefits. The firm's status as an employee-owned firm allows it to maintain its unique culture of collaboration and collegiality. This environment provides individuals with access to senior leaders, and the firm is committed to helping individuals grow their careers at IR+M through its learning and development opportunities.

Specific to compensation, all employees, including all members of the Investment Team, are compensated with a competitive salary plus bonus. The firm bonus pool is dictated by the firm's ability to achieve its annual goals, which includes the profitability of IR+M. An individual's bonus is based on the employee's overall contribution to the firm's and their team's success. IR+M's goal is to have collaborative high-performing teams that deliver for its clients, not to incentivize individual contributions over results. The qualitative drivers of bonus decisions are the beliefs represented in its Core Values: Invested, Respectful, Positive, and Motivated. Investment Personnel compensation is designed to align with the interests of the Fund and its shareholders.

Portfolio Managers are evaluated based upon factors such as team contribution, input to risk management and the overall investment management process, contributions to client service, and contributions to firm culture. For Analysts and Traders, evaluations are based upon factors including team contribution, quality of research within assigned sectors and the broader market, input to risk management and the overall investment management process, and contributions to firm culture.

*Ownership of Fund Shares.* As of June 30, 2025, IR+M's portfolio managers did not beneficially own any shares of the Long Duration, Long Duration Credit or Intermediate Duration Credit Funds.

*Other Accounts.* As of June 30, 2025, in addition to the Long Duration, Long Duration Credit and Intermediate Duration Credit Funds, IR+M's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| James Gubitosi, CFA | 11 | $5714 | 27 | $19112 | 718 | $96994 |
| Michael Sheldon, CFA | 11 | $5714 | 27 | $19112 | 718 | $96994 |
| Jake Remley, CFA | 11 | $5714 | 27 | $19112 | 718 | $96994 |

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None of the accounts listed above are subject to a performance-based advisory fee.

<sup>†</sup> IR+M utilizes a team-based approach to portfolio management, and each of the portfolio managers listed above are jointly responsible for the management of a portion of the accounts listed in each category.

*Conflicts of Interest.* IR+M's management of other accounts may give rise to potential conflicts of interest in connection with its management of the Long Duration, Long Duration Credit and Intermediate Duration Credit Funds' investments, on the one hand, and the investments of the other accounts, on the other. The other accounts might have similar investment objectives as the Long Duration, Long Duration Credit or Intermediate Duration Credit Funds or hold, purchase or sell securities that are eligible to be held, purchased or sold by the

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Long Duration, Long Duration Credit or Intermediate Duration Credit Funds. IR+M does not believe that these conflicts, if any, are material or, to the extent any such conflicts are material, IR+M believes that it has designed policies and procedures to manage those conflicts in an appropriate way.

A potential conflict of interest may arise as a result of IR+M's portfolio managers' day-to-day management of the Long Duration, Long Duration Credit and Intermediate Duration Credit Funds. Because of their positions with the Long Duration, Long Duration Credit and Intermediate Duration Credit Funds, the portfolio managers know the size, timing and possible market impact of Long Duration, Long Duration Credit and Intermediate Duration Credit Funds trades. It is theoretically possible that IR+M's portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the Long Duration, Long Duration Credit or Intermediate Duration Credit Funds. However, IR+M has adopted policies and procedures believed to be reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

A potential conflict of interest may arise as a result of IR+M's portfolio managers' management of the Long Duration, Long Duration Credit and Intermediate Duration Credit Funds and other accounts, which, in theory, may allow them to allocate investment opportunities in a way that favors other accounts over the Long Duration, Long Duration Credit or Intermediate Duration Credit Funds. This conflict of interest may be exacerbated to the extent that IR+M or its portfolio managers receive, or expect to receive, greater compensation from their management of certain other accounts, that have higher base fee rates or incentives fees, than from the Long Duration, Long Duration Credit or Intermediate Duration Credit Funds. Notwithstanding this theoretical conflict of interest, it is IR+M's policy to manage each account based on its investment objectives and related restrictions and, as discussed above, IR+M has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time and in a manner consistent with each account's investment objectives and related restrictions. For example, while IR+M's portfolio managers may buy for other accounts securities that differ in identity or quantity from securities bought for the Long Duration, Long Duration Credit and Intermediate Duration Credit Funds, such securities might not be suitable for the Long Duration, Long Duration Credit and Intermediate Duration Credit Funds given their investment objectives and related restrictions.

IR+M maintains a matrix of all actual or potential conflicts of interest and fully disclose in the ADV those that may appear to be a conflict of interest to a third-party. IR+M believes it has reasonable policies and procedures in place to mitigate risk and prevent harm because of any conflict.

Jackson Creek

*Compensation.* SIMC pays Jackson Creek a fee based on the assets under management of the Small/Mid Cap Equity Fund as set forth in an investment sub-advisory agreement between Jackson Creek and SIMC. Jackson Creek pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Small/Mid Cap Equity Fund. The following information relates to the period ended June 30, 2025.

Each portfolio manager receives a fixed base salary from Jackson Creek. In addition, each portfolio manager shares in the profitability of Jackson Creek from the portfolio manager's equity ownership of Jackson Creek. The portfolio managers' compensation arrangements are not determined on the basis of specific funds or accounts managed.

*Ownership of Fund Shares.* As of June 30, 2025, Jackson Creek's portfolio manager did not beneficially own any shares of the Small/Mid Cap Equity Fund.

*Other Accounts.* As of June 30, 2025, in addition to the Small/Mid Cap Equity Fund, Jackson Creek's portfolio manager was responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
| Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in thousands) | Number<br>of Accounts | Total Assets<br>(in thousands) | Number<br>of Accounts | Total Assets<br>(in thousands) |
| John R. Riddle, CFA | 1 | $27471 | 0 | $0 | 132 | $176039 |

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No account listed above is subject to a performance-based advisory fee.

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*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio manager being responsible for multiple accounts, including the Small/Mid Cap Equity Fund which may have different investment guidelines and objectives. In addition to the Small/Mid Cap Equity Fund, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts. In particular, this conflict of interest may arise as a result of Jackson Creek's management of the Small/Mid Cap Equity Fund and other accounts, which, in theory, may allow Jackson Creek to allocate investment opportunities in a way that favors other accounts over the Small/Mid Cap Equity Fund, or alternatively favors the Small/Mid Cap Equity Fund over other accounts. This conflict of interest may be exacerbated to the extent that Jackson Creek or the portfolio manager receive, or expect to receive, greater compensation from their management of the other accounts than the Small/Mid Cap Equity Fund. Jackson Creek (or its members, employees and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the Small/Mid Cap Equity Fund. To the extent a particular investment is suitable for both the Small/Mid Cap Equity Fund and the other accounts, such investments will be allocated between the Small/Mid Cap Equity Fund and the other accounts in a manner that Jackson Creek determines is fair and equitable under the circumstances to all clients, including the Small/Mid Cap Equity Fund.

To address and manage these potential conflicts of interest, Jackson Creek has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis.

Jennison

*Compensation.* SIMC pays Jennison a fee based on the assets under management of the Core Fixed Income, Long Duration and Long Duration Credit Funds as set forth in an investment sub-advisory agreement between Jennison and SIMC. Jennison pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Core Fixed Income, Long Duration and Long Duration Credit Funds. The following information relates to the period ended May 31, 2025.

Jennison seeks to maintain a highly competitive compensation program designed to attract and retain outstanding investment professionals and to align the interests of investment professionals with those of clients and overall firm results. Jennison recognizes individuals for their achievements and contributions and continues to promote those who exemplify the same values and level of commitment that are hallmarks of the organization.

Jennison sponsors a profit sharing retirement plan for all eligible employees. The contribution to the profit sharing retirement plan for portfolio managers is based on a percentage of the portfolio manager's total compensation, subject to a maximum determined by applicable law. In addition to eligibility to participate in retirement and welfare plans, senior investment professionals, including portfolio managers and senior research analysts, are eligible to participate in a voluntary deferred compensation program where all or a portion of the cash bonus can be deferred. Participants in the deferred compensation plan are permitted to allocate the deferred amounts among various options that track the gross-of-fee pre-tax performance of accounts or composites of accounts managed by Jennison.

Investment professionals are typically compensated with a combination of base salary and cash bonus. Overall firm profitability determines the size of the investment professional incentive compensation pool. In general, the cash bonus represents the majority of an investment professional's compensation.

Investment professional total compensation for Jennison's fixed income team is determined through a process that evaluates numerous qualitative factors. Not all factors are applicable to every investment professional, and there is no particular weighting or formula for considering the factors. Jennison's compensation system values both individual impact and teamwork.

The portfolio managers' compensation is expected to be derived from their impact on overall client investment performance and overall business performance of Jennison's fixed income business and not the specific investment performance or value of an account or grouping of accounts.

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The qualitative factors reviewed for the portfolio managers may include:

• The quality of the portfolio manager's investment ideas and consistency of the portfolio manager's judgment;

• Qualitative factors such as teamwork and responsiveness;

• Individual factors such as years of experience and responsibilities specific to the individual's role such as being a team leader or supervisor are also factored into the determination of an investment professional's total compensation; and

• Historical and long-term business potential of the product strategies.

*Ownership of Fund Shares.* As of May 31, 2025, Jennison's portfolio managers did not beneficially own any shares of the Core Fixed Income, Long Duration or Long Duration Credit Funds.

*Other Accounts.* As of May 31, 2025, in addition to the Core Fixed Income, Long Duration and Long Duration Credit Funds, Jennison's portfolio managers were responsible for the day to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
| Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in thousands) | Number<br>of Accounts | Total Assets<br>(in thousands) | Number<br>of Accounts | Total Assets<br>(in thousands) |
| James Gaul, CFA | 1 | $405584 | 8 | $6713980 | 74 | $29236250 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $848184 |
| Miriam Zussman\*\* | 1 | $405584 | 8 | $6713980 | 74 | $29236250 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $848184 |
| Eric G. Staudt, CFA | 1 | $405584 | 8 | $6713980 | 74 | $29236250 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $848184 |
| Samuel B. Kaplan, CFA | 1 | $405584 | 8 | $6713980 | 74 | $29236250 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $848184 |
| Dmitri Rabin, CFA | 1 | $405584 | 8 | $6713980 | 74 | $29236250 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $848184 |
| David Morse, CFA | 1 | $405584 | 8 | $6713980 | 74 | $29236250 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $848184 |
| Natalia Glekel, CFA | 1 | $405584 | 8 | $6713980 | 74 | $29236250 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $848184 |
| Griffin Sullivan, CFA | 1 | $405584 | 8 | $6713980 | 74 | $29236250 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $848184 |
| Adriano Taylor-Escribano | 1 | $405584 | 8 | $6713980 | 74 | $29236250 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $848184 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

\*\* Ms. Zussman has announced her retirement from Jennison Associates LLC and will no longer serve as a portfolio manager effective on or about December 31, 2025.

<sup>†</sup> Jennison utilizes a team-based approach to portfolio management, and each of the portfolio managers listed above are jointly responsible for the management of a portion of the accounts listed in each category.

*Conflicts of Interest.* Jennison manages accounts with asset-based fees alongside accounts with performance-based fees. This side-by-side management creates an incentive for Jennison and its investment professionals to favor one account over another. Specifically, Jennison has an incentive to favor accounts for which it receives performance fees, and possibly take greater investment risks in those accounts, in order to bolster performance and increase its fees.

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Other types of side-by-side management of multiple accounts create incentives for Jennison to favor one account over another. Examples are detailed below, followed by a discussion of how Jennison addresses these conflicts.

• *Long only accounts/long-short accounts:* Jennison manages accounts in strategies that hold only long securities positions as well as accounts in strategies that are permitted to sell securities short. As a result, Jennison may hold a long position in a security in some client accounts while selling the same security short in other client accounts. For example, Jennison permits quantitatively hedged strategies to short securities that are held long in other strategies. Jennison also permits securities that are held long by one fundamental portfolio manager to be held short by another fundamental portfolio manager. Additionally, Jennison permits securities that are held long in quantitatively derived strategies to be shorted by other strategies. The strategies that sell a security short held long by another strategy could lower the price for the security held long. Similarly, if a strategy is purchasing a security that is held short in other strategies, the strategies purchasing the security could increase the price of the security held short. By the same token, sales in a long only account can increase the value of a short position while shorting could create an opportunity to purchase a long position at a lower price. As a result, we have conflicts of interest in determining the timing and direction of investments.

• *Multiple strategies:* Jennison may buy or sell, or may direct or recommend that one client buy or sell, securities of the same kind or class that are purchased or sold for another client, at prices that may be different. Jennison may also, at any time, execute trades of securities of the same kind or class in one direction for an account and in the opposite direction for another account, due to differences in investment strategy or client direction. Different strategies effecting trading in the same securities or types of securities may appear as inconsistencies in Jennison's management of multiple accounts side-by-side.

• *Investments at different levels of an issuer's capital structure:* To the extent different clients invest across multiple strategies or asset classes, Jennison may invest client assets in the same issuer, but at different levels in the capital structure. Interests in these positions could be inconsistent or in potential or actual conflict with each other.

• *Affiliated accounts/unaffiliated accounts and seeded/non-seeded accounts and accounts receiving asset allocation assets from affiliated investment advisers:* Jennison manages accounts for its affiliates and accounts in which it has an interest alongside unaffiliated accounts. This creates an incentive to favor its affiliated accounts over unaffiliated accounts. Additionally, at times Jennison's affiliates provide initial funding or otherwise invest in vehicles managed by Jennison. When an affiliate provides "seed capital" or other capital for a fund or account, it may do so with the intention of redeeming all or part of its interest at a particular future point in time or when it deems that sufficient additional capital has been invested in that fund or account. Jennison typically requests seed capital to start a track record for a new strategy or product. Managing "seeded" accounts alongside "non-seeded" accounts creates an incentive to favor the "seeded" accounts to establish a track record for a new strategy or product. Additionally, Jennison's affiliated investment advisers could allocate their asset allocation clients' assets to Jennison, which creates an incentive for Jennison to favor accounts used by its affiliate for their asset allocation clients to receive more assets from the affiliate.

• *Non-discretionary accounts or models:* Jennison provides non-discretionary model portfolios to some clients and manages other portfolios on a discretionary basis. Recommendations for non-discretionary models that are derived from discretionary portfolios can be communicated before or after the discretionary portfolio has traded. The non-discretionary clients could be disadvantaged if Jennison delivers the model investment portfolio to them after Jennison initiates trading for the discretionary clients. Discretionary clients could be disadvantaged if the non-discretionary clients receive their model investment portfolio and start trading before Jennison has started trading for the discretionary clients.

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• *Higher fee paying accounts or products or strategies:* In general, Jennison receives more revenues from (1) larger accounts or client relationships than smaller accounts or client relationships and from (2) managing discretionary accounts than advising non-discretionary models and from (3) non-wrap fee accounts than from wrap fee accounts and from (4) charging higher fees for some strategies than others. The differences in revenue that Jennison receives could create an incentive for Jennison to favor the higher fee paying or higher revenue generating account or product or strategy over another.

• *Personal interests:* The performance of one or more accounts managed by Jennison's investment professionals is taken into consideration in determining their compensation. Jennison also manages accounts that are investment options in its employee benefit plans such as its defined contribution plans or deferred compensation arrangements and where its employees may have personally invested alongside other accounts where there is no personal interest. These factors create an incentive for Jennison to favor the accounts where it has a personal interest over accounts where Jennison does not have a personal interest.

• *Side Letters.* Jennison has entered into side letters with respect to certain of the funds that Jennison manages, and will likely do so with respect to funds that Jennison manages in the future. Such side letters are agreements with investors in the funds (including affiliated investors) that grant such investors terms and conditions more advantageous than those granted to other investors. For example, some investors have side letters granting reduced fees or expenses, or access to more frequent or detailed information regarding the fund's investments to the extent permitted by applicable law. For certain investors in commingled funds managed by Jennison, Jennison rebates a portion of the management fee paid to it. The rebate is either reinvested into the fund on behalf of the investors or is paid to the investor, as agreed with the investor. In some instances, Jennison could have multiple side letters with respect to a single fund, each with a different investor.

*How Jennison Addresses These Conflicts of Interest*

The conflicts of interest described above create incentives for Jennison to favor one or more accounts or types of accounts over others in the allocation of investment opportunities, aggregation and timing of investments. Portfolios in a particular strategy with similar objectives are managed similarly to the extent possible. Accordingly, portfolio holdings and industry and sector exposure tend to be similar across a group of accounts in a strategy that have similar objectives, which tends to minimize the potential for conflicts of interest among accounts within a product strategy. While these accounts have many similarities, the investment performance of each account will be different primarily due to differences in guidelines, individual portfolio manager's decisions, timing of investments, fees, expenses and cash flows.

Additionally, Jennison has developed policies and procedures that seek to address, mitigate and assess these conflicts of interest.

• Jennison has adopted trade aggregation and allocation procedures that seek to treat all clients (including affiliated accounts) fairly. These policies and procedures address the allocation of limited investment opportunities, such as iniIPOs) and new issues, and the allocation of transactions across multiple accounts.

• Jennison has policies that limit the ability to short securities in portfolios that primarily rely on its fundamental research and investment processes (fundamental portfolios) if the security is held long by the same portfolio manager.

• Jennison has adopted procedures to review allocations or performance dispersion between accounts with performance fees and non-performance fee based accounts and to review overlapping long and short positions among long accounts and long-short accounts.

• Jennison has adopted a code of ethics and policies relating to personal trading.

• Jennison has adopted a conflicts of interest policy and procedures.

• Jennison provides disclosure of these conflicts as described in its Form ADV brochure.

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JOHCM

*Compensation.* SIMC pays JOHCM a fee based on the assets under management of the Emerging Markets Equity Fund as set forth in an investment sub-advisory agreement between JOHCM and SIMC. JOHCM pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Emerging Markets Equity Fund. The following information relates to the period ended June 30, 2025.

Compensation is based on the value of the assets in the Emerging Markets Equity Fund's portfolio. The remuneration structure for investment professionals includes a base salary, a revenue share (proportion of the management fee generated), and a share of performance fees (on selected vehicles). A significant proportion of any variable award to fund managers is deferred into holdings in the funds managed by the team. These awards are subject to malus and clawback provisions and all remuneration is overseen and approved by the Board of JO Hambro Capital Management Limited.

The JOHCM business has operated as an investment boutique within the Pendal Group since 2011. In January 2023, Pendal Group Limited was acquired by Perpetual. Perpetual is listed on the Australian Securities Exchange (ASX code: PPT) and is a diversified financial services company providing asset management, private wealth and trustee services. There are no changes to key investment teams or capabilities and JOHCM maintains its investment autonomy and its unique value proposition

The approach taken to remuneration is to support the strategy of generating successful long-term sustainable investment returns for clients. Incentives are designed to align the remuneration of investment managers with investment outcomes for clients and is linked directly to JOHCM's purpose to achieve attractive long-term returns through active portfolio management. Each investment team has its own independent approach to generating returns driven by their clearly stated investment objective and style. This independence of thought and focus on performance is part of the culture of the firm and the remuneration structure provides clarity and simplicity on how success is rewarded.

*Ownership of Fund Shares.* As of June 30, 2025, JOHCM's portfolio managers did not beneficially own any shares of the Emerging Markets Equity Fund.

*Other Accounts.* As of June 30, 2025, in addition to the Emerging Markets Equity Fund, JOHCM's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Emery Brewer\*\* | 3 | $307.4 | 2 | $294.2 | 2 | $226.7 |
|  | 0 | $0 | 2<br> \* | $231.4 | 0 | $0 |
| Dr. Ivo Kovachev\*\* | 3 | $307.4 | 2 | $294.2 | 2 | $226.7 |
|  | 0 | $0 | 2<br> \* | $231.4 | 0 | $0 |
| Stephen Lew\*\* | 1 | $60.6 | 1 | $83.5 | 0 | $0 |
|  | 0 | $0 | 1<br> \* | $83.5 | 0 | $0 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

\*\* Emery Brewer, Dr. Ivo Kovachev and Stephen Lew manage some of the assets in partnership. Mr. Lew's main focus is on Emerging Markets Small Cap.

AUM is available on a quarterly basis.

*Conflicts of Interest.* The following are the types of conflicts of interest that may arise within the JOHCM Group, and the way in which they are managed. Further information about the Conflicts of Interest Policy is available on request.

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Ownership and Group Relationships

The JOHCM Group business has operated as an investment boutique within the Pendal Group since 2011. In January 2023, Pendal Group Limited was acquired by Perpetual. Perpetual is listed on the Australian Securities Exchange (ASX code: PPT) and is a diversified financial services company providing asset management, private wealth and trustee services. There are no changes to key investment teams or capabilities and JOHCM maintains its investment autonomy and its unique value proposition.

As part of its governance remit, the JOHCM Board may consider it appropriate to promote the success of Perpetual or any one of its subsidiaries, but each director, and the firm in general, must also comply with the rules, regulations and principles of both the SEC and the FCA, which require clients to be treated fairly, their interests to be served, and the effective mitigation and management of the risk of conflict with those interests.

On this basis, no conflicts thus arise from the firm's corporate structure beyond those inherent and commonplace in a shareholder ownership model.

Separate teams/timing of investment decisions/executions

JOHCM acts as discretionary investment manager for a number of separate publicly available funds and segregated institutional accounts. The investment mandates for these clients are such that a particular investment will be suitable for inclusion in a number of different portfolios.

Each strategy is managed by a named senior fund manager, or by a senior fund manager and deputy/ies, or by named co-lead managers. It is a key part of the group's decentralized investment philosophy that these investment teams have the freedom, subject to agreed mandate restrictions, to make their own investment decisions.

JOHCM has policies in place to address the potential for conflicts that this creates, that are designed to ensure the fair allocation of investment opportunities among clients. Compliance with these policies is reviewed ex post by various means, including performance dispersion analysis and monitoring order handling.

Basis of Remuneration—the firm and fund managers

The agreements with clients vary for different portfolios and therefore annual management charges and performance fees differ based on portfolio type. It is therefore important to ensure fair treatment is given to each portfolio. The firms policies and monitoring ensure fair allocation of investment opportunities. Individual fund managers' remuneration includes salary and management and performance fee share awards. Oversight of awards is provided by the Perpetual Remuneration Committee and JOHCM Board who ensure alignment between the fund managers interests and their clients and FCA Rules.

Inside Information

The misuse of inside information amounts to a breach of the SEC regulations and FCA Rules and in some cases may be a criminal offense. It creates an inherent conflicts of interest because it gives the holder of the information an unfair advantage over other market participants who do not have that knowledge.

The firm has various safeguards in place that are designed to protect clients and other market participants against the potential for conflict involved following receipt of material non-public information, including staff training on the issue and a policy that requires any employee in receipt of inside information to report it immediately to Compliance. This results in an embargo on further orders being placed in the securities of the relevant company by all JOHCM investment teams, whether or not they are themselves in actual receipt of the inside Information.

Identification and Correction of Errors

The risk of conflicts of interest is inherent in any scenario where an error has potentially been made, but JOHCM confronts this risk firstly by promoting a culture of collaboration, transparency and fairness in the

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analysis and correction of any error. JOHCM has established procedures to ensure any such incident is effectively escalated, that JOHCM takes appropriate action to correct the accounts of any clients adversely affected by the issue, and also learns from the incident and strengthens controls, including by providing additional training where appropriate, to minimize the risk of recurrence. JOHCM policy is that clients should be compensated for all direct monetary losses that they may suffer as a result of any error.

Procurement of investment research

JOHCM pays for all investment research out of its own resources.

JOHCM has controls in place designed to ensure that the only research consumed is research that the firm pays for, and that any other information or commentary about securities, markets or investing that the firm receives for free is simply 'generic information' in line with the FCA Rules. These controls aim to mitigate the risk that 'free' research may create an inducement in the context of the firm's relationship with the research provider.

Relationships with Service Providers

From time to time, JOHCM may engage a service provider on its own behalf that is also a client of the firm, or an investor in or distributor of the firm's products. In such cases, JOHCM aims to ensure that the selection of any such service provider is made on an independent basis through a comparison of the available services from multiple potential service providers and by selecting the most suitable provider based upon the overall needs of the firm.

Outside Business Interests

There is a clear potential for conflicts of interest where employees pursue other business activities outside their main employment. JOHCM's standard employment contract therefore requires the employee to obtain prior written consent for any outside business interests. Such external appointments are rare.

Directors are also subject to particular statutory and policy driven obligations in managing any conflicts of interest which may arise or exist within their role.

Gifts and Entertainment

The giving and receiving of gifts or entertainment are subject to JOHCM's policy, which is designed to ensure that staff do not offer or give, solicit or accept any inducement which is likely to conflict with their duties to clients or would be in breach of any statutory or regulatory restrictions.

Employee Personal Dealing

To manage the obvious risk of conflict of interest arising in this area, all employees are made subject to JOHCM's Employee Dealing Rules which place clear parameters on how and when they may deal in securities for their own account and their immediate families and include regular reporting of personal transactions and holdings.

JPMIM

*Compensation.* SIMC pays JPMIM a fee based on the assets under management of the High Yield Bond Fund as set forth in an investment sub-advisory agreement between JPMIM and SIMC. JPMIM pays its portfolio managers out of its total revenues and other resources, including the sub-advisory fees earned with respect to the High Yield Bond Fund. The following information relates to the period ended June 30, 2025.

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JPMIM's compensation programs are designed to align the behavior of employees with the achievement of its short- and long-term strategic goals, which revolve around client investment objectives. This is accomplished in part, through a balanced performance assessment process and total compensation program, as well as a clearly defined culture that rigorously and consistently promotes adherence to the highest ethical standards.

The compensation framework for JPMIM Portfolio Managers participating in public market investing activities is based on several factors that drive alignment with client objectives, the primary of which is investment performance, alongside of the firm-wide performance dimensions. The framework focuses on Total Compensation—base salary and variable compensation. Variable compensation is in the form of cash incentives, and/or long-term incentives in the form of fund-tracking incentives (referred to as the "Mandatory Investment Plan" or "MIP") and/or equity-based JPMorgan Chase Restricted Stock Units ("RSUs") with defined vesting schedules and corresponding terms and conditions. Long-term incentive awards may comprise up to 60% of overall incentive compensation, depending on an employee's pay level.

The performance dimensions for Portfolio Managers are evaluated annually based on several factors that drive investment outcomes and value—aligned with client objectives—including, but not limited to:

• Investment performance, generally weighted more to the long-term, with specific consideration for Portfolio Managers of investment performance relative to competitive indexes or peers over one-, three-, five- and ten-year periods, or, in the case of funds designed to track the performance of a particular index, the Portfolio Managers success in tracking such index;

• The scale and complexity of their investment responsibilities;

• Individual contribution relative to the client's risk and return objectives;

• Business results, as informed by investment performance; risk, controls and conduct objectives; client/customer/stakeholder objectives, teamwork and leadership objectives; and

• Adherence with JPMorgan's compliance, risk, regulatory and client fiduciary responsibilities, including, as applicable, adherence to the JPMorgan Asset Management Sustainability Risk Integration Policy, which contains relevant financially material Environmental, Social and Corporate Governance ("ESG") factors that are intended to be assessed in investment decision-making.

In addition to the above performance dimensions, the firm-wide pay-for-per performance framework is integrated into the final assessment of incentive compensation for an individual Portfolio Manager. Feedback from JPMorgan's risk and control professionals is considered in assessing performance and compensation.

Portfolio Managers are subject to a mandatory deferral of long-term incentive compensation under JPMorgan's "MIP". In general, the MIP provides for a rate of return equal to that of the particular fund(s), thereby aligning the Portfolio Manager's pay with that of the client's experience/return.

For Portfolio Managers participating in public market investing activities, 50% of their long-term incentives are subject to a mandatory deferral in the MIP, and the remaining 50% can be granted in the form of RSUs or additional participation in MIP at the election of the Portfolio Manager.

For the portion of long-term incentives subject to mandatory deferral in the MIP (50%), the incentives are allocated to the fund(s) the Portfolio Manager manages, as determined by the employee's respective manager and reviewed by senior management.

In addition, named Portfolio Managers on a sustainable fund(s) are required to allocate at least 25% of their mandatory deferral in at least one dedicated sustainable fund(s).

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To hold individuals responsible for taking risks inconsistent with JPMorgan's risk appetite and to discourage future imprudent behavior, we have policies and procedures that enable us to take prompt and proportionate actions with respect to accountable individuals, including:

• Reducing or altogether eliminating annual incentive compensation;

• Canceling unvested awards (in full or in part);

• Clawback/recovery of previously paid compensation (cash and / or equity);

• Demotion, negative performance rating or other appropriate employment actions; and

• Termination of employment.

The precise actions we take with respect to accountable individuals are based on circumstances, including the nature of their involvement, the magnitude of the event and the impact on JPMorgan.

*Ownership of Fund Shares.* As of June 30, 2025, the portfolio managers did not beneficially own any shares of the High Yield Bond Fund.

*Other Accounts.* As of June 30, 2025, in addition to the High Yield Bond Fund, JPMIM's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies\*\* | Registered Investment<br>Companies\*\* | Other Pooled<br>Investment Vehicles\*\* | Other Pooled<br>Investment Vehicles\*\* | Other Accounts\*\* | Other Accounts\*\* |
| Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in thousands) | Number<br>of Accounts | Total Assets<br>(in thousands) | Number<br>of Accounts | Total Assets<br>(in thousands) |
| Robert Cook | 14 | $13285233 | 13 | $18874321 | 43 | $19664627 |
|  | 0 | $0 | 2<br> \* | $50797 | 0 | $0 |
| Thomas Hauser | 22 | $65765999 | 19 | $39898939 | 50 | $21708188 |
|  | 0 | $0 | 2<br> \* | $50797 | 0 | $0 |
| Jeffrey Lovell | 13 | $13284241 | 13 | $18874321 | 43 | $22560990 |
|  | 0 | $0 | 2<br> \* | $50797 | 0 | $0 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

\* The total value and number of accounts managed by a portfolio manager may include sub-accounts of asset allocation, multi-managed and other accounts.

<sup>†</sup> JPMIM utilizes a team-based approach to portfolio management, and each of the portfolio managers listed above are jointly responsible for the management of a portion of the accounts listed in each category.

*Conflicts of Interest*. Acting for Multiple Clients. The potential for conflicts of interest exists when portfolio managers manage a fund and other accounts with similar investment objectives and strategies as the High Yield Bond Fund ("Other Accounts"). Potential conflicts may include, for example, conflicts between investment strategies and conflicts in the allocation of investment opportunities.

Responsibility for managing JPMIM's and its affiliates clients' portfolios is organized according to investment strategies within asset classes. Generally, client portfolios with similar strategies are managed by portfolio managers in the same portfolio management group using the same objectives, approach and philosophy. Underlying sectors or strategy allocations within a larger portfolio are likewise managed by portfolio managers who use the same approach and philosophy as similarly managed portfolios. Therefore, portfolio holdings, relative position sizes and industry and sector exposures tend to be similar across similar portfolios and strategies, which minimize the potential for conflicts of interest.

In general, JPMIM faces conflicts of interest when it renders investment advisory services to several clients and, from time to time, provides dissimilar investment advice to different clients. For example, when a fund or Other Accounts engage in short sales of the same securities held by the High Yield Bond Fund, JPMIM could be seen as harming the performance of the High Yield Bond Fund for the benefit of the Other Accounts engaging in short sales, if the short sales cause the market value of the securities to fall. In addition, a conflict could arise

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when one or more Other Accounts invest in different instruments or classes of securities of the same issuer than those in which the High Yield Bond Fund invests. In certain circumstances, Other Accounts have different investment objectives or could pursue or enforce rights with respect to a particular issuer in which the High Yield Bond Fund has also invested and these activities could have an adverse effect on the High Yield Bond Fund. For example, if the High Yield Bond Fund holds debt instruments of an issuer and an Other Account holds equity securities of the same issuer, then if the issuer experiences financial or operational challenges, the High Yield Bond Fund (which holds the debt instrument) may seek a liquidation of the issuer, whereas the Other Account (which holds the equity securities) may prefer a reorganization of the issuer. In addition, an issuer in which the High Yield Bond Fund invests may use the proceeds of the High Yield Bond Fund's investment to refinance or reorganize its capital structure which could result in repayment of debt held by JPMorgan or an Other Account. If the issuer performs poorly following such refinancing or reorganization, the High Yield Bond Fund's results will suffer whereas the Other Account's performance will not be affected because the Other Account no longer has an investment in the issuer. Conflicts are magnified with respect to issuers that become insolvent. It is possible that in connection with an insolvency, bankruptcy, reorganization, or similar proceeding, the High Yield Bond Fund will be limited (by applicable law, courts or otherwise) in the positions or actions it will be permitted to take due to other interests held or actions or positions taken by JPMorgan or Other Accounts.

Positions taken by Other Accounts may also dilute or otherwise negatively affect the values, prices or investment strategies associated with positions held by the High Yield Bond Fund. For example, this may occur when investment decisions for the High Yield Bond Fund are based on research or other information that is also used to support portfolio decisions by JPMIM for Other Accounts following different investment strategies or by Affiliates in managing their clients' accounts. When an Other Account or an account managed by an Affiliate implements a portfolio decision or strategy ahead of, or contemporaneously with, similar portfolio decisions or strategies for the High Yield Bond Fund (whether or not the portfolio decisions emanate from the same research analysis or other information), market impact, liquidity constraints, or other factors could result in the High Yield Bond Fund receiving less favorable investment results, and the costs of implementing such portfolio decisions or strategies could be increased or the High Yield Bond Fund could otherwise be disadvantaged.

Investment opportunities that are appropriate for the High Yield Bond Fund may also be appropriate for Other Accounts and there is no assurance the High Yield Bond Fund will receive an allocation of all or a portion of those investments it wishes to pursue. JPMIM's management of an Other Account that pays it a performance fee or a higher management fee and follows the same or similar strategy as the High Yield Bond Fund or invests in substantially similar assets as the High Yield Bond Fund, creates an incentive for JPMIM to favor the account paying it the potentially higher fee, *e.g.*, in placing securities trades.

JPMIM and its Affiliates, and any of their directors, partners, officers, agents or employees, also buy, sell, or trade securities for their own accounts or the proprietary accounts of JPMorgan and/or an Affiliate. JPMorgan and/or an Affiliate, within their discretion, may make different investment decisions and take other actions with respect to their own proprietary accounts than those made for client accounts, including the timing or nature of such investment decisions or actions. Further, JPMorgan is not required to purchase or sell for any client account securities that it, an Affiliate or any of its employees may purchase or sell for their own accounts or the proprietary accounts of JPMorgan, an Affiliate, or its clients. JPMIM, its Affiliates and their respective directors, officers and employees face a conflict of interest as they will have income or other incentives to favor their own accounts or proprietary accounts.

Preferential Treatment. JPMIM receives more compensation with respect to certain funds or Other Accounts than it receives with respect to the High Yield Bond Fund, or receives compensation based in part on the performance of certain accounts. This creates a conflict of interest for JPMIM and its portfolio managers by providing an incentive to favor those accounts. Actual or potential conflicts of interest also arise when a portfolio manager has management responsibilities to more than one account or fund, such as devotion of unequal time and attention to the management of the funds or accounts.

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Allocation and Aggregation. Potential conflicts of interest also arise with both the aggregation of trade orders and allocation of securities transactions or investment opportunities. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited availability, and allocation of investment opportunities raise a potential conflict of interest because JP Morgan has an incentive to allocate trades or investment opportunities to certain accounts or funds. For example, JPMorgan has an incentive to cause accounts it manages to participate in an offering where such participation could increase JPMorgan's overall allocation of securities in that offering. When JPMorgan serves as a sub-adviser (or investment adviser) to an underlying fund, as well as certain funds-of-funds, it faces certain potential conflicts of interest when allocating the assets of the sub-advised funds-of-funds to seed a new fund or to allocate to an underlying fund that is small, pays higher fees to JPMorgan or to which JPMorgan has provided seed capital.

Overall Position Limits. Potential conflicts of interest also exist when JPMorgan maintains certain overall investment limitations on positions in securities or other financial instruments due to, among other things, investment restrictions imposed upon JPMorgan by law, regulation, contract or internal policies. These limitations have precluded and, in the future could preclude, the High Yield Bond Fund from purchasing particular securities or financial instruments, even if the securities or financial instruments would otherwise meet the High Yield Bond Fund's objectives. For example, there are limits on the aggregate amount of investments by affiliated investors in certain types of securities that may not be exceeded without additional regulatory or corporate consent. There are also limits on the writing of options by a fund that could be triggered based on the number of options written by JPMIM on behalf of other investment advisory clients. If certain aggregate ownership thresholds are reached or certain transactions are undertaken, the ability of the High Yield Bond Fund to purchase or dispose of investments, or exercise rights or undertake business transactions, will be restricted.

The goal of JPMIM and its Affiliates is to meet its fiduciary obligation with respect to all clients. JPMIM and its affiliates have policies and procedures that seek to manage conflicts. JPMIM and its Affiliates monitor a variety of areas, including compliance with fund guidelines, review of allocation decisions and compliance with JP Morgan's Codes of Ethics and JPMC's Code of Conduct. With respect to the allocation of investment opportunities, JPMIM and its Affiliates also have certain policies designed to achieve fair and equitable allocation of investment opportunities among its clients over time. For example: Orders received in the same security and within a reasonable time period from a market event (*e.g.*, a change in a security rating) are continuously aggregated on the appropriate trading desk so that new orders are aggregated with current outstanding orders, consistent with JPMIM's duty of best execution for its clients. However, there are circumstances when it may be appropriate to execute the second order differently due to other constraints or investment objectives. Such exceptions often depend on the asset class. Examples of these exceptions, particularly in the fixed-income area, are sales to meet redemption deadlines or orders related to less liquid assets.

If aggregated trades are fully executed, accounts participating in the trade will typically be allocated their pro rata share on an average price basis. Partially filled orders generally will be allocated among the participating accounts on a pro-rata average price basis, subject to certain limited exceptions. Use of average price for execution of aggregated trade orders is particularly true in the equity area. However, certain investment strategies, such as the use of derivatives, or asset classes, such as fixed-income that use individual trade executions due to the nature of the strategy or supply of the security, may not be subject to average execution price policy and would receive the actual execution price of the transaction. Additionally, some accounts may be excluded from pro rata allocations. Accounts that would receive a de minimis allocation relative to their size may be excluded from the order. Another exception may occur when thin markets or price volatility require that an aggregated order be completed in multiple executions over several days. Deviations from pro rata allocations are documented by the business. JPMorgan attempts to mitigate any potential unfairness by basing non-pro-rata allocations traded through a single trading desk or system upon an objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of JPMIM so that fair and equitable allocation will occur over time.

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Purchases of money market instruments and fixed income securities cannot always be allocated pro-rata across the accounts with the same investment strategy and objective. However JPMIM and its Affiliates attempt to mitigate any potential unfairness by basing non-pro rata allocations traded through a single trading desk or system upon objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of JPMIM or its Affiliates so that fair and equitable allocation will occur over time.

Lazard

*Compensation.* SIMC pays Lazard a fee based on the assets under management of the World Equity Ex-US and Screened World Equity Ex-US Funds as set forth in an investment sub-advisory agreement between Lazard and SIMC. Lazard pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the World Equity Ex-US and Screened World Equity Ex-US Funds. The following information relates to the period ended June 30, 2025.

Lazard compensates portfolio managers by a competitive salary and bonus structure, which is determined both quantitatively and qualitatively.

Salary and bonus are paid in cash, stock and restricted interests in funds managed by Lazard or its affiliates. Portfolio managers are compensated on the performance of the aggregate group of portfolios managed by the teams of which they are a member rather than for a specific fund or account. Various factors are considered in the determination of a portfolio manager's compensation. All of the portfolios managed by a portfolio manager are comprehensively evaluated to determine his or her positive and consistent performance contribution over time. Further factors include the amount of assets in the portfolios as well as qualitative aspects that reinforce Lazard's investment philosophy.

Total compensation is generally not fixed, but rather is based on the following factors: (i) leadership, teamwork and commitment, (ii) maintenance of current knowledge and opinions on companies owned in the portfolio; (iii) generation and development of new investment ideas, including the quality of security analysis and identification of appreciation catalysts; (iv) ability and willingness to develop and share ideas on a team basis; and (v) the performance results of the portfolios managed by the investment teams of which the portfolio manager is a member.

Variable bonus is based on the portfolio manager's quantitative performance as measured by his or her ability to make investment decisions that contribute to the pre-tax absolute and relative returns of the accounts managed by the teams of which the portfolio manager is a member, by comparison of each account to a predetermined benchmark (generally as set forth in the prospectus or other governing document) over the current fiscal year and the longer-term performance of such account, as well as performance of the account relative to peers. In addition, the portfolio manager's bonus can be influenced by subjective measurement of the manager's ability to help others make investment decisions.

A portion of a portfolio manager's variable bonus is awarded under a deferred compensation arrangement pursuant to which the portfolio manager may allocate certain amounts awarded among certain accounts in shares that vest in two to three years. Certain portfolio managers' bonus compensation may be tied to a fixed percentage of revenue or assets generated by the accounts managed by such portfolio management teams.

*Ownership of Fund Shares.* As of June 30, 2025, Lazard's portfolio managers did not beneficially own any shares of the World Equity Ex-US and Screened World Equity Ex-US Funds.

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*Other Accounts.* As of June 30, 2025, in addition to the World Equity Ex-US and Screened World Equity Ex-US Funds, Lazard's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Louis Florentin-Lee | 14 | $25747.17 | 18 | $4550.02 | 105 | $17566.53 |
|  | 2<br> \* | $17848.01 | 0 | $0 | 2<br> \* | $104.91 |
| Barnaby Wilson, CFA | 10 | $971.37 | 17 | $4389.60 | 45 | $10147.80 |
|  | 0 | $0 | 0 | $0 | 2<br> \* | $104.91 |
| Robert Failla, CFA | 4 | $628.03 | 4 | $786.02 | 12 | $1509.84 |
| Paul Moghtader, CFA | 11 | $1722.31 | 32 | $3975.95 | 89 | $16700.48 |
|  | 0 | $0 | 0 | $0 | 6<br> \* | $545.34 |
| Susanne Willumsen | 11 | $1722.31 | 30 | $3962.8 | 88 | $16700.13 |
|  | 0 | $0 | 0 | $0 | 6<br> \* | $545.34 |
| Taras Ivanenko | 11 | $1722.31 | 30 | $3962.8 | 88 | $16700.13 |
|  | 0 | $0 | 0 | $0 | 6<br> \* | $545.34 |
| Peter Kashanek | 11 | $1722.31 | 32 | $3975.95 | 89 | $16700.48 |
|  | 0 | $0 | 0 | $0 | 6<br> \* | $545.34 |
| Alex Lai | 11 | $1722.31 | 30 | $3962.8 | 88 | $16700.13 |
|  | 0 | $0 | 0 | $0 | 6<br> \* | $545.34 |
| Ciprian Marin | 11 | $1722.31 | 30 | $3962.8 | 88 | $16700.13 |
|  | 0 | $0 | 0 | $0 | 6<br> \* | $545.34 |
| Kurt Livermore | 11 | $1722.31 | 30 | $3962.8 | 88 | $16700.13 |
|  | 0 | $0 | 0 | $0 | 6<br> \* | $545.34 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest*. Although the potential for conflicts of interest exist when an investment adviser and portfolio managers manage other accounts that invest in securities in which the World Equity Ex-US and Screened World Equity Ex-US Funds may invest or that may pursue a strategy similar to the World Equity Ex-US and Screened World Equity Ex-US Funds' investment strategies implemented by Lazard (collectively, "Similar Accounts"), Lazard has procedures in place that are designed to ensure that all accounts are treated fairly and that the World Equity Ex-US and Screened World Equity Ex-US Funds are not disadvantaged, including procedures regarding trade allocations and "conflicting trades" (*e.g.*, long and short positions in the same or similar securities). In addition, the World Equity Ex-US and Screened World Equity Ex-US Funds are subject to different regulations than certain of the Similar Accounts, and, consequently, may not be permitted to engage in all the investment techniques or transactions, or to engage in such techniques or transactions to the same degree, as the Similar Accounts.

Potential conflicts of interest may arise because of Lazard's management of the World Equity Ex-US and Screened World Equity Ex-US Funds and Similar Accounts, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. Similar Accounts may have investment objectives, strategies and risks that differ from those of the World Equity Ex-US and Screened World Equity Ex-US Funds. In addition, the World Equity Ex-US and Screened World Equity Ex-US Funds are registered investment companies, subject to different regulations than certain of the Similar Accounts and, consequently, may not be permitted to invest in the same securities, exercise rights to exchange or convert securities or engage in all the investment techniques or transactions, or to invest, exercise or engage to the same degree, as the Similar Accounts. For these or other reasons, the portfolio managers may purchase different securities for the World Equity Ex-US and Screened World Equity Ex-US Funds and the corresponding Similar Accounts, and the performance of securities purchased

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for the World Equity Ex-US and Screened World Equity Ex-US Funds may vary from the performance of securities purchased for Similar Accounts, perhaps materially.

&nbsp;&nbsp;&nbsp;&nbsp;2. Conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of limited investment opportunities. Lazard may be perceived as causing accounts it manages to participate in an offering to increase Lazard's overall allocation of securities in that offering, or to increase Lazard's ability to participate in future offerings by the same underwriter or issuer. Allocations of bunched trades, particularly trade orders that were only partially filled due to limited availability, and allocation of investment opportunities generally, could raise a potential conflict of interest, as Lazard may have an incentive to allocate securities that are expected to increase in value to preferred accounts. Initial public offerings, in particular, are frequently of very limited availability. A potential conflict of interest may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by the other account, or when a sale in one account lowers the sale price received in a sale by a second account.

&nbsp;&nbsp;&nbsp;&nbsp;3. Portfolio managers may be perceived to have a conflict of interest because of the large number of Similar Accounts, in addition to the World Equity Ex-US and Screened World Equity Ex-US Funds, that they are managing on behalf of Lazard. Although Lazard does not track each individual portfolio manager's time dedicated to each account, Lazard periodically reviews each portfolio manager's overall responsibilities to ensure that he or she is able to allocate the necessary time and resources to effectively manage the World Equity Ex-US and Screened World Equity Ex-US Funds. As illustrated in the table above, most of the portfolio managers manage a significant number of Similar Accounts (10 or more) in addition to the World Equity Ex-US and Screened World Equity Ex-US Funds.

&nbsp;&nbsp;&nbsp;&nbsp;4. Generally, Lazard and/or its portfolio managers have investments in Similar Accounts. This could be viewed as creating a potential conflict of interest, since certain of the portfolio managers do not invest in the World Equity Ex-US and Screened World Equity Ex-US Funds.

&nbsp;&nbsp;&nbsp;&nbsp;5. The portfolio managers noted with an \* in the table above manage Similar Accounts with respect to which the advisory fee is based on the performance of the account, which could give the portfolio managers and Lazard an incentive to favor such Similar Accounts over the World Equity Ex-US and Screened World Equity Ex-US Funds.

&nbsp;&nbsp;&nbsp;&nbsp;6. Portfolio managers may place transactions on behalf of Similar Accounts that are directly or indirectly contrary to investment decisions made for the World Equity Ex-US and Screened World Equity Ex-US Funds, which could have the potential to adversely impact the World Equity Ex-US and Screened World Equity Ex-US Funds, depending on market conditions. In addition, if the World Equity Ex-US and Screened World Equity Ex-US Funds' investment in an issuer is at a different level of the issuer's capital structure than an investment in the issuer by Similar Accounts, in the event of credit deterioration of the issuer, there may be a conflict of interest between the World Equity Ex-US and Screened World Equity Ex-US Funds' and such Similar Accounts' investments in the issuer. If Lazard sells securities short, including on behalf of a Similar Account, it may be seen as harmful to the performance of the World Equity Ex-US and Screened World Equity Ex-US Funds to the extent it invests "long" in the same or similar securities whose market values fall as a result of short-selling activities.

&nbsp;&nbsp;&nbsp;&nbsp;7. Investment decisions are made independently from those of the Similar Accounts. If, however, such Similar Accounts desire to invest in, or dispose of, the same securities as the World Equity Ex-US and Screened World Equity Ex-US Funds, available investments or opportunities for sales will be allocated equitably to each. In some cases, this procedure may adversely affect the size of the position obtained for or disposed of by the World Equity Ex-US and Screened World Equity Ex-US Funds or the price paid or received by the World Equity Ex-US and Screened World Equity Ex-US Funds.

&nbsp;&nbsp;&nbsp;&nbsp;8. Under Lazard's trade allocation procedures applicable to domestic and foreign initial and secondary public offerings and Rule 144A transactions (collectively herein a "Limited Offering"), Lazard will generally allocate Limited Offering shares among client accounts, including the World Equity Ex-US and Screened World Equity Ex-US Funds, pro rata based upon the aggregate asset size (excluding leverage) of the account.

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Lazard may also allocate Limited Offering shares on a random basis, as selected electronically, or other basis. It is often difficult for the Investment Manager to obtain a sufficient number of Limited Offering shares to provide a full allocation to each account. Lazard's allocation procedures are designed to allocate Limited Offering securities in a fair and equitable manner.

Leeward

*Compensation.* SIMC pays Leeward a fee based on the assets under management of the Small Cap II Fund as set forth in an investment sub-advisory agreement between Leeward and SIMC. Leeward pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Small Cap II Fund. The following information relates to the period ended June 30, 2025.

Portfolio managers and other investment team members at Leeward are compensated through a combination of base salary, incentive bonus and equity ownership. Leeward's base salaries are competitive within the industry. Leeward's incentive bonus plan for these investment personnel is a revenue-share model based on strategy performance relative to a peer group universe of institutional managers. Incentive bonuses are not calculated on specific client or specific fund assets. Investment team members are also equity owners at Leeward, which further aligns investment team incentives with client success.

*Ownership of Fund Shares.* As of June 30, 2025, Leeward's portfolio managers did not beneficially own any shares of the Small Cap II Fund.

*Other Accounts.* As of June 30, 2025, in addition to the Small Cap II Fund, Leeward's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| R. Todd Vingers, CFA | 6 | $983.7 | 17 | $809.1 | 30 | $893.4 |
| Jay C. Willadsen, CFA | 6 | $983.7 | 17 | $809.1 | 30 | $893.4 |

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None of these accounts are subject to a performance-based advisory fee.

*Conflicts of Interest.* Leeward's portfolio managers are often responsible for managing one or more funds as well as other accounts, including proprietary accounts, separate accounts and other pooled investment vehicles. A portfolio manager may also manage a separate account or other pooled investment vehicle which may have materially higher fee arrangements than the Small Cap II Fund and may also have a performance-based fee. The side-by-side management of these funds and other accounts may raise potential conflicts of interest relating to the allocation of investment opportunities and the aggregation and allocation of trades. Leeward has fiduciary responsibility to manage all client accounts in a fair and equitable manner. It seeks to provide best execution of all securities transactions and aggregate and then allocate securities to client accounts in a fair and timely manner. Similarly, trading in securities by Leeward personnel for their own accounts potentially could conflict with the interest of clients. Leeward has policies and procedures in place to detect, monitor and resolve these and other potential conflicts of interest that are inherent to its business as a registered investment adviser.

LGIM America

*Compensation.* SIMC pays LGIM America a fee based on the assets under management of the Long Duration, Long Duration Credit and Intermediate Duration Credit Funds as set forth in an investment sub-advisory agreement between LGIM America and SIMC. LGIM America pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Long Duration, Long Duration Credit and Intermediate Duration Credit Funds. The following information relates to the period ended June 30, 2025.

The portfolio managers are compensated with a fixed salary, a discretionary or structured bonus, equity participation in Legal & General Group plc and a benefits package. The discretionary bonus is based on the achievement of predetermined objectives laid down for the previous calendar year, conduct and behaviors

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(including the approach to risk controls), the role performed during that period, and internal relativities. Investment personnel may alternatively participate in a structured bonus plan that predominantly ties awards, on a formulaic basis, to the performance of their particular portfolios against a relevant peer group or index (the "hurdle"). If a portfolio manager's performance is above the hurdle, a bonus payment will be triggered and will increase with relative outperformance up to a specified performance target. If performance is below the hurdle, a portfolio's performance will not generate a bonus payment. Outperformance beyond the hurdle increases the bonus pay-out up to a maximum level. Hurdles consider the expected risk profile of the fund or account, ensuring that portfolio managers are taking appropriate risks according to the applicable risk profile of the product. These hurdles are applied to portfolio performance over one and three-year (or since inception if less than three years) time periods, to focus portfolio managers on long-term outperformance of a portfolio rather than strictly focusing on short-term performance. The plans also reward contributions of a qualitative nature such as team management and other personal objectives.

Bonuses above a predetermined threshold will have a proportion deferred into the Legal & General share bonus plan. In addition, there is a long-term incentive plan for key employees, which is measured against long-term profit growth targets for LGIM America. Plans, which last for three years, are launched on an annual basis.

*Ownership of Fund Shares.* As of June 30, 2025, LGIM America's portfolio managers did not beneficially own any shares of the Long Duration, Long Duration Credit or Intermediate Duration Credit Funds.

*Other Accounts.* As of June 30, 2025, in addition to the Long Duration, Long Duration Credit and Intermediate Duration Credit Funds, LGIM America's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Portfolio Manager Team | 0 | $0 | 17 | $8726.266 | 94 | $33104.804 |

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None of these accounts are subject to a performance-based advisory fee.

<sup>†</sup> The portfolio managers—Jason Shoup, Patrick Dan, Jordan Bond, Tim Bacik, CFA, Felipe Telles, CFA and Magdalena Szudy—use a team approach to manage LGIM America's portfolios. In total the team manages over 110 accounts across its credit strategies. This number does not include non-discretionary assets managed for LGIM America's affiliate.

*Conflicts of Interest.* LGIM America and its portfolio managers serve as portfolio managers and investment adviser to other client accounts, may have additional accounts in the future and may conduct investment activities for their own accounts (collectively, the "Other Clients"), and may serve as officers, directors, consultants, members, partners or stockholders of one or more investment funds, partnerships, securities firms or advisory firms. The Other Clients may have investment objectives or may implement investment strategies similar to the Long Duration, Long Duration Credit and Intermediate Duration Credit Funds and may invest in the same or similar securities as such funds. LGIM America or a portfolio manager may give advice or take action with respect to the Other Clients that differs from the advice given with respect to the Long Duration, Long Duration Credit or Intermediate Duration Credit Funds. It may not always be possible or consistent with the investment objectives of the various persons or entities described above and of the Long Duration, Long Duration Credit or Intermediate Duration Credit Funds for the same investment positions to be taken or liquidated at the same time or at the same price.

The conflict of side-by-side management of the Long Duration, Long Duration Credit and Intermediate Duration Credit Funds with Other Clients is mitigated by limiting the portfolio managers' activity to portfolio modeling and the raising of orders with the basket of securities to be traded. LGIM America's Global trading Team aggregates multiple orders of the same security and executes the order in the marketplace. These orders may include IPOs, private placements or other thinly traded investment opportunities. Simultaneous identical portfolio transactions may tend to decrease the prices received, and increase the prices required to be paid. Where less than the maximum desired number of securities to be purchased is available at a favorable price,

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the securities purchased will be allocated among the Long Duration, Long Duration Credit or Intermediate Duration Credit Funds and the Other Clients in accordance with LGIM America's policies and procedures, with the objective of fair and equitable treatment of all clients. All funds and accounts are subject to LGIM America's Allocation Policy and Best Execution Policy, and LGIM America's policies and controls are intended to address the impact of the foregoing and other conflicts of interest. The application of these rules is monitored by LGIM America's Compliance Team.

As a result of the foregoing, LGIM America and the portfolio managers may have conflicts of interest in allocating their time and activity between the Long Duration, Long Duration Credit and Intermediate Duration Credit Funds and Other Clients, in allocating investments among the Long Duration, Long Duration Credit and Intermediate Duration Credit Funds and Other Clients and in effecting transactions for the Long Duration, Long Duration Credit and Intermediate Duration Credit Funds and the Other Clients, including ones in which LGIM America and the portfolio managers may have a greater financial interest.

Los Angeles Capital

*Compensation.* SIMC pays Los Angeles Capital a fee based on the assets under management of the Small Cap and Small Cap II Funds as set forth in an investment sub-advisory agreement between Los Angeles Capital and SIMC. Los Angeles Capital pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Small Cap and Small Cap II Funds. The following information relates to the period ended June 30, 2025.

Los Angeles Capital's portfolio managers participate in a competitive compensation program that is aimed at attracting and retaining talented employees with an emphasis on disciplined risk management, ethics and compliance-centered behavior. No component of Los Angeles Capital's compensation policy or payment scheme is tied directly to the performance of one or more client portfolios or funds.

Each of Los Angeles Capital's portfolio managers receives a base salary fixed from year to year. In addition, portfolio managers participate in Los Angeles Capital's profit sharing plan. The aggregate amount of the contribution to Los Angeles Capital's profit sharing plan is based on overall firm profitability with amounts paid to individual employees based on their relative overall compensation up to applicable legal limits. Each of the portfolio managers also is a shareholder of Los Angeles Capital and receives compensation based upon Los Angeles Capital's overall profits. Certain portfolio managers are also eligible to receive a discretionary bonus from Los Angeles Capital.

*Ownership of Fund Shares.* As of June 30, 2025, Los Angeles Capital's portfolio managers did not beneficially own any shares of the Small Cap or Small Cap II Funds.

*Other Accounts.* As of June 30, 2025, in addition to the Small Cap and Small Cap II Funds, Los Angeles Capital's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment <br>Companies | Registered Investment <br>Companies | Other Pooled <br>Investment Vehicles | Other Pooled <br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number <br>of Accounts | Total Assets<br>(in millions) | Number <br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets <br>(in millions) |
| Hal W. Reynolds, CFA | 19 | $9914 | 21 | $15234 | 38 | $7003 |
|  | 1<br> \* | $5402 | 6<br> \* | $2270 | 9<br> \* | $4060 |
| Daniel E. Allen, CFA | 17 | $5081 | 21 | $15234 | 32 | $6972 |
|  | 0 | $0 | 6<br> \* | $2270 | 9<br> \* | $4060 |
| Kristin Ceglar, CFA | 5 | $5605 | 3 | $218 | 13 | $2456 |
|  | 1<br> \* | $5402 | 1<br> \* | $136 | 4<br> \* | $1291 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

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*Conflicts of Interest.* Los Angeles Capital has adopted policies and procedures, including brokerage and trade allocation policies and procedures, which Los Angeles Capital believes are reasonably designed to manage, monitor and prevent the firm from inappropriately favoring one account over another. Procedures adopted by Los Angeles Capital seek to treat all clients fairly and equally over time and to mitigate conflicts among accounts. Client accounts are managed independent of one another in accordance with client specific mandates, restrictions, and instructions as outlined in the client's investment management agreement, and such restrictions and instructions are monitored for compliance with the client's investment guidelines.

Side-by-side management can result in investment positions or actions taken for one client account that differ from those taken in another client account in situations where trades in one account closely precede transactions in the same securities in a different account, or in situations where clients receive different execution prices when trading the same security but at different times. Conversely, Los Angeles Capital could hold a long position in an account while at the same time taking a short position on the same issuer in another account. These situations occur due to differences in the risk and guideline constraints and exposures governing a client's account in comparison to the other accounts managed by the firm. In addition, as a result of the liquidity characteristics of the securities within certain strategies, larger accounts could require extended trading horizons and experience lower completion rates on orders, higher transaction costs, and reduced performance when compared to smaller accounts in the same strategy. Additionally, certain accounts, including Firm proprietary accounts, could trade more frequently than other accounts, creating more competition between and among client accounts, which can result in increased transaction costs, decreased liquidity in an investment, and/or impacts on the security price. These positions and actions can adversely affect or benefit different clients at different times.

Los Angeles Capital manages client accounts that have different investment strategies, objectives, restrictions, constraints, launch dates, and overlapping benchmark constituents. Given these customizations and differences, it is possible that Los Angeles Capital may be purchasing or holding a security for one account and simultaneously selling the same security for another account. However, simultaneously purchasing and selling the same security in the same account without the intent to take a bona fide market position ("wash trades") is prohibited. Additionally, it is possible for the firm to purchase or sell the same security for different accounts during the same trading day but at differing execution prices. The order of account rebalances may work on some occasions to the account's advantage or disadvantage. Client accounts also have different account trading strategies that include, but are not limited to, varying the frequency and order of account rebalances (*e.g.*, weekly, semi-monthly, monthly, or quarterly), varying the grouping of accounts or markets to be traded within accounts on a particular day (*e.g.*, trading U.S. accounts before global accounts, or rotating weeks between strategies), varying account turnover, aggregating trades lists, aggregating specific names within trade lists, varying names traded as a block, using third-party algorithms, use of limit-orders, and adjusting executing broker trade strategy instructions. The firm reserves the right to explore trading strategies, methods, and processes to further its best execution mandate for client accounts. Given these customizations and differences, it is possible that Los Angeles Capital may be purchasing or holding a security for one account and simultaneously selling the same security for another account.

The decision as to which accounts participate in an investment opportunity will take into account, among other things, the quantitative model's outlook on the account's strategy, the account's investment guidelines, and the account's risk metrics. Orders are sent to the market simultaneously subject to prevailing market conditions, client flows, and liquidity.

While each client account is managed individually, with trade allocation determined prior to placing each trade with the broker, Los Angeles Capital may, at any given time, purchase or sell the same security in a block that is allocated amongst multiple accounts. Los Angeles Capital will generally execute transactions for clients on an aggregate basis when it believes that to do so would allow it to obtain best execution and remain consistent with the account's investment guidelines. As such, Los Angeles Capital, from time to time, evaluates account trade lists for sizable or potentially illiquid transactions that may be aggregated among several concurrent account rebalances. There are a number of variables that can influence a decision to aggregate purchases or sales into a block, including but not limited to, order size, liquidity, client trading directives, regulatory limitations,

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round lot requirements, and cash flows. When there is decision making on whether to include or exclude certain accounts from a block transaction, there is always the potential for conflicts of interest. Furthermore, aggregation may operate on some occasions to the advantage of the account and on other occasions to the account's disadvantage. Los Angeles Capital's policies and procedures in allocating trades are structured to treat all clients fairly. Los Angeles Capital is not required to aggregate any particular trade. For example, an account with directed brokerage may not participate in certain block trades. The implementation of portfolio decisions is decided without consideration of the firm's (or any of its personnel's) pecuniary investment, or other financial interests, including without consideration of the different fees or compensation the firm receives from clients. Furthermore, Los Angeles Capital does not invest the assets of separately managed client accounts in commingled funds sponsored by Los Angeles Capital.

The firm's strategies predominantly invest in liquid common stocks. Based on a variety of factors including the strategy, guidelines, risk metrics and turnover goals, Los Angeles Capital determines the trading frequency for each account. Most accounts currently trade at least semi-monthly and others may trade more or less frequently depending on such things as turnover goals, market conditions and other factors unique to the strategy or markets in which they are invested.

Los Angeles Capital has designed a proprietary Brokerage Allocation Randomization system for objectively pairing which equity broker-dealer to use when executing an account's transactions based on regional market eligibility/suitability characteristics, as well as perceived execution capability of the equity broker-dealer in such regional markets. Los Angeles Capital's proprietary accounts, using trading or portfolio management strategies that are utilized by other clients are primarily invested in liquid, benchmark securities, may be traded in rotation with client accounts or on a particular day of the week depending on liquidity, size, and model constraints. The order of account rebalances may work on some occasions to the account's advantage or disadvantage.

Los Angeles Capital's portfolio managers manage accounts that are charged a performance-based fee alongside accounts in the same strategy with standard asset-based fee schedules. While performance-based fee arrangements may be viewed as creating an incentive to favor certain accounts over others in the allocation of investment opportunities, Los Angeles Capital has adopted policies and procedures that are reasonably designed to monitor and prevent the firm from inappropriately favoring one account over another. Management and performance fees inure to the benefit of Los Angeles Capital as a whole and not to specific individuals or groups of individuals. Further, Los Angeles Capital employs a quantitative investment process which utilizes Los Angeles Capital's proprietary investment model technology to identify securities that will be used to construct a portfolio.

Los Angeles Capital has adopted a Code of Ethics that includes procedures on ethical conduct and personal trading and requires pre-clearance authorization from both the Trading and Compliance and Regulatory Risk Departments for certain personal security transactions. Nonetheless, because the Code of Ethics in some circumstances would permit employees to invest in the same securities as clients, there is a possibility that employees might benefit from market activity by a client in a security held by an employee. Employee trading is monitored under the Code of Ethics, and is designed to reasonably identify and prevent conflicts of interest between the firm and its clients.

Investment personnel of Los Angeles Capital or its affiliate may be permitted to be commercially or professionally involved with an issuer of securities. There is a potential risk that Los Angeles Capital personnel may place their own interests (resulting from outside employment/directorships) ahead of the interests of Los Angeles Capital clients. Before engaging in any outside business activity, employees must obtain approval of the CCO as well as other personnel. Any potential conflicts of interest from such involvement are monitored for compliance with Los Angeles Capital's Code of Ethics. The Code of Ethics also governs employees giving or accepting gifts and entertainment.

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LSV

*Compensation.* SIMC pays LSV a fee based on the assets under management of the Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds as set forth in an investment sub-advisory agreement between LSV and SIMC. LSV pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds. The following information relates to the period ended June 30, 2025.

LSV's portfolio managers' compensation consists of a fixed salary and discretionary bonus. Each of the portfolio managers is a partner of LSV and thereby receives a portion of the overall profit of the firm as part of his ownership interests. The bonus is based upon the profitability of the firm and individual performance. None of the portfolio managers' compensation is based on the performance of, or the value of assets held in, the Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds.

Individual performance is subjective and may be based on a number of factors, such as the individual's leadership and contribution to the strategic planning and development of the investment group. The portfolio managers' compensation is not tied to any one account, including the Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds, and bonuses are not awarded or calculated based upon performance.

*Ownership of Fund Shares.* As of June 30, 2025, LSV's portfolio managers have the opportunity to participate in the 401(k) plan sponsored by SEI Investments. Such plan could utilize some of the funds offered by the Trust. As such, as of the end of the Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds' most recently completed fiscal year, LSV's portfolio managers may beneficially own shares of the Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds.

*Other Accounts.* As of June 30, 2025, in addition to the Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds, LSV's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Josef Lakonishok, Ph.D. | 25 | $12486 | 61 |  | $22512 | 259 | $59987 |
|  | 0 | $0 | 5 | <sup>†</sup>\* | $1959 | 54<br> \* | $14858 |
| Menno Vermeulen, CFA | 25 | $12486 | 61 |  | $22512 | 259 | $59987 |
|  | 0 | $0 | 5 | <sup>†</sup>\* | $1959 | 54<br> \* | $14858 |
| Puneet Mansharamani, CFA | 25 | $12486 | 61 |  | $22512 | 259 | $59987 |
|  | 0 | $0 | 5 | <sup>†</sup>\* | $1959 | 54<br> \* | $14858 |
| Greg Sleight | 25 | $12486 | 61 |  | $22512 | 259 | $59987 |
|  | 0 | $0 | 5 | <sup>†</sup>\* | $1959 | 54<br> \* | $14858 |
| Guy Lakonishok, CFA | 25 | $12486 | 61 |  | $22512 | 259 | $59987 |
|  | 0 | $0 | 5 | <sup>†</sup>\* | $1959 | 54<br> \* | $14858 |
| Gal Skarishevsky | 25 | $12486 | 61 |  | $22512 | 259 | $59987 |
|  | 0 | $0 | 5 | <sup>†</sup>\* | $1959 | 54<br> \* | $14858 |
| Jason Karceski, Ph.D. | 3 | $179 | 3 |  | $695 | 11 | $986 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

<sup>†</sup> These accounts are Limited Partnerships and/or Group Trust accounts to which LSV acts as General Partner and/or Investment Manager and are an aggregation of underlying investors who have negotiated a performance fee.

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*Conflicts of Interest.* The portfolio managers' management of other accounts may give rise to potential conflicts of interest in connection with their management of the Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds' investments, on the one hand, and the investments of the other accounts, on the other. The other accounts include separate accounts and other pooled investment vehicles. The other accounts might have similar investment objectives as the Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds or hold, purchase or sell securities that are eligible to be held, purchased or sold by the Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds. While the portfolio managers' management of other accounts may give rise to the following potential conflicts of interest, LSV does not believe that the conflicts, if any, are material or, to the extent any such conflicts are material, LSV believes that it has designed policies and procedures to manage those conflicts in an appropriate way.

A potential conflict of interest may arise as a result of the portfolio managers' day-to-day management of the Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds. Because of their positions with the Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds, the portfolio managers know the size, timing and possible market impact of Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Fund trades. It is theoretically possible that the portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds. However, LSV has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

A potential conflict of interest may arise as a result of the portfolio managers' management of the Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds and other accounts, which, in theory, may allow them to allocate investment opportunities in a way that favors other accounts over the Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds. This conflict of interest may be exacerbated to the extent that LSV or the portfolio managers receive, or expect to receive, greater compensation from their management of the other accounts than the Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds Notwithstanding this theoretical conflict of interest, it is LSV's policy to manage each account based on its investment objectives and related restrictions and, as discussed above, LSV has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time and in a manner consistent with each account's investment objectives and related restrictions. For example, while the portfolio managers may buy for other accounts securities that differ in identity or quantity from securities bought for the Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds, such an approach might not be suitable for the Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds given their investment objectives and related restrictions.

The same team of portfolio managers is responsible for the day-to-day management of all of LSV's accounts. LSV uses a proprietary quantitative investment model to manage all of LSV's accounts. LSV relies extensively on its quantitative investment model regarding the advisability of investing in a particular company. Any investment decisions are generally made based on whether a buy or sell signal is received from the proprietary quantitative investment model. Accounts or funds with performance-based fees and accounts or funds in which employees may be invested could create an incentive to favor those accounts or funds over other accounts or funds in the allocation of investment opportunities. In addition, it is possible that a short position may be taken on a security that is held long in another portfolio. LSV seeks to make allocations of investment opportunities in a manner that it considers fair, reasonable and equitable without favoring or disfavoring, consistently or consciously, any particular client. LSV has procedures designed to ensure that all clients are treated fairly and to prevent these potential conflicts from influencing the allocation of investment opportunities among clients. On a quarterly basis, LSV's Forensic Testing Committee, consisting of the Chief Compliance Officer, Compliance Officer, Chief Operating Officer and Compliance Analyst, reviews, among other things, allocations of investment opportunities among clients and allocations of partially-filled block trades, including allocations to accounts or funds with performance-based fees or in which employees may be invested, to confirm consistency with LSV's policies and procedures.

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LSV provides model portfolios to a number of clients, (each a "Model Adviser" and collectively the "Model Advisers") including SIMC, a wholly-owned subsidiary of SEI. These model portfolios are currently utilized in relation to a managed account program and several registered investment company sub-advisory relationships and may be offered in additional ways in the future. The model portfolios utilize some of the same strategies that are offered to LSV's other accounts. After LSV has provided the model portfolio to the Model Adviser, both initially and at each rebalance of the model portfolio, the Model Adviser or its delegates determine the timing and manner of purchase or sale with respect to the model portfolio recommendations. Some Model Advisers may generally implement the model portfolio recommendations as provided by LSV, while others may retain complete discretion as to the extent to which the model recommendations are implemented. The portfolio management team maintains a calendar of rebalance dates for the model portfolios similar to other LSV portfolios. In order to seek to ensure the fair treatment of all clients, LSV provides model portfolios to the Model Advisers on a staggered schedule relative to the firm's other portfolios, so that the Portfolio Management Team delivers the model portfolios on a rebalance schedule that differs from the rebalance schedule of the other portfolios. As a result, the model portfolios may experience different account performance, including potentially less favorable prices, than LSV's accounts that it trades directly. However, the same software and procedures that are used for other LSV portfolios are also used with respect to the model portfolios. In addition, the model portfolios are constructed based on the most up-to-date rankings in LSV's quantitative investment model. LSV's policies require that the Chief Compliance Officer be made aware of any changes to this process.

On a quarterly basis, LSV's Forensic Testing Committee reviews a report which shows the timing of the submission of the model portfolios with respect to the rebalancing of certain portfolios in applicable strategies actively managed by LSV and the timing of the submission of model portfolios in the same strategies sent to the Model Advisers to be used to rebalance the applicable model portfolios.

LSV or its funds may contract for services with an entity or person with whom LSV or its employees has a relationship or from which LSV or its employees otherwise derives financial or other benefits. The existence of and nature of such relationships raises conflicts of interest between LSV and/or its employees, on the one hand, and LSV's clients and funds, on the other hand, in determining whether to engage such service providers and, if engaged, on what terms and conditions. LSV or its employees may, because of its or such person's financial or other benefits, have an incentive to engage a service provider even if a different entity or person is more qualified to provide the applicable services and/or can provide such services at a lesser cost. These entities are subject to the same vendor management policies and procedures that apply to all third party vendors, which are designed to manage any such conflict, including an annual review by persons at LSV that do not have such a conflict. For example, LSV currently has a relationship with a data services provider in which certain of LSV's employees have a minority investment. The services are provided directly to and paid for by LSV and not any client or fund. LSV believes the services offered by the provider are at least as good as or better than the services provided by the provider's competitors and that the provider's services have comparable (or in some cases, more desirable) terms and conditions. In addition, the provider's services are subject to an annual review by persons at LSV that do not have such a conflict. Further, employees of LSV may also hold other personal investments in other outside businesses that may interact with LSV from time to time. Such investments are subject to pre-clearance under the LSV Code of Ethics and Personal Trading Policy.

Mackenzie

*Compensation.* SIMC pays Mackenzie a fee based on the assets under management of the Large Cap Disciplined Equity Fund as set forth in an investment sub-advisory agreement between Mackenzie and SIMC. Mackenzie pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Large Cap Disciplined Equity Fund. The following information relates to the period ended June 30, 2025.

Mackenzie's portfolio managers are paid fixed and variable compensation. Such variable compensation is calculated by reference to: (i) a peer relative ranking that the portfolio managers achieve in the relevant strategy, and (ii) sales related factors. The peer relative ranking element is determined by comparing the performance

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(net of non-reclaimable withholdings taxes) of a representative account in the relevant strategy against the investment performance generated by peer investment managers in similar strategies.

*Ownership of Fund Shares.* As of June 30, 2025, Mackenzie's portfolio managers did not beneficially own any shares of the Large Cap Disciplined Equity Fund.

*Other Accounts.* As of June 30, 2025, in addition to the Large Cap Disciplined Equity Fund, Mackenzie's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Arup Datta, CFA | 2 | $693 | 53 | $12305 | 2 | $354 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $348 |
| Nicholas Tham, CFA | 2 | $693 | 53 | $12305 | 2 | $354 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $348 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

<sup>†</sup> Mackenzie utilizes a team-based approach to portfolio management, and each of the portfolio managers listed in the table is jointly responsible for the management of a portion of the accounts listed in each category.

*Conflicts of Interest.* Conflicts may arise in situations where the interests of Mackenzie and those of the Large Cap Disciplined Equity Fund are inconsistent. For example, a conflict of interest may arise as a result of the portfolio manager being responsible for multiple accounts, including the Large Cap Disciplined Equity Fund, which may have different investment guidelines and objectives. In addition to the Large Cap Disciplined Equity Fund, these accounts may include accounts of private pooled investment vehicles and other accounts. In particular, this conflict of interest may arise as a result of Mackenzie's management of the Large Cap Disciplined Equity Fund and other accounts, which, in theory, may allow Mackenzie to allocate investment opportunities in a way that favors other accounts over the Large Cap Disciplined Equity Fund. This conflict of interest may be exacerbated to the extent that Mackenzie or the portfolio manager receive, or expect to receive, greater compensation from their management of the other accounts than the Large Cap Disciplined Equity Fund. Mackenzie (or its members, employees and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the Large Cap Disciplined Equity Fund. To the extent a particular investment is suitable for both the Large Cap Disciplined Equity Fund and the other accounts, such investments will be allocated between the Large Cap Disciplined Equity Fund and the other accounts on a pro rata basis. If a pure pro-rata allocation is not feasible, allocations are made on an otherwise fair and equitable basis.

Generally, Mackenzie takes steps to identify all existing material conflicts of interest and those that are reasonably expected to arise. To address and manage these conflicts, Mackenzie maintains policies and procedures to ensure that the firm manages all accounts in a manner consistent with the fiduciary duties Mackenzie owes its clients and with all applicable laws.

Manulife

*Compensation.* SIMC pays Manulife a fee based on the assets under management of the Opportunistic Income Fund as set forth in an investment sub-advisory agreement between Manulife and SIMC. Manulife pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Opportunistic Income Fund. The following information relates to the period ended June 30, 2025.

Manulife has designed its compensation plan to effectively attract, retain and reward top investment talent. The incentive plan is designed to align and reward investment teams that deliver consistent value added performance for the company's clients and partners through world-class investment strategies and solutions.

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Investment professionals are compensated with a combination of base salary, and incentives as follows.

Base salaries

Base salaries are market-based and salary ranges are periodically reviewed. Individual salary adjustments are based on individual performance against mutually-agreed-upon objectives and development of technical skills.

Incentives—Short-and Long-Term

All investment professionals are eligible for participation in a short and long term investment incentive plan. These incentives are tied to performance against various objective and subjective measures, including:

• Investment Performance—Performance of portfolios managed by the investment team. This is the most heavily weighted factor and it is measured relative to an appropriate benchmark or universe over established time periods.

• Financial Performance—Performance of Manulife and its parent corporation.

• Non-Investment Performance—Derived from the contributions an investment professional brings to Manulife Investment Management.

Awards under this plan include:

• Annual Cash Awards

• Deferred Incentives—One hundred percent of this portion of the award is invested in strategies managed by the team/individual as well as other Manulife strategies.

• Manulife equity awards—Investment professionals that are considered officers of Manulife receive a portion of their award in Manulife Restricted Share Units or stock options. This plan is based on the value of the underlying common shares of Manulife.

*Ownership of Fund Shares.* As of June 30, 2025, Manulife portfolio managers did not beneficially own any shares of the Opportunistic Income Fund.

*Other Accounts.* As of June 30, 2025, in addition to the Opportunistic Income Fund, Manulife's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| David Bees, CFA | 3 | $6739.7 | 0 | $0 | 0 | $0 |
| Connor Minnaar, CFA | 21 | $47158.9 | 36 | $7866.5 | 31 | $18535.4 |

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None of the accounts listed above are subject to a performance-based advisory fee.

<sup>†</sup> Manulife utilizes a team-based approach to portfolio management, and each of the portfolio managers listed above are jointly responsible for the management of a portion of the accounts listed in each category.

*Conflicts of Interest.* Manulife's and the portfolio managers' management of other accounts may give rise to potential conflicts of interest in connection with their management of the Opportunistic Income Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts include registered investment companies, other pooled investment vehicles and various institutional clients. Any such conflict of interest may be exacerbated to the extent that Manulife or the portfolio managers receive, or expect to receive, greater compensation from their management of the other accounts than the Opportunistic Income Fund.

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Manulife and the portfolio managers may invest for other accounts in debt obligations that would be appropriate for the Opportunistic Income Fund and have no duty, in making such investments, to act in a way that is favorable to the Opportunistic Income Fund or investors in the Opportunistic Income Fund. Such investments may be different from those made on behalf of the Opportunistic Income Fund. Manulife and its affiliates may have economic interests in or other relationships with issuers in whose obligations or securities the Opportunistic Income Fund may invest. In particular, such persons may make or hold an investment in an issuer's securities that may be pari passu, senior or junior in ranking to an investment in such issuer's securities made or held by the Opportunistic Income Fund or in which affiliates of such persons serve on boards of directors or otherwise have ongoing relationships. Each of such ownership and other relationships, including the ownership by Manulife, its affiliates or other accounts of securities of different ranking and with different rights than those owned by the Opportunistic Income Fund, may result in securities laws restrictions on transactions in such securities by the Opportunistic Income Fund and otherwise create conflicts of interest for the Opportunistic Income Fund. In such instances, Manulife and its affiliates may, in their discretion, make investment decisions that may be the same as or different from those made with respect to the Opportunistic Income Fund's investments.

Although Manulife and the portfolio managers will commit a significant amount of their efforts to the management of the Opportunistic Income Fund, they will manage other accounts and are not required (and will not be able) to devote all of their time to the management of the Opportunistic Income Fund. The portfolio managers may have conflicts in allocating their time and services among the Opportunistic Income Fund and the other accounts.

Manulife or any of its affiliates may from time to time simultaneously or at different times seek to purchase or sell investments for the Opportunistic Income Fund and the other accounts. It is Manulife's policy to allocate investment opportunities to the extent practicable to each account, including the Opportunistic Income Fund, over time in a manner that Manulife believes is fair and equitable to each such account (considering applicable account investment constraints). Nevertheless, under some circumstances, such allocation may adversely affect the Opportunistic Income Fund with respect to the price or size of the investments obtainable or saleable.

Marathon

*Compensation.* SIMC pays Marathon a fee based on the assets under management of the Emerging Markets Debt Fund as set forth in an investment sub-advisory agreement between Marathon and SIMC. Marathon pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Emerging Markets Debt Fund. Such compensation consists of an annual salary and a discretionary year-end bonus for Marathon's employees. The following information relates to the period ended June 30, 2025.

*Ownership of Fund Shares.* As of June 30, 2025, Marathon's portfolio managers did not beneficially own any shares of the Emerging Markets Debt Fund.

*Other Accounts.* As of June 30, 2025, in addition to the Emerging Markets Debt Fund, Marathon's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Lou Hanover | 8 | $1237.00 | 119 | $23857.22 | 28 | $3296.73 |
|  | 3 | $451.77 | 86<br> \* | $19041.12 | 12<br> \* | $1351.51 |
| Andrew Szmulewicz | 7 | $990.28 | 15 | $5162.02 | 17 | $1436.06 |
|  | 2 | $205.06 | 9<br> \* | $2163.58 | 7<br> \* | $446.95 |
| Fernando Phillips | 7 | $990.28 | 15 | $5162.02 | 17 | $1436.06 |
|  | 2 | $205.06 | 9<br> \* | $2163.58 | 7<br> \* | $446.95 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

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Please note that the number of accounts and corresponding AUM listed in the above table includes each individual entity related to that fund or account. For instance, in the case of a master fund with two related feeders, Marathon has counted three accounts.

*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio manager being responsible for multiple accounts, including the Emerging Markets Debt Fund, which may have different investment guidelines and objectives. In addition to the Emerging Markets Debt Fund, these accounts may include accounts of registered investment companies for which Marathon serves as sub-advisor, private pooled investment vehicles and other accounts. Marathon has adopted aggregation and allocation of investments procedures designed to ensure that all of its clients are treated fairly and equitably over time and to prevent this form of conflict from influencing the allocation of investment opportunities among its clients. As a general matter, Marathon will offer clients the right to participate in all investment opportunities that it determines are appropriate for the client in view of relative amounts of capital available for new investments, each client's investment program, and the then current portfolios of its clients at the time an allocation decision is made. As a result, in certain situations priority or weighted allocations can be expected to occur in respect of certain accounts, including but not limited to situations where clients have differing: (A) portfolio concentrations with respect to geography, asset class, issuer, sector or rating, (B) investment restrictions, (C) tax or regulatory limitations, (D) leverage limitations or volatility targets, (E) ramp up or ramp down scenarios or (F) counterparty relationships. Marathon maintains conflicts of interest policies and procedures containing provisions designed to prevent potential conflicts related to personal trading, allocation, and fees among other potential conflicts of interest. Such potential conflicts and others are disclosed in Marathon's Form ADV Part 2A filing.

Martingale

*Compensation.* SIMC pays Martingale a fee based on the assets under management of the Small Cap Fund as set forth in an investment sub-advisory agreement between Martingale and SIMC. Martingale pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Small Cap Fund. The following information relates to the period ended June 30, 2025.

*Compensation.* Martingale's compensation approach aims to foster team building and promote collaboration among employees to best serve Martingale's clients. Firmwide, Martingale's compensation structure includes annual base salary and attractive employee benefits, plus opportunities to receive additional compensation in the form of an annual bonus, a tax-deferred SEP retirement plan and participation in the firm's profitability through equity ownership. Changes in salary and bonuses are based on traditional employee performance evaluation criteria that consider an individual's performance and contributions within their immediate area of responsibility as well as broader contributions to Martingale's overall success. In addition, attractive non-financial benefits are provided to all employees. Within the Investment Team, compensation considerations include contributions to investment research, product development, implementation, and the success of Martingale's investment strategies.

*Ownership of Fund Shares.* As of June 30, 2025, Mr. Eysenbach and the investment team did not beneficially own any shares of the Fund.

*Other Accounts.* As of June 30, 2025, in addition to the Small Cap Fund, Martingale's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| James M. Eysenbach, CFA | 0 | $0.00 | 11 | $1670.56 | 15 | $2590.72 |
|  | 0 | $0 | 3<br> \* | $685.68 | 1<br> \* | $182.29 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

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*Conflicts of Interest.* The portfolio manager's management of other accounts may give rise to potential conflicts of interest in connection with the management of the Small Cap Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts include all other Martingale accounts. The other accounts might have similar investment objectives as the Small Cap Fund or hold, purchase or sell securities that are eligible to be held, purchased or sold by the Small Cap Fund. While the portfolio manager's management of other accounts may give rise to the following potential conflicts of interest, Martingale does not believe that the conflicts, if any, are material or, to the extent any such conflicts are material, Martingale believes that it has designed policies and procedures to manage conflicts in an appropriate way.

A potential conflict of interest may arise as a result of the portfolio manager's day-to-day management of the Small Cap Fund. Because of the position with the Small Cap Fund, the portfolio manager knows the size, timing and possible market impact of Small Cap Fund trades. It is theoretically possible that the portfolio manager could use this information to the advantage of other accounts managed and to the possible detriment of the Small Cap Fund. However, Martingale has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

MetWest

*Compensation.* SIMC pays MetWest a fee based on the assets under management of the Core Fixed Income, Long Duration, Long Duration Credit and Limited Duration Bond Funds as set forth in an investment sub-advisory agreement between MetWest and SIMC. MetWest pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Core Fixed Income, Long Duration, Long Duration Credit and Limited Duration Bond Funds. The following information relates to the period ended June 30, 2025.

Because MetWest is a subsidiary of The TCW Group, Inc. ("TCW"), MetWest's investment professionals are compensated under the TCW compensation structure as detailed below.

The overall objective of the TCW's compensation program for portfolio managers is to attract experienced and expert investment professionals and to retain them over the long-term. Compensation is comprised of several components which, in the aggregate, are designed to achieve these objectives and to reward the portfolio managers for their contributions to the successful performance of the accounts they manage. Portfolio managers are compensated through a combination of base salary, bonus and equity incentive participation in TCW's parent company ("equity incentives"). Bonus and equity incentives generally represent most of the portfolio managers' compensation.

Salary. Salary is agreed to with portfolio managers at the time of employment and is reviewed from time to time. It does not change significantly and often does not constitute a significant part of a portfolio manager's compensation.

Discretionary Bonus/Guaranteed Minimums. Discretionary bonuses are paid by the applicable TCW Advisor. Also, pursuant to contractual arrangements, some portfolio managers may receive minimum bonuses.

Equity Incentives. Management believes that equity ownership aligns the interests of portfolio managers with the interests of the firm and its clients. Accordingly, TCW's key investment professionals participate in equity incentives through ownership or participation in restricted unit plans that vest over time or unit appreciation plans of the TCW's parent company.

Other Plans and Compensation Vehicles. Portfolio managers may also elect to participate in the applicable TCW Advisor's 401(k) plan, to which they may contribute a portion of their pre- and post-tax compensation to the plan for investment on a tax-deferred basis.

*Ownership of Fund Shares.* As of June 30, 2025, MetWest's portfolio managers did not beneficially own any shares of the Core Fixed Income, Long Duration, Long Duration Credit or Limited Duration Bond Funds.

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*Other Accounts.* As of June 30, 2025, in addition to the Core Fixed Income, Long Duration, Long Duration Credit and Limited Duration Bond Funds, MetWest's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Bryan Whalen, CFA | 22 | $68087.5 | 31 | $11466.5 | 196 | $63917.4 |
|  | 0 | $0 | 4<br> \* | $479.3 | 10<br> \* | $6920.5 |
| Jerry Cudzil | 21 | $666669.7 | 39 | $15993.6 | 164 | $51313.7 |
|  | 0 | $0 | 10<br> \* | $3979.7 | 5<br> \* | $3023.0 |
| Ruben Hovhannisyan, CFA | 22 | $66494.4 | 18 | $8503.4 | 147 | $46201.5 |
|  | 0 | $0 | 1<br> \* | $195.5 | 5<br> \* | $3023.0 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* TCW's approach to handling conflicts of interest is multi-layered starting with its policies and procedures, the maintenance of a conflicts of interest matrix, reporting and pre-clearance of personal trading and oversight by various committees. On an annual basis TCW reviews its conflicts of interests across its products and businesses, and may update and add specific conflicts of interests pertaining to new products, regulatory priorities, market events, etc. TCW has policies and controls to avoid and/or mitigate conflicts of interest across its businesses. The policies and procedures in TCW's Code of Ethics (the "Code") serve to address or mitigate both conflicts of interest and the appearance of any conflict of interest. The Code contains several restrictions and procedures designed to eliminate conflicts of interest relating to personal investment transactions, including (i) reporting account openings, changes, or closings (including accounts in which an Access Person has a "beneficial interest"), (ii) pre-clearance of non-exempt personal investment transactions (make a personal trade request for Securities) and (iii) the completion of timely required reporting (Initial Holdings Report, Quarterly Transactions Report, Annual Holdings Report and Annual Certificate of Compliance).

In addition, the Code addresses potential conflicts of interest through its policies on insider trading, anti-corruption, an employee's outside business activities, political activities and contributions, confidentiality and whistleblower provisions.

Conflicts of interest may also arise in the management of accounts and investment vehicles. These conflicts may raise questions that would allow TCW to allocate investment opportunities in a way that favors certain accounts or investment vehicles over other accounts or investment vehicles, or incentivize a TCW portfolio manager to receive greater compensation with regard to the management of certain account or investment vehicles. TCW may give advice or take action with certain accounts or investment vehicles that could differ from the advice given or action taken on other accounts or investment vehicles.

When an investment opportunity is suitable for more than one account or investment vehicle, such investments will be allocated in a manner that is fair and equitable under the circumstances to all TCW clients. As such, TCW has adopted policies and procedures around portfolio management and trading and brokerage to address most of these potential conflicts. In addition, TCW has created various committees to review trading and brokerage, the allocation of investment opportunities, performance dispersion, allocation dispersion, cross trades, performance fees and address other issues generally associated with side-by-side management in order to ensure that all of TCW's clients are treated on a fair and equitable basis.

The respective Equity and Fixed Income Trading and Allocation Committees review trading activities on behalf of client accounts, including the allocation of investment opportunities and address any issues with regard to side-by-side management in order to ensure that all of TCW's clients are treated on a fair and equitable basis. Further, the Portfolio Analytics Committee reviews TCW's investment strategies, evaluates various

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analytics to facilitate risk assessment, changes to performance composites and benchmarks and monitors the implementation and maintenance of the Global Investment Performance Standards or GIPS compliance.

MIM

*Compensation.* SIMC pays MIM a fee based on the assets under management of the Core Fixed Income, Ultra Short Duration Bond, Long Duration Credit, Limited Duration Bond and Intermediate Duration Credit Funds as set forth in an investment sub-advisory agreement between MIM and SIMC. MIM pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Core Fixed Income, Ultra Short Duration Bond, Long Duration Credit, Limited Duration Bond and Intermediate Duration Credit Funds. The following information relates to the fiscal year ended June 30, 2025.

MIM is a wholly owned subsidiary of MetLife and as such, its compensation program is the same as MetLife's. The compensation program is a combination of short and long term elements to compensate investment professionals, and non-investment professionals, based on the overall financial success of the firm. The incentive program is primarily comprised of three elements:

(i) Base salary: Base salaries are generally reviewed annually and are based on market competitiveness.

(ii) Short term awards: Individual awards in the form of an annual cash bonus are discretionary and non-formulaic based on firm as well as individual performance. Bonus compensation for senior investment professionals comprises a majority of their total compensation. This portion of compensation is determined subjectively based on qualitative and quantitative factors. Compensation is impacted by the performance of investments under management (*i.e.*, delivering investment performance to clients consistent with portfolio objectives, guidelines and risk parameters) as well as an individual's qualitative contributions to the organization.

(iii) Long term awards: Senior level employees are eligible to receive long term equity incentives. These create the motivation for strong individual and business performance over time and the opportunity for long-term alignment with shareholder return and employee retention.

An investment professional's short and long term awards and compensation are not tied to any pre-determined or specified level of investment performance.

*Ownership of Fund Shares.* As of June 30, 2025, MIM's portfolio managers did not beneficially own any shares of the Core Fixed Income, Ultra Short Duration Bond, Long Duration Credit, Limited Duration Bond or Intermediate Duration Credit Funds.

*Other Accounts.* As of June 30, 2025, in addition to the Core Fixed Income, Ultra Short Duration Bond, Long Duration Credit, Limited Duration Bond and Intermediate Duration Credit Funds, MIM's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Scott Pavlak, CFA | 4 | $3741.2 | 7 | $771.6 | 48 | $117579.1 |
| Stephen A Mullin, CFA | 1 | $513.5 | 8 | $8354.4 | 117 | $28483.7 |
|  | 0 | $0 | 0 | $0 | 2<br> \* | $682.2 |
| Joshua Lofgren, CFA | 11 | $4048.9 | 8 | $890.6 | 33 | $8923.4 |
|  | 1<br> \* | $259 | 0 | $0 | 1<br> \* | $765.9 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* Real, potential or apparent conflicts of interest may arise when a portfolio manager has day-to-day portfolio management responsibilities with respect to more than one fund or account. MIM is wholly owned by MetLife and is part of MetLife Investment Management, MetLife's institutional investment management business, and is affiliated with many types of U.S. and non-U.S. financial service providers, including other investment advisers, broker-dealers and insurance companies.

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MetLife affiliates also invest their own capital in a broad range of investments. These investments may give rise to numerous situations where interests may conflict, including issues arising out of the investments of MetLife affiliates in entities or assets in which the Core Fixed Income, Ultra Short Duration Bond, Long Duration Credit, Limited Duration Bond and Intermediate Duration Credit Funds may invest or MIM may be prohibited from pursuing certain investment opportunities for the Core Fixed Income, Ultra Short Duration Bond, Long Duration Credit, Limited Duration Bond and Intermediate Duration Credit Funds due to regulatory or legal restrictions or constraints that may not have been applicable had MetLife affiliates not also invested in the same entity.

MIM has adopted procedures that it believes are reasonably designed to detect and prevent violations of the federal securities laws and to mitigate the potential for conflicts of interest to affect portfolio management decisions; however, there can be no assurance that all conflicts will be identified or that all procedures will be effective in mitigating the potential for such risks.

MIM and/or its affiliates manage certain accounts subject to performance-based fees or may have proprietary investments in certain accounts. The side-by-side management of the Core Fixed Income, Ultra Short Duration Bond, Long Duration Credit, Limited Duration Bond and Intermediate Duration Credit Funds and these other accounts may raise potential conflicts of interest with both the aggregation and allocation of securities transactions and allocation of investment opportunities because of market factors or investment restrictions. The performance of the Core Fixed Income, Ultra Short Duration Bond, Long Duration Credit, Limited Duration Bond and Intermediate Duration Credit Funds' investments could be adversely affected by the manner in which MIM and/or its affiliates enter particular orders for all such accounts. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited supply and allocation of investment opportunities generally, could raise a potential conflict of interest, as MIM and/or its affiliates may have an incentive to allocate securities that are expected to increase in value to favored accounts. A potential conflict of interest also may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by another account, or when a sale in one account lowers the sale price received in a sale by a second account. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a less favorable price.

MIM and its affiliates have adopted a policy to allocate investment opportunities in a fair and equitable manner among client accounts. Orders for the same security on the same day are generally aggregated consistent with MIM's duty of best execution; however, purchases of fixed income securities cannot always be allocated pro rata across all client accounts with similar investment strategies and objectives. MIM will attempt to mitigate any potential unfairness using an objective methodology that in the good faith judgment of MIM permits a fair and equitable allocation over time.

MIM will manage the Core Fixed Income, Ultra Short Duration Bond, Long Duration Credit, Limited Duration Bond and Intermediate Duration Credit Funds and other client accounts in accordance with their respective investment objectives and guidelines. As a result, MIM and/or its affiliates may give advice, and take action with respect to any current or future other client accounts that may be opposed to or conflict with the advice MIM may give to the Core Fixed Income, Ultra Short Duration Bond, Long Duration Credit, Limited Duration Bond and Intermediate Duration Credit Funds, or may involve a different timing or nature of action than with respect to the Core Fixed Income, Ultra Short Duration Bond, Long Duration Credit, Limited Duration Bond and Intermediate Duration Credit Funds. Where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increases the holding in such security. The results of the investment activities of the Core Fixed Income, Ultra Short Duration Bond, Long Duration Credit, Limited Duration Bond and Intermediate Duration Credit Funds may differ significantly from the results achieved by MIM and/or its affiliates for other client accounts.

PineStone

*Compensation.* SIMC pays PineStone a fee based on the assets under management of the Large Cap and Large Cap Disciplined Equity Funds as set forth in an investment sub-advisory agreement between PineStone

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and SIMC. PineStone pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Large Cap and Large Cap Disciplined Equity Funds. The following information relates to the period ended June 30, 2025.

The Investment Team's compensation structure comprises a competitive base salary and a performance-based incentive plan.

Base salaries generally align with the market median and are complemented by a target bonus above the industry average. This ensures continuity and the achievement of higher goals in line with its client objectives. Both portfolio managers and analysts are compensated on the performance of the total funds they manage instead of the performance of specific investment ideas or sectors. PineStone believes that this better aligns analysts' interests with those of portfolio managers and clients as they are incentivized to focus on the good of the Investment Team and its overall performance generated on behalf of clients.

To better align PineStone's Investment Team's interests with those of its clients, performance-based compensation is measured primarily in terms of the Investment Team's ability to meet and exceed their performance objective (based either on the value-added target or a universe of peers) in accordance with certain thresholds.

While the incentive compensation of portfolio managers is entirely based on quantitative metrics, analyst incentive compensation will vary based on the experience level of the analysts. As such, more junior analysts are qualitatively assessed and compensated on their overall work ethic and the quality of their work outputs. A quantitative performance-based component is introduced throughout time and becomes an increasing portion of variable compensation until it is entirely quantitative and performance-based. The performance-based compensation is measured primarily in terms of the Investment Team's ability to meet and exceed their performance objective across PineStone's three flagship strategies relative to their benchmarks. The performance is measured gross of fee. Global Equity Strategy is measured relatively to MSCI World (Net), International Equity Strategy is relatively to MSCI EAFE (Net), and U.S. Equity Strategy is relatively to S&P 500. Please see the percentage of Performance-based compensation as below.

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| | |
|:---|:---|
| % Of Performance-based Compensation | Period |
| 5% | 1 year |
| 10% | 2 years |
| 20% | 3 years |
| 30% | 4 years |
| 35% | 5 years |

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*Ownership of Fund Shares.* As of June 30, 2025, PineStone's portfolio managers did not beneficially own any shares of the Large Cap or Large Cap Disciplined Equity Funds.

*Other Accounts.* As of June 30, 2025, in addition to the Large Cap and Large Cap Disciplined Equity Funds, PineStone's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Nadim Rizk, CFA | 6 | $2145 | 69 | $39401 | 47 | $17436 |
|  | 0 | $0 | 0 | $0 | 2<br> \* | $997 |
| Andrew Chan, CIM | 6 | $2145 | 69 | $39401 | 47 | $17436 |
|  | 0 | $0 | 0 | $0 | 2<br> \* | $997 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of the portfolio manager being responsible for conflicts of interest. A conflict of interest may arise as a result of the portfolio manager being responsible for multiple accounts, including the Large Cap and Large Cap Disciplined Equity Funds, which may have different

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investment guidelines and objectives. In addition to the Large Cap and Large Cap Disciplined Equity Funds, these accounts may include accounts of registered investment companies, private pooled investment vehicles and other accounts. In particular, this conflict of interest may arise as a result of PineStone's management of the Large Cap and Large Cap Disciplined Equity Funds and other accounts, which, in theory, may allow PineStone to allocate investment opportunities in a way that favors other accounts over the Large Cap and Large Cap Disciplined Equity Funds. This conflict of interest may be exacerbated to the extent that PineStone or the portfolio manager receive, or expect to receive, greater compensation from their management of the other accounts (some of which receive both a management and incentive fee) than the Large Cap and Large Cap Disciplined Equity Funds. PineStone (or its members, employees, and affiliates) may give advice or take action with respect to the other accounts that differs from the advice given with respect to the Large Cap and Large Cap Disciplined Equity Funds. To the extent a particular investment is suitable for both the Large Cap and Large Cap Disciplined Equity Funds, and the other accounts, such investments will be allocated between the Large Cap and Large Cap Disciplined Equity Funds and the other accounts in a manner that PineStone determines is fair and equitable under the circumstances to all clients, including the Large Cap and Large Cap Disciplined Equity Funds.

To address and manage these potential conflicts of interest, PineStone has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each client is treated on a fair and equitable basis.

Pzena

*Compensation.* SIMC pays Pzena a fee based on the assets under management of the World Equity Ex-US Fund as set forth in an investment sub-advisory agreement between Pzena and SIMC. Pzena pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the World Equity Ex-US Fund. The following information relates to the period ended June 30, 2025.

Portfolio managers and other investment professionals at Pzena are compensated through a combination of fixed base salary, annual performance bonus and equity ownership, if appropriate due to superior performance. Pzena avoids the compensation model that is driven by individual security performance, as this can lead to short-term thinking which is contrary to the firm's value investment philosophy. The portfolio managers' bonuses are not specifically dependent upon the performance of the portfolios relative to the performance of the portfolios' benchmarks. For investment professionals, we examine such things as effort, efficiency, ability to focus on the correct issues, stock modeling ability, and ability to successfully interact with company management. However, Pzena always looks at the person as a whole and the contributions that they have made and are likely to make in the future. Longer-term success is required for equity ownership consideration. Ultimately, equity ownership is the primary tool used by Pzena for attracting and retaining the best people.

*Ownership of Fund Shares.* As of June 30, 2025, Pzena's portfolio managers did not own any shares of the World Equity Ex-US Fund.

*Other Accounts.* As of June 30, 2025, in addition to the World Equity Ex-US Fund, Pzena's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment <br>Companies | Registered Investment <br>Companies | Other Pooled <br>Investment Vehicles | Other Pooled <br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number <br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets <br>(in millions) |
| Caroline Cai, CFA | 18 | $11441 | 65 | $29097 | 59 | $15534 |
|  | 0 | $0 | 4<br> \* | $522 | 2<br> \* | $661 |
| Allison Fisch | 17 | $9522 | 36 | $4951 | 40 | $10063 |
|  | 0 | $0 | 3<br> \* | $119 | 1<br> \* | $2 |
| John Goetz | 12 | $8070 | 57 | $28828 | 46 | $10769 |
|  | 0 | $0 | 3<br> \* | $492 | 3<br> \* | $1767 |
| Rakesh Bordia | 17 | $9522 | 36 | $4951 | 41 | $10065 |
|  | 0 | $0 | 3<br> \* | $119 | 1<br> \* | $2 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

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*Conflicts of Interest.* In Pzena's view, conflicts of interest may arise in managing the fund's portfolio investments, on the one hand, and the portfolios of Pzena's other clients and/or accounts (together "Accounts"), on the other. Set forth below is a brief description of some of the material conflicts that may arise and Pzena's policy or procedure for handling such conflicts.

Although Pzena has designed such procedures to prevent and address conflicts, there is no guarantee that these procedures will detect every situation in which a conflict could arise.

The management of multiple Accounts inherently carries the risk that there may be competing interests for the portfolio management team's time and attention. Pzena seeks to minimize this by using one investment approach (*i.e.*, classic value investing), and by managing all Accounts on a strategy-specific basis. If the portfolio management team identifies a limited investment opportunity that may be suitable for more than one Account, the fund may not be able to take full advantage of that opportunity; however, Pzena has adopted procedures for allocating portfolio transactions across Accounts so that each Account is treated fairly. With respect to partial fills for an order, depending on the size of the execution, Pzena may choose to allocate the executed shares on a pro-rata basis, or on a random basis. As with all trade allocations each Account generally receives pro-rata allocations of any new issue or IPO security that is appropriate for its investment objective. Permissible reasons for excluding an Account from an otherwise acceptable IPO or new issue investment include the Account having FINRA restricted person status, lack of available cash to make the purchase, a client-imposed trading prohibition on IPOs or on the business of the issuer, and brokerage restrictions.

With respect to securities transactions for the Accounts, Pzena determines which broker to use to execute each order, consistent with its duty to seek best execution. Pzena will bunch or aggregate like orders when it believes doing so will be beneficial to the Accounts. However, with respect to certain Accounts, Pzena may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Pzena may place separate, non-simultaneous, transactions for the fund and another Account, which may temporarily impact the market price of the security or the execution of the transaction to the detriment of one or the other.

Conflicts of interest may arise when members of the portfolio management team transact personally in securities investments made or to be made for the fund or other Accounts. To address this, Pzena has adopted a written Code of Business Conduct and Ethics designed to prevent and detect personal trading activities that may interfere or conflict with client interests (including fund shareholders' interests) or its current investment strategy. The Code of Business Conduct and Ethics generally requires that most transactions in securities by Pzena's Access Persons and certain related persons, whether or not such securities are purchased or sold on behalf of the Accounts, be cleared prior to execution by appropriate approving parties and compliance personnel. Securities transactions for Access Persons' personal accounts also are subject to ongoing reporting requirements and annual and quarterly certification requirements. In addition, no Access Person shall be permitted to effect a short-term trade (*i.e.*, to purchase and subsequently sell within 60 calendar days, or to sell and subsequently purchase, within 60 calendar days) of non-exempt securities. Finally, orders for proprietary accounts (*i.e.*, accounts of Pzena's principals, affiliates or employees or their immediate family that are managed by Pzena) are subject to written trade allocation procedures designed to ensure fair treatment of client accounts.

Proxy voting for Accounts' securities holdings may also pose certain conflicts. A potential material conflict of interest could exist in the following situations: (i) Pzena manages any pension or other assets affiliated with a publicly traded company, and also holds that company's or an affiliated company's securities in one or more client portfolios; (ii) Pzena has a client relationship with an individual who is a corporate director, or a candidate for a corporate directorship of a public company whose securities are in one or more client portfolios; or (iii) a Pzena officer, director or employee, or an immediate family member thereof is a corporate director, or a candidate for a corporate directorship of a public company whose securities are in one or more client portfolios. For purposes hereof, an immediate family member is generally defined as a spouse, child, parent, or sibling. Pzena's proxy voting policies provide for various methods of dealing with these and any other conflict scenarios subsequently identified by the firm.

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Pzena manages some Accounts under performance-based fee arrangements. Pzena recognizes that this type of incentive compensation creates the risk for potential conflicts of interest. This structure may create inherent pressure to allocate investments having a greater potential for higher returns to accounts of those clients paying a performance fee. To prevent conflicts of interest associated with managing accounts with different compensation structures, Pzena generally requires portfolio decisions to be made on a product-specific basis. Pzena also requires pre-allocation of all client orders based on specific fee-neutral criteria. Additionally, Pzena requires average pricing of all aggregated orders. Finally, Pzena has adopted a policy prohibiting portfolio managers (and all employees) from placing the investment interests of one client or a group of clients with the same investment objectives above the investment interests of any other client or group of clients with the same or similar investment objectives. These measures help Pzena mitigate some of the conflicts that its management of private investment companies would otherwise present. Investment personnel of the firm or its affiliates may be permitted to be commercially or professionally involved with an issuer of securities. Any potential conflicts of interest from such involvement would be monitored for compliance with the firm's Code of Ethics.

Robeco

*Compensation.* SIMC pays Robeco a fee based on the assets under management of the Emerging Markets Equity Fund as set forth in an investment sub-advisory agreement between Robeco and SIMC. Robeco pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Emerging Markets Equity Fund. The following information relates to the period ended June 30, 2025.

The members of the Emerging Markets team receive a market-based salary package comprising a base salary and variable compensation. Every employee's base salary is based on their position and experience, according to Robeco's salary ranges and using appropriate local industry benchmarks. In addition, specific temporary allowances may be granted for a maximum of three to five years:

• Strategic capability allowance to retain key investment professionals in strategic product capabilities

• Market-based scarcity allowance in tight labor markets

• New business market allowance to set up activities in new countries or markets

The granting of temporary allowance is entirely role-based and not related to the performance of the employee or the firm.

*Variable compensation*

The variable compensation serves as a performance-driven remuneration component and is at the manager's discretion. It is based on the following factors:

• Achievement on business objectives. For investment professionals, these typically include risk-adjusted returns over one, three and five years.

• Business conduct and professional behavior, which includes acting in the best interest of the client and appropriate risk taking.

• Financial results of the company as measured by EBIT.

The award of variable compensation in excess of EUR 50,000 to regular employees is subject to a deferral scheme. This means that 60% of the total variable compensation is paid in cash in year one and the remaining 40% is deferred equally over the next three years and converted into 'Robeco Cash Appreciation Rights' (R-CARs). The value of these rights reflects the financial results of the firm.

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Robeco uses a 'total compensation' approach. The award of overall compensation is assessed against local market remuneration practices for specific functions.

Robeco benchmarks the remuneration levels for all employees on an annual basis with McLagan, a primary market data provider. For specific teams or functions, we occasionally also request tailor made assessments.

Robeco aims to reward staff in an externally competitive and internally fair manner, with ample room for differentiation, based on relative market value and performance, using an integrated assessment of results and behavior. The reward framework reflects the firm's aim for long-term relationships with its clients and its staff.

*Ownership of Fund Shares.* As of June 30, 2025, Robeco's portfolio managers did not beneficially own any shares of the Emerging Markets Equity Fund.

*Other Accounts.* As of June 30, 2025, in addition to the Emerging Markets Equity Fund, Robeco's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies\* | Registered Investment<br>Companies\* | Other Pooled<br>Investment Vehicles\* | Other Pooled<br>Investment Vehicles\* | Other Accounts\* | Other Accounts\* |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Jaap van der Hart | 0 | $0 | 3 | $2623 | 10 | $3083 |
| Karnail Sangha | 0 | $0 | 2 | $2618 | 10 | $3083 |

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No account listed above is subject to a performance-based advisory fee.

\* Assets reflected in the table represents assets under management for both Robeco and its affiliate, Robeco Institutional Asset Management BV. (Robeco BV) Jaap van der Hart and Karnail Sangha are employees of Robeco BV and as such also manage assets on their behalf Robeco BV.

*Conflicts of Interest.*

Robeco has identified the following potential conflicts of interest:

• An investment opportunity maybe suitable for the Emerging Markets Equity Fund as well as for the portfolios of the other accounts managed by the portfolio manager. However, the investment opportunity may not be available in sufficient quantity for all of the accounts to participate fully.

• There may be limited opportunity to sell an investment held by both the Emerging Markets Equity Fund and the other accounts managed by the portfolio manager.

• The other accounts may have similar investment objectives or strategies as the Emerging Markets Equity Fund and may sell securities that are eligible to be held, purchased or sold by the Emerging Markets Equity Fund.

• A portfolio manager may be responsible for accounts that have different advisory fee schedules which may create the incentive for the portfolio manager to favor one account over another in terms of access to investment opportunities.

• A portfolio manager may also manage accounts whose investment objectives and policies differ from those of the Emerging Markets Equity Fund, which may cause the portfolio manager to effect trading in one account that may have an adverse effect on the value of the holdings within another account, including the Emerging Markets Equity Fund.

To address and manage these potential conflicts of interest, Robeco has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis.

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RWC

*Compensation.* SIMC pays RWC a fee based on the assets under management of the Emerging Markets Equity Fund as set forth in an investment sub-advisory agreement between RWC and SIMC. RWC pays its professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Emerging Markets Equity Fund. The following information relates to the period ended June 30, 2025.

The heads of the investment team are employees of RWC and are compensated via a share in the management fees and, where applicable, the performance fees generated by the funds managed directly by them. They are also incentivised through equity participation in RWC Partners Limited. The remaining investment team members are typically paid a salary and discretionary bonus, allocated to them by the heads of the investment team from the management and performance fee share.

*Ownership of Fund Shares.* As of June 30, 2025, RWC's portfolio managers did not beneficially own any shares of the Emerging Markets Equity Fund.

*Other Accounts.* As of June 30, 2025, in addition to the Emerging Markets Equity Fund, RWC's portfolio managers were responsible for the management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment <br>Companies | Registered Investment <br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| James Johnstone | 0 | $0 | 2 | $1359.8 | 1 | $200.3 |
|  | 0 | $0 | 1<br> \* | $157.7 | 0 | $0 |
| John Malloy | 1 | $212.5 | 3 | $2360.2 | 6 | $2038.6 |
|  | 0 | $0 | 0 | $0 | 2<br> \* | $1238.9 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* A conflict of interest may arise as a result of a portfolio manager being responsible for multiple accounts, including the Emerging Markets Equity Fund, which may have different investment guidelines and objectives. In addition to the Emerging Markets Equity Fund, these accounts may include other mutual funds managed on an advisory or sub-advisory basis, separate accounts and collective trust accounts. An investment opportunity may be suitable for the Emerging Markets Equity Fund as well as for any of the other accounts. However, the investment may not be available in sufficient quantity for all of the accounts to participate fully. In addition, there may be limited opportunity to sell an investment held by the Emerging Markets Equity Fund and the other accounts. The other accounts may have similar investment objectives or strategies as the Emerging Markets Equity Fund, may track the same benchmarks or indexes as the Emerging Markets Equity Fund tracks and may sell securities that are eligible to be held, sold or purchased by the Emerging Markets Equity Fund. A portfolio manager may be responsible for accounts that have different advisory fee schedules, which may create the incentive for the portfolio manager to favor one account over another in terms of access to investment opportunities. A portfolio manager may also manage accounts whose investment objectives and policies differ from those of the Emerging Markets Equity Fund, which may cause the portfolio manager to effect trading in one account that may have an adverse effect on the value of the holdings within another account, including the Emerging Markets Equity Fund. RWC or the Portfolio Managers may have a potential conflict of interest in allocating time and activity between the Emerging Markets Equity Fund and other client accounts. In addition, RWC and its officers and employees may have investments of their own in these other client accounts. To address and manage these potential conflicts of interest, RWC has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of their clients is treated on a fair and equitable basis. Such policies and procedures include, but are not limited to, trade allocation and trade aggregation policies, and reviews are carried out by the compliance team.

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SSGA FM

*Compensation.* SIMC pays SSGA FM a fee based on the assets under management of the Large Cap Index, S&P 500 Index, Extended Market Index and Dynamic Asset Allocation Funds as set forth in the respective investment sub-advisory agreements between SSGA FM and SIMC. SSGA FM pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Large Cap Index, S&P 500 Index, Extended Market Index and Dynamic Asset Allocation Funds. The following information relates to the period ended June 30, 2025.

SSGA FM and its affiliate's (together, "State Street Investment Management") culture is complemented and reinforced by a total rewards strategy that is based on a pay for performance philosophy which seeks to offer a competitive pay mix of base salary, benefits, cash incentives and deferred compensation.

Salary is based on a number of factors, including external benchmarking data and market trends, and performance both at the business and individual level. State Street Investment Management's Global Human Resources department regularly participates in compensation surveys in order to provide State Street Investment Management with market-based compensation information that helps support individual pay decisions.

Additionally, subject to State Street Corporation and State Street Investment Management business results, an incentive pool is allocated to State Street Investment Management to reward its employees. The size of the incentive pool for most business units is based on the firm's overall profitability and other factors, including performance against risk-related goals. For most State Street Investment Management investment teams, State Street Investment Management recognizes and rewards performance by linking annual incentive decisions for investment teams to the firm's or business unit's profitability and business unit investment performance over a multi-year period.

Incentive pool funding for most active investment teams is driven in part by the post-tax investment performance of fund(s) managed by the team versus the return levels of the benchmark index(es) of the fund(s) on a one-, three- and, in some cases, five-year basis. For most active investment teams, a material portion of incentive compensation for senior staff is deferred over a four-year period into the State Street Investment Management Long-Term Incentive ("State Street Investment Management LTI") program. For these teams, the State Street Investment Management LTI program indexes the performance of these deferred awards against the post-tax investment performance of fund(s) managed by the team. This is intended to align the firm's investment team's compensation with client interests, both through annual incentive compensation awards and through the long-term value of deferred awards in the State Street Investment Management LTI program.

For the index equity investment team, incentive pool funding is driven in part by the post-tax 1- and 3-year tracking error of the funds managed by the team against the benchmark indexes of the funds.

The discretionary allocation of the incentive pool to the business units within State Street Investment Management is influenced by market-based compensation data, as well as the overall performance of each business unit. Individual compensation decisions are made by the employee's manager, in conjunction with the senior management of the employee's business unit. These decisions are based on the overall performance of the employee and, as mentioned above, on the performance of the firm and business unit. Depending on the job level, a portion of the annual incentive may be awarded in deferred compensation, which may include cash and/or Deferred Stock Awards (State Street Corporation stock), which typically vest over a four-year period. This helps to retain staff and further aligns State Street Investment Management employees' interests with State Street Investment Management clients' and shareholders' long-term interests.

State Street Investment Management recognizes and rewards outstanding performance by:

• Promoting employee ownership to connect employees directly to the company's success.

• Using rewards to reinforce mission, vision, values and business strategy.

• Seeking to recognize and preserve the firm's unique culture and team orientation.

• Providing all employees the opportunity to share in the success of State Street Investment Management.

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*Ownership of Fund Shares.* As of June 30, 2025, SSGA FM's portfolio managers did not beneficially own any shares of the Large Cap Index, S&P 500 Index, Extended Market Index or Dynamic Asset Allocation Funds.

*Other Accounts.* The Large Cap Index, S&P 500 Index and Extended Market Index Funds are managed by the Systematic Equity Team. Karl Schneider, CAIA, Amy Scofield and Emiliano Rabinovich, CFA have day-to-day management responsibility of the Large Cap Index and Extended Market Index Funds. Karl Schneider, CAIA, Mark Krivitsky and Emiliano Rabinovich, CFA have day-to-day management responsibility of the S&P 500 Index Fund. Michael Finocchi, Karl Schneider, CAIA, Emiliano Rabinovich, CFA, and Xianhang Wu manage a portion of the Dynamic Asset Allocation Fund. As of June 30, 2025, in addition to the Large Cap Index, S&P 500 Index, Extended Market Index and Dynamic Asset Allocation Funds, the portfolio managers were also responsible for the management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
| Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in billions) | Number<br>of Accounts | Total Assets<br>(in billions) | Number<br>of Accounts | Total Assets<br>(in billions) |
| Karl Schneider, CAIA | 128 | $1352.09 | 369 | $1073.19 | 477 | $598.5 |
| Amy Scofield | 128 | $1352.09 | 369 | $1073.19 | 477 | $598.5 |
| Mark Krivitsky | 128 | $1352.09 | 369 | $1073.19 | 477 | $598.5 |
| Emiliano Rabinovich, CFA | 128 | $1352.09 | 369 | $1073.19 | 477 | $598.5 |
| Michael Finocchi | 128 | $1352.09 | 369 | $1073.19 | 477 | $598.5 |
| Xianhang Wu | 128 | $1352.09 | 369 | $1073.19 | 477 | $598.5 |

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None of the accounts listed above are subject to a performance-based advisory fee.

*Conflicts of Interest.* A portfolio manager that has responsibility for managing more than one account may be subject to potential conflicts of interest because he or she is responsible for other accounts in addition to the Large Cap Index, S&P 500 Index, Extended Market Index and Dynamic Asset Allocation Funds. Those conflicts could include preferential treatment of one account over others in terms of: (a) the portfolio manager's execution of different investment strategies for various accounts; or (b) the allocation of resources or of investment opportunities. Portfolio managers may manage numerous accounts for multiple clients. These accounts may include registered investment companies, other types of pooled accounts (*e.g.*, collective investment funds), and separate accounts (*i.e.*, accounts managed on behalf of individuals or public or private institutions). Portfolio managers make investment decisions for each account based on the investment objectives and policies and other relevant investment considerations applicable to that portfolio.

A potential conflict of interest may arise as a result of a portfolio manager's responsibility for multiple accounts with similar investment guidelines. Under these circumstances, a potential investment may be suitable for more than one of the portfolio managers' accounts, but the quantity of the investment available for purchase is less than the aggregate amount the accounts would ideally allocate to the opportunity. Similar conflicts may arise when multiple accounts seek to dispose of the same investment. The portfolio managers may also manage accounts whose objectives and policies differ from that of the Large Cap Index, S&P 500 Index, Extended Market Index and Dynamic Asset Allocation Funds. These differences may be such that under certain circumstances, trading activity appropriate for one account managed by the portfolio manager may have adverse consequences for another account managed by the portfolio manager. For example, an account may sell a significant position in a security, which could cause the market price of that security to decrease, while a Fund maintained its position in that security.

A potential conflict may arise when the portfolio managers are responsible for accounts that have different advisory fees—the difference in fees could create an incentive for the portfolio manager to favor one account over another, for example, in terms of access to investment opportunities. This conflict may be heightened if an account is subject to a performance-based fee, as applicable. Another potential conflict may arise when the portfolio manager has a personal investment in one or more accounts that participate in transactions with other accounts. His or her personal investment(s) may create an incentive for the portfolio manager to favor one account over another. SSGA FM has adopted policies and procedures reasonably designed to address these potential material conflicts. For instance, portfolio managers are normally responsible for all accounts within a

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certain investment discipline and do not, absent special circumstances, differentiate among the various accounts when allocating resources. Additionally, SSGA FM and its advisory affiliates have processes and procedures for allocating investment opportunities among portfolios that are designed to provide a fair and equitable allocation. With respect to conflicts arising from personal investments, all employees, including portfolio managers, must comply with personal trading controls mandated by a Code of Ethics established by SSGA FM's and the registrants for which SSGA FM serves as the investment adviser.

The Informed Momentum Company LLC

*Compensation.* SIMC pays IMC a fee based on the assets under management of the Small Cap and Small Cap II Funds as set forth in an investment sub-advisory agreement between IMC and SIMC. IMC pays its professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Small Cap and Small Cap II Funds. The following information relates to the period ended June 30, 2025. IMC's portfolio manager is paid a competitive salary and participates in the firm's revenue share plan. The portfolio manager is also equity owner and is eligible for equity-based distributions from profits.

*Ownership of Fund Shares.* As of June 30, 2025, IMC's portfolio manager did not beneficially own any shares of the Small Cap or Small Cap II Funds.

*Other Accounts.* As of June 30, 2025, in addition to the Small Cap and Small Cap II Funds, IMC's portfolio manager was responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Travis T. Prentice | 2 | $158 | 8 | $1259 | 16 | $366 |

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None of the accounts listed above are subject to a performance-based advisory fee.

*Conflicts of Interest.* All IMC portfolios within a specific style, *i.e.* small cap growth, are managed in parallel with the same holdings and approximately the same weights of securities, except for client specific guidelines and restrictions. IMC does not currently have any performance-based fee schedules with clients. The firm's personal trading policy restricts personal trading in any security with a market cap below $25 billion, well above the range of all IMC portfolios. Because of these factors IMC would not expect the portfolio manager to have a material conflict of interest in managing any client's portfolios.

T. Rowe Price

*Compensation.* SIMC pays T. Rowe Price a fee based on the assets under management of the High Yield Bond Fund as set forth in an investment sub-advisory agreement between T. Rowe Price and SIMC. T. Rowe Price pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the High Yield Bond Fund. The following information relates to the period ended June 30, 2025.

Investment performance over 1-, 3-, 5-, and 10-year periods is the most important input. The weightings for these time periods are generally balanced and are applied consistently across similar strategies. T. Rowe Price (and T. Rowe Price Australia, T. Rowe Price Hong Kong, T. Rowe Price Singapore, T. Rowe Price Japan, T. Rowe Price International, and T. Rowe Price Investment Management, as appropriate) evaluates performance in absolute, relative, and risk-adjusted terms. Relative performance and risk-adjusted performance are typically determined with reference to the broad-based index (*e.g*., S&P 500 Index) and the Lipper average or index (*e.g*., Large-Cap Growth Index) set forth in the total returns table in the fund's prospectus, although other benchmarks may be used as well. Investment results are also measured against comparably managed funds of competitive investment management firms. The selection of comparable funds is approved by the applicable investment steering committee and is the same as the selection presented to the directors of the High Yield Bond Fund in their regular review of fund performance. Performance is primarily measured on a pretax basis, although tax efficiency is considered.

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Compensation is viewed with a long-term time horizon. The more consistent a portfolio manager's performance over time, the higher the compensation opportunity. The increase or decrease in a fund's assets due to the purchase or sale of fund shares is not considered a material factor. In reviewing relative performance for fixed income funds, a fund's expense ratio is usually taken into account. Contribution to T. Rowe Price's overall investment process is an important consideration as well. Leveraging ideas and investment insights across applicable investment platforms; working effectively with and mentoring others; and other contributions to the firm's clients, the firm, or its culture are important components of T. Rowe Price's long-term success and are generally taken into consideration.

All employees of T. Rowe Price, including portfolio managers, can participate in a 401(k) plan sponsored by T. Rowe Price Group. In addition, all employees are eligible to purchase T. Rowe Price common stock through an employee stock purchase plan that features a limited corporate matching contribution. Eligibility for and participation in these plans is on the same basis for all employees. Finally, all vice presidents of T. Rowe Price Group, including all portfolio managers, are eligible to participate in a supplemental savings plan sponsored by T. Rowe Price Group, and certain vice presidents of T. Rowe Price Group receive supplemental medical/hospital reimbursement benefits.

This compensation structure is used when evaluating the performance of all portfolios managed by the portfolio manager.

*Ownership of Fund Shares.* As of June 30, 2025, T. Rowe Price's portfolio manager did not beneficially own any shares of the High Yield Bond Fund.

*Other Accounts.* As of June 30, 2025, in addition to the High Yield Bond Fund, T. Rowe Price's portfolio manager was responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Kevin Loome, CFA | 4 | $1881.7 | 7 | $841.0 | 0 | $0 |

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None of the accounts listed above are subject to a performance-based advisory fee.

*Conflicts of Interest.* Portfolio managers at T. Rowe Price and its affiliates may manage multiple accounts. These accounts may include, among others, mutual funds, exchange-traded funds, business development companies, separate accounts (assets managed on behalf of institutions such as pension funds, colleges and universities, and foundations), offshore funds, private funds, and common trust funds. T. Rowe Price also provides non-discretionary advice to institutional investors in the form of delivery of model portfolios. Like other investment professionals with multiple clients, a fund's portfolio manager(s) may face certain potential conflicts of interest in connection with managing both a fund and other accounts at the same time. T. Rowe Price has adopted various compliance policies and procedures that seek to address and mitigate certain of the potential conflicts that T. Rowe Price and its investment personnel may face in this regard.

Portfolio managers make investment decisions for each portfolio based on the investment objectives, policies, practices, and other relevant investment considerations that they believe are applicable to that portfolio. Consequently, portfolio managers may purchase (or sell) securities for one portfolio and not another portfolio. Investments made by a fund and the results achieved by a fund at any given time are not expected to be the same as those made by other funds for which T. Rowe Price acts as investment adviser, including funds with names, investment objectives and policies, and/or portfolio management teams, similar to a fund. This may be attributable to a wide variety of factors, including, but not limited to, large shareholder purchases or redemptions or specific investment restrictions.

The High Yield Bond Fund may generally not purchase shares of stock issued by T. Rowe Price Group, Inc. However, a T. Rowe Price Index Fund is permitted to make such purchases to the extent T. Rowe Price Group, Inc. is represented in the benchmark index the fund is designed to track. T. Rowe Price may execute securities transactions with, and the High Yield Bond Fund and other accounts managed by T. Rowe Price may invest in, the securities of the Funds' service providers. In addition, other T. Rowe Price accounts may use the same service providers as the High Yield Bond Fund for the same or different services.

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T. Rowe Price and its affiliates furnish investment management and advisory services to numerous clients in addition to the High Yield Bond Fund and T. Rowe Price or its affiliates may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which have performance or higher fees paid to T. Rowe Price), which may be the same as or different from those made to the High Yield Bond Fund. The management of funds or other accounts with different advisory fee rates and/or fee structures, including accounts that pay advisory fees based on account performance (performance fee accounts), may raise potential conflicts of interest by creating an incentive to favor accounts that pay higher fees, including performance fee accounts.

T. Rowe Price, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale T. Rowe Price recommends to the High Yield Bond Fund. In addition, T. Rowe Price may refrain from rendering any advice or services concerning securities of companies of which any of T. Rowe Price's (or its affiliates' or significant shareholders') officers, directors or employees are directors or officers, or companies as to which T. Rowe Price or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material nonpublic information.

Additional potential conflicts may be inherent in the firm's use of multiple strategies. For example, conflicts will arise in cases where different clients invest in different parts of an issuer's capital structure, including circumstances in which one or more clients may own private securities or obligations of an issuer and other clients may own or seek to acquire securities of the same issuer. For example, a client may acquire a loan, loan participation or a loan assignment of a particular borrower in which one or more other clients have an equity investment or may invest in senior debt obligations of an issuer for one client and junior debt obligations or equity of the same issuer for another client. Similarly, if an issuer in which a client and one or more other clients directly or indirectly hold different classes of securities (or other assets, instruments or obligations issued by such issuer or underlying investments of such issuer) encounters financial problems, is involved in a merger or acquisition or a going private transaction, decisions over the terms of any workout or transaction will raise conflicts of interests. While it is appropriate for different clients to hold investments in different parts of the same issuer's capital structure under normal circumstances, the interests of stockholders and debt holders may conflict, as the securities they hold will likely have different voting rights, dividend or repayment priorities or other features that could be in conflict with one another. Clients should be aware that conflicts will not necessarily be resolved in favor of their interests.

In some cases, T. Rowe Price or its affiliates may refrain from taking certain actions or making certain investments on behalf of clients in order to avoid or mitigate certain conflicts of interest or to prevent adverse regulatory actions or other implications for T. Rowe Price or its affiliates, or may sell investments for certain clients, in such case potentially disadvantaging the clients on whose behalf the actions are not taken, investments not made, or investments sold. In other cases, T. Rowe Price or its affiliates may take actions in order to mitigate legal risks to T. Rowe Price or its affiliates, even if disadvantageous to a client.

Conflicts such as those described above may also occur between clients on the one hand, and T. Rowe Price or its affiliates, on the other. These conflicts will not always be resolved in the favor of the client. In addition, conflicts may exist between different clients of T. Rowe Price or its affiliates. T. Rowe Price and one or more of its affiliates may operate autonomously from each other and may take actions that are adverse to other clients managed by an affiliate. In some cases, T. Rowe Price or its affiliates will have limited or no ability to mitigate those actions or address those conflicts, which could adversely affect T. Rowe Price or its affiliates' clients. Additional potential conflicts may be inherent in the firm's use of multiple strategies. Regulatory requirements may prohibit T. Rowe Price or its affiliates from investing in certain companies on behalf of some of their clients, including the High Yield Bond Fund, while at the same time not prohibiting T. Rowe Price or its affiliates from making those same investments on behalf of other clients that are not subject to such requirements. T. Rowe Price or its affiliates' ability to negotiate certain rights, remedies, or take other actions on behalf of the High Yield Bond Fund with respect to an investment also may be limited in situations in which an affiliate of T. Rowe Price (or certain other interested persons) have a direct or indirect interest in the same issuer. When permitted by applicable law, other clients of T. Rowe Price or its affiliates, on the one hand, and

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the High Yield Bond Fund, on the other hand, may invest in or extend credit to different classes of securities or different parts of the capital structure of a single issuer. T. Rowe Price or its affiliates may pursue rights, provide advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on behalf of themselves or one or more clients other than the High Yield Bond Fund with respect to an issuer in which the High Yield Bond Fund has invested, and such actions (or refraining from action) may have a material adverse effect on the High Yield Bond Fund. In addition, as a result of regulatory requirements or otherwise, in situations in which T. Rowe Price clients (including the High Yield Bond Fund) hold positions in multiple parts of the capital structure of an issuer, T. Rowe Price or its affiliates may not pursue certain actions that may otherwise be available. T. Rowe Price and its affiliates address these and other potential conflicts of interest based on the facts and circumstances of particular situations. For example, T. Rowe Price may determine to rely on one or more information barriers between different advisers, business units, or portfolio management teams, or to rely on the actions of similarly situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of a client. In these situations, investment personnel are mindful of potentially conflicting interests of the firm's clients with investments in different parts of an issuer's capital structure and seek to take appropriate measures to ensure that the interests of all clients are fairly represented. As a result of the various conflicts and related issues described in this paragraph, the High Yield Bond Fund could sustain losses during periods in which T. Rowe Price or its affiliates and other clients of T. Rowe Price or its affiliates achieve profits generally or with respect to particular holdings, or could achieve lower profits or higher losses than would have been the case had the conflicts described above not existed.

UBS AM LLC

*Compensation.* SIMC pays UBS AM LLC a fee based on the assets under management of the MARR Commodity Strategy Subsidiary Ltd., a wholly owned subsidiary of the Multi-Asset Real Return Fund, as set forth in an investment sub-advisory agreement between UBS AM LLC and SIMC. UBS AM LLC pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the MARR Commodity Strategy Subsidiary Ltd. The following information relates to the period ended June 30, 2025.

The compensation to portfolio managers at UBS AM LLC includes both a fixed base salary component and bonus component. The discretionary bonus for each portfolio manager is not tied by formula to the performance of any fund or account. The factors taken into account in determining a portfolio manager's bonus include the MARR Commodity Strategy Subsidiary Ltd.'s performance, assets held in the MARR Commodity Strategy Subsidiary Ltd., and other accounts managed by the portfolio managers, business growth, team work, management, corporate citizenship, etc.

*Ownership of Fund Shares.* As of June 30, 2025, UBS AM LLC's portfolio managers did not beneficially own any shares of the MARR Commodity Strategy Subsidiary Ltd.

*Other Accounts.* As of June 30, 2025, in addition to the MARR Commodity Strategy Subsidiary Ltd., UBS AM LLC's portfolio manager was equally responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager<sup>†</sup> | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Christopher Burton, CFA | 4 | $1959 | 5 | $360 | 2 | $1166 |
| Scott Ikuss | 4 | $1959 | 5 | $360 | 2 | $1166 |

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None of the accounts listed above are subject to a performance-based advisory fee.

<sup>†</sup> UBS AM LLC utilizes a team-based approach to portfolio management, and the portfolio managers listed above are responsible for the management of a portion of the accounts listed in each category.

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*Conflicts of Interest.* It is possible that conflicts of interest may arise in connection with the portfolio managers' management of the MARR Commodity Strategy Subsidiary Ltd.'s investments on the one hand and the investments of other accounts on the other. For example, the portfolio managers may have conflicts of interest in allocating management time, resources and investment opportunities among the MARR Commodity Strategy Subsidiary Ltd. and other accounts they advise, which may include accounts of registered investment companies, private pooled investment vehicles and other accounts. In addition, due to differences in the investment strategies or restrictions between the MARR Commodity Strategy Subsidiary Ltd. and such other accounts, the portfolio managers may take action with respect to another account that differs from the action taken with respect to the MARR Commodity Strategy Subsidiary Ltd. To the extent that a particular investment is suitable for both the MARR Commodity Strategy Subsidiary Ltd. and such other accounts, such investment will be allocated in a manner that UBS AM LLC determines is fair and equitable under the circumstances for all clients, including the MARR Commodity Strategy Subsidiary Ltd.

UBS AM LLC has adopted policies and procedures designed to minimize the effects of these conflicts and to ensure that that all clients are treated fairly and equitably in the allocation of investment opportunities.

WCM

*Compensation.* SIMC pays WCM a fee based on the assets under management of the Emerging Markets Equity Fund as set forth in an investment sub-advisory agreement between WCM and SIMC. WCM pays its professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Emerging Markets Equity Fund. The following information relates to the period ended June 30, 2025.

WCM's portfolio managers are compensated with a fixed base salary and share in the profitability of WCM from their equity ownership. Gregory Ise and Michael Tian also receive a portion of the revenue generated by the strategies for which they serve as portfolio manager. On occasion, WCM has agreed to a performance-based fee arrangement. In these arrangements, the fee is generally the greater of a "base" component or a "performance" component as measured against a benchmark. Performance fees are charged only in compliance with Rule 205-3 under the Advisers Act, as amended and only to "qualified clients" as defined in that rule. Portfolio managers' compensation arrangements are not directly linked to any such arrangement.

*Ownership of Fund Shares.* As of June 30, 2025, WCM's portfolio managers did not beneficially own any shares of the Emerging Markets Equity Fund.

*Other Accounts.* As of June 30, 2025, in addition to the Emerging Markets Equity Fund, WCM's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Sanjay Ayer | 24 | $34780.21 | 34 | $16051.82 | 508 | $58949.69 |
|  | 0 | $0 | 4<br> \* | $787.76 | 8<br> \* | $2040.88 |
| Gregory S. Ise | 7 | $2120.11 | 9 | $1560.73 | 8 | $577.93 |
|  | 0 | $0 | 1<br> \* | $46.55 | 0 | $0 |
| Michael Z. Tian | 5 | $1244.00 | 6 | $1028.74 | 1 | $2.66 |
| Michael B. Trigg | 21 | $33932.74 | 29 | $14411.36 | 489 | $58563.5 |
|  | 0 | $0 | 3<br> \* | $741.21 | 8<br> \* | $2040.88 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* The management of multiple funds and accounts may give rise to potential conflicts of interest if the funds and other accounts have different objectives, benchmarks, time horizons, and fees (including performance-based fees) as the portfolio manager must allocate his time and investment ideas across multiple funds and accounts. WCM seeks to manage such competing interests for the time and attention of

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portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment strategies that are used in connection with the management of the fund. Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest. The separate management of the trade execution and valuation functions from the portfolio management process also helps to reduce potential conflicts of interest. However, securities selected for funds or accounts other than the fund may outperform the securities selected for the fund. Moreover, if a portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the fund may not be able to take full advantage of that opportunity due to an allocation of that opportunity across all eligible funds and other accounts. WCM seeks to manage such potential conflicts by using procedures intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.

The management of personal accounts by a portfolio manager may give rise to potential conflicts of interest. While WCM has adopted a code of ethics that contains provisions reasonably necessary to prevent a wide range of prohibited activities by portfolio managers and others with respect to their personal trading activities, there can be no assurance that the code of ethics addresses all individual conduct that could result in conflicts of interest.

In addition, WCM has adopted certain compliance procedures that are designed to address these, and other, types of conflicts. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

Wellington Management

*Compensation.* Wellington Management receives a fee based on the assets under management of the Opportunistic Income and Ultra Short Duration Bond Funds and the MARR Commodity Strategy Subsidiary Ltd., a wholly-owned subsidiary of the Multi-Asset Real Return Fund, as set forth in an investment sub-advisory agreement between Wellington Management and SIMC. Wellington Management pays its investment professionals out of its total revenues, including the advisory fees earned with respect to the Opportunistic Income and Ultra Short Duration Bond Funds and the MARR Commodity Strategy Subsidiary Ltd. The following information relates to the period ended June 30, 2025.

Wellington Management's compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to its clients. Wellington Management's compensation of the Opportunistic Income and Ultra Short Duration Bond Funds' and the MARR Commodity Strategy Subsidiary Ltd. managers listed in the prospectus who are primarily responsible for the day-to-day management of the Opportunistic Income and Ultra Short Duration Bond Funds and the MARR Commodity Strategy Subsidiary Ltd. (the "Portfolio Managers") includes a base salary and incentive components. The base salary for each Portfolio Manager who is a partner (a "Partner") of Wellington Management Group LLP, the ultimate holding company of Wellington Management, is generally a fixed amount that is determined by the managing partners of Wellington Management Group LLP. Each Portfolio Manager is eligible to receive an incentive payment based on the revenues earned by Wellington Management from the funds managed by the Portfolio Manager and generally each other account managed by such Portfolio Manager. The Portfolio Managers' incentive payment relating to the Opportunistic Income and Ultra Short Duration Bond Funds and the MARR Commodity Strategy Subsidiary Ltd. is linked to the gross pre-tax performance of the portion of the Opportunistic Income and Ultra Short Duration Bond Funds and the MARR Commodity Strategy Subsidiary Ltd. managed by the Portfolio Manager compared to its benchmark index and/or peer group over one, three and five year periods, with an emphasis on five year results. Wellington Management applies similar incentive compensation structures (although the benchmarks or peer groups, time periods and rate may differ) to other accounts managed by the Portfolio Manager, including accounts with performance fees.

Portfolio-based incentives across all accounts managed by an investment professional can, and typically do, represent a significant portion of an investment professional's overall compensation. Incentive compensation varies significantly by individual and can vary significantly from year to year. The Portfolio Managers may also

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be eligible for bonus payments based on their overall contribution to Wellington Management's business operations. Senior management at Wellington Management may reward individuals as it deems appropriate based on other factors. Each Partner is eligible to participate in a Partner-funded tax qualified retirement plan, the contributions to which are made pursuant to an actuarial formula. Mr. Chang and Mr. Piccuirro are Partners.

*Ownership of Fund Shares.* As of June 30, 2025, Wellington Management's Portfolio Managers did not beneficially own any shares of the Opportunistic Income or Ultra Short Duration Bond Funds or the MARR Commodity Strategy Subsidiary Ltd.

*Other Accounts.* As of June 30, 2025, in addition to the Opportunistic Income and Ultra Short Duration Bond Funds and the MARR Commodity Strategy Subsidiary Ltd., Wellington Management's Portfolio Managers were responsible for the day-to-day management of certain other accounts, as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Registered Investment<br>Companies | Registered Investment<br>Companies | Other Pooled<br>Investment Vehicles | Other Pooled<br>Investment Vehicles | Other Accounts | Other Accounts |
|<br>Portfolio Manager | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) | Number<br>of Accounts | Total Assets<br>(in millions) |
| Marc Piccuirro | 3 | $2605.7 | 3 | $132.49 | 140 | $47499.20 |
|  | 0 | $0.0 | 1<br> \* | $87.6 | 0 | $0 |
| David Chang | 2 | $252.19 | 11 | $2491.7 | 3 | $1930.80 |
|  | 0 | $0 | 0 | $0 | 1<br> \* | $1083.20 |

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\* These accounts, which are a subset of the accounts in the preceding row, are subject to a performance-based advisory fee.

*Conflicts of Interest.* Individual investment professionals at Wellington Management manage multiple accounts for multiple clients. These accounts may include mutual funds, separate accounts (assets managed on behalf of institutions, such as pension funds, insurance companies, foundations or separately managed account programs sponsored by financial intermediaries), bank common trust accounts and hedge funds.

Each Fund's manager(s) listed in the prospectus, who are primarily responsible for the day-to-day management of the Opportunistic Income and Ultra Short Duration Bond Funds and the MARR Commodity Strategy Subsidiary Ltd. ("Portfolio Managers"), generally manage accounts in several different investment styles. These accounts may have investment objectives, strategies, time horizons, tax considerations and risk profiles that differ from those of the Opportunistic Income and Ultra Short Duration Bond Funds and the MARR Commodity Strategy Subsidiary Ltd. The Portfolio Managers make investment decisions for each account, including the Opportunistic Income and Ultra Short Duration Bond Funds and the MARR Commodity Strategy Subsidiary Ltd., based on the investment objectives, policies, practices, benchmarks, cash flows, tax and other relevant investment considerations applicable to that account. Consequently, the Portfolio Managers may purchase or sell securities, including initial public offerings, for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts. Alternatively, these accounts may be managed in a similar fashion to the Opportunistic Income and Ultra Short Duration Bond Funds and the MARR Commodity Strategy Subsidiary Ltd. and thus the accounts may have similar, and in some cases nearly identical, objectives, strategies and/or holdings to that of the Opportunistic Income and Ultra Short Duration Bond Funds and the MARR Commodity Strategy Subsidiary Ltd.

A Portfolio Manager or other investment professionals at Wellington Management may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the Opportunistic Income and Ultra Short Duration Bond Funds and the MARR Commodity Strategy Subsidiary Ltd. or make investment decisions that are similar to those made for the Opportunistic Income and Ultra Short Duration Bond Funds and the MARR Commodity Strategy Subsidiary Ltd., both of which have the potential to adversely impact the Opportunistic Income and Ultra Short Duration Bond Funds and the MARR Commodity

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Strategy Subsidiary Ltd. depending on market conditions. For example, an investment professional may purchase a security in one account while appropriately selling that same security in another account. Similarly, a Portfolio Manager may purchase the same security for the Opportunistic Income and Ultra Short Duration Bond Funds and the MARR Commodity Strategy Subsidiary Ltd. and for one or more other accounts at or at about the same time. In those instances, the other accounts will have access to their respective holdings prior to the public disclosure of the Opportunistic Income and Ultra Short Duration Bond Funds' and the MARR Commodity Strategy Subsidiary Ltd.'s holdings. In addition, some of these accounts have fee structures, including performance fees, which are or have the potential to be higher, in some cases significantly higher, than the fees Wellington Management receives for managing the Opportunistic Income and Ultra Short Duration Bond Funds and the MARR Commodity Strategy Subsidiary Ltd. Mr. Piccuirro also manages accounts which pay performance allocations to Wellington Management or its affiliates. Because incentive payments paid by Wellington Management to the Portfolio Managers are tied to revenues earned by Wellington Management and, where noted, to the performance achieved by the manager in each account, the incentives associated with any given account may be significantly higher or lower than those associated with other accounts managed by a given Portfolio Manager. Finally, the Portfolio Managers may hold shares or investments in the other pooled investment vehicles and/or other accounts identified above.

Wellington Management's goal is to meet its fiduciary obligation to treat all clients fairly and provide high quality investment services to all of its clients. Wellington Management has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures that it believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, Wellington Management monitors a variety of areas, including compliance with primary account guidelines, the allocation of initial public offerings and compliance with Wellington's Code of Ethics and places additional investment restrictions on investment professionals who manage hedge funds and certain other accounts. Furthermore, senior investment and business personnel at Wellington Management periodically review the performance of Wellington Management's investment professionals. Although Wellington Management does not track the time an investment professional spends on a single account, Wellington Management does periodically assess whether an investment professional has adequate time and resources to effectively manage the investment professional's various client mandates.

DISTRIBUTION AND SHAREHOLDER SERVICING

General. SEI Investments Distribution Co. (the "Distributor") serves as each Fund's distributor. The Distributor, a wholly-owned subsidiary of SEI, has its principal business offices at One Freedom Valley Drive, Oaks, Pennsylvania 19456.

Distribution Agreement with the Trust. The Distributor serves as each Fund's distributor pursuant to a distribution agreement (the "Distribution Agreement") with the Trust. The Distribution Agreement is reviewed and approved at least annually by: (i) either the vote of a majority of the Trustees of the Trust, or the vote of a majority of the outstanding voting securities (as defined under the 1940 Act) of the Trust; and (ii) the vote of a majority of those Trustees of the Trust who are not parties to the Distribution Agreement or "interested persons" (as defined under the 1940 Act) of any such party to the Distribution Agreement, cast in person at a meeting called for the purpose of voting on such approval. The Distribution Agreement will terminate in the event of any assignment, as defined in the 1940 Act, and is terminable with respect to a particular Fund on not less than 60 days' notice by the Trust's Trustees, by vote of a majority of the outstanding shares of such Fund or by the Distributor. The Distributor will receive no compensation for the distribution of Fund shares.

The Funds may execute brokerage or other agency transactions through the Distributor, for which the Distributor may receive compensation.

The Distributor may, from time to time and at its own expense, provide promotional incentives, in the form of cash or other compensation, to certain financial institutions whose representatives have sold or are expected to sell significant amounts of the Funds' shares.

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Distribution Expenses Incurred by Adviser. SEI Funds are typically combined into complete investment portfolios and strategies using asset allocation techniques to serve investor needs. In connection with its distribution activities, SIMC and its affiliates may, from time to time, provide certain financial institutions, without charge, asset allocation models and strategies, custody services, risk assessment tools and other investment information and services.

Payments may also be made by SIMC or its affiliates to financial institutions to compensate or reimburse them for administrative or other client services provided, such as sub-transfer agency services for shareholders or retirement plan participants, omnibus accounting or sub-accounting, participation in networking arrangements, account set-up, recordkeeping and other shareholder services. These fees may be used by the financial institutions to offset or reduce fees that would otherwise be paid directly to them by certain account holders, such as retirement plans.

The payments discussed above may be significant to the financial institutions receiving them and may create an incentive for the financial institutions or their representatives to recommend or offer shares of the SEI Funds to their customers rather than other funds or investment products. These payments are made by SIMC and its affiliates out of their past profits or other available resources and are not charged to the Funds.

Although a Fund may use broker-dealers that sell Fund shares to effect transactions for the Fund's portfolio, the Fund, SIMC and the Funds' Sub-Advisers will not consider the sale of Fund shares as a factor when choosing broker-dealers to effect those transactions and will not direct brokerage transactions to broker-dealers as compensation for the sales of Fund shares.

SECURITIES LENDING ACTIVITY

The table below sets forth the gross income received by certain Funds from securities lending activities during the fiscal year ended May 31, 2025. The table also shows the fees and/or other compensation paid by the applicable Funds, any other fees or payments incurred by each Fund resulting from lending securities providers, and the net income earned by the Funds for securities lending activities.

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| | | |
|:---|:---|:---|
| | Global<br>Managed<br>Volatility | World<br>Equity Ex-US<br>Fund |
| Gross Income from securities lending activities (including income from cash collateral <br>reinvestment) | $5812 | $13613 |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| Fees paid to securities lending agent from a revenue split | $363 | $1139 |
| Fees paid for any cash collateral management service (including fees deducted from a pooled <br>cash collateral reinvestment vehicle) that are not included in the revenue split | $86 | $228 |
| Administrative fees not included in revenue split | $0 | $0 |
| Indemnification fee not included in revenue split | $0 | $0 |
| Rebate (paid to borrower) | $3531 | $7361 |
| Other fees not included in revenue split | $0 | $0 |
| Aggregate fees/compensation for securities lending activities | $3980 | $8728 |
| Net Income from securities lending activities | $1832 | $4885 |

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Goldman Sachs Bank USA, d/b/a Goldman Sachs Agency Lending ("Goldman Sachs") acts as securities lending agent for certain Funds.

The services provided by Goldman Sachs include facilitating the lending of the Funds' available securities to approved borrowers and negotiating the terms and conditions of each loan with a borrower; investing any collateral received in connection with securities loaned until contrary instructions are received by the lender; marking to market on a daily basis; monitoring the marked value of the collateral delivered in connection with a securities loan and requesting sufficient margin be delivered; and instructing a borrower to return loaned securities at the termination of a loan.

During the most recent fiscal year, the Large Cap Fund, Large Cap Disciplined Equity Fund, Large Cap Index Fund, S&P 500 Index Fund, Extended Market Index Fund, Small Cap Fund, Small Cap II Fund, Small/Mid Cap

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Equity Fund, U.S. Equity Factor Allocation Fund, U.S. Managed Volatility Fund, Screened World Equity Ex-US Fund, Emerging Markets Equity Fund, Opportunistic Income Fund, Core Fixed Income Fund, High Yield Bond Fund, Long Duration Fund, Long Duration Credit Fund, Ultra Short Duration Bond Fund, Emerging Markets Debt Fund, Real Return Fund, Limited Duration Bond Fund, Intermediate Duration Credit Fund, Dynamic Asset Allocation Fund and Multi-Asset Real Return Fund did not engage in securities lending.

TRUSTEES AND OFFICERS OF THE TRUST

Board Responsibilities. The management and affairs of the Trust and its series, including the Funds described in this SAI, are overseen by the Trustees. The Board has approved contracts, as described above, under which certain companies provide essential management services to the Trust.

Like most mutual funds, the day-to-day business of the Trust, including the management of risk, is performed by third party service providers, such as SIMC, the Distributor and the Administrator. The Trustees are responsible for overseeing the Trust's service providers and therefore have oversight responsibility with respect to risk management performed by those service providers. Risk management seeks to identify and address risks, *i.e.*, events or circumstances that could have adverse material effects on the business, operations, shareholder services, investment performance or reputation of the Funds. The Funds and their service providers employ a variety of processes, procedures and controls to identify risks, to lessen the probability of their occurrence and/or to mitigate the effects of such risks if they do occur. Each service provider is responsible for one or more discrete aspects of the Trust's business (*e.g.*, SIMC is responsible for the investment performance of the Funds and, along with the Board, is responsible for the oversight of the Funds' Sub-Advisers, which, in turn, are responsible for the day-to-day management of the Funds' portfolio investments) and, consequently, for managing the risks associated with that business. The Board has emphasized to the Funds' service providers the importance of maintaining vigorous risk management.

The Trustees' role in risk oversight begins before the inception of a Fund, at which time SIMC presents to the Board information concerning the investment objectives, strategies and risks of the Fund as well as proposed investment limitations for the Fund. Additionally, each Sub-Adviser and SIMC provides the Board with an overview of, among other things, its investment philosophy, brokerage practices and compliance infrastructure. Thereafter, the Board continues its oversight function as various personnel, including the Trust's Chief Compliance Officer, as well as personnel of SIMC and other service providers, such as the Fund's independent accountants, make periodic reports to the Audit Committee or to the Board with respect to various aspects of risk management. The Board and the Audit Committee oversee efforts by management and service providers to manage risks to which the Funds may be exposed.

The Board is responsible for overseeing the nature, extent and quality of the services provided to the Funds by the Adviser and Sub-Advisers and receives information about those services at its regular meetings. In addition, in connection with its consideration of whether to annually renew the Advisory Agreement between the Trust, on behalf of the Funds, and SIMC and the various Sub-Advisory Agreements between SIMC and the Sub-Advisers with respect to the Funds, the Board annually meets with SIMC and, at least every other year, the Sub-Advisers, to review such services. Among other things, the Board regularly considers the Sub-Advisers' adherence to the Funds' investment restrictions and compliance with various Fund policies and procedures and with applicable securities regulations.

The Trust's Chief Compliance Officer regularly reports to the Board to review and discuss compliance issues and Fund, Adviser and Sub-Adviser risk assessments. At least annually, the Trust's Chief Compliance Officer provides the Board with a report reviewing the adequacy and effectiveness of the Trust's policies and procedures and those of its service providers, including the Adviser and Sub-Advisers. The report addresses the operation of the policies and procedures of the Trust and each service provider since the date of the last report, any material changes to the policies and procedures since the date of the last report, any recommendations for material changes to the policies and procedures and any material compliance matters since the date of the last report.

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The Board receives reports from the Valuation Designee and the Funds' service providers regarding operational risks and risks related to the valuation and liquidity of portfolio securities. The Valuation Designee provides quarterly reports to the Board concerning investments for which market prices are not readily available or may be unreliable. The independent registered public accounting firm reviews with the Audit Committee its audit of the Funds' financial statements annually, focusing on major areas of financial statement risk encountered by the Funds and noting any significant deficiencies or material weaknesses that were identified in the Funds' internal controls. Additionally, in connection with its oversight function, the Board oversees Fund management's implementation of disclosure controls and procedures, which are designed to ensure that information required to be disclosed by the Trust in its periodic reports with the SEC are recorded, processed, summarized and reported within the required time periods. The Board also oversees the Trust's internal controls over financial reporting, which comprise policies and procedures designed to provide reasonable assurance regarding the reliability of the Trust's financial reporting and the preparation of the Trust's financial statements.

From their respective reviews of these reports and discussions with SIMC, the Sub-Advisers, the Chief Compliance Officer, the independent registered public accounting firm and other service providers, the Board and the Audit Committee learn about the material risks of the Funds, thereby facilitating a dialogue about how management and service providers identify and mitigate those risks.

The Board recognizes that not all risks that may affect the Funds can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Funds' goals and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. Reports received by the Trustees as to risk management matters are typically summaries of the relevant information. Most of the Funds' investment management and business affairs are carried out by or through SIMC, the Sub-Advisers and the Funds' other service providers, each of which has an independent interest in risk management and each of which has policies and methods by which one or more risk management functions are carried out. These risk management policies and methods may differ in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

Members of the Board. There are ten members of the Board, eight of whom are not interested persons of the Trust, as that term is defined in the 1940 Act ("independent Trustees"). Robert A. Nesher, an interested person of the Trust, serves as Chairman of the Board. James M. Williams, an independent Trustee, serves as the lead independent Trustee. The Trust has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust. The Trust made this determination in consideration of, among other things, the fact that the independent Trustees constitute a super-majority (75%) of the Board, the fact that the chairperson of each Committee of the Board is an independent Trustee, the amount of assets under management in the Trust and the number of funds (and classes of shares) overseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the independent Trustees from Fund management.

The Board has three standing committees: the Audit Committee, the Governance Committee and the Compliance and Operations Committee. The Audit Committee, Governance Committee and the Compliance and Operations Committee are each chaired by an independent Trustee and composed of all of the independent Trustees.

In his role as lead independent Trustee, Mr. Williams, among other things: (i) presides over Board meetings in the absence of the Chairman of the Board; (ii) presides over executive sessions of the independent Trustees; (iii) along with the Chairman of the Board, oversees the development of agendas for Board meetings; (iv) facilitates dealings and communications between the independent Trustees and management and among the independent Trustees; and (v) has such other responsibilities as the Board or independent Trustees determine from time to time.

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Set forth below are the names, years of birth, position with the Trust, the year in which the Trustee was elected, and the principal occupations and other directorships held during at least the last five years of each of the persons currently serving as a Trustee of the Trust. There is no stated term of office for the Trustees of the Trust. However, each Trustee who is not an interested person of the Trust must retire from the Board by the end of the calendar year in which the Trustee attains the age of 75 years. Current members of the Board may, upon the unanimous vote of the Governance Committee and a majority vote of the full Board, continue to serve on the Board for a maximum of five successive one calendar year terms after attaining the age of 75. Unless otherwise noted, the business address of each Trustee is SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456.

Interested Trustees.

ROBERT A. NESHER (Born: 1946)—Chairman of the Board of Trustees\* (since 1995)—President and Chief Executive Officer of the Trust since 2005. SEI employee since 1974; currently performs various services on behalf of SEI Investments for which Mr. Nesher is compensated. President and Director of SEI Structured Credit Fund, LP. Director of SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Investments—Unit Trust Management (UK) Limited, SEI Multi-Strategy Funds PLC and SEI Global Nominee Ltd. Trustee of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds and Catholic Responsible Investments Funds. President, Chief Executive Officer and Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. President, Chief Executive Officer and Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of The KP Funds from 2013 to 2020. Vice Chairman of Schroder Series Trust and Schroder Global Series Trust from 2017 to 2018. Vice Chairman of Gallery Trust from 2015 to 2018. Vice Chairman of Winton Diversified Opportunities Fund from 2014 to 2018. Vice Chairman of The Advisors' Inner Circle Fund III from 2014 to 2018. Vice Chairman of Winton Series Trust from 2014 to 2017. Vice Chairman of O'Connor EQUUS (closed-end investment company) from 2014 to 2016. President, Chief Executive Officer and Trustee of SEI Liquid Asset Trust from 1989 to 2016. President, Chief Executive Officer and Director of SEI Alpha Strategy Portfolios, LP, from 2007 to 2013.

DENNIS J. MCGONIGLE (Born: 1960)—Trustee\* (since 2024)—Adviser to SEI Investments Company, Inc. since April 2024. Trustee of SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds. Chief Financial Officer of SEI Investments Company, Inc. from 2002 to April 2024. Executive Vice President of SEI Investments Company, Inc. from 1996 to 2024. Business Manager and Product Manager of SEI Investments Company, Inc. from 1985 to 1998. Senior Auditor of Arthur Andersen and Company from 1982 to 1985.

Independent Trustees.

NINA LESAVOY (Born: 1957)—Trustee (since 2003)—Founder and Managing Director, Avec Capital (strategic fundraising firm), since April 2008. Trustee/Director of SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Trustee of SEI Insurance Products Trust from 2013 to 2020. Trustee of SEI Liquid Asset Trust from 2003 to 2016. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Managing Director, Cue Capital (strategic fundraising firm) from March 2002 to March 2008.

JAMES M. WILLIAMS (Born: 1947)—Trustee (since 2004)—Retired since June 2024. Vice President and Chief Investment Officer, J. Paul Getty Trust, Non Profit Foundation for Visual Arts, from December 2002 to June 2024. Trustee/Director of Ariel Mutual Funds, SEI Structured Credit Fund, LP, SEI Asset Allocation Trust,

\* Messrs. Nesher and McGonigle are Trustees deemed to be "interested persons" (as that term is defined in the 1940 Act) of the Funds by virtue of their relationships with SEI.

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SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Trustee/Director of SEI Insurance Products Trust from 2013 to 2020. Trustee of SEI Liquid Asset Trust from 2004 to 2016. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. President of Harbor Capital Advisors and Harbor Mutual Funds from 2000 to 2002. Manager of Pension Asset Management for Ford Motor Company from 1997 to 1999.

SUSAN C. COTE (Born: 1954)—Trustee (since 2016)—Retired since July 2015. Trustee/Director of SEI Structured Credit Fund, LP, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund. Trustee of SEI Insurance Products Trust from 2015 to 2020. Treasurer and Chair of Finance of the Investment and Audit Committee of the New York Women's Foundation from 2012 to 2017. Member of the Ernst & Young LLP Retirement Investment Committee from 2009 to 2015. Global Asset Management Assurance Leader, Ernst & Young LLP from 2006 to 2015. Partner of Ernst & Young LLP from 1997 to 2015. Americas Director of Asset Management of Ernst & Young LLP from 2006 to 2013. Employee of Prudential from 1983 to 1997.

JAMES B. TAYLOR (Born: 1950)—Trustee (since 2018)—Retired since December 2017. Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds. Trustee of SEI Insurance Products Trust from 2018 to 2020. Chief Investment Officer, Georgia Tech Foundation from 2008 to 2017. Director, Assistant Vice President, and Chief Investment Officer, Delta Air Lines from 1983 to 2007. Member of the Investment Committee of Institute of Electrical and Electronic Engineers from 1999 to 2004. President, Vice President and Treasurer for Southern Benefits Conference from 1998 to 2000.

CHRISTINE REYNOLDS (Born 1958)—Trustee (since 2019)—Retired since December 2016. Trustee of SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds. Trustee of SEI Insurance Products Trust from 2019 to 2020. Executive Vice President at Fidelity Investments from 2014 to 2016. President at Fidelity Pricing and Cash Management Services ("FPCMS") and Chief Financial Officer of Fidelity Funds from 2008 to 2014. Chief Operating Officer of FPCMS from 2007 to 2008. President, Treasurer at Fidelity Funds from 2004 to 2007. Anti-Money Laundering Officer at Fidelity Funds in 2004. Executive Vice President at Fidelity Funds from 2002 to 2004. Audit Partner at PricewaterhouseCoopers from 1992 to 2002.

THOMAS MELENDEZ (Born 1959)—Trustee (since 2021)—Retired since April 2019. Trustee of SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, Adviser Managed Trust, SEI Exchange Traded Funds, SEI Catholic Values Trust and New Covenant Funds. Trustee of Boston Children's Hospital, The Partnership Inc. (non-profit organizations) and Brae Burn Country Club. Investment Officer and Institutional Equity Portfolio Manager at MFS Investment Management from 2002 to 2019. Director of Emerging Markets Group, General Manager of Operations in Argentina and Portfolio Manager for Latin America at Schroders Investment Management from 1994 to 2002.

ELI POWELL NIEPOKY (Born: 1966)—Trustee (since 2024)—Treasurer of The Robert W. Woodruff Foundation since May 2021. Trustee of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds. Vice President and Chief Investment Officer of Berman Capital Advisors from March 2018 to May 2021. Independent Consultant from January 2017 to February 2018. Principal and Chief Investment Officer of Diversified Trust Company from January 2003 to April 2015. Information Analyst and Director of Delta Air Lines from January 1990 to December 2002.

KIMBERLY WALKER (Born: 1958)—Trustee (since 2024)—General Partner at 1809 Capital since 2022. Trustee of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds. Advisory Committee Member of NISA Investment Advisors since 2018. Chief Investment Officer of Washington University in St. Louis from 2006 to 2016. President of Qwest Asset

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Management Company from 1998 to 2006. Director of Equity Strategy for General Motors Corporation from 1994 to 1998.

There are currently 26 Funds in the Trust and 100 Funds in the Fund Complex.

Individual Trustee Qualifications. The Trust has concluded that each of the Trustees should serve on the Board because of their ability to review and understand information about the Funds provided to them by management, to identify and request other information they may deem relevant to the performance of their duties, to question management and other service providers regarding material factors bearing on the management and administration of the Funds and to exercise their business judgment in a manner that serves the best interests of the Funds' shareholders. The Trust has concluded that each of the Trustees should serve as a Trustee based on their own experience, qualifications, attributes and skills as described below.

The Trust has concluded that Mr. Nesher should serve as Trustee because of the experience he has gained in his various roles with SEI Investments Company, which he joined in 1974, his knowledge of and experience in the financial services industry, and the experience he has gained serving as Trustee of the various SEI Trusts since 1989.

The Trust has concluded that Mr. McGonigle should serve as Trustee because of the experience he has gained in his various roles with SEI Investments Company, his knowledge of the financial services industry, and the experience he gained serving as a director on various company boards.

The Trust has concluded that Ms. Lesavoy should serve as Trustee because of the experience she gained as a Director of several private equity fundraising firms and marketing and selling a wide range of investment products to institutional investors, her experience in and knowledge of the financial services industry, and the experience she has gained serving as Trustee of the various SEI Trusts since 2003 and the various SEI Trusts' Governance Chair since 2014.

The Trust has concluded that Mr. Williams should serve as Trustee because of the experience he gained as Chief Investment Officer of a non-profit foundation, the President of an investment management firm, the President of a registered investment company and the Manager of a public company's pension assets, his experience in and knowledge of the financial services industry, and the experience he has gained serving as Trustee of the various SEI Trusts since 2004.

The Trust has concluded that Ms. Cote should serve as Trustee because of her education, knowledge of financial services and investment management, and the experience she has gained as a partner at a major accounting firm, where she served as both the Global Asset Management Assurance Leader and the Americas Director of Asset Management, and other professional experience gained through her prior employment and directorships.

The Trust has concluded that Mr. Taylor should serve as Trustee because of his education, knowledge of financial services and investment management, and the experience he has gained as a Chief Investment Officer at an endowment of a large university, and other professional experience gained through his prior employment and leadership positions.

The Trust has concluded that Ms. Reynolds should serve as Trustee because of the experience she has gained in her various roles with Fidelity, which she joined in 2002, including Chief Financial Officer of Fidelity Funds, her experience as a partner of a major accounting firm, and her experience in and knowledge of the financial services industry.

The Trust has concluded that Mr. Melendez should serve as Trustee because of the experience he has gained as an executive and portfolio manager of an investment management firm, his experience in and knowledge of the financial services industry, and other professional experience gained through his prior employment and leadership positions.

The Trust has concluded that Ms. Niepoky should serve as Trustee because of her education, her knowledge of public and private markets gained through her institutional and private wealth management roles, and her other professional experience.

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The Trust has concluded that Ms. Walker should serve as Trustee because of her extensive knowledge of institutional asset management, experience she gained serving as Chief Investment Officer of a large university, and other professional experience gained through her prior employment.

In its periodic assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Trustees primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the Funds. Moreover, references to the qualifications, attributes and skills of Trustees are pursuant to requirements of the SEC, do not constitute holding out of the Board or any Trustee as having any special expertise or experience, and shall not be deemed to impose any greater responsibility or liability on any such person or on the Board by reason thereof.

Board Standing Committees. The Board has established the following standing committees:

• Audit Committee. The Board has a standing Audit Committee that is composed of each of the Independent Trustees of the Trust. The Audit Committee operates under a written charter approved by the Board. The principal responsibilities of the Audit Committee include: (i) recommending which firm to engage as the Trust's independent auditor and whether to terminate this relationship; (ii) reviewing the independent auditor's compensation, the proposed scope and terms of its engagement and the firm's independence; (iii) pre-approving audit and non-audit services provided by the Trust's independent auditor to the Trust and certain other affiliated entities; (iv) serving as a channel of communication between the independent auditor and the Trustees; (v) reviewing the results of each external audit, including any qualifications in the independent auditor's opinion, any related management letter, management's responses to recommendations made by the independent auditor in connection with the audit, reports submitted to the Audit Committee by the internal auditing department of the Trust's Administrator that are material to the Trust as a whole, if any, and management's responses to any such reports; (vi) reviewing the Trust's audited financial statements and considering any significant disputes between the Trust's management and the independent auditor that arose in connection with the preparation of those financial statements; (vii) considering, in consultation with the independent auditor and the Trust's senior internal accounting executive, if any, the independent auditor's report on the adequacy of the Trust's internal financial controls; (viii) reviewing, in consultation with the Trust's independent auditor, major changes regarding auditing and accounting principles and practices to be followed when preparing the Trust's financial statements; and (ix) other audit-related matters. In addition, the Audit Committee is responsible for the oversight of the Trust's compliance program. Messrs. Williams, Taylor and Melendez and Mses. Lesavoy, Cote, Reynolds, Niepoky and Walker currently serve as members of the Audit Committee. The Audit Committee meets periodically, as necessary, and met four (4) times during the Trust's most recently completed fiscal year.

• Governance Committee. The Board has a standing Governance Committee that is composed of each of the Independent Trustees of the Trust. The Governance Committee operates under a written charter approved by the Board. The principal responsibilities of the Governance Committee include: (i) considering and reviewing Board governance and compensation issues; (ii) conducting a self-assessment of the Board's operations; (iii) selecting and nominating all persons to serve as Independent Trustees and evaluating the qualifications of "interested" (as defined under the 1940 Act) Trustee candidates; and (iv) reviewing shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Governance Committee at the applicable Trust's offices. Messrs. Williams, Taylor and Melendez and Mses. Lesavoy, Cote, Reynolds, Niepoky and Walker currently serve as members of the Governance Committee. The Governance Committee shall meet at the direction of its Chair as often as appropriate to accomplish its purpose. In any event, the Governance Committee shall meet at least once each year and shall conduct at least one meeting in person. The Governance Committee met four (4) times during the Trust's most recently completed fiscal year.

• Compliance and Operations Committee. The Board has a standing Compliance and Operations Committee that is composed of each of the Independent Trustees of the Trust. The Compliance and

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Operations Committee operates under a written charter approved by the Board. The principal responsibilities of the Compliance and Operations Committee include: (i) serving as a liaison between the Board and the Trust's Chief Compliance Officer; (ii) recommending policies and procedures concerning the Trust's compliance with applicable law; (iii) reviewing the Chief Compliance Officer's procedures for compliance testing plans; (iv) coordinating the Board's approval of the Chief Compliance Officer's compensation; and (v) coordinating with SIMC's chief compliance officer and chief risk officer on material compliance and operations matters. Messrs. Williams, Taylor and Melendez and Mses. Lesavoy, Cote, Reynolds, Niepoky and Walker currently serve as members of the Compliance and Operations Committee. The Compliance and Operations Committee shall meet at the direction of its Chair as often as appropriate to accomplish its purpose. In any event, the Compliance and Operations Committee shall meet at least once each year and shall conduct at least one meeting in person. The Compliance and Operations Committee is a new committee and did not meet during the Trust's most recently completed fiscal year.

Fund Shares Owned by Board Members. The following table shows the dollar amount range of each Trustee's "beneficial ownership" of shares of each of the Funds and shares of funds in the Fund Complex as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 (the "1934 Act"). The Trustees and officers of the Trust own less than 1% of the outstanding shares of the Trust.

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| | | |
|:---|:---|:---|
| Name | Dollar Range of<br>Fund Shares<br>(Fund)\* | Aggregate Dollar<br>Range of Shares<br>(Fund Complex)<sup>††</sup> |
| **Interested** | **Interested** | **Interested** |
| Mr. Nesher | Over $100,000 (Large Cap Fund) | Over $100,000 |
|  | $10,001-$50,000 (S&P 500 Index Fund) |  |
|  | $1-$10,000 (Extended Market Index Fund) |  |
|  | Over $100,000 (Small Cap Fund) |  |
|  | $10,001-$50,000 (U.S. Equity Factor Allocation Fund) |  |
|  | Over $100,000 (U.S. Managed Volatility Fund) |  |
|  | $10,001-$50,000 (Global Managed Volatility Fund) |  |
|  | $10,001-$50,000 (World Equity Ex-US Fund) |  |
|  | $10,001-$50,000 (Core Fixed Income Fund) |  |
|  | $1-$10,000 (High Yield Bond Fund) |  |
|  | $1-$10,000 (Emerging Markets Debt Fund) |  |
|  | $10,001-$50,000 (Real Return Fund) |  |
|  | $10,001-$50,000 (Limited Duration Bond Fund) |  |
|  | $1-$10,000 (Dynamic Asset Allocation Fund) |  |
|  | $10,001-$50,000 (Multi-Asset Real Return Fund) |  |
| Mr. McGonigle\*\* |  | Over $100,000 |
| **Independent** | **Independent** | **Independent** |
| Ms. Lesavoy |  | Over $100,000 |
| Mr. Williams |  | $50001-$100000 |
| Ms. Cote |  |  |
| Mr. Taylor |  | Over $100,000 |
| Ms. Reynolds |  | Over $100,000 |
| Mr. Melendez |  |  |
| Ms. Niepoky\*\* |  |  |
| Ms. Walker\*\* |  |  |

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\* Valuation date is December 31, 2024.

\*\* Mses. Niepoky and Walker and Mr. McGonigle became trustees for the Trust effective October 16, 2024.

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<sup>††</sup> The Fund Complex currently consists of the following trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust and SEI Exchange Traded Funds.

Board Compensation. The Trust and the Fund Complex paid the following fees to the Trustees during its most recently completed fiscal year.

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| | | | | |
|:---|:---|:---|:---|:---|
| Name | Aggregate<br>Compensation | Pension or<br>Retirement<br>Benefits Accrued<br>as Part of<br>Fund Expenses | Estimated<br>Annual<br>Benefits Upon<br>Retirement | Total Compensation<br>From the Trust<br>and Fund<br>Complex |
| Interested | Interested | Interested | Interested | Interested |
| Mr. Nesher | $0 | $0 | $0 | $0 |
| Mr. Doran<sup>†</sup> | $0 | $0 | $0 | $0 |
| Mr. McGonigle<sup>††</sup> | $0 | $0 | $0 | $0 |
| **Independent** | **Independent** | **Independent** | **Independent** | **Independent** |
| Ms. Lesavoy | $173944 | $0 | $0 | $357500 |
| Mr. Williams | $178809 | $0 | $0 | $367500 |
| Ms. Cote | $173944 | $0 | $0 | $357500 |
| Mr. Taylor | $161782 | $0 | $0 | $332500 |
| Ms. Reynolds | $161782 | $0 | $0 | $332500 |
| Mr. Melendez | $161782 | $0 | $0 | $332500 |
| Ms. Niepoky<sup>††</sup> | $82798 | $0 | $0 | $167500 |
| Ms. Walker<sup>††</sup> | $82798 | $0 | $0 | $167500 |

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<sup>†</sup> Mr. William M. Doran retired from the Board of Trustees effective May 31, 2025, after having dutifully served on the SEI Funds' Board since 1982.

<sup>††</sup> Mses. Niepoky and Walker and Mr. McGonigle became trustees for the Trust effective October 16, 2024.

Trust Officers. Set forth below are the names, dates of birth, position with the Trust, length of term of office and the principal occupations for the last five years of each of the persons currently serving as Executive Officers of the Trust. Unless otherwise noted, the business address of each officer is SEI Institutional Investments Trust, One Freedom Valley Drive, Oaks, Pennsylvania 19456. Stephen Panner, the Chief Compliance Officer of the Trust, receives compensation from the Trust for his services. The Trust's Chief Compliance Officer serves in the same capacity for the other SEI trusts included in the Fund Complex, and the Trust pays its pro rata share of the aggregate compensation payable to the Chief Compliance Officer for his services.

Certain officers of the Trust also serve as officers to one or more mutual funds to which SEI or its affiliates act as investment adviser, administrator or distributor.

The officers of the Trust have been elected by the Board. Each officer shall hold office until the election and qualification of his or her successor or until earlier resignation or removal.

ROBERT A. NESHER (Born: 1946)—President and Chief Executive Officer (since 2005)—See biographical information above under the heading "Interested Trustees."

TIMOTHY D. BARTO (Born: 1968)—Vice President, Secretary and Chief Legal Officer (since 2015)—General Counsel and Secretary of SIMC since 2004. Vice President and Assistant Secretary of SEI since 2001. Vice President of SIMC since 1999. Vice President and Secretary of SEI Institutional Transfer Agent, Inc. from 2009 to 2024. Vice President of the Administrator from 1999 to 2024.

GLENN R. KURDZIEL (Born: 1974)—Controller and Chief Financial Officer (since 2023)—Controller and Chief Financial Officer of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Alternative Income Fund since August 2023. Assistant Controller of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional

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International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds and SEI Catholic Values Trust from 2017 to 2023. Assistant Controller of SEI Exchange Traded Funds from 2022 to 2023. Senior Manager of Funds Accounting of SEI Investments Global Funds Services from 2005 to 2023.

STEPHEN F. PANNER (Born: 1970)—Chief Compliance Officer (since 2022)—Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund LP, The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds, The Advisors' Inner Circle Fund III, Gallery Trust, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Tender Fund and Catholic Responsible Investments Funds since September 2022. Chief Compliance Officer of SEI Alternative Income Fund since 2023. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011.

STEPHEN G. MACRAE (Born: 1967)—Vice President (since 2012)—Director of Global Investment Product Management, January 2004 to present. Vice President of SEI Insurance Products Trust from 2013 to 2020.

DAVID F. MCCANN (Born: 1976)—Vice President and Assistant Secretary (since 2009)—General Counsel and Secretary of SEI Institutional Transfer Agent, Inc. from 2020 to 2023. Vice President and Assistant Secretary of SIMC since 2008. Vice President and Assistant Secretary of SEI Insurance Products Trust from 2013 to 2020. Attorney at Drinker Biddle & Reath, LLP (law firm) from May 2005 to October 2008.

KATHERINE MASON (Born: 1979)—Vice President and Assistant Secretary (since 2022)—Consulting Attorney at Hirtle, Callaghan & Co. (investment company) from October 2021 to June 2022. Attorney at Stradley Ronon Stevens & Young, LLP (law firm) from September 2007 to July 2012.

BRIDGET E. SUDALL (Born: 1980)—Anti-Money Laundering Compliance Officer and Privacy Officer (since April 2024 and previously from 2015 to May 2022 and November 2022 to June 2023)—Chief Compliance Officer of SEI Operations since 2018. Senior Associate and AML Officer at Morgan Stanley Alternative Investment Partners from April 2011 to March 2015. Investor Services Team Lead at Morgan Stanley Alternative Investment Partners from July 2007 to April 2011.

PROXY VOTING POLICIES AND PROCEDURES

The Funds have delegated proxy voting responsibilities to SIMC (with the exception of the Vote Choice Program noted below), subject to the Board's general oversight. As required by applicable regulations, SIMC must vote proxies in a manner consistent with the best interest of each investment advisory client who delegates voting responsibility to SIMC, which includes the Funds (each a "Client") and must not place its own interests above those of its Clients. SIMC has adopted its own written proxy voting policies, procedures and guidelines that are reasonably designed to meet this purpose (the "Procedures"). The Procedures may be changed as necessary to remain current with regulatory requirements and internal policies and procedures.

SIMC has elected to retain an independent proxy voting service (the "Service") to vote proxies with respect to its Clients. The Service votes proxies in accordance with guidelines (the "Proxy Guidelines") approved by SIMC's Proxy Voting Committee (the "Proxy Committee") with certain limited exceptions as outlined below. The Proxy Guidelines set forth the manner in which SIMC will vote, or the manner in which SIMC shall determine how to vote, with respect to matters that may come up for shareholder vote. The Service will review each matter on a case-by-case basis and, in most cases, vote the proxies in accordance with the Proxy Guidelines.

Prior to voting a proxy, the Service makes available to SIMC its recommendation on how to vote in light of the Proxy Guidelines. SIMC retains the authority to overrule the Service's recommendation in certain scenarios (as listed below) and instruct the Service to vote in a manner in variance with the Service's recommendation:

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• <u>Requests by Sub-Advisers to Direct Proxy Votes</u>. Sub-Advisers retained by SIMC to manage the Funds may contact SIMC with requests that SIMC direct a proxy vote in a particular solicitation which would differ from the Service's recommendation.

• <u>Recommendations by Engagement Vendor</u>. In addition to retaining the Service, SIMC has also engaged a third party vendor to assist with engagement services (the "Engagement Service"). The Engagement Service strives to help investors manage reputational risk and increase corporate accountability through proactive, professional and constructive engagement. It does so by collaborating with investors, facilitating avenues of active ownership (including direct, constructive dialogue with companies) and assisting with shareholder resolutions and proxy voting decisions. As a result of this process, the Engagement Service will at times provide SIMC with proxy voting recommendations that may conflict with the Proxy Guidelines. Recommendations from the Engagement Service to potentially override the Service's recommendation are expected to be limited to proxy matters that bear on the subject of the engagement with that issuer.

In all circumstances identified above, the Proxy Committee shall convene and adhere to the conflicts provisions of the Procedures. For any proposal where the Proxy Committee determines that SIMC does not have a material conflict of interest, the Proxy Committee may overrule the Service's recommendation if the Proxy Committee reasonably determines that doing so is in the best interest of the Clients. For any proposal where the Proxy Committee determines that SIMC has a material conflict of interest, SIMC must vote in accordance with the Service's recommendation unless it has first fully disclosed to each Client holding the security at issue the nature of the conflict and obtained each Client's consent as to how SIMC will vote on the proposal. If the Proxy Committee decides to overrule the Service's recommendation, the Proxy Committee shall maintain a written record setting forth the basis of its decision.

In some circumstances, SIMC may determine it is in the best interest of its Clients to abstain from voting certain proxies. These include (but are not necessarily limited to) the following circumstances:

• Proxy Guidelines do not cover an issue;

• The Service does not make a recommendation on the issue;

• SIMC determines that the costs of voting exceed the expected benefits to Clients;

• The accounts engage in securities lending;

• The vote is subject to "share blocking," which requires investors who intend to vote to surrender the right to dispose of their shares until after the shareholder meeting, potentially creating liquidity issues; and

• The Proxy Committee is unable to convene to determine whether the proposal would be in the Client's best interests.

With respect to proxies of an affiliated investment company or series thereof, SIMC will vote such proxies in the same proportion as the vote of all other shareholders of the investment company or series thereof (*i.e.*, "echo vote" or "mirror vote").

With respect to proxies in foreign jurisdictions, certain countries or issuers may require SIMC to have a duly executed power of attorney in place with such country or issuer in order to vote a proxy. The Service may execute, on behalf of SIMC, power of attorney requirements in order to satisfy these requirements. Under circumstances where the issuer, not the jurisdiction, requires an issuer-specific, shareholder-specific or other limited power of attorney in order to vote a proxy, the Service will coordinate with SIMC in order to execute such power of attorney. In these instances, it may not be convenient or practicable to execute a power of attorney in sufficient time to vote proxies in that meeting, and SIMC may abstain from voting.

For each proxy, SIMC maintains all related records as required by applicable law. The Trust is required to file how all proxies were voted with respect to portfolio securities held by the Funds. A Client may obtain,

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without charge, a copy of SIMC's Procedures and Proxy Guidelines, or information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, by calling SIMC at 1-800-DIAL-SEI, by writing to SIMC at One Freedom Valley Drive, Oaks, Pennsylvania 19456 or on the SEC's website at http://www.sec.gov.

Vote Choice Program

As an alternative to SIMC voting proxies on behalf of the Funds pursuant to SIMC's own written proxy voting policies, procedures and guidelines (the "Procedures"), the Board has approved a new option for shareholders of certain Funds (each such Fund, an "Eligible Fund" and, collectively, the "Eligible Funds") to participate in the Vote Choice proxy voting program (the "Program"). Under the Program, Eligible Fund shareholders have the ability to direct that their shares be voted in accordance with a shareholder-selected third-party proxy voting policy (each such proxy voting policy, a "Program Policy"), as discussed below. Once a shareholder selects a Program Policy from a list of available policies, the Eligible Fund will use the Program Policy to vote proxies on securities corresponding to the percentage of the Eligible Fund owned by the shareholder, as of the record date of the corresponding portfolio company shareholder meeting. Each available Program Policy is appended to this Statement of Additional Information (which can be found on the Funds' website). Participation in the Program is voluntary. If an Eligible Fund shareholder does not participate in the Program, if an intermediary does not facilitate a shareholder's participation in the Program, or if a security cannot be voted pursuant to the Program as described below, the proportionate shares held by such shareholder will continue to be voted by SIMC according to its standard Procedures. The Eligible Funds shall make reasonable efforts to implement the Program on behalf of each applicable shareholder as soon as practicable, but do not guarantee immediate application of the Program.

Shareholder Eligibility and Administration of the Vote Choice Program

To participate in the Program or further inquire about the current list of Eligible Funds in the Program, shareholders should contact their authorized financial institution or intermediary directly, or contact the Funds by telephone (1-800-DIAL-SEI) or by mail (One Freedom Valley Drive Oaks, Pennsylvania 19456). The Eligible Funds currently include: Extended Market Index Fund, Dynamic Asset Allocation Fund, U.S. Equity Factor Allocation Fund, S&P 500 Index Fund, Large Cap Fund Index Fund, Large Cap Fund, World Equity Ex-Us Fund, and Small-Mid Cap Equity Fund. Additions or deletions to the Eligible Funds list will appear in updates to this Statement of Additional Information. Participation in the Program may not be available to certain beneficial shareholders, such as participants in certain retirement plans.

An Eligible Fund will rely on the share ownership information provided by such Fund shareholder's financial institution or intermediary for purposes of its proxy voting calculations. Due to rounding or other factors, the proportionate shares of an Eligible Fund that are voted according to a shareholder's Program Policy selection may not always exactly match that shareholder's proportionate ownership.

The Program is currently administered through service providers, agents and vendors of the Eligible Funds including, but not limited to, SIMC and/or its affiliates, and a third-party provider (the "vote choice provider"). The Funds vote all shares according to the above Procedures, though for any Eligible Fund shareholder that chooses to participate in the Program, the vote choice provider will update the Eligible Fund's ballot to proportionately vote in accordance with the shareholder's selected Program Policy. An Eligible Fund's shareholder may also be required to provide additional information to its financial institution or intermediary and/or the vote choice provider in connection with the Program.

Voting

Any Eligible Fund shareholder participating in the Program will be deemed to have directed the applicable Eligible Funds to vote in accordance with the Program Policy in proportion of the shareholder's holdings, and any future holdings in additional Eligible Funds owned by such shareholder. In connection with those Eligible

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Fund shareholders participating in the Program, the Eligible Fund has contracted with the vote choice provider to vote the Eligible Fund shareholder's proportionate share according to the Program Policy elected by the shareholder. The shareholder's choice is communicated directly to the vote choice provider and the Fund makes no guarantees that the vote choice provider will vote in all instances in accordance with the shareholder's selected Program Policy. Not all securities are eligible to participate in the Program. Typically, securities that the vote choice provider will apply the Program Policy on behalf of an Eligible Fund shareholder will include securities where (1) issuer is a publicly listed company; (2) it is an equity which carries standard voting rights; (3) it is listed in a market that supports split voting; and (4) it is not a depository receipt or has extended or restricted voting rights. Due to operational limitations, the vote choice provider will review an Eligible Fund's holdings on a monthly basis to determine whether a security can be voted in accordance with the Program. Fund securities acquired intra month will not be voted pursuant to the Program.

Not all jurisdictions allow for the Program and, in such cases, the proxies of companies located in such jurisdictions will be voted according to the above Procedures. If an Eligible Fund shareholder makes a change to its selected Program Policy, the Eligible Fund and vote choice provider make no guarantees as to when such change will go into effect.

Glass Lewis has independently developed the Program Policies made available in the Program. SIMC, an Eligible Fund and the vote choice provider will not be responsible for the contents of such Program Policies or for any interpretation of how a Program Policy should be applied in respect of a vote. Such interpretation may differ from that of an investor or any third parties.

The number of shares voted pursuant to a Program Policy will be based on the pro rata ownership by a shareholder of an Eligible Fund, calculated as of the record date for the applicable proxy for the underlying security held by the Eligible Fund. An Eligible Fund will rely on the information reasonably available to it to determine the percentages and corresponding votes for the Eligible Fund shareholders.

The Program is operationally dependent on SIMC submitting a vote on behalf of shares of the Fund. As noted above, in some circumstances, SIMC may determine, with respect to securities voted under its policy, that it is in the best interest of a Fund to abstain from voting certain proxies, or SIMC may be unable to vote. In such circumstances, due to the noted operational constraints, the vote choice provider will not vote the Eligible Fund shareholder's proportionate interest in such Fund in accordance with the selected Program Policy. Also, it will be unnecessary for the voting choice vendor to implement the Program on behalf of an Eligible Fund where the shareholders' selected Program Policies would result in the same vote as initiated by SIMC pursuant to its policies.

Other factors that may affect voting at meetings in accordance with the Program include, but are not limited to:

• The Fund's or SIMC's inability or failure to meet operational deadlines set by the vote choice provider throughout the proxy voting process.

• Delays resulting from SIMC's submission of the Fund's vote, or resubmission of such vote, pursuant to its policy. In such circumstances, the vote choice provider may not be able to vote in accordance with the shareholder's selected Program Policy.

• Changes to general meetings including meeting deadline date change, meeting agenda changes, and meeting cancellations.

• If a Fund's voting pursuant to SIMC's Procedures are rejected for any reason, the vote choice provider may not be able to vote according to the shareholder's selected Program Policy.

• How often the vote choice provider evaluates issuers for inclusion in the Program.

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None of SIMC, the vote choice provider, the provider of the Program Policy nor any other person shall have any liability to any shareholder or to any person related to the operation of the Program, including without limitation for any failure, for any reason, for shares to be voted as contemplated by the Program.

Vote Choice Program Proxy Voting Policies

Under the Program, Eligible Fund shareholders may select from among three Program Policies: (1) Glass Lewis ESG; (2) Glass Lewis Taft Hartley; or (3) Glass Lewis Corporate Governance Focused. The Glass Lewis Policies offered under the Program are attached as an appendix to this SAI. Participation in the Program is voluntary. If an Eligible Fund shareholder does not make a Program Policy selection, the Eligible Fund's proxies corresponding to the percentage of such shareholder's ownership of the Eligible Fund will continue to be voted by SIMC in accordance with the Procedures described above. An Eligible Fund reserves the right to add and/or discontinue offering a Program Policy without notice to shareholders, and, in such instances, SIMC will vote such Eligible Fund shares in accordance with the Procedures described above. An Eligible Fund reserves the right to suspend or cancel, in full or in part, the Program (in any one instance or more broadly), including with immediate effect, in its sole discretion. This may result in shares being voted in accordance with Procedures rather than in accordance with the Program. The selection of the Program Policy is made solely by the shareholder and not as the result of advice from the Fund, SIMC or any of their affiliates.

Participation in the Program is at the shareholder's own risk. Neither an Eligible Fund, SIMC, or vote choice provider accepts any liability/responsibility for any losses, damages, frustration or inconvenience the shareholder may incur through its use of the Program including but not limited to the availability of the Program; the use of the Program in a manner that SIMC, an Eligible Fund or the vote choice provider did not authorize; ending, suspending or restricting the use of the Program; or any loss or damage caused in relation to any party's use of the Program.

Shareholders should contact their SEI representative, authorized financial institution or intermediary directly for more details regarding how Fund shareholders may participate in the Vote Choice Program, a list of current Eligible Funds, how Fund shareholders may change or cancel their Program Policy selection and risk factors associated with the Program.

PURCHASE AND REDEMPTION OF SHARES

Shares of a Fund may be purchased in exchange for securities included in the Fund subject to the Administrator's determination that the securities are acceptable. Securities accepted in an exchange will be valued at market value. All accrued interest and subscription of other rights that are reflected in the market price of accepted securities at the time of valuation become the property of the Trust and must be delivered by the shareholder to the Trust upon receipt from the issuer. A shareholder may recognize a gain or loss for federal income tax purposes in making the exchange.

The Administrator will not accept securities for a Fund unless: (i) such securities are appropriate for the Fund at the time of the exchange; (ii) such securities are acquired for investment and not for resale; (iii) the shareholder represents and agrees that all securities offered to the Trust for the Fund are not subject to any restrictions upon their sale by the Fund under the 1933 Act or otherwise; (iv) such securities are traded on the American Stock Exchange, the NYSE or on NASDAQ in an unrelated transaction with a quoted sales price on the same day the exchange valuation is made or, if not listed on such exchanges or on NASDAQ, have prices available from an independent pricing service approved by the Board; and (v) the securities may be acquired under the investment restrictions applicable to the Fund.

It is currently the Trust's policy to pay all redemptions in cash. The Trust retains the right, however, to alter this policy to provide for redemptions in whole or in part by a distribution in kind of readily marketable securities held by a Fund in lieu of cash. Shareholders may incur brokerage charges on the sale of any such securities so received in payment of redemptions.

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A gain or loss for federal income tax purposes may be realized by a taxable shareholder upon an in-kind redemption depending upon the shareholder's basis in the shares of the Trust redeemed.

The Trust reserves the right to suspend the right of redemption and/or to postpone the date of payment upon redemption for any period during which trading on the NYSE is restricted, during the existence of an emergency (as determined by the SEC by rule or regulation) as a result of which disposal or evaluation of the Funds' securities is not reasonably practicable or for such other periods as the SEC may by order permit. The Trust also reserves the right to suspend sales of shares of the Funds for any period during which the NYSE, SIMC, the Administrator, the Distributor, the Funds' Sub-Advisers and/or the custodian are not open for business. Currently, the following holidays are observed by the Trust: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. Additionally, the Exchange closes early on the following days: the day before Independence Day, the day after Thanksgiving and Christmas Eve.

REDEMPTIONS IN-KIND

Each Fund reserves the right, under certain conditions, to honor any request for redemption by making payment in whole or in part in securities valued as described in the prospectus. The specific security or securities to be distributed will be determined by the Fund and could include a pro-rata slice of the Fund's portfolio or a non-pro-rata slice of the Fund's portfolio, depending upon various circumstances and subject to any applicable laws or regulations.

Redemptions in-kind may reduce the need for a Fund to maintain cash reserves, reduce Fund transaction costs, reduce the need to sell Fund investments at inopportune times, and lower Fund capital gain recognition.

In some circumstances, a Fund, in its discretion, may accept large purchase orders from one or more financial institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption in-kind rather than in cash. A Fund's ability to pay these redemption proceeds in-kind relieves the Fund of the need to sell the securities that are distributed in-kind and incur brokerage and other transaction costs associated with such sales. As with other redemption-in-kind transactions, a Fund would enter into these transactions only when the Fund determines it to be in the Fund's best interest to do so, and in accordance with the Fund's applicable policies on redemptions.

With any redemption in-kind, a shareholder who receives securities through a redemption in-kind and desires to convert them to cash may incur brokerage and other transaction costs in selling the securities. Also, there may be a risk that redemption in-kind activity could negatively impact the market value of the securities distributed in-kind and, in turn, the NAV of Funds that hold securities that are being distributed in-kind. SIMC believes that the benefits to a Fund of redemptions in-kind will generally outweigh the risk of any potential negative NAV impact.

TAXES

The following is only a summary of certain additional U.S. federal income tax considerations generally affecting the Funds and their shareholders. No attempt is made to present a detailed explanation of the federal, state, local or foreign tax treatment of the Funds or their shareholders and the discussion here and in the Funds' Prospectus is not intended as a substitute for careful tax planning. Shareholders are urged to consult their tax advisors with specific reference to their own tax situations.

This discussion of federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this Statement of Additional Information. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein and may have a retroactive effect with respect to the transactions contemplated herein.

*Qualification as a Regulated Investment Company and Taxation of the Funds.* Each Fund has elected and intends to qualify to be treated as a RIC under Subchapter M of the Code so that it will be relieved of federal

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income tax on that part of its income that is timely distributed to shareholders. In order to qualify as a RIC under the Code, each Fund must distribute annually to its shareholders at least 90% of its net investment income (which, includes dividends, taxable interest, and the excess of net short-term capital gains over net long-term capital losses, less operating expenses) and at least 90% of its net tax exempt interest income, for each tax year, if any (the "Distribution Requirement") and also must meet certain additional requirements. Among these requirements are the following: (i) at least 90% of each Fund's gross income each taxable year must be derived from dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities, or foreign currencies, or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies, and net income derived from an interest in a qualified publicly traded partnership (the "Qualifying Income Test"); and (ii) at the close of each quarter of each Fund's taxable year: (A) at least 50% of the value of each Fund's total assets must be represented by cash and cash items, U.S. government securities, securities of other RICs and other securities, with such other securities limited, in respect to any one issuer, to an amount not greater than 5% of the value of each Fund's total assets and that does not represent more than 10% of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded partnership, and (B) not more than 25% of the value of each Fund's total assets is invested, including through corporations in which a Fund owns a 20% or greater voting interest, in the securities (other than U.S. government securities or the securities of other RICs) of any one issuer or the securities (other than the securities of another RIC) of two or more issuers that a Fund controls and which are engaged in the same or similar trades or businesses or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Asset Test").

Although the Funds intend to distribute substantially all of their net investment income and may distribute their capital gains for any taxable year, the Funds will be subject to federal income taxation to the extent any such income or gains are not distributed. Each Fund is treated as a separate corporation for federal income tax purposes. A Fund therefore is considered to be a separate entity in determining its treatment under the rules for RICs described herein. Losses in one Fund do not offset gains in another and the requirements (other than certain organizational requirements) for qualifying RIC status are determined at the Fund level rather than at the Trust level.

If a Fund fails to satisfy the Qualifying Income or Asset Tests in any taxable year, such Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain *de minimis* failures of the diversification requirements where the Fund corrects the failure within a specified period. If a Fund fails to maintain qualification as a RIC for a tax year, and the relief provisions are not available, such Fund will be subject to federal income tax at the regular corporate rate (currently 21%) without any deduction for distributions to shareholders. In such case, its shareholders would be taxed as if they received ordinary dividends to the extent of a Fund's current and accumulated earnings and profits, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. In addition, a Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC. The Board reserves the right not to maintain the qualification of a Fund as a RIC if it determines such course of action to be beneficial to shareholders.

A Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year (commonly referred to as "post-October losses") and certain other late-year losses.

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The treatment of capital loss carryovers for RICs is similar to the rules that apply to capital loss carryovers of individuals and provide that such losses are carried over by a Fund indefinitely. Thus, if a Fund has a "net capital loss" (that is, capital losses in excess of capital gains) the excess of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. In addition, the carryover of capital losses may be limited under the general loss limitation rules if a Fund experiences an ownership change as defined in the Code. For more information about the amount of capital loss carry-forwards for the most recent fiscal year, please refer to the Annual Report of the Funds.

*Excise Taxes.* Notwithstanding the Distribution Requirement described above, which generally only requires a Fund to distribute at least 90% of its annual investment company taxable income and the excess of its exempt interest income (but does not require any minimum distribution of net capital gain), a Fund will be subject to a nondeductible 4% federal excise tax to the extent it fails to distribute by the end of the calendar year at least 98% of its ordinary income for that year and 98.2% of its capital gain net income (the excess of short- and long-term capital gain over short- and long-term capital loss) for the one-year period ending on October 31 of that year, plus certain other amounts. Each Fund intends to make sufficient distributions to avoid liability for the federal excise tax but can make no assurances that such tax will be completely eliminated. For example, a Fund may receive delayed or corrected tax reporting statements from its investments that cause such Fund to accrue additional income and gains after such Fund has already made its excise tax distributions for the year. In such situation, a Fund may incur an excise tax liability resulting from such delayed receipt of such tax information statements. In addition, a Fund may in certain circumstances be required to liquidate Fund investments in order to make sufficient distributions to avoid federal excise tax liability at a time when the investment advisor might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of a Fund to satisfy the requirements for qualification as a RIC.

*Fund Distributions.* The Funds receive income generally in the form of dividends and interest on investments. This income, plus net short-term capital gains, if any, less expenses incurred in the operation of a Fund, constitutes the Fund's net investment income from which dividends may be paid to you. Any distributions by a Fund from such income will be taxable to you as ordinary income or at the lower capital gains rates that apply to individuals receiving qualified dividend income, whether you take them in cash or in additional shares.

Distributions by a Fund will be eligible for the reduced maximum tax rate to individuals of 20% (lower rates apply to individuals in lower tax brackets) to the extent that the Fund receives qualified dividend income on the securities it holds and the Fund reports the distributions as qualified dividend income. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (*e.g*., foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). A dividend will not be treated as qualified dividend income to the extent that: (i) the shareholder has not held the shares on which the dividend was paid for more than 60 days during the 121-day period that begins on the date that is 60 days before the date on which the shares become "ex-dividend" (which is the day on which declared distributions (dividends or capital gains) are deducted from each Fund's assets before it calculates the net asset value) with respect to such dividend, (ii) each Fund has not satisfied similar holding period requirements with respect to the securities it holds that paid the dividends distributed to the shareholder, (iii) the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to substantially similar or related property, or (iv) the shareholder elects to treat such dividend as investment income under section 163(d)(4)(B) of the Code. Therefore, if you lend your shares in a Fund, such as pursuant to a securities lending arrangement, you may lose the ability to treat dividends (paid while the shares are held by the borrower) as qualified dividend income. Distributions that the Funds receive from an underlying fund taxable as a RIC or from a REIT will be treated as qualified dividend income only to the extent so reported by such underlying fund or REIT. The Opportunistic Income, Core Fixed Income, High Yield Bond, Long Duration, Long Duration Credit, Ultra Short Duration Bond, Emerging Markets Debt, Real Return, Limited Duration Bond and Intermediate Duration Credit Funds are each expected

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to make primarily ordinary income distributions that will not be treated as qualified dividend income. In addition, the investment strategies of certain Funds may limit their ability to make distributions eligible to be reported as qualified dividend income.

In the case of corporate shareholders, Fund distributions (other than capital gain distributions) generally qualify for the dividends received deduction to the extent of the gross amount of qualifying dividends received by the Fund for the year. Generally, and subject to certain limitations (including certain holding period limitations), a dividend will be treated as a qualifying dividend if it has been received from a domestic corporation. The Opportunistic Income, Core Fixed Income, High Yield Bond, Long Duration, Long Duration Credit, Ultra Short Duration Bond, Emerging Markets Debt, Real Return, Limited Duration Bond and Intermediate Duration Credit Funds are each expected to make primarily ordinary income distributions that will not be eligible for the dividends received deduction for corporate taxpayers. In addition, the investment strategies of certain Funds may limit their ability to make distributions eligible for the dividends received deduction.

Distributions by the Funds of their net short-term capital gains will be taxable as ordinary income. Capital gain distributions consisting of a Fund's net capital gains will be taxable as long-term capital gains for individual shareholders at a current maximum rate of 20% regardless of how long you have held your shares in such Fund. Distributions from capital gains are generally made after applying any available capital loss carryforwards.

To the extent that a Fund makes a distribution of income received by such Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

If a Fund's distributions exceed its current and accumulated earnings and profits, all or a portion of the distributions made in the same taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in a Fund and result in a higher reported capital gain or lower reported capital loss when those shares on which the distribution was received are sold.

Distributions of capital gain and distributions of net investment income received shortly after the purchase of shares reduce the NAV of a Fund's shares by the amount of the distribution. If you purchase shares just prior to a distribution, the purchase price would reflect the amount of the upcoming distribution. In this case, unless you are a tax-exempt investor or investing through a tax-advantaged account (such as an IRA or an employer-sponsored retirement or savings plan), you are taxed on the distribution even though, as an economic matter, the distribution represents a return of your investment. This is known as "buying a dividend" and generally should be avoided by taxable investors. To avoid buying a dividend, check a Fund's distribution schedules before you invest.

Dividends declared to shareholders of record in October, November or December and actually paid in January of the following year will be treated as having been received by shareholders on December 31 of the calendar year in which declared. Under this rule, therefore, a shareholder may be taxed in one year on dividends or distributions actually received in January of the following year.

A Fund (or its administrative agent) will inform you of the amount of your ordinary income dividends, qualified dividend income and capital gain distributions shortly after the close of each calendar year. If you have not held Fund shares for a full year, the Fund may designate and distribute to you, as ordinary income or capital gain, a percentage of income that is not equal to the actual percentage of such income earned during the period of your investment in the Fund.

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

*Sales, Exchanges, or Redemptions of Shares.* Any gain or loss recognized on a sale, exchange or redemption of shares of a Fund by a shareholder who holds Fund shares as capital assets will be treated as a long-term capital gain or loss if the shares have been held for more than twelve months and otherwise will be treated as a

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short-term capital gain or loss. However, if shares on which a shareholder has received a net capital gain distribution are subsequently sold, exchanged or redeemed and such shares have been held for six months or less, any loss recognized will be treated as a long-term capital loss to the extent of the net capital gain distribution. In addition, the loss realized on a sale or other disposition of shares will be disallowed to the extent a shareholder repurchases (or enters into a contract or option to repurchase) shares within a period of 61 days (beginning 30 days before and ending 30 days after the disposition of the shares). This loss disallowance rule will apply to shares received through the reinvestment of dividends during the 61-day period. For tax purposes, an exchange of your Fund shares for shares of a different fund is the same as a sale.

Each Fund (or its administrative agent) must report to the IRS and furnish to shareholders the cost basis information for shares. In addition to reporting the gross proceeds from the sale of its shares, each Fund (or its administrative agent) is also required to report the cost basis information for such shares and indicate whether these shares have a short-term or long-term holding period. For each sale of its shares, each Fund will permit its shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, each Fund will use a default cost basis method, which has been separately communicated to you. The cost basis method elected by shareholders (or the cost basis method applied by default) for each sale of a Fund's shares may not be changed after the settlement date of each such sale of a Fund's shares. Shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review any cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

*Foreign Taxes.* Dividends and interest received by a Fund from foreign sources may be subject to income, withholding or other taxes imposed by foreign countries and United States possessions that would reduce the yield on a Fund's securities. Tax conventions between certain countries and the United States may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors. If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of stock or securities of foreign corporations, a Fund will be eligible to, and intends to, file an election with the IRS that will enable shareholders, in effect, to receive the benefit of the foreign tax credit with respect to any foreign and United States possessions income taxes paid by a Fund. Pursuant to the election, a Fund will treat those taxes as dividends paid to its shareholders. Each shareholder will be required to include a proportionate share of those taxes in gross income as income received from a foreign source and must treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating the foreign tax credit (subject to significant limitations) against the shareholder's federal income tax. If a Fund makes the election, it will report annually to its shareholders the respective amounts per share of the Fund's income from sources within, and taxes paid to, foreign countries and United States possessions. If a Fund does not hold sufficient foreign securities to meet the above threshold, then shareholders will not be entitled to claim a credit or further deduction with respect to foreign taxes paid by the Fund.

A shareholder's ability to claim a foreign tax credit or deduction in respect of foreign taxes paid by a Fund may be subject to certain limitations imposed by the Code, which may result in a shareholder not receiving a full credit or deduction (if any) for the amount of such taxes. In particular, shareholders must hold their Fund shares (without protection from risk of loss) on the ex-dividend date and for at least 15 additional days during the 30-day period surrounding the ex-dividend date to be eligible to claim a foreign tax credit with respect to a given dividend. Shareholders who do not itemize on their federal income tax returns may claim a credit (but no deduction) for such foreign taxes. Even if a Fund were eligible to make such an election for a given year, it may determine not to do so. Shareholders that are not subject to U.S. federal income tax, and those who invest in a Fund through tax-advantaged accounts (including those who invest through individual retirement accounts or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by a Fund.

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Foreign tax credits, if any, received by a Fund as a result of an investment in another RIC (including an ETF which is taxable as a RIC) will not be passed through to you unless the Fund qualifies as a "qualified fund-of-funds" under the Code. If a Fund is a "qualified fund-of-funds" it will be eligible to file an election with the IRS that will enable the Fund to pass along these foreign tax credits to its shareholders. A Fund will be treated as a "qualified fund-of-funds" under the Code if at least 50% of the value of the Fund's total assets (at the close of each quarter of the Fund's taxable year) is represented by interests in other RICs.

*Federal Tax Treatment of Certain Fund Investments.* A Fund may invest in complex securities. These investments may be subject to numerous special and complex tax rules. These rules could affect a Fund's ability to qualify as a RIC, affect whether gains and losses recognized by a Fund are treated as ordinary income or loss or capital gain or loss, accelerate the recognition of income to a Fund and/or defer such Fund's ability to recognize losses, and, in limited cases, subject the Funds to U.S. federal income tax on income from certain of their foreign securities. In turn, these rules may affect the amount, timing or character of the income distributed to you by such Fund.

Certain derivative investment by the Funds, such as exchange-traded products (including exchange-traded commodity pools) and OTC derivatives may not produce qualifying income for purposes of the "Qualifying Income Test" described above, which must be met in order for a Fund to maintain its status as a RIC under the Code. In addition, the determination of the value and the identity of the issuer of such derivative investments are often unclear for purposes of the "Asset Test" described above. The Funds intend to carefully monitor such investments to ensure that any non-qualifying income does not exceed permissible limits and to ensure that they are adequately diversified under the Asset Test. The Funds, however, may not be able to accurately predict the non-qualifying income from these investments and there are no assurances that the IRS will agree with the Funds' determination under the "Asset Test" with respect to such derivatives.

A Fund is required for federal income tax purposes to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain futures and options contracts subject to section 1256 of the Code (Section 1256 Contracts) as of the end of the year as well as those actually realized during the year. Gain or loss from Section 1256 Contracts on broad-based indexes required to be marked-to-market will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. A Fund may be required to defer the recognition of losses on Section 1256 Contracts to the extent of any unrecognized gains on offsetting positions held by such Fund. These provisions may also require the Funds to mark-to-market certain types of positions in their portfolios (*i.e.*, treat them as if they were closed out), which may cause a Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirement and for avoiding the excise tax discussed above. Accordingly, in order to avoid certain income and excise taxes, a Fund may be required to liquidate its investments at a time when the investment adviser might not otherwise have chosen to do so.

A Fund's transactions in foreign currencies and forward currency contracts will be subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by such Fund (*i.e.*, may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require a Fund to mark-to-market certain types of positions in its portfolio (*i.e.*, treat them as if they were closed out) which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirement and for avoiding the excise tax described above. The Funds intend to monitor their transactions, intend to make the appropriate tax elections, and intend to make the appropriate entries in their books and records when they acquire any foreign currency or forward foreign currency contract in order to mitigate the effect of these rules so as to prevent disqualification of a Fund as a RIC and minimize the imposition of income and excise taxes. Accordingly, in order to avoid certain income and excise taxes, each Fund may be required to liquidate its investments at a time when the investment advisor might not otherwise have chosen to do so.

The U.S. Treasury Department has authority to issue regulations that would exclude foreign currency gains from the Qualifying Income Test described above if such gains are not directly related to a Fund's business of investing in stock or securities (or options and futures with respect to stock or securities). Accordingly,

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regulations may be issued in the future that could treat some or all of a Fund's non-U.S. currency gains as non-qualifying income, thereby potentially jeopardizing the Fund's status as a RIC for all years to which the regulations are applicable.

If a Fund owns shares in certain foreign investment entities, referred to as "passive foreign investment companies" or "PFICs," the Fund will be subject to one of the following special tax regimes: (i) the Fund would be liable for U.S. federal income tax, and an additional interest charge, on a portion of any "excess distribution" from such foreign entity or any gain from the disposition of such shares, even if the entire distribution or gain is paid out by the Fund as a dividend to its shareholders; (ii) if the Fund were able and elected to treat a PFIC as a "qualified electing fund" ("QEF") the Fund would be required each year to include in income, and distribute to shareholders in accordance with the distribution requirements set forth above, the Fund's pro rata share of the ordinary earnings and net capital gains of the PFIC, whether or not such earnings or gains are distributed to the Fund; or (iii) the Fund may be entitled to mark-to-market annually shares of the PFIC, and in such event would be required to distribute to shareholders any such mark-to-market gains in accordance with the Distribution Requirement set forth above. Amounts included in income each year by a Fund arising from a QEF election, will be "qualifying income" under the Qualifying Income Test (as described above) even if not distributed to the Fund, if the Fund derives such income from its business of investing in stock, securities or currencies.

With respect to investments in STRIPS, TRs, and other zero coupon securities which are sold at original issue discount and thus do not make periodic cash interest payments, a Fund will be required to include as part of its current income the imputed interest on such obligations even though the Fund has not received any interest payments on such obligations during that period. Because each Fund intends to distribute all of its net investment income to its shareholders, a Fund may have to sell Fund securities to distribute such imputed income which may occur at a time when the Adviser would not have chosen to sell such securities and which may result in taxable gain or loss.

Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. Absent an election by a Fund to include the market discount in income as it accrues, gain on the Fund's disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of the accrued market discount.

A Fund may invest in inflation-linked debt securities. Any increase in the principal amount of an inflation-linked debt security will be original interest discount, which is taxable as ordinary income and is required to be distributed, even though the Fund will not receive the principal, including any increase thereto, until maturity. As noted above, if a Fund invests in such securities it may be required to liquidate other investments, including at times when it is not advantageous to do so, in order to satisfy its distribution requirements and to eliminate any possible taxation at the Fund level.

Under final Treasury Regulations, a RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under section 163(j) of the Internal Revenue Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. However, such holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the IRS.

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A Fund may invest in REITs. Investments in REIT equity securities may require a Fund to accrue and distribute income not yet received. To generate sufficient cash to make the requisite distributions, a Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. A Fund's investments in REIT equity securities may at other times result in a Fund's receipt of cash in excess of the REIT's earnings; if a Fund distributes these amounts, these distributions could constitute a return of capital to such Fund's shareholders for federal income tax purposes. Dividends paid by a REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the REIT's current and accumulated earnings and profits. Capital gain dividends paid by a REIT to a Fund will be treated as long-term capital gains by the Fund and, in turn, may be distributed by the Fund to its shareholders as a capital gain distribution. Dividends received by a Fund from a REIT generally will not constitute qualified dividend income or qualify for the dividends received deduction. If a REIT is operated in a manner such that it fails to qualify as a REIT, an investment in the REIT would become subject to double taxation, meaning the taxable income of the REIT would be subject to federal income tax at the regular corporate rate without any deduction for dividends paid to shareholders and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the REIT's current and accumulated earnings and profits.

"Qualified REIT dividends" (*i.e.*, ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Fund to its shareholders that are attributable to qualified REIT dividends received by such Fund and which such Fund properly reports as "Section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible, but is not required to do so.

U.S. REITs in which a Fund invests often do not provide complete and final tax information to the Funds until after the time that the Funds issue a tax reporting statement. As a result, a Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, a Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

The status of certain commodity-linked derivative instruments as qualifying income has been addressed in Revenue Ruling 2006-1 and Revenue Ruling 2006-31, which provide that income from certain commodity-linked derivative instruments that certain Funds may invest in, may not be considered qualifying income for purposes of satisfying the Qualifying Income Test for qualification as a RIC. Each Fund will attempt to restrict its income from commodity-linked derivative instruments that it believes do not generate qualifying income, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income). However, a Fund may generate more non-qualifying income than anticipated, may not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the qualifying income requirement, or may not be able to accurately predict the non-qualifying income from these investments. Accordingly, the extent to which a Fund invests in commodities or commodity-linked derivative instruments directly may be limited by the requirements of Subchapter M of the Code, which each Fund must continue to satisfy to maintain its status as a RIC. Failure to comply with such requirements would have significant negative tax consequences to Fund shareholders. As described in more detail above under "Taxes—Qualification as a Regulated Investment Company and Taxation of the Funds" a Fund may be able to cure a failure to meet the qualifying income requirement in certain circumstances, but in order to do so the Fund may incur significant Fund-level taxes, which would effectively reduce (and could eliminate) the Fund's returns.

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A U.S. person, including a Fund, who owns (directly or indirectly) 10% or more of the total combined voting power of all classes of stock of 10% or more of the total value of shares of all classes of stock of a foreign corporation is a "U.S. Shareholder" for purposes of the CFC provisions of the Code. A CFC is a foreign corporation that, on any day of its taxable year, is owned (directly, indirectly, or constructively) more than 50% (measured by voting power or value) by U.S. Shareholders. Because of its investment in the Subsidiary, each Commodity Fund is a U.S. Shareholder in a CFC. As a U.S. Shareholder, each Commodity Fund is required to include in gross income for U.S. federal income tax purposes for each taxable year of the Fund its pro rata share of its CFC's "Subpart F" income (discussed further below) and any GILTI for the CFC's taxable year ending within the Fund's taxable year whether or not such income is actually distributed by the CFC. GILTI generally includes the active operating profits of the CFC, reduced by a deemed return on the tax basis of the CFC's depreciable tangible assets.

Each of the Commodity Funds may gain most of its exposure to the commodities markets through its investment in its own Subsidiary, which invests directly in commodities and in equity-linked securities and commodity-linked derivative instruments, including options, futures contracts, swaps, options on futures contracts and commodity-linked structured notes. The Commodity Funds' investment in their respective Subsidiaries is expected to provide the Commodity Funds with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Code for qualification as a RIC. The "Subpart F" income (defined in Section 951 of the Code to include passive income, including from commodity-linked derivatives) of the Commodity Funds attributable to their investment in a Subsidiary is "qualifying income" to the Commodity Funds to the extent that such income is derived with respect to the Commodity Fund's business of investing in stock, securities or currencies. Each Commodity Fund expects its "Subpart F" income attributable to its investment in its Subsidiary to be derived with respect to the Commodity Fund's business of investing in stock, securities or currencies. Accordingly, each Commodity Fund expects its "Subpart F" income attributable to its investment in a Subsidiary to be treated as "qualifying income." The Adviser will carefully monitor the Commodity Funds' investments in their respective Subsidiaries to ensure that no more than 25% of a Commodity Fund's assets are invested in its Subsidiary.

Subpart F income and GILTI are treated as ordinary income, regardless of the character of the CFC's underlying income. Net losses incurred by a CFC during a tax year do not flow through to the Fund and thus will not be available to offset income or capital gain generated from the Fund's other investments. In addition, net losses incurred by a CFC during a tax year generally cannot be carried forward by the CFC to offset gains realized by it in subsequent taxable years. To the extent a Commodity Fund invests in its Subsidiary and recognizes "Subpart F" income or GILTI in excess of actual cash distributions from the Subsidiary, if any, it may be required to sell assets (including when it is not advantageous to do so) to generate the cash necessary to distribute as dividends to its shareholders all of its income and gains and therefore to eliminate any tax liability at the Fund level. "Subpart F" income also includes the excess of gains over losses from transactions (including futures, forward and other similar transactions) in commodities.

A Commodity Fund's recognition of any "Subpart F" income or GILTI from an investment in its Subsidiary will increase the Commodity Fund's tax basis in the Subsidiary. Distributions by a Subsidiary to a Commodity Fund, including in redemption of the Subsidiary's shares, will be tax free, to the extent of the Subsidiary's previously undistributed "Subpart F" income or GILTI, and will correspondingly reduce the Commodity Fund's tax basis in its Subsidiary, and any distributions in excess of the Commodity Fund's tax basis in its Subsidiary will be treated as realized gain. Any losses with respect to a Commodity Fund's shares of its Subsidiary will not be currently recognized. A Commodity Fund's investment in its Subsidiary will potentially have the effect of accelerating the Commodity Fund's recognition of income and causing its income to be treated as ordinary income, regardless of the character of its Subsidiary's income. If a net loss is realized by a Subsidiary, such loss is generally not available to offset the income earned by a Commodity Fund. In addition, the net losses incurred during a taxable year by a Subsidiary cannot be carried forward by such Subsidiary to offset gains realized by it in subsequent taxable years. A Commodity Fund will not receive any credit in respect of any non-U.S. tax borne by its Subsidiary.

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The Funds' shares held in a tax-qualified retirement account will generally not be subject to federal taxation on income and capital gains distributions from a Fund until a shareholder begins receiving payments from his or her retirement account. Because each shareholder's tax situation is different, shareholders should consult their tax advisor regarding the federal, state and local tax implications of investing in Fund shares.

*Backup Withholding.* A Fund will be required in certain cases to withhold, at a rate of 24%, and remit to the United States Treasury the amount withheld on amounts payable to any shareholder who: (i) has provided the Fund either an incorrect tax identification number or no number at all; (ii) is subject to backup withholding by the IRS for failure to properly report payments of interest or dividends; (iii) has failed to certify to the Fund that such shareholder is not subject to backup withholding; or (iv) has failed to certify to the Fund that the shareholder is a U.S. person (including a resident alien). Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

*Non-U.S. Shareholders.* If you are not a citizen or permanent resident of the United States, a Fund's ordinary income dividends will generally be subject to a 30% U.S. withholding tax, unless a lower treaty rate applies or unless such income is effectively connected with a U.S. trade or business. A Fund may, under certain circumstances, designate all or a portion of a dividend as an "interest-related dividend" that if received by a nonresident alien or foreign entity would generally be exempt from the 30% U.S. withholding tax, provided that certain other requirements are met. A Fund may also, under certain circumstances, designate all or a portion of a dividend as a "qualified short-term capital gain dividend," which if received by a nonresident alien or foreign entity would generally be exempt from the 30% U.S. withholding tax, unless the foreign person is a nonresident alien individual present in the United States for a period or periods aggregating 183 days or more during the taxable year.

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), a Fund is required to withhold 30% of certain ordinary dividends it pays to shareholders that fail to meet prescribed information reporting or certification requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. person that timely provides the certifications required by a Fund or its agent on a valid IRS Form W-9 or applicable series of IRS Form W-8, respectively. Shareholders potentially subject to withholding include foreign financial institutions ("FFIs"), such as non-U.S. investment funds, and non-financial foreign entities ("NFFEs"). To avoid withholding under FATCA, an FFI generally must enter into an information sharing agreement with the IRS in which it agrees to report certain identifying information (including name, address, and taxpayer identification number) with respect to its U.S. account holders (which, in the case of an entity

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shareholder, may include its direct and indirect U.S. owners), and an NFFE generally must identify and provide other required information to a Fund or other withholding agent regarding its U.S. owners, if any. Such non-U.S. shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by regulations and other guidance. A non-U.S. shareholder resident or doing business in a country that has entered into an intergovernmental agreement with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the shareholder and the applicable foreign government comply with the terms of the agreement.

A non-U.S. entity that invests in a Fund will need to provide the Fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors in the Funds should consult their tax advisors in this regard.

A beneficial holder of shares who is a foreign person may be subject to state and local tax and to the U.S. federal estate tax, in addition to the federal income tax consequences referred to above. If a shareholder is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the shareholder in the United States.

Non-U.S. Investors are encouraged to consult their tax advisor prior to investing in a Fund.

*Tax Shelter Reporting Regulations.* Under U.S. Treasury regulations, generally, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC such as a Fund are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

*State Taxes.* It is expected that each Fund will not be liable for any corporate excise or income tax in Massachusetts if it qualifies as a RIC for federal income tax purposes. Distributions by a Fund to shareholders and the ownership of shares may be subject to state and local taxes.

Rules of state and local taxation of dividend and capital gains distributions from RICs often differ from the rules for federal income taxation described above. Shareholders are urged to consult their tax advisors as to the consequences of these and other state and local tax rules affecting an investment in Fund shares.

Many states grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. Government, subject in some states to minimum investment requirements that must be met by a Fund. Investment in Ginnie Mae or Fannie Mae securities, bankers' acceptances, commercial paper and repurchase agreements collateralized by U.S. Government securities do not generally qualify for such tax-free treatment. The rules on exclusion of this income are generally different for corporate shareholders.

FUND PORTFOLIO TRANSACTIONS

Brokerage Selection. The Trust has no obligation to deal with any broker or dealer or group of brokers or dealers in the execution of transactions in portfolio securities. Subject to policies established by the Trustees, the SIMC and the Funds' Sub-Advisers are responsible for placing orders to execute Fund transactions. In placing orders, it is the Trust's policy to seek to obtain the best net results, taking into account such factors as price (including the applicable dealer spread), size, type and difficulty of the transaction involved, the firm's general execution and operational facilities and the firm's risk in positioning the securities involved. While SIMC and the Sub-Advisers generally seek reasonably competitive spreads or brokerage commissions, the Trust will not necessarily pay the lowest spread or commission available. The Trust will not purchase fund securities from any affiliated person acting as principal except in conformity with the regulations of the SEC.

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The money market securities in which a Fund invests are traded primarily in the over-the-counter market. Bonds and debentures are usually traded over-the-counter, but may be traded on an exchange. Where possible, the advisers will deal directly with the broker-dealers who make a market in the securities involved except in those circumstances where better prices and execution are available elsewhere. Such broker-dealers usually act as principal for their own account. On occasion, securities may be purchased directly from the issuer. Money market securities are generally traded on a net basis and do not normally involve brokerage commissions, dealer spreads or underwriting discounts, transfer taxes or other direct transaction expenses.

It is expected that the Funds may execute a substantial portion of their brokerage or other agency transactions through the Distributor, a registered broker-dealer, for a commission, in conformity with the 1940 Act, the 1934 Act and rules of the SEC. Under these provisions, the Distributor is permitted to receive and retain compensation for effecting fund transactions for a Fund on an exchange. These provisions further require that commissions paid to the Distributor by the Trust for exchange transactions not exceed "usual and customary" brokerage commissions. The rules define "usual and customary" commissions to include amounts which are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." In addition, a Fund may direct commission business to one or more designated broker-dealers, including the Distributor, in connection with such broker-dealer's payment of certain of the Fund's expenses. The Trustees, including those who are not "interested persons" (as defined under the 1940 Act) of the Trust, have adopted procedures for evaluating the reasonableness of commissions paid to the Distributor and will review these procedures periodically.

The Trust does not expect to use one particular broker or dealer, and when one or more brokers is believed capable of providing the best combination of price and execution, SIMC or a Sub-Adviser, as applicable, may select a broker based upon brokerage or research services provided to SIMC or a Sub-Adviser. SIMC or a Sub-Adviser may pay a higher commission than otherwise obtainable from other brokers in return for such services only if a good faith determination is made that the commission is reasonable in relation to the services provided.

Section 28(e) of the 1934 Act ("Section 28(e)") permits SIMC or a Sub-Adviser, under certain circumstances, to cause a Fund to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. Brokerage and research services include: (i) furnishing advice as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities; (ii) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and (iii) effecting securities transactions and performing functions incidental thereto (such as clearance, settlement and custody). In the case of research services, SIMC and the Sub-Advisers believe that access to independent investment research is beneficial to their investment decision-making processes and, therefore, to the Funds. In addition to agency transactions, SIMC or a Sub-Adviser may receive brokerage and research services in connection with certain riskless principal transactions, as defined by the Rules of the Financial Industry Regulatory Authority ("FINRA"), and in accordance with applicable SEC guidance.

To the extent research services may be a factor in selecting brokers, such services may be in written form or through direct contact with individuals and may include information as to particular companies and securities as well as market, economic or institutional areas and information that assists in the valuation and pricing of investments. Examples of research-oriented services for which SIMC or a Sub-Adviser might utilize Fund commissions include research reports and other information on the economy, industries, sectors, groups of securities, individual companies, statistical information, political developments, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance and other analysis.

SIMC or a Sub-Adviser may use research services furnished by brokers in servicing all client accounts and not all services may necessarily be used in connection with the account that paid commissions to the broker providing such services. Information so received by SIMC or a Sub-Adviser will be in addition to and not in lieu of the services required to be performed by SIMC or a Sub-Adviser under their Investment Advisory Agreements.

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Any advisory, sub-advisory or other fees paid to SIMC or a Sub-Adviser are not reduced as a result of the receipt of research services.

In some cases, SIMC or a Sub-Adviser receive a service from a broker that has both a "research" and a "non-research" use. When this occurs, SIMC or a Sub-Adviser, as applicable, makes a good faith allocation, under all the circumstances, between the research and non-research uses of the service. The percentage of the service that is used for research purposes may be paid for with client commissions, while SIMC or a Sub-Adviser will use their own funds to pay for the percentage of the service that is used for non-research purposes. In making this good faith allocation, SIMC and the Sub-Advisers face a potential conflict of interest, but SIMC and the Sub-Advisers believe that their respective allocation procedures are reasonably designed to ensure that they appropriately allocate the anticipated use of such services to their research and non-research uses.

From time to time, the Funds may purchase new issues of securities for clients in a fixed price offering. In these situations, the seller may be a member of the selling group that will, in addition to selling securities, provide SIMC or a Sub-Adviser with research services. FINRA has adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the seller will provide research "credits" in these situations at a rate that is higher than that which is available for typical secondary market transactions. These arrangements may not fall within the safe harbor of Section 28(e).

SIMC also from time to time executes trades with the Distributor, acting as introducing broker, in connection with the transition of the securities and other assets included in a Fund's portfolio when there is a change in the Sub-Adviser(s) in the Fund or a reallocation of assets among the Fund's Sub-Adviser(s). An unaffiliated third-party broker selected by SIMC or the relevant Sub-Adviser provides execution and clearing services with respect to such trades and is compensated for such services out of the commission paid to the Distributor on the trades. All such transactions effected using the Distributor as introducing broker must be accomplished in a manner that is consistent with the Trust's policy to achieve best net results and must comply with the Trust's procedures regarding the execution of Fund transactions through affiliated brokers. The Funds do not direct brokerage to brokers in recognition of, or as compensation for, the promotion or sale of Fund shares.

Certain information about the Funds' brokerage activities, including brokerage activities with affiliated brokers, for the fiscal years ended May 31, 2023, 2024 and 2025, is set forth below:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Total $ Amount<br>of Brokerage<br>Commissions<br>Paid<br>(000) | Total $ Amount<br>of Brokerage<br>Commissions<br>Paid<br>(000) | Total $ Amount<br>of Brokerage<br>Commissions<br>Paid<br>(000) | Total $ Amount<br>of Brokerage<br>Commissions<br>Paid to<br>Affiliated Brokers<br>(000) | Total $ Amount<br>of Brokerage<br>Commissions<br>Paid to<br>Affiliated Brokers<br>(000) | Total $ Amount<br>of Brokerage<br>Commissions<br>Paid to<br>Affiliated Brokers<br>(000) | % of Total<br>Brokerage<br>Commissions<br>Paid to the<br>Affiliated<br>Brokers | % of Total<br>Brokerage<br>Transactions<br>Effected Through<br>Affiliated Brokers |
| Fund | 2023 | 2024 | 2025 | 2023 | 2024 | 2025 | 2025 | 2025 |
| Large Cap Fund | $152 | $114 | $190 | $7 | $0 | $5 | 3% | 9% |
| Large Cap Disciplined<br>Equity Fund | $304 | $503 | $304 | $0 | $43 | $0 | 0% | 0% |
| Large Cap Index Fund | $39 | $50 | $45 | $0 | $0 | $0 | 0% | 0% |
| S&P 500 Index Fund | $81 | $176 | $33 | $0 | $0 | $0 | 0% | 0% |
| Extended Market Index Fund | $82 | $199 | $45 | $0 | $0 | $0 | 0% | 0% |
| Small Cap Fund | $276 | $267 | $265 | $0 | $21 | $0 | 0% | 0% |
| Small Cap II Fund | $398 | $333 | $300 | $0 | $0 | $0 | 0% | 0% |
| Small/Mid Cap Equity Fund | $868 | $799 | $691 | $0 | $0 | $0 | 0% | 0% |
| U.S. Equity Factor Allocation <br>Fund | $311 | $201 | $347 | $144 | $112 | $98 | 28% | 43% |
| U.S. Managed Volatility Fund | $102 | $90 | $127 | $0 | $0 | $0 | 0% | 0% |
| Global Managed Volatility <br>Fund | $481 | $369 | $665 | $0 | $0 | $0 | 0% | 0% |
| World Equity Ex-US Fund | $8911 | $5221 | $3469 | $832 | $0 | $0 | 0% | 0% |
| Screened World Equity<br>Ex-US Fund | $165 | $130 | $84 | $0 | $0 | $0 | 0% | 0% |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Total $ Amount<br>of Brokerage<br>Commissions<br>Paid<br>(000) | Total $ Amount<br>of Brokerage<br>Commissions<br>Paid<br>(000) | Total $ Amount<br>of Brokerage<br>Commissions<br>Paid<br>(000) | Total $ Amount<br>of Brokerage<br>Commissions<br>Paid to<br>Affiliated Brokers<br>(000) | Total $ Amount<br>of Brokerage<br>Commissions<br>Paid to<br>Affiliated Brokers<br>(000) | Total $ Amount<br>of Brokerage<br>Commissions<br>Paid to<br>Affiliated Brokers<br>(000) | % of Total<br>Brokerage<br>Commissions<br>Paid to the<br>Affiliated<br>Brokers | % of Total<br>Brokerage<br>Transactions<br>Effected Through<br>Affiliated Brokers |
| Fund | 2023 | 2024 | 2025 | 2023 | 2024 | 2025 | 2025 | 2025 |
| Emerging Markets Equity <br>Fund | $1098 | $2379 | $1001 | $0 | $0 | $0 | 0% | 0% |
| Opportunistic Income Fund | $1 | $1 | $1 | $0 | $0 | $0 | 0% | 0% |
| Core Fixed Income Fund | $710 | $875 | $423 | $0 | $0 | $0 | 0% | 0% |
| High Yield Bond Fund | $10 | $7 | $11 | $0 | $0 | $0 | 0% | 0% |
| Long Duration Fund | $18 | $15 | $9 | $0 | $0 | $0 | 0% | 0% |
| Long Duration Credit Fund | $46 | $42 | $50 | $0 | $0 | $0 | 0% | 0% |
| Ultra Short Duration Bond <br>Fund | $1 | $1 | $1 | $0 | $0 | $0 | 0% | 0% |
| Emerging Markets Debt<br>Fund | $17 | $25 | $12 | $0 | $0 | $0 | 0% | 0% |
| Real Return Fund | $0 | $0 | $0 | $0 | $0 | $0 | 0% | 0% |
| Limited Duration Bond<br>Fund | $19 | $18 | $15 | $0 | $0 | $0 | 0% | 0% |
| Intermediate Duration Credit <br>Fund | $16 | $14 | $23 | $0 | $0 | $0 | 0% | 0% |
| Dynamic Asset Allocation<br>Fund | $22 | $50 | $27 | $0 | $0 | $0 | 0% | 0% |
| Multi-Asset Real Return <br>Fund | $75 | $114 | $123 | $0 | $0 | $0 | 0% | 0% |

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The portfolio turnover rate for the Large Cap Fund, Large Cap Disciplined Equity Fund, Large Cap Index Fund, S&P 500 Index Fund, Extended Market Index Fund, Small Cap Fund, Small Cap II Fund, Small/Mid Cap Equity Fund, U.S. Equity Factor Allocation Fund, U.S. Managed Volatility Fund, Global Managed Volatility Fund, World Equity Ex-US Fund, Screened World Equity Ex-US Fund, Emerging Markets Equity Fund, Opportunistic Income Fund, Core Fixed Income Fund, High Yield Bond Fund, Long Duration Fund, Long Duration Credit Fund, Ultra Short Duration Bond Fund, Emerging Markets Debt Fund, Real Return Fund, Limited Duration Bond Fund, Intermediate Duration Credit Fund, Dynamic Asset Allocation Fund and Multi-Asset Real Return Fund for the fiscal years ended May 31, 2024 and 2025 was as follows:

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| | | |
|:---|:---|:---|
| | Turnover Rate | Turnover Rate |
| Fund | 2024 | 2025 |
| Large Cap Fund | 77% | 85% |
| Large Cap Disciplined Equity Fund | 137% | 113% |
| Large Cap Index Fund | 12% | 16% |
| S&P 500 Index Fund | 6% | 5% |
| Extended Market Index Fund | 34% | 21% |
| Small Cap Fund | 108% | 90% |
| Small Cap II Fund | 101% | 94% |
| Small/Mid Cap Equity Fund | 81% | 67% |
| U.S. Equity Factor Allocation Fund | 50% | 47% |
| U.S. Managed Volatility Fund | 59% | 116% |
| Global Managed Volatility Fund | 57% | 102% |
| World Equity Ex-US Fund | 76% | 54% |
| Screened World Equity Ex-US Fund | 122% | 67% |
| Emerging Markets Equity Fund | 71% | 54% |
| Opportunistic Income Fund | 37% | 48% |
| Core Fixed Income Fund | 311% | 373% |
| High Yield Bond Fund | 57% | 53% |

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| | | |
|:---|:---|:---|
| | Turnover Rate | Turnover Rate |
| Fund | 2024 | 2025 |
| Long Duration Fund | 105% | 176% |
| Long Duration Credit Fund | 84% | 79% |
| Ultra Short Duration Bond Fund | 53% | 77% |
| Emerging Markets Debt Fund | 102% | 142% |
| Real Return Fund | 45% | 34% |
| Limited Duration Bond Fund | 284% | 289% |
| Intermediate Duration Credit Fund | 124% | 130% |
| Dynamic Asset Allocation Fund\* | 2% | 26% |
| Multi-Asset Real Return Fund | 44% | 41% |

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\* The change in portfolio turnover rate for the Dynamic Asset Allocation Fund was driven by a rebalance among sub-advisers and a tactical trade.

Pursuant to its investment strategy, the Dynamic Asset Allocation Fund seeks to implement a relatively small number of high confidence themes over a reasonable time horizon. The turnover experience in the Fund can differ substantially from year to year based on variations in the overall number of themes implemented in the portfolio (which can typically vary anywhere from 1 to 5) and the time horizon of each theme (which can typically vary from 3 months to 2 years).

The Trust is required to identify any securities of its "regular broker dealers" (as such term is defined in the 1940 Act) that the Trust has acquired during its most recent fiscal year. Certain information about these issuers is set forth below, as of May 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| Fund | Name of Issuer | Type of Security | Amount (000) |
| Large Cap Fund | JP Morgan Chase Bank | Equity | $105838 |
|  | Morgan Stanley & Co, Inc | Equity | $85766 |
|  | Citigroup Global Markets | Equity | $84631 |
|  | Bank of America Merrill Lynch | Equity | $75244 |
|  | Goldman Sachs & Co. | Equity | $37234 |
| Large Cap Disciplined Equity Fund | JP Morgan Chase Bank | Equity | $230736 |
|  | Bank of America Merrill Lynch | Equity | $153777 |
|  | Citigroup Global Markets | Equity | $141986 |
|  | Morgan Stanley & Co, Inc | Equity | $89316 |
|  | Goldman Sachs & Co. | Equity | $41617 |
| Large Cap Index Fund | JP Morgan Chase Bank | Equity | $261941 |
|  | Bank of America Merrill Lynch | Equity | $103093 |
|  | Goldman Sachs & Co. | Equity | $64098 |
|  | Morgan Stanley & Co, Inc | Equity | $51870 |
|  | Citigroup Global Markets | Equity | $50430 |
|  | Jefferies LLC |  | $2773 |
| S&P 500 Index Fund | JP Morgan Chase Bank | Equity | $604703 |
|  | Bank of America Merrill Lynch | Equity | $239277 |
|  | Goldman Sachs & Co. | Equity | $153457 |
|  | Morgan Stanley & Co. | Equity | $129706 |
|  | Citigroup Global Markets | Equity | $115771 |
| Extended Market Index Fund | Jefferies LLC | Equity | $13122 |
| U.S. Equity Factor Allocation Fund | Citigroup Global Markets | Equity | $203460 |
|  | Goldman Sachs & Co. | Equity | $43160 |
|  | JP Morgan Chase Bank | Equity | $30640 |
| U.S. Managed Volatility Fund | Citigroup Global Markets | Equity | $38489 |
| World Equity Ex-US Fund | UBS Securities LLC | Equity | $293061.00 |
| Opportunistic Income Fund | JP Morgan Chase Bank | Debt | $6972 |

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| | | | |
|:---|:---|:---|:---|
| Fund | Name of Issuer | Type of Security | Amount (000) |
|  | Bank of America Merrill Lynch | Debt | $5735 |
|  | UBS Securities LLC | Debt | $5177 |
|  | Citigroup Global Markets | Debt | $4255 |
|  | Morgan Stanley & Co. | Debt | $4203 |
|  | Goldman Sachs & Co. | Debt | $3012 |
| Core Fixed Income Fund | Citigroup Global Markets | Debt | $794960 |
|  | JP Morgan Chase Bank | Debt | $665947 |
|  | Goldman Sachs & Co. | Debt | $636261 |
|  | Bank of America Merrill Lynch | Debt | $622555 |
|  | Morgan Stanley & Co. | Debt | $617210 |
|  | UBS Securities LLC | Debt | $17248 |
| High Yield Bond Fund | Citigroup Global Markets | Debt | $16831 |
| Long Duration Fund | Bank of America Merrill Lynch | Debt | $61713 |
|  | JP Morgan Chase Bank | Debt | $58044 |
|  | Goldman Sachs & Co. | Debt | $56566 |
|  | Citigroup Global Markets | Debt | $38753 |
|  | Morgan Stanley & Co. | Debt | $38370 |
| Long Duration Credit Fund | JP Morgan Chase Bank | Debt | $787154 |
|  | Bank of America Merrill Lynch | Debt | $723008 |
|  | Goldman Sachs & Co. | Debt | $589056 |
|  | Morgan Stanley & Co. | Debt | $387869 |
|  | Citigroup Global Markets | Debt | $315008 |
|  | UBS Securities LLC | Debt | $30256 |
| Ultra Short Duration Bond Fund | UBS Securities LLC | Debt | $53872 |
|  | Morgan Stanley & Co. | Debt | $53393 |
|  | Bank of America Merrill Lynch | Debt | $47441 |
|  | JP Morgan Chase Bank | Debt | $42521 |
|  | Citigroup Global Markets | Debt | $28028 |
|  | Goldman Sachs & Co. | Debt | $15066 |
| Limited Duration Bond Fund | JP Morgan Chase Bank | Debt | $273018 |
|  | Bank of America Merrill Lynch | Debt | $246604 |
|  | Morgan Stanley & Co. | Debt | $219834 |
|  | Goldman Sachs & Co. | Debt | $200975 |
|  | Citigroup Global Markets | Debt | $166907 |
|  | UBS Securities LLC | Debt | $124263 |
| Intermediate Duration Credit Fund | Bank of America Merrill Lynch | Debt | $1583378 |
|  | Morgan Stanley & Co. | Debt | $1109742 |
|  | JP Morgan Chase Bank | Debt | $1011133 |
|  | Goldman Sachs & Co. | Debt | $881167 |
|  | Citigroup Global Markets | Debt | $765556 |
|  | UBS Securities LLC | Debt | $196922 |
| Dynamic Asset Allocation Fund | JP Morgan Chase Bank | Equity | $192110 |
|  | Bank of America Merrill Lynch | Equity | $76038 |
|  | Goldman Sachs & Co | Equity | $49495 |
|  | Morgan Stanley & Co. | Equity | $41643 |
|  | Citigroup Global Markets | Equity | $37100 |
| Multi-Asset Real Return Fund | UBS Securities LLC | Debt | $11457 |
|  | Morgan Stanley & Co. | Debt | $7376 |
|  | Citigroup Global Markets | Debt | $6803 |
|  | Goldman Sachs & Co. | Debt | $2882 |

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DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION

The Funds' portfolio holdings can be obtained on the Internet at the following address: http://www.seic.com/holdings (the "Portfolio Holdings Website"). The Board has approved a policy that provides that portfolio holdings may not be made available to any third party until after such information has been posted on the Portfolio Holdings Website, with limited exceptions noted below. This policy seeks to ensure that the disclosure of information regarding the Funds' portfolio securities is in the best interests of Fund shareholders, and includes procedures to address conflicts of interest.

Five calendar days after each month end, a list of all portfolio holdings in each Fund as of the end of such month shall be made available on the Portfolio Holdings Website. The portfolio holdings information placed on the Portfolio Holdings Website shall remain there until the fifth calendar day of the thirteenth month after the date to which the data relates, at which time it will be permanently removed from the site.

On the Monday following each week end, a list of all portfolio holdings in the Dynamic Asset Allocation Fund as of the end of such week shall be made available on the Portfolio Holdings Website. The portfolio holdings shall remain on the Portfolio Holdings Website until the following Monday at which time it will be permanently removed from the site.

Beginning on the day after any portfolio holdings information is posted on the Portfolio Holdings Website, such information will be delivered directly to any person that requests it, through electronic or other means.

Portfolio holdings information may be provided to independent third-party fund reporting services (*e.g.*, Broadridge, Lipper or Morningstar) for a legitimate business purpose, but will be delivered no earlier than the date such information is posted on the Portfolio Holdings Website, unless the reporting service executes a confidentiality agreement with the Trust that is satisfactory to the Trust's officers and that provides that the reporting service will keep the information confidential and will not trade on the information.

Portfolio holdings information may also be provided at any time and as frequently as daily to the Funds' Trustees, SIMC, the Sub-Advisers, the Distributor, the Administrator and certain other service providers, as well as additional contractors and vendors that may include, but are not limited to: the custodian and sub-custodian, the transfer agent, attorneys, independent auditors, securities lending agents, tax filing and reclamation vendors, class-action monitoring and filing vendors, printing and filing vendors, proxy vendors and providers of portfolio monitoring and analytical tools. Service providers will be subject to a duty of confidentiality with respect to any portfolio holdings information, whether imposed by a confidentiality agreement, the provisions of the service provider's contract with the Trust or by the nature of its relationship with the Trust, and such service providers will be prohibited from trading on the information.

Portfolio holdings of a Fund may also be provided to a prospective service provider for that Fund, so long as the prospective service provider executes a confidentiality agreement with the Fund in such form as deemed acceptable by an officer of the Fund. Additionally, a Sub-Adviser may provide portfolio holdings information to third-party service providers in connection with its duties as a Sub-Adviser, provided that the Sub-Adviser is responsible for such third-party's confidential treatment of such data. The Sub-Adviser is also obligated, pursuant to its fiduciary duty to the relevant Fund, to ensure that any third-party service provider will keep the information confidential and has a duty not to trade on any portfolio holdings information it receives other than subject to the Sub-Adviser's instruction.

The Board exercises on-going oversight of the disclosure of Fund portfolio holdings by overseeing the implementation of the Funds' policies and procedures by the Chief Compliance Officer.

Neither the Funds, SIMC, nor any other service provider to the Funds may receive compensation or other consideration for providing portfolio holdings information.

The Trust files a complete schedule of the Funds' investments within 60 days after the end of each fiscal quarter pursuant to Form N-CSR and/or as exhibits to Form N-PORT.

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DESCRIPTION OF SHARES

The Declaration of Trust authorizes the issuance of an unlimited number of shares of each Fund, each of which represents an equal proportionate interest in that Fund. Each share upon liquidation entitles a shareholder to a pro rata share in the net assets of that Fund. Shareholders have no preemptive rights.

The Declaration of Trust provides that the Trustees of the Trust may create additional series of shares or separate classes of such series. Share certificates representing the shares will not be issued.

LIMITATION OF TRUSTEES' LIABILITY

The Declaration of Trust provides that a Trustee shall be liable only for his or her own willful defaults and, if reasonable care has been exercised in the selection of officers, agents, employees or administrators, shall not be liable for any neglect or wrongdoing of any such person. The Declaration of Trust also provides that the Trust will indemnify its Trustees and officers against liabilities and expenses incurred in connection with actual or threatened litigation in which they may be involved because of their offices with the Trust unless it is determined in the manner provided in the Declaration of Trust that they have not acted in good faith in the reasonable belief that their actions were in the best interests of the Trust. However, nothing in the Declaration of Trust shall protect or indemnify a Trustee against any liability for his or her willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties.

CODES OF ETHICS

The Board has adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. In addition, SIMC, the Sub-Advisers and the Distributor have adopted Codes of Ethics pursuant to Rule 17j-1. These Codes of Ethics apply to the personal investing activities of Trustees, officers and certain employees ("access persons"). Rule 17j-1 and the Codes of Ethics are reasonably designed to prevent unlawful practices in connection with the purchase or sale of securities by access persons. Under each Code of Ethics, access persons at most Sub-Advisers are permitted to engage in personal securities transactions, but are required to report their personal securities transactions for monitoring purposes. In addition, certain access persons are required to obtain approval before investing in initial public offerings or private placements or are prohibited from making such investments. Access persons at certain Sub-Advisers may be prohibited from engaging in personal securities transactions entirely. Copies of these Codes of Ethics are on file with the SEC and are available to the public.

VOTING

Each share held entitles the shareholder of record to one vote. The Shareholders of each Fund or class will vote separately on matters pertaining solely to that Fund or class, such as any distribution plan. As a Massachusetts business trust, the Trust is not required to hold annual meetings of shareholders, but approval will be sought for certain changes in the operation of the Trust and for the election of Trustees under certain circumstances. In addition, a Trustee may be removed by the remaining Trustees or by shareholders at a special meeting called upon written request of shareholders owning at least 10% of the outstanding shares of the Trust. In the event that such a meeting is requested, the Trust will provide appropriate assistance and information to the shareholders requesting the meeting.

Where the Prospectus for the Funds or SAI states that an investment limitation or a fundamental policy may not be changed without shareholder approval, such approval means the vote of: (i) 67% or more of the affected Fund's shares present at a meeting if the holders of more than 50% of the outstanding shares of the Fund are present or represented by proxy; or (ii) more than 50% of the affected Fund's outstanding shares, whichever is less.

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SHAREHOLDER LIABILITY

The Trust is an entity of the type commonly known as a "Massachusetts business trust." Under Massachusetts law, shareholders of such a business trust could, under certain circumstances, be held personally liable as partners for the obligations of the Trust. Even if, however, the Trust were held to be a partnership, the possibility of the shareholders incurring financial loss for that reason appears remote because the Trust's Declaration of Trust: (i) contains an express disclaimer of shareholder liability for obligations of the Trust and requires that notice of such disclaimer be given in each agreement, obligation or instrument entered into or executed by or on behalf of the Trust or the Trustees; and (ii) provides for indemnification out of the Trust property for any shareholders held personally liable for the obligations of the Trust.

CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES

As of September 4, 2025, the following persons were the only persons who were record owners (or to the knowledge of the Trust, beneficial owners) of 5% and 25% or more of the shares of the Funds. Persons who own of record or beneficially more than 25% of a Fund's outstanding shares may be deemed to control the Fund within the meaning of the 1940 Act. Shareholders controlling the Fund could have the ability to vote a majority of the shares of the Fund on any matter requiring the approval of shareholders of the Fund.

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Large Cap Fund—Class A Shares | Large Cap Fund—Class A Shares | Large Cap Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 22643785.295 | 57.20% |
| SEI Core Strategies Collective Trust—SEI Large Cap Fund<br>Portfolio Implementations & Trading <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 7806085.371 | 19.72% |
| SEI Private Trust Company<br>C/O Private Wealth Management <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 2709261.071 | 6.84% |
| Large Cap Disciplined Equity Fund—Class A Shares | Large Cap Disciplined Equity Fund—Class A Shares | Large Cap Disciplined Equity Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 73322611.010 | 60.99% |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 12097779.541 | 10.06% |
| US Bank <br>FBO Major League Baseball—Conservative <br>1555 N Rivercenter Dr STE 302 <br>Milwaukee, WI 53212-3958 | 7861238.667 | 6.54% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Large Cap Index Fund—Class A Shares | Large Cap Index Fund—Class A Shares | Large Cap Index Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 5816930.071 | 68.95% |
| Mac & Co<br>ATTN: Mutual Fund Operations <br>500 Grant Street, Room 151-1010 <br>Pittsburgh, PA 15219-2502 | 1067218.467 | 12.65% |
| S&P 500 Index Fund—Class A Shares | S&P 500 Index Fund—Class A Shares | S&P 500 Index Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 121312782.040  | 59.12% |
| Extended Market Index Fund—Class A Shares | Extended Market Index Fund—Class A Shares | Extended Market Index Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 42769002.550 | 68.10% |
| Small Cap Fund—Class A Shares | Small Cap Fund—Class A Shares | Small Cap Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 7923908.646 | 62.05% |
| SEI Core Strategies Collective Trust—SEI Small Cap Fund<br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 3411485.101 | 26.71% |
| Northern Trust Company Custodian<br>FBO North Dakota Retiree Health <br>801 S Canal St. <br>Chicago, IL 60607-4715 | 852036.651 | 6.67% |
| Small Cap II Fund—Class A Shares | Small Cap II Fund—Class A Shares | Small Cap II Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 10753082.061 | 52.19% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| National Financial Services LLC<br>FBO Penske Cash Balance Plan <br>499 Washington Blvd. <br>Jersey City, NJ 07310-1995 | 2507098.144 | 12.17% |
| US Bank<br>FBO NYSUT Employees Retirement Plan <br>1555 N Rivercenter Dr., STE 302 <br>Milwaukee, WI 53212-3958 | 1307458.964 | 6.35% |
| Mac & Co<br>ATTN: Mutual Fund Operations <br>500 Grant Street, Room 151-1010 <br>Pittsburgh, PA 15219-2502 | 1143598.023 | 5.55% |
| Ardagh Glass Inc Retirement Income Plan Trust<br>PO Box 50487 <br>Indianapolis, IN 46250-0487 | 1066488.805 | 5.18% |
| Small/Mid Cap Equity Fund—Class A Shares | Small/Mid Cap Equity Fund—Class A Shares | Small/Mid Cap Equity Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 46858938.802 | 51.33% |
| US Bank<br>FBO Major League Baseball—Conservative <br>1555 N Rivercenter Dr STE 302 <br>Milwaukee, WI 53212-3958 | 6769634.790 | 7.42% |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 6589123.442 | 7.22% |
| U.S. Managed Volatility Fund—Class A Shares | U.S. Managed Volatility Fund—Class A Shares | U.S. Managed Volatility Fund—Class A Shares |
| U.S. Bank<br>FBO AK Steel Master Pension Trust SEI <br>1555 N Rivercenter Drive STE 302 <br>Milwaukee, WI 53212-3958 | 6523216.605 | 27.42% |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 5123752.529 | 21.54% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Northern Trust<br>FBO Harnischfeger Master Retirement <br>50 S LaSalle <br>Chicago, IL 60675-0001 | 3352605.027 | 14.09% |
| Mac & Co<br>ATTN: Mutual Fund Operations <br>500 Grant Street, Room 151-1010 <br>Pittsburgh, PA 15219-2502 | 1853011.318 | 7.79% |
| SEI Core Strategies Collective Trust—<br>SEI US Managed Volatility Fund<br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 1275689.801 | 5.36% |
| U.S. Equity Factor Allocation Fund—Class A Shares | U.S. Equity Factor Allocation Fund—Class A Shares | U.S. Equity Factor Allocation Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 130510555.788 | 73.28% |
| Global Managed Volatility Fund—Class A Shares | Global Managed Volatility Fund—Class A Shares | Global Managed Volatility Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 68683323.319 | 49.17% |
| Northern Trust<br>Cust. FBO Albemarle Baton Rouge Plan <br>50 S LaSalle <br>Chicago, IL 60675-0001 | 11150896.009 | 7.98% |
| Northern Trust<br>FBO Harnischfeger Master Retirement <br>50 S LaSalle <br>Chicago, IL 60675-0001 | 9657966.439 | 6.91% |
| Saxon & Co.<br>PO Box 94597 <br>Cleveland OH, 44101-4597 | 7215747.940 | 5.17% |
| World Equity Ex-US Fund—Class A Shares | World Equity Ex-US Fund—Class A Shares | World Equity Ex-US Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 356759383.017 | 61.27% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Screened World Equity Ex-US Fund—Class A Shares | Screened World Equity Ex-US Fund—Class A Shares | Screened World Equity Ex-US Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 6455618.734 | 46.74% |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 4619124.547 | 33.45% |
| U.S. Bank<br>FBO MN JCF LLC Long Term Pool <br>1555 N Rivercenter Drive STE 302 <br>Milwaukee, WI 53212-3958 | 2676284.018 | 19.38% |
| Emerging Markets Equity Fund—Class A Shares | Emerging Markets Equity Fund—Class A Shares | Emerging Markets Equity Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 26696879.372 | 46.93% |
| SEI Private Trust Company<br>C/O Private Wealth Management <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 4117438.631 | 7.24% |
| US Bank<br>FBO Major League Baseball—Conservative <br>1555 N Rivercenter Dr STE 302 <br>Milwaukee, WI 53212-3958 | 3231303.518 | 5.68% |
| Opportunistic Income Fund—Class A Shares | Opportunistic Income Fund—Class A Shares | Opportunistic Income Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 37446161.554 | 71.18% |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 4658302.904 | 8.85% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Vought Aircraft Industries Inc. Master Defined <br>Benefit Trust<br>C/O Triumph Group <br>ATTN: Ray Branscome <br>899 Cassatt Rd. STE 210 <br>Berwyn, PA 19312-1190 | 4390427.818 | 8.35% |
| Core Fixed Income Fund—Class A Shares | Core Fixed Income Fund—Class A Shares | Core Fixed Income Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 586656115.320 | 55.03% |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 65829651.893 | 6.17% |
| The Northern Trust<br>FBO Pfizer DV <br>P.O. Box 92994 <br>Chicago, IL 60675-2994 | 56809420.683 | 5.33% |
| High Yield Bond Fund—Class A Shares | High Yield Bond Fund—Class A Shares | High Yield Bond Fund—Class A Shares |
| SEI Private Trust Company<br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 165281449.625 | 57.53% |
| SEI Private Trust Company<br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 14505143.321 | 5.05% |
| Long Duration Fund—Class A Shares | Long Duration Fund—Class A Shares | Long Duration Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 58617620.870 | 64.16% |
| US Bank NA<br>FBO Major League Baseball—Conservative <br>1555 N Rivercenter Dr STE 302 <br>Milwaukee, WI 53212-3958 | 18939755.077 | 20.73% |
| SEI Private Trust Company<br>C/O Principal Financial <br>FBO Baker Commodities Pension Plan <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 5590359.370 | 6.12% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Long Duration Credit Fund—Class A Shares | Long Duration Credit Fund—Class A Shares | Long Duration Credit Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 157923484.653 | 37.48% |
| Ardagh Glass Inc Retirement Income Plan Trust<br>LDI Funds <br>PO Box 50487 <br>Indianapolis, IN 46250-0487 | 31357025.432 | 7.44% |
| SEI Private Trust Company<br>C/O Principal Financial <br>FBO IBC PEN PLN <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 31178071.054 | 7.4% |
| Ultra Short Duration Bond Fund—Class A Shares | Ultra Short Duration Bond Fund—Class A Shares | Ultra Short Duration Bond Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 14787667.653 | 40.59% |
| Mac & Co<br>ATTN: Mutual Fund Operations <br>500 Grant Street Room 151-1010 <br>Pittsburgh, PA 15219-2502 | 12619453.919 | 34.63% |
| Emerging Markets Debt Fund—Class A Shares | Emerging Markets Debt Fund—Class A Shares | Emerging Markets Debt Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 97720681.732 | 53.00% |
| Real Return Fund—Class A Shares | Real Return Fund—Class A Shares | Real Return Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 19400857.060 | 70.35% |
| Principal Life Ins. Company CUST<br>FBO Schreiber Foods 401K Ret Svgs <br>ATTN PLIC Proxy Coordinator <br>711 High Street <br>Des Moines, IA 50392-0001 | 2682134.743 | 9.73% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| Limited Duration Bond Fund—Class A Shares | Limited Duration Bond Fund—Class A Shares | Limited Duration Bond Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 110700947.219 | 52.92% |
| SEI Private Trust Company<br>Montgomery Co. Retire <br>C/O Principal Financial <br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 11331608.779 | 5.42% |
| Intermediate Duration Credit Fund—Class A Shares | Intermediate Duration Credit Fund—Class A Shares | Intermediate Duration Credit Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 194507239.999 | 43.17% |
| US Bank as Trustee FBO AK Steel<br>Corporation Master Pension Trust <br>1555 N Rivercenter Dr. STE 302 <br>Milwaukee, WI 53212-3958 | 52854507.999 | 11.73% |
| SEI Private Trust Company<br>C/O Principal Financial <br>FBO The Brink's Company Frozen Pen <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 26746963.071 | 5.94% |
| Northern Trust<br>Cust. FBO Albemarle Corp Master TR <br>Designated Employee Benefit Plans of Albemarle Corp & Affil. <br>PO Box 92956 <br>Chicago, IL 60675-2994 | 25691138.794 | 5.70% |
| Dynamic Asset Allocation Fund—Class A Shares | Dynamic Asset Allocation Fund—Class A Shares | Dynamic Asset Allocation Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 60535696.472 | 66.78% |

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| | | |
|:---|:---|:---|
| Name and Address | Number of Shares | Percent of Fund/Class |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 4672625.952 | 5.15% |
| Multi-Asset Real Return Fund—Class A Shares | Multi-Asset Real Return Fund—Class A Shares | Multi-Asset Real Return Fund—Class A Shares |
| SEI Private Trust Company<br>ATTN: Mutual Fund Admin <br>One Freedom Valley Drive <br>Oaks, PA 19456-9989 | 70051302.549 | 69.05% |

---

MASTER/FEEDER OPTION

The Trust may, in the future, seek to achieve any Fund's investment objective by investing all of that Fund's assets in another investment company having the same investment objective and substantially the same investment policies and restrictions as those applicable to that Fund. It is expected that any such investment company would be managed by SIMC in substantially the same manner as the existing Fund. The initial shareholder(s) of each Fund voted to vest such authority in the sole discretion of the Trustees and such investment may be made without further approval of the shareholders of the Funds. However, shareholders of the Funds will be given at least 30 days' prior notice of any such investment. Such investment would be made only if the Trustees determine it to be in the best interests of a Fund and its shareholders. In making that determination the Trustees will consider, among other things, the benefits to shareholders and/or the opportunity to reduce costs and achieve operational efficiencies. Although the Funds believe that the Trustees will not approve an arrangement that is likely to result in higher costs, no assurance is given that costs will be materially reduced if this option is implemented.

DISCLAIMER

The Large Cap Index and Extended Market Index Funds are not promoted, sponsored or endorsed by, nor in any way affiliated with, Frank Russell Company. Frank Russell Company is not responsible for and has not reviewed the Large Cap Index and Extended Market Index Funds nor any associated literature or publications, and Frank Russell Company makes no representation or warranty, express or implied, as to their accuracy or completeness, or otherwise. Frank Russell Company reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Frank Russell Company has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.

Frank Russell Company's publication of the Russell Indexes in no way suggests or implies an opinion by Frank Russell Company as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. FRANK RUSSELL COMPANY MAKES NO REPRESENTATION, WARRANTY, OR GUARANTEE AS TO THE ACCURACY, COMPLETENESS, RELIABILITY, OR OTHERWISE OF THE RUSSELL INDEXES OR ANY DATA INCLUDED IN THE RUSSELL INDEXES. FRANK RUSSELL COMPANY MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE, OR THE RESULTS OF USE, OF THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITY (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. FRANK RUSSELL COMPANY MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH

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RESPECT TO THE RUSSELL INDEXES OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

The S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P. S&P makes no representation or warranty, express or implied, to the purchasers of the Fund or any member of the public regarding the advisability of investing in index funds generally or the Fund specifically or the ability of the S&P 500 Index to track general stock market performance. S&P's only relationship to the Trust, as licensee, is the licensing of certain trademarks and trade names of S&P and of the S&P 500 Index, which is determined, composed and calculated by S&P without regard to the Trust or the Fund. S&P has no obligation to take the needs of the Trust or the owners of the Fund into consideration in determining, composing or calculating the S&P 500 Index. S&P is not responsible for and has not participated in the determination of, the timing of, prices at, or quantities of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of the Fund.

S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN. S&P MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE FUND, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

CUSTODIANS

U.S. Bank National Association ("U.S. Bank"), 425 Walnut Street, Cincinnati, Ohio 45202, acts as wire agent and custodian for the assets of the Large Cap, Large Cap Disciplined Equity, Large Cap Index, Extended Market Index, S&P 500 Index, Small Cap, Small Cap II, Small/Mid Cap Equity, U.S. Equity Factor Allocation, U.S. Managed Volatility, Opportunistic Income, Core Fixed Income, High Yield Bond, Long Duration, Long Duration Credit, Ultra Short Duration Bond, Limited Duration Bond and Intermediate Duration Credit Funds. Brown Brothers Harriman & Co. ("BBH"), 50 Post Office Square, Boston, Massachusetts, 02110-1548, acts as wire agent and custodian for the assets of the World Equity Ex-US, Screened World Equity Ex-US, Emerging Markets Equity, Emerging Markets Debt, Dynamic Asset Allocation, Global Managed Volatility, Real Return and Multi-Asset Real Return Funds. U.S. Bank and BBH hold cash, securities and other assets of the respective Funds for which they act as custodian as required by the 1940 Act.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

KPMG LLP, located at 1735 Market Street, Philadelphia, Pennsylvania 19103, serves as the Trust's independent registered public accounting firm.

LEGAL COUNSEL

Morgan, Lewis & Bockius LLP, located at 2222 Market Street, Philadelphia, Pennsylvania 19103, serves as counsel to the Trust.

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APPENDIX A

DESCRIPTION OF RATINGS

Description of Ratings

The following descriptions of securities ratings have been published by Moody's Investors Services, Inc. ("Moody's"), S&P Global Ratings ("S&P"), and Fitch Ratings ("Fitch"), respectively.

Description of Moody's Global Ratings

Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

Description of Moody's Global Long-Term Ratings

Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

B Obligations rated B are considered speculative and are subject to high credit risk.

Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

*Note*: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

Hybrid Indicator (hyb)

The hybrid indicator (hyb) is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

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Description of Moody's Global Short-Term Ratings

P-1 Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

P-2 Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

P-3 Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

Description of Moody's U.S. Municipal Short-Term Obligation Ratings

The Municipal Investment Grade ("MIG") scale is used to rate U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less.

Moody's U.S. municipal short-term obligation ratings are as follows:

MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

SG This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

Description of Moody's Demand Obligation Ratings

In the case of variable rate demand obligations ("VRDOs"), Moody's assigns both a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer's ability to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of the issuer or the liquidity provider to meet any purchase price payment obligation resulting from optional tenders ("on demand") and/or mandatory tenders of the VRDO. The short-term payment obligation rating uses the Variable Municipal Investment Grade ("VMIG") scale. Transitions of VMIG ratings with conditional liquidity support differ from transitions of Prime ratings reflecting the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade. For VRDOs, Moody's typically assigns a VMIG rating if the frequency of the payment obligation is less than every three years. If the frequency of the payment obligation is less than three years, but the obligation is payable only with remarketing proceeds, the VMIG short-term rating is not assigned and it is denoted as "NR".

Moody's demand obligation ratings are as follows:

VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

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SG This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections.

Description of S&P's Issue Credit Ratings

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

Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.

Issue credit ratings are based, in varying degrees, on S&P's analysis of the following considerations:

• The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation;

• The nature and provisions of the financial obligation, and the promise S&P imputes; and

• The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

NR indicates that a rating has not been assigned or is no longer assigned.

Description of S&P's Long-Term Issue Credit Ratings\*

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

AA An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

A An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

BBB An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

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BB; B; CCC; Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant

CC; and C speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

BB An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

B An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

CCC An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

CC An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

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

D An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

\*Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

Description of S&P's Short-Term Issue Credit Ratings

A-1 A short-term obligation rated 'A-1' is rated in the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

A-2 A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

A-3 A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

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B A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

C A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

D A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

Description of S&P's Municipal Short-Term Note Ratings

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

• Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

• Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

S&P's municipal short-term note ratings are as follows:

SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

SP-3 Speculative capacity to pay principal and interest.

D 'D' is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

Description of Fitch's Credit Ratings

Fitch's credit ratings relating to issuers are forward looking opinions on the relative ability of an entity or obligation to meet financial commitments. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation. Credit ratings are used as indications of the likelihood of repayment in accordance with the terms of the issuance.

Fitch's credit rating scale for issuers and issues is expressed using the categories 'AAA' to 'BBB' (investment grade) and 'BB' to 'D' (speculative grade) with an additional +/- for AA through CCC levels indicating relative differences of probability of default or recovery for issues. The terms "investment grade" and "speculative grade" are market conventions and do not imply any recommendation or endorsement of a specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk, while

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ratings in the speculative grade categories signal either a higher level of credit risk or that a default has already occurred.

Fitch may also disclose issues relating to a rated issuer that are not and have not been rated. Such issues are also denoted as 'NR' on its webpage.

Fitch's credit ratings do not directly address any risk other than credit risk. Credit ratings do not deal with the risk of market value loss due to changes in interest rates, liquidity and/or other market considerations. However, market risk may be considered to the extent that it influences the ability of an issuer to pay or refinance a financial commitment. Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of the obligation to pay upon a commitment (for example, in the case of payments linked to performance of an index).

Credit ratings are indications of the likelihood of repayment in accordance with the terms of the issuance. In limited cases, Fitch may include additional considerations *(i.e.* rate to a higher or lower standard than that implied in the obligation's documentation).

Description of Fitch's Long-Term Corporate Finance Obligations Ratings

AAA Highest credit quality. 'AAA' ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA Very high credit quality. 'AA' ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A High credit quality. 'A' ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

BBB Good credit quality. 'BBB' ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

BB Speculative. 'BB' ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

B Highly speculative. 'B' ratings indicate that material credit risk is present.

CCC Substantial credit risk. 'CCC' ratings indicate that substantial credit risk is present.

CC Very high levels of credit risk. 'CC' ratings indicate very high levels of credit risk.

C Exceptionally high levels of credit risk. 'C' ratings indicate exceptionally high levels of credit risk.

Ratings in the categories of 'CCC', 'CC' and 'C' can also relate to obligations or issuers that are in default. In this case, the rating does not opine on default risk but reflects the recovery expectation only.

Defaulted obligations typically are not assigned 'RD' or 'D' ratings, but are instead rated in the 'CCC' to 'C' rating categories, depending on their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

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Description of Fitch's Short-Term Ratings

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention (a long-term rating can also be used to rate an issue with short maturity). Typically, this means up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets.

Fitch's short-term ratings are as follows:

F1 Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

F2 Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

F3 Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

B Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

C High short-term default risk. Default is a real possibility.

RD Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

D Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

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**SEI INSTITUTIONAL INVESTMENTS TRUST**

**PART C. OTHER INFORMATION**

**Item 28. *Exhibits:***

(a) [Registrant's Declaration of Trust, dated March 1, 1995](https://www.sec.gov/Archives/edgar/data/939934/0000950109-95-000657.txt)

(b) [Amended and Restated By-Laws, dated September 15, 2015](https://www.sec.gov/Archives/edgar/data/939934/000110465915067760/a15-17251_1ex99dbb.htm)

(c) Not Applicable.

(d)(1) [Investment Advisory Agreement, dated June 14, 1996, between the Trust and SEI Investments Management Corporation ("SIMC") (formerly "SEI Financial Management Corporation")](https://www.sec.gov/Archives/edgar/data/939934/0000912057-97-032020.txt)

(d)(2) [Amended Schedule B, as last revised September 1, 2024, to the Investment Advisory Agreement, dated June 14, 1996, between the Trust and SIMC](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx2.htm)

(d)(3) [Investment Advisory Agreement, dated March 27, 2013, between DAA Commodity Strategy Ltd. and SIMC](https://www.sec.gov/Archives/edgar/data/939934/000110465913035180/a13-6818_1ex99dbd3.htm)

(d)(4) [Investment Advisory Agreement, dated March 27, 2013, between MARR Commodity Strategy Ltd. and SIMC](https://www.sec.gov/Archives/edgar/data/939934/000110465913035180/a13-6818_1ex99dbd4.htm)

(d)(5) [Amendment, dated September 23, 2014, to the Investment Advisory Agreement for the MARR Commodity Strategy Subsidiary Ltd., dated March 27, 2013, between MARR Commodity Strategy Ltd. and SIMC](https://www.sec.gov/Archives/edgar/data/939934/000110465915005432/a15-3193_1ex99dbd5.htm)

(d)(6) [Investment Sub-Advisory Agreement, dated April 2, 2009, between SIMC and Acadian Asset Management LLC with respect to the](https://www.sec.gov/Archives/edgar/data/939934/000110465909043654/a09-16294_1ex99dbd101.htm)[World Equity Ex-US Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465909043654/a09-16294_1ex99dbd101.htm)

(d)(7) [Amendment,dated January 6, 2012, to the Investment Sub-Advisory Agreement, dated April 2, 2009, between SIMC and Acadian Asset Management LLC with respect to the World Equity Ex-US and Screened World Equity Ex-US Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465912002041/a12-2428_5ex99dbd5.htm)

(d)(8) [Amended Schedules A and B, as last revised April 10, 2025, to the Investment Sub-Advisory Agreement, dated April 2, 2009, as amended January 6, 2012, between SIMC and Acadian Asset Management LLC with respect to the World Equity Ex-US, Screened World Equity Ex-US, Global Managed Volatility, Large Cap and Large Cap Disciplined Equity Fund and U.S. Managed Volatility Funds (filed herewith)](tm2522623d1_ex99-bxdx8.htm)

(d)(9) [Investment Sub-Advisory Agreement, dated November 13, 2019, between SIMC and AllianceBernstein L.P. with respect to the Multi-Asset Real Return Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465922103764/tm2224121d1_ex99-d9.htm)

(d)(10) [Investment Sub-Advisory Agreement, dated November 1, 2021, between SIMC and Allspring Global Investments, LLC with respect to the Core Fixed Income Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465922103764/tm2224121d1_ex99-d10.htm)

(d)(11) [Investment Sub-Advisory Agreement, December 9, 2021, between SIMC and Ares Capital Management II LLC with respect to the High Yield Bond and Opportunistic Income Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465922103764/tm2224121d1_ex99-d11.htm)

(d)(12) [Amended Schedules A and B, as last revised April 15, 2024, to the Investment Sub-Advisory Agreement, December 9, 2021, between SIMC and Ares Capital Management II LLC with respect to the High Yield Bond and Opportunistic Income Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx12.htm)

(d)(13) [Investment Sub-Advisory Agreement, dated September 1, 2024, between SIMC and Artisan Partners Limited Partnership with respect to the Emerging Markets Debt Fund (filed herewith)](tm2522623d1_ex99-bxdx13.htm)

(d)(14) [Investment Sub-Advisory Agreement, dated December 23, 2015, between SIMC and Axiom Investors LLC (f/k/a Axiom International Investors LLC) with respect to the Small/Mid Cap Equity Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465916147207/a16-16000_1ex99dbd24.htm)

(d)(15) [Amended Schedule A, as last revised September 15, 2016, to the Investment Sub-Advisory Agreement, dated December 23, 2015, between SIMC and Axiom Investors LLC (f/k/a Axiom International Investors LLC) with respect to the Small Cap and Small/Mid Cap Equity Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465916147207/a16-16000_1ex99dbd25.htm)

(d)(16) [Amended Schedule B, as last revised January 3, 2024, to the Investment Sub-Advisory Agreement, dated December 23, 2015, between SIMC and Axiom Investors LLC (f/k/a Axiom International Investors LLC) with respect to the Small Cap and Small/Mid Cap Equity Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx15.htm)

(d)(17) [Investment Sub-Advisory Agreement, dated February 1, 2019, between SIMC and Benefit Street Partners L.L.C. with respect to the High Yield Bond Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465919051833/a19-17835_1ex99dbd28.htm)

(d)(18) [I](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx17.htm)[nvestment Sub-Advisory Agreement, dated December 7, 2023, between SIMC and Brandywine Global Investment Management, LLC with respect to the Large Cap Disciplined Equity Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx17.htm)

(d)(19) [Investment Sub-Advisory Agreement, dated October 31, 2024, between SIMC and Brickwood Asset Management LLP with respect to the World Equity Ex-US and Screened World Equity Ex-US Funds (filed herewith)](tm2522623d1_ex99-bxdx19.htm)

(d)(20) [Amended Schedules A and B, as last revised May 1, 2025, to the Investment Sub-Advisory Agreement, dated October 31, 2024, between SIMC and Brickwood Asset Management LLP with respect to the World Equity Ex-US and Screened World Equity Ex-US Funds (filed herewith)](tm2522623d1_ex99-bxdx20.htm)

(d)(21) [Investment Sub-Advisory Agreement, dated March 31, 2009, between SIMC and Brigade Capital Management, LP with respect to the High Yield Bond Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465909043654/a09-16294_1ex99dbd100.htm)

(d)(22) [Amendment, dated December 5, 2018, to the Investment Sub-Advisory Agreement, dated March 31, 2009, between SIMC and Brigade Capital Management, LP with respect to the High Yield Bond Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465919051833/a19-17835_1ex99dbd31.htm)

(d)(23) [Amended Schedules A and B, as last revised April 15, 2024, to the Investment Sub-Advisory Agreement, dated March 31, 2009, as amended December 5, 2018, between SIMC and Brigade Capital Management, LP with respect to the High Yield Bond Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx20.htm)

(d)(24) [Investment Sub-Advisory Agreement, dated June 30, 2014, between SIMC and Causeway Capital Management LLC with respect to the Emerging Markets Equity Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465914051608/a14-12493_1ex99dbd26.htm)

(d)(25) [Investment Sub-Advisory Agreement, dated September 20, 2018, between SIMC and Colchester Global Investors Limited with respect to the Emerging Markets Debt Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465919051833/a19-17835_1ex99dbd37.htm)

(d)(26) [Investment Sub-Advisory Agreement, dated December 4, 2018, between SIMC and Copeland Capital Management, LLC with respect to the Small/Mid Cap Equity and Small Cap II Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465919051833/a19-17835_1ex99dbd38.htm)

(d)(27) [Amended Schedules A and B, as last revised March 27, 2023, to the Investment Sub-Advisory Agreement, dated December 4, 2018, between SIMC and Copeland Capital Management, LLC with respect to the Large Cap, Large Cap Disciplined Equity, Small Cap II and Small/Mid Cap Equity Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465923104829/tm2323149d1_ex99-bxdx27.htm)

(d)(28) [Investment Sub-Advisory Agreement, dated May 31, 2021 between SIMC and Cullen Capital Management LLC with respect to the Large Cap Fund](https://www.sec.gov/Archives/edgar/data/0000939934/000110465921120327/tm2126606d1_ex99-d30.htm)

(d)(29) [Amended Schedule B, dated September 13, 2024, to the Investment Sub-Advisory Agreement, dated May 31, 2021 between SIMC and Cullen Capital Management LLC with respect to the Large Cap Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx26.htm)

(d)(30) [Investment Sub-Advisory Agreement, dated December 18, 2020, between SIMC and Delaware Investments Fund Advisers with respect to World Equity Ex-US Fund](https://www.sec.gov/Archives/edgar/data/0000939934/000110465921120327/tm2126606d1_ex99-d31.htm)

(d)(31) [Form of Investment Sub-Advisory Agreement, dated \[●\], 2025, between SIMC and Nomura Investments Fund Advisers (filed herewith)](tm2522623d1_ex99-bxdx31.htm)

(d)(32) [Investment Sub-Advisory Agreement, dated July 1, 2021 between SIMC and Easterly Investment Partners LLC with respect to the Small Cap II Fund](https://www.sec.gov/Archives/edgar/data/0000939934/000110465921120327/tm2126606d1_ex99-d34.htm)

(d)(33) [Amended Schedule B, as last revised January 1, 2024, to the Investment Sub-Advisory Agreement, dated July 1, 2021 between SIMC and Easterly Investment Partners LLC with respect to the Small Cap II Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx31.htm)

(d)(34) [Investment Sub-Advisory Agreement, dated August 7, 2021, between SIMC and Franklin Advisers, Inc. with respect to the Multi- Asset Real Return Fund](https://www.sec.gov/Archives/edgar/data/0000939934/000110465921120327/tm2126606d1_ex99-d38.htm)

(d)(35) [Investment Sub-Advisory Agreement, dated December 5, 2018, between SIMC and Fred Alger Management, LLC (f/k/a Fred Alger Management, Inc.) with respect to the Large Cap Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465919051833/a19-17835_1ex99dbd48.htm)

(d)(36) [Amended Schedule B, dated July 1, 2024, to the Investment Sub-Advisory Agreement, dated December 5, 2018, between SIMC and Fred Alger Management,](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx34.htm)[LLC](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx34.htm)[(f/k/a Fred Alger Management, Inc.) with respect to the Large Cap Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx34.htm)

(d)(37) [Investment Sub-Advisory Agreement, dated April 5, 2024, between SIMC and Geneva Capital Management LLC with respect to the Small/Mid Cap Equity Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx35.htm)

(d)(38)[Investment Sub-Advisory Agreement, dated September 18, 2023, between SIMC and Grantham, Mayo, Van Otterloo & Co. LLC with respect to the Emerging Markets Debt Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx36.htm)

(d)(39) [Investment Sub-Advisory Agreement, dated March 29, 2010, between SIMC and Income Research + Management with respect to the Long Duration Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465910040850/a10-11879_1ex99dbd94.htm)

(d)(40) [Amended Schedule B, as last revised April 15, 2024, to the Investment Sub-Advisory Agreement, dated March 29, 2010, between SIMC and Income Research + Management with respect to the Long Duration, Long Duration Credit (f/k/a Long Duration Corporate Bond) and Intermediate Duration Credit Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx38.htm)

(d)(41) [Investment Sub-Advisory Agreement, dated October 1, 2024, between SIMC and Invesco Advisers, Inc. with respect to the Emerging Markets Debt Fund (filed herewith)](tm2522623d1_ex99-bxdx41.htm)

(d)(42) [Investment Sub-Advisory Agreement, dated July 1, 2020, between SIMC and Jackson Creek Investment Advisors LLC, with respect to the Small/Mid Cap Equity Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465920088404/a20-25605_1ex99dbd45.htm)

(d)(43) [Investment Sub-Advisory Agreement, dated October 3, 2005, between SIMC and J.P. Morgan Investment Management Inc. with respect to the High Yield Bond Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465906047106/a06-11280_1ex99dbd95.htm)

(d)(44) [Amendment, dated January 25, 2012, to the Investment Sub-Advisory Agreement, dated October 3, 2005, between SIMC and J.P. Morgan Investment Management Inc. with respect to the High Yield Bond Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465912066443/a12-17350_1ex99dbd49.htm)

(d)(45) [Amended Schedules A and B, as last revised April 15, 2024, to the Investment Sub-Advisory Agreement, dated October 3, 2005, as amended January 25, 2012, between SIMC and J.P. Morgan Investment Management Inc. with respect to the High Yield Bond Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx42.htm)

(d)(46) [Investment Sub-Advisory Agreement, dated June 24, 2009, between SIMC and Jennison Associates LLC with respect to the Long Duration Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465909056596/a09-19108_1ex99dbd89.htm)

(d)(47) [Amended Schedule](https://www.sec.gov/Archives/edgar/data/0000939934/000110465921120327/tm2126606d1_ex99-d48.htm)[A](https://www.sec.gov/Archives/edgar/data/0000939934/000110465921120327/tm2126606d1_ex99-d48.htm)[,](https://www.sec.gov/Archives/edgar/data/0000939934/000110465921120327/tm2126606d1_ex99-d48.htm)[as last revised November 13, 2020, to the Investment Sub-Advisory Agreement, dated July 24, 2009, between SIMC and Jennison Associates LLC with respect to the Long Duration, Core Fixed Income and Long Duration Credit (f/k/a Long Duration Corporate Bond) Funds](https://www.sec.gov/Archives/edgar/data/0000939934/000110465921120327/tm2126606d1_ex99-d48.htm)

(d)(48) [Amended Schedules B, as last revised April 10, 2025, to the Investment Sub-Advisory Agreement, dated July 24, 2009, between SIMC and Jennison Associates LLC with respect to the Long Duration, Core Fixed Income and Long Duration Credit (f/k/a Long Duration Corporate Bond) Funds (filed herewith)](tm2522623d1_ex99-bxdx48.htm)

(d)(49) [Investment Sub-Advisory Agreement, dated January 23, 2023, between SIMC and JOHCM (USA) Inc.with respect to the Emerging Markets Equity Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465923104829/tm2323149d1_ex99-bxdx43.htm)

(d)(50) [Amended Schedule B, dated October 1, 2025, to the Investment Sub-Advisory Agreement, dated January 23, 2023, between SIMC and JOHCM (USA) Inc.with respect to the Emerging Markets Equity Fund (filed herewith)](tm2522623d1_ex99-bxdx50.htm)

(d)(51) [Investment Sub-Advisory Agreement, dated December 14, 2020, between SIMC and Lazard Asset Management LLC with respect to the World Equity Ex-US and Screened World Equity Ex-US Funds](https://www.sec.gov/Archives/edgar/data/0000939934/000110465921120327/tm2126606d1_ex99-d52.htm)

(d)(52) [Amended Schedule A, as last revised June 22, 2023, to the Sub-Advisory Agreement, dated December 14, 2020, between SIMC and Lazard Asset Management LLC with respect to the World Equity Ex-](https://www.sec.gov/Archives/edgar/data/939934/000110465923085376/tm2322024d1_ex99-bd47.htm)[US and](https://www.sec.gov/Archives/edgar/data/939934/000110465923085376/tm2322024d1_ex99-bd47.htm)[Screened World Equity Ex-US](https://www.sec.gov/Archives/edgar/data/939934/000110465923085376/tm2322024d1_ex99-bd47.htm)[Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465923085376/tm2322024d1_ex99-bd47.htm)

(d)(53) [Amended Schedule B, dated July 1, 2024, to the Sub-Advisory Agreement, dated December 14, 2020, between SIMC and Lazard Asset Management LLC with respect to the World Equity Ex-US](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx51.htm)[and](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx51.htm)[Screened World Equity Ex-US](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx51.htm)[Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx51.htm)

(d)(54) [Investment Sub-Advisory Agreement, dated March 1, 2022, between SIMC and Leeward Investments, LLC with respect to the Small Cap Fund and Mid-Cap Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465922103764/tm2224121d1_ex99-d54.htm)

(d)(55) [Investment Sub-Advisory Agreement, dated September 15, 2011, between SIMC and Legal & General Investment Management America, Inc. with respect to the Long Duration Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465911053836/a11-23518_1ex99dbd56.htm)

(d)(56) [Amended Schedules A and B, as last revised December 9, 2014, to the Investment Sub-Advisory Agreement, dated September 15, 2011, between SIMC and Legal & General Investment Management America, Inc. with respect to the Long Duration, Long Duration Credit (f/k/a Long Duration Corporate Bond) and Intermediate Duration Credit Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465915009554/a15-1368_2ex99dbd57.htm)

(d)(57) [Investment Sub-Advisory Agreement, dated January 1, 2024, between SIMC and Los Angeles Capital Management with respect to the Small Cap and Small Cap II Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx55.htm)

(d)(58) [Investment Sub-Advisory Agreement, dated June 14, 1996, between SIMC and LSV Asset Management with respect to the Large Cap Fund](https://www.sec.gov/Archives/edgar/data/939934/0000912057-97-032020.txt)

(d)(59) [Investment Sub-Advisory Agreement, dated December 15, 2003, between SIMC and LSV Asset Management with respect to the Small/Mid Cap Equity Fund](https://www.sec.gov/Archives/edgar/data/939934/000104746904003349/a2121075zex-99_bd50.txt)

(d)(60) [Investment Sub-Advisory Agreement, dated November 30, 2010, between SIMC and LSV Asset Management with respect to the U.S. Managed Volatility Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465911002363/a10-20498_1ex99dbd100.htm)

(d)(61) [Amendment, dated July 1, 2003, to Investment Sub-Advisory Agreement, dated June 14, 1996, between SIMC and LSV Asset Management with respect to the Large Cap and Small Cap Funds](https://www.sec.gov/Archives/edgar/data/939934/000104746903032136/a2116947zex-99_bd66.txt)

(d)(62) [Amended Schedule A, as last revised December 6, 2016, to the Investment Sub-Advisory Agreement, dated November 30, 2010, between SIMC and LSV Asset Management with respect to the U.S. Managed Volatility](https://www.sec.gov/Archives/edgar/data/939934/000110465917005865/a17-1728_1ex99dbd73.htm)[and](https://www.sec.gov/Archives/edgar/data/939934/000110465917005865/a17-1728_1ex99dbd73.htm)[Global Managed Volatility](https://www.sec.gov/Archives/edgar/data/939934/000110465917005865/a17-1728_1ex99dbd73.htm)[Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465917005865/a17-1728_1ex99dbd73.htm)

(d)(63) [Amended Schedule B, as last revised April 2, 2018, to the Investment Advisory Agreement, dated November 30, 2010, between SIMC and LSV Asset Management with respect to the U.S. Managed Volatility](https://www.sec.gov/Archives/edgar/data/939934/000110465918059465/a18-18786_1ex99dbd69.htm)[and](https://www.sec.gov/Archives/edgar/data/939934/000110465918059465/a18-18786_1ex99dbd69.htm)[Global Managed Volatility](https://www.sec.gov/Archives/edgar/data/939934/000110465918059465/a18-18786_1ex99dbd69.htm)[Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465918059465/a18-18786_1ex99dbd69.htm)

(d)(64) [Schedule C, as last revised July 1, 2003, to the Investment Sub-Advisory Agreement, dated June 14, 1996, as amended July 1, 2003, between SIMC and LSV Asset Management with respect to the Large Cap and Small Cap Funds](https://www.sec.gov/Archives/edgar/data/939934/000104746903037561/a2120676zex-99_bd85.txt)

(d)(65) [Investment Sub-Advisory Agreement, dated April 3, 2019, between SIMC and Mackenzie Investments Corporation with respect to the Large Cap Disciplined Equity Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465919051833/a19-17835_1ex99dbd71.htm)

(d)(66) [Amended Schedules A and B, as last revised March 25, 2020, to the Investment Sub-Advisory Agreement, dated April 3, 2020, between SIMC and Mackenzie Investments Corporation with respect to the Large Cap Disciplined Equity Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465920088404/a20-25605_1ex99dbd67.htm)

(d)(67) [Investment Sub-Advisory Agreement, dated August 13, 2013, between SIMC and Manulife Investment Management (US) LLC (f/k/a Declaration Management & Research LLC) with respect to the Opportunistic Income Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465913072766/a13-18020_1ex99dbd28.htm)

(d)(68) [Investment Sub-Advisory Agreement, dated September 13, 2018, between SIMC and Marathon Asset Management, L.P. with respect to the Emerging Markets Debt Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465919051833/a19-17835_1ex99dbd74.htm)

(d)(69) [Investment Sub-Advisory Agreement, dated December 4, 2018, between SIMC and Martingale Asset Management, L.P. with respect to the Small Cap Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465919051833/a19-17835_1ex99dbd75.htm)

(d)(70) [Investment Sub-Advisory Agreement, dated September 15, 2017, between SIMC and MetLife Investment Management, LLC (f/k/a Logan Circle Partners, L.P.) with respect to the Ultra Short Duration Bond, Long Duration Credit, Limited Duration Bond and Intermediate Duration Bond Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465917059740/a17-18802_1ex99dbd64.htm)

(d)(71) [Amendment, dated September 11, 2019, to the Investment Sub-Advisory Agreement, dated September 15, 2017, between SIMC and MetLife Investment Management, LLC with respect to the Ultra Short Duration Bond, Long Duration Credit, Limited Duration Bond, Intermediate Duration Bond and Core Fixed Income Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465919051833/a19-17835_1ex99dbd82.htm)

(d)(72) [Amended Schedule A, as last revised June 26, 2018, to the Investment Sub-Advisory Agreement, dated September 15, 2017, as amended September 11, 2019, between SIMC and MetLife Investment Management, LLC with respect to the Ultra Short Duration Bond, Long Duration Credit, Limited Duration Credit, Intermediate Duration Credit and Core Fixed Income Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465918059465/a18-18786_1ex99dbd63.htm)

(d)(73) [Amended Schedule B, as last revised April 15, 2024, to the Investment Sub-Advisory Agreement, dated September 15, 2017, as amended September 11, 2019, between SIMC and MetLife Investment Management, LLC with respect to the Ultra Short Duration Bond, Long Duration Credit, Limited Duration Credit, Intermediate Duration Credit and Core Fixed Income Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx72.htm)[s](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx72.htm)

(d)(74) [Investment Sub-Advisory Agreement, dated February 6, 2013, between SIMC and Metropolitan West Asset Management LLC with respect to the Long Duration, Core Fixed Income and Long Duration Credit (f/k/a Long Duration Corporate Bond) Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465913016879/a13-5945_1ex99dbd70.htm)

(d)(75) [Amended Schedule A, as last revised March 31, 2016, to the Investment Sub-Advisory Agreement, dated February 6, 2013, between SIMC and Metropolitan West Asset Management, LLC with respect to the Core Fixed Income, Long Duration Bond, Long Duration Corporate Bond and Limited Duration Bond Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465916147207/a16-16000_1ex99dbd82.htm)

(d)(76) [Amended Schedule B, as last revised April 15, 2024, to the Investment Sub-Advisory Agreement, dated February 6, 2013, between SIMC and Metropolitan West Asset Management, LLC with respect to the Core Fixed Income, Long Duration Bond, Long Duration Corporate Bond and Limited Duration Bond Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx75.htm)

(d)(77) [Investment Sub-Advisory Agreement, dated September 8, 2022, between SIMC and PineStone Asset Management Inc. with respect to the Large Cap and Large Cap Disciplined Equity Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465923104829/tm2323149d1_ex99-bxdx75.htm)

(d)(78) [Amended Schedules A and B, as last revised December 9, 2024, to the Investment Sub-Advisory Agreement, dated September 8, 2022, between SIMC and PineStone Asset Management Inc. with respect to the Large Cap and Large Cap Disciplined Equity Funds (filed herewith)](tm2522623d1_ex99-bxdx78.htm)

(d)(79) [Investment Sub-Advisory Agreement, dated September 8, 2022, between SIMC and Pzena Investment Management, LLC with respect to the World Equity Ex-US Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465923085376/tm2322024d1_ex99-bd77.htm)

(d)(80) [Investment Sub-Advisory Agreement, dated January 13, 2021, between SIMC and Robeco with respect to the Emerging Markets Equity Fund](https://www.sec.gov/Archives/edgar/data/0000939934/000110465921120327/tm2126606d1_ex99-d88.htm)

(d)(81) [Investment Sub-Advisory Agreement, dated January 31, 2020, between SIMC and RWC Asset Advisors (US) LLC with respect to the Emerging Markets Equity Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465920088404/a20-25605_1ex99dbd94.htm)

(d)(82) [Investment Sub-Advisory Delegation Agreement, dated January 31, 2020, between SIMC, RWC Asset Advisors (US) LLC and RWC Asset Management LLP with respect to the Emerging Markets Equity Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465920088404/a20-25605_1ex99dbd95.htm)

(d)(83) [Investment Sub-Advisory Agreement, dated October 11, 2005, between SIMC and SSGA Funds Management, Inc. with respect to the Large Cap Index Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465906047106/a06-11280_1ex99dbd99.htm)

(d)(84) [Amended Schedule A, as last revised December 10, 2013, to the Investment Sub-Advisory Agreement, dated October 11, 2005, between SIMC and SSGA Funds Management, Inc. with respect to the Large Cap Index, Extended Market Index, Dynamic Asset Allocation and S&P 500 Index Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465913090183/a13-21680_1ex99dbd90.htm)

(d)(85) [Amended Schedule B, as last revised March 13, 2023, to the Investment Sub-Advisory Agreement, dated October 11, 2005, between SIMC and SSGA Funds Management, Inc. with respect to the Large Cap Index, Extended Market Index, Dynamic Asset Allocation, and S&P 500 Index Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465923104829/tm2323149d1_ex99-bxdx84.htm)

(d)(86) [Investment Sub-Advisory Agreement, dated April 11, 2018, between SIMC and T. Rowe Price Group, Inc. with respect to the High Yield Bond Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465918059465/a18-18786_1ex99dbd103.htm)

(d)(87) [Amended Schedule B, as last revised October 20, 2021, to the Investment Sub-Advisory Agreement, dated April 11, 2018 between SIMC and T. Rowe Associates Inc. with respect to the High Yield Bond Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465922103764/tm2224121d1_ex99-d97.htm)

(d)(88) [Investment Sub-Advisory Delegation Agreement, dated December 9, 2021, between SIMC, T. Rowe Price Associates Inc. and T. Rowe Price Investment Management with respect to the High Yield Bond Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465922103764/tm2224121d1_ex99-d98.htm)

(d)(89) [Investment Sub-Advisory Agreement, dated December 10, 2014, between SIMC and The Informed Momentum Company LLC (f/k/a EAM Investors, LLC) with respect to the Small Cap and Small Cap II Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465915067760/a15-17251_1ex99dbd35.htm)

(d)(90) [Amended Schedule B, as last revised March 24, 2015, to the Investment Sub-Advisory Agreement, dated December 10, 2014, between SIMC and The Informed Momentum Company LLC (f/k/a EAM Investors, LLC) with respect to the Small Cap and Small Cap II Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465915067760/a15-17251_1ex99dbd36.htm)

(d)(91) [Investment Sub-Advisory Agreement, dated December 9, 2014, between SIMC and WCM Investment Management, LLC with respect to the Emerging Markets Equity Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465915067760/a15-17251_1ex99dbd104.htm)

(d)(92) [Amended Schedule B, as last revised June 23, 2015, to the Investment Sub-Advisory Agreement, dated December 9, 2014, between SIMC and WCM Investment Management, LLC with respect to the Emerging Markets Equity Fund](https://www.sec.gov/Archives/edgar/data/939934/000110465915067760/a15-17251_1ex99dbd105.htm)

(d)(93) [Investment Sub-Advisory Agreement, dated December 15, 2003, between SIMC and Wellington Management Company LLP](https://www.sec.gov/Archives/edgar/data/939934/000104746904003349/a2121075zex-99_bd52.txt)

(d)(94) [Amended Schedules A and B, as last revised December 21, 2010, to the Investment Sub-Advisory Agreement, dated December 15, 2003, between SIMC and Wellington Management Company LLP with respect to the Opportunistic Income (f/k/a Enhanced LIBOR Opportunities) and Ultra Short Duration Bond Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465911002363/a10-20498_1ex99dbd59.htm)

(d)(95) [Amended Schedule B, as last revised April 15, 2024, to the Investment Sub-Advisory Agreement, dated December 15, 2003, between SIMC and Wellington Management Company LLP with respect to the Opportunistic Income (f/k/a Enhanced LIBOR Opportunities) and Ultra Short Duration Bond Funds](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxdx99.htm)

(e)(1) [Amended and Restated Distribution Agreement, dated September 16, 2002, between the Trust and SEI Investments Distribution Co. ("SIDCo.")](https://www.sec.gov/Archives/edgar/data/939934/000091205702037245/a2087958zex-99_be.txt)

(e)(2) [Amended Schedule A, as last revised December 5, 2017, to the Amended and Restated Distribution Agreement, dated September 16, 2002, between the Trust and SIDCo.](https://www.sec.gov/Archives/edgar/data/939934/000110465918002084/a17-27425_1ex99dbe2.htm)

(f) Not Applicable.

(g)(1) [Custodian Agreement, dated March 27, 2013, between the Trust and Brown Brothers Harriman & Co.](https://www.sec.gov/Archives/edgar/data/939934/000110465913057952/a13-16721_1ex99dbg1.htm)

(g)(2) [Amendment, dated October 26, 2016, to the Custodian Agreement, dated March 27, 2013, between the Trust and Brown Brothers Harriman & Co.](https://www.sec.gov/Archives/edgar/data/939934/000110465917005865/a17-1728_1ex99dbg2.htm)

(g)(3) [Amendment, dated December 6, 2016, to the Custodian Agreement, dated March 27, 2013, between the Trust and Brown Brothers Harriman & Co.](https://www.sec.gov/Archives/edgar/data/939934/000110465917059740/a17-18802_1ex99dbg3.htm)

(g)(4) [Schedule of Global Custody Services and Charges, dated June 26, 2018, to the Custodian Agreement between the Trust and Brown Brothers Harriman & Co.](https://www.sec.gov/Archives/edgar/data/939934/000110465919051833/a19-17835_1ex99dbg4.htm)

(g)(5) [Amended and Restated Multi-Trust Custody Agreement, dated June 14, 2013, between the Trust and U.S. Bank National Association](https://www.sec.gov/Archives/edgar/data/939934/000110465913057952/a13-16721_1ex99dbg2.htm)

(g)(6) [Eleventh Amendment to the Amended and Restated Multi-Trust Custody Agreement, dated August 1, 2016, between the Registrant and U.S. Bank National Association](https://www.sec.gov/Archives/edgar/data/939934/000110465919051833/a19-17835_1ex99dbg6.htm)

(g)(7) [Thirteenth Amendment to the Amended and Restated Multi-Trust Custody Agreement, dated December 11, 2017, between the Registrant and U.S. Bank National Association](https://www.sec.gov/Archives/edgar/data/939934/000110465919051833/a19-17835_1ex99dbg7.htm)

(h)(1) [Amended and Restated Administration and Transfer Agency Agreement, dated December 10, 2003, between the Trust and SEI Investments Global Funds Services (f/k/a SEI Investments Fund Management) ("SIGFS")](https://www.sec.gov/Archives/edgar/data/939934/000104746904022961/a2138688zex-99_bh1.txt)

(h)(2) [Amendment No. 1, dated March 27, 2013, to the Amended and Restated Administration and Transfer Agency Agreement, dated December 10, 2003, with Amended Schedule D, as revised March 27, 2012, between the Trust and SIGFS](https://www.sec.gov/Archives/edgar/data/939934/000110465913035180/a13-6818_1ex99dbh3.htm)

(h)(3) [Amended Schedule D, as last revised October 25, 2017, to the Amended and Restated Administration and Transfer Agency Agreement, dated December 10, 2003, between the Trust and SIGFS](https://www.sec.gov/Archives/edgar/data/939934/000110465918002084/a17-27425_1ex99dbh3.htm)

(h)(4) [Fee Waiver Agreement, effective October 1, 2014, between the Registrant and SIMC](https://www.sec.gov/Archives/edgar/data/939934/000110465920109362/tm2029219d1_exh4.htm)

(i) [Opinion and Consent of Counsel (filed herewith)](tm2522623d1_ex99-bxi.htm)

(j) [Consent of Independent Registered Public Accounting Firm (filed herewith)](tm2522623d1_ex99-bxj.htm)

(k) Not Applicable.

(l) Not Applicable.

(m) Not Applicable.

(n) [Amended and Restated Rule 18f-3 Multiple Class Plan, dated November 14, 2001, as approved September 16, 2002](https://www.sec.gov/Archives/edgar/data/939934/000091205702037245/a2087958zex-99_bn.txt)

(o) Not Applicable.

(p)(1) [The Code of Ethics for SIMC, dated dated April 18, 2024 (filed herewith)](tm2522623d1_ex99-bxpx1.htm)

(p)(2) [The Code of Ethics for SIDCo., dated February 29, 2024](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxpx2.htm)

(p)(3) [The Code of Ethics for SIGFS, dated September 2023](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxpx3.htm)

(p)(4) [The Code of Ethics for SEI Institutional Investments Trust, revised as of March 2022](https://www.sec.gov/Archives/edgar/data/939934/000110465922103764/tm2224121d1_ex99-p4.htm)

(p)(5) [The Code of Ethics for Acadian Asset Management LLC, dated January 2025 (filed herewith)](tm2522623d1_ex99-bxpx5.htm)

(p)(6) [The Code of Ethics for AllianceBernstein L.P., dated January 2025 (filed herewith)](tm2522623d1_ex99-bxpx6.htm)

(p)(7) [The Code of Ethics for Allspring Global Investments LLC, dated June 2025 (filed herewith)](tm2522623d1_ex99-bxpx7.htm)

(p)(8) [The Code of Ethics for Ares Capital Management II LLC, dated June 2025 (filed herewith)](tm2522623d1_ex99-bxpx8.htm)

(p)(9) [The Code of Ethics for Artisan Partners Limited Partnership, dated August 2025 (filed herewith)](tm2522623d1_ex99-bxpx9.htm)

(p)(10) [The Code of Ethics for Axiom Investors LLC (f/k/a Axiom International Advisors LLC), dated October 2024 (filed herewith)](tm2522623d1_ex99-bxpx10.htm)

(p)(11) [The Code of Ethics for Benefit Street Partners L.L.C., dated July 2025 (filed herewith)](tm2522623d1_ex99-bxpx11.htm)

(p)(12) [The Code of Ethics for Brandywine Global Investment Management, LLC, dated February 2023](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxpx12.htm)

(p)(13) [The Code of Ethics for Brickwood Asset Management LLP, dated January 2025 (filed herewith)](tm2522623d1_ex99-bxpx13.htm)

(p)(14) [The Code of Ethics for Brigade Capital Management, LP, dated November 2024 (filed herewith)](tm2522623d1_ex99-bxpx14.htm)

(p)(15) [The Code of Ethics for Causeway Capital Management LLC, dated June 2025 (filed herewith)](tm2522623d1_ex99-bxpx15.htm)

(p)(16) [The Code of Ethics for Colchester Global Investors Ltd, dated October 2024 (filed herewith)](tm2522623d1_ex99-bxpx16.htm)

(p)(17) [The Code of Ethics for Copeland Capital Management, LLC, dated April 2024](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxpx15.htm)

(p)(18) [The Code of Ethics for Cullen Capital Management LLC, dated April 1, 2022](https://www.sec.gov/Archives/edgar/data/939934/000110465922103764/tm2224121d1_ex99-p20.htm)

(p)(19) [The Code of Ethics for Delaware Investments Fund Advisers, dated September 2024 (filed herewith)](tm2522623d1_ex99-bxpx19.htm)

(p)(20) [The Code of Ethics for Easterly Investment Partners LLC, dated March 2024 (filed herewith)](tm2522623d1_ex99-bxpx20.htm)

(p)(21) [The Code of Ethics for Franklin Advisers, Inc., dated October 2024 (filed herewith)](tm2522623d1_ex99-bxpx21.htm)

(p)(22) [The Code of Ethics for Fred Alger Management, LLC, dated May 2025 (filed herewith)](tm2522623d1_ex99-bxpx22.htm)

(p)(23) [The Code of Ethics for Geneva Capital Management LLC, dated August 25, 2021](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxpx22.htm)

(p)(24) [The Code of Ethics for Grantham, Mayo, Van Otterloo & Co. LLC, dated November 1, 2023](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxpx23.htm)

(p)(25) [The Code of Ethics for Income Research + Management, dated April 2025 (filed herewith)](tm2522623d1_ex99-bxpx25.htm)

(p)(26) [The Code of Ethics for Invesco Advisers, Inc., dated January 2025 (filed herewith)](tm2522623d1_ex99-bxpx26.htm)

(p)(27) [The Code of Ethics for Jackson Creek Investment Advisors, LLC, dated June 2025 (filed herewith)](tm2522623d1_ex99-bxpx27.htm)

(p)(28) [The Code of Ethics for Jennison Associates LLC, dated December 2024 (filed herewith)](tm2522623d1_ex99-bxpx28.htm)

(p)(29) [The Code of Ethics for JOHCM (USA) Inc. (f/k/a J O Hambro Capital Management Limited), dated April 2025 (filed herewith)](tm2522623d1_ex99-bxpx29.htm)

(p)(30) [The Code of Ethics for J.P. Morgan Investment Management Inc., dated June 5, 2024](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxpx26.htm)

(p)(31) [The Code of Ethics for Lazard Asset Management LLC, dated April 2022](https://www.sec.gov/Archives/edgar/data/939934/000110465923104829/tm2323149d1_ex99-bxpx34.htm)

(p)(32) [The Code of Ethics for Leeward Investments, LLC, dated April 2024 (filed herewith)](tm2522623d1_ex99-bxpx32.htm)

(p)(33) [The Code of Ethics for Legal & General Investment Management America, Inc., dated December 2024 (filed herewith)](tm2522623d1_ex99-bxpx33.htm)

(p)(34) [The Code of Ethics for Los Angeles Capital Management LLC, dated May 2025 (filed herewith)](tm2522623d1_ex99-bxpx34.htm)

(p)(35) [The Code of Ethics for LSV Asset Management, dated April 2025 (filed herewith)](tm2522623d1_ex99-bxpx35.htm)

(p)(36) [The Code of Ethics for Mackenzie Investments Corporation, dated July 2021 (filed herewith)](tm2522623d1_ex99-bxpx36.htm)

(p)(37) [The Code of Ethics for Manulife Investment Management (US) LLC, dated October 2024 (filed herewith)](tm2522623d1_ex99-bxpx37.htm)

(p)(38) [The Code of Ethics for Marathon Asset Management, L.P., dated April 2024 (filed herewith)](tm2522623d1_ex99-bxpx38.htm)

(p)(39) [The Code of Ethics for Martingale Asset Management, L.P., revised as of March 18, 2022](https://www.sec.gov/Archives/edgar/data/939934/000110465922103764/tm2224121d1_ex99-p45.htm)

(p)(40) [The Code of Ethics for MetLife Investment Management, LLC, dated January 2025 (filed herewith)](tm2522623d1_ex99-bxpx40.htm)

(p)(41) [The Code of Ethics for The TCW Group, Inc., the parent company of Metropolitan West Asset Management LLC, dated June 2025 (filed herewith)](tm2522623d1_ex99-bxpx41.htm)

(p)(42) [The Code of Ethics for PineStone Asset Management Inc., revised as of July 2023](https://www.sec.gov/Archives/edgar/data/939934/000110465923104829/tm2323149d1_ex99-bxpx47.htm)

(p)(43) [The code of Ethics for Pzena Investment Management, revised as of June 2025 (filed herewith)](tm2522623d1_ex99-bxpx43.htm)

(p)(44) [The Code of Ethics for Robeco Institutional Asset Management US Inc., dated September 2024 (filed herewith)](tm2522623d1_ex99-bxpx44.htm)

(p)(45) [The Code of Ethics for RWC Asset Advisors (US) LLC, dated June 2025 (filed herewith)](tm2522623d1_ex99-bxpx45.htm)

(p)(46) [The Code of Ethics for SSGA Funds Management, Inc., dated March 2025 (filed herewith)](tm2522623d1_ex99-bxpx46.htm)

(p)(47) [The Code of Ethics for The Informed Momentum Company LLC (f/k/a EAM Investors, LLC), dated February 2025 (filed herewith)](tm2522623d1_ex99-bxpx47.htm)

(p)(48) [The Code of Ethics for T. Rowe Price Group, Inc., dated July 2025 (filed herewith)](tm2522623d1_ex99-bxpx48.htm)

(p)(49) [The Code of Ethics for WCM Investment Management, LLC, dated June 2025 (filed herewith)](tm2522623d1_ex99-bxpx49.htm)

(p)(50) [The Code of Ethics for Wellington Management Company LLP, dated December 1, 2023](https://www.sec.gov/Archives/edgar/data/939934/000110465924103766/tm2419205d1_ex99-bxpx54.htm)

(q)(1) [Power of Attorney, dated September 13, 2016, for Robert A. Nesher, James M. Williams,](https://www.sec.gov/Archives/edgar/data/939934/000110465916158136/a16-19784_1ex99dbq.htm)[Nina Lesavoy and Susan C. Cote](https://www.sec.gov/Archives/edgar/data/939934/000110465916158136/a16-19784_1ex99dbq.htm)

(q)(2) [Power of Attorney, dated March 26, 2018, for James B. Taylor](https://www.sec.gov/Archives/edgar/data/939934/000110465918059465/a18-18786_1ex99dbq2.htm)

(q)(3) [Power of Attorney, dated December 4, 2019, for Christine Reynolds](https://www.sec.gov/Archives/edgar/data/939934/000110465920088404/a20-25605_1ex99dbq3.htm)

(q)(4) Power of Attorney, dated September 23, 2021, for Thomas Melendez

(q)(5) [Power of Attorney, dated December 20, 2024, for Dennis McGonigle, Eli Powell Niepoky and Kimberly Walker (filed herewith)](tm2522623d1_ex99-bxqx5.htm)

**Item 29.**

See the Prospectus and Statement of Additional Information filed herewith regarding the Trust's control relationships. The Administrator is a subsidiary of SEI Investments Company, which also controls the Distributor of the Registrant, SIDCo, and other corporations engaged in providing various financial and record keeping services, primarily to bank trust departments, pension plan sponsors and investment managers.

**Item 30. *Indemnification:***

Article VIII of the Agreement and Declaration of Trust is filed as Exhibit 1 to the Registration Statement. Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "1933 Act") may be permitted to trustees, directors, officers and controlling persons of the Registrant by the Registrant pursuant to the Declaration of Trust or otherwise, the Registrant is aware that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the 1933 Act and therefore is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by trustees, directors, officers or controlling persons of the Registrant in connection with the successful defense of any act, suite or proceeding) is asserted by such trustees, directors, officers or controlling persons in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issues.

**Item 31. Business and Other Connections of the Investment Adviser and Sub-Advisers:**

The following tables describe other business, profession, vocation or employment of a substantial nature in which each director or principal officer of the Adviser and each Sub-Adviser is or has been, at any time during the last two fiscal years, engaged for his own account or in the capacity of director, officer, employee, partner or trustee. The Adviser and each Sub-Adviser's table was provided to the Registrant by the Adviser or respective Sub-Adviser for inclusion in this Registration Statement.

**SEI Investments Management Corporation**

SEI Investments Management Corporation ("SIMC") is the Adviser for the Registrant's Funds. The principal business address of SIMC is One Freedom Valley Drive, Oaks, Pennsylvania 19456. SIMC is a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

Unless otherwise noted, the address of all the companies listed below is One Freedom Valley Drive, Oaks, Pennsylvania 19456.

---

| | | |
|:---|:---|:---|
| **Name and Position <br> With Investment**<br> **Adviser** | **Name of Other Company** | **Connection With Other Company** |
| Michael Peterson<br> Director, Senior Vice President & Assistant Secretary | SEI Investments Company | Executive Vice President, General Counsel, Chief Compliance Officer, Secretary |
|  | SEI Trust Company | Director, Vice President |
|  | SEI Funds, Inc. | Vice President, Secretary |
|  | SEI Investments, Inc. | Vice President, Secretary |
|  | SEI Global Investments Corp. | Director, Vice President, Secretary |
|  | SEI Advanced Capital Management, Inc. | Director, Vice President, Secretary |
|  | SEI Primus Holding Corp. | Vice President, Secretary |
|  | SEI Global Services, Inc. | Director, Senior Vice President, Secretary |
|  | SIMC Holdings, LLC | Manager |

---

---

| | | |
|:---|:---|:---|
|  | SEI Investment Strategies, LLC | Director, Senior Vice President, Secretary |
|  | LSV Asset Management | Management Committee |
|  | SEI Global Capital Investments, Inc. | Vice President, Secretary |
|  | SEI Investments (Asia), Limited | Director |
|  | SEI Global Holdings (Cayman) Inc. | Director, Vice President, Secretary |
|  | SEI Investments (South Africa) (PTY) Limited | Director |
|  | SEI Investments Canada Company | Director, Secretary |
|  | SEI Custodial Operations Company, LLC | Manager |
|  | SEI Institutional Transfer Agent, Inc. | Director, Senior Vice President |
|  | SIMC Subsidiary, LLC | Manager |
|  | SEI Ventures, Inc. | Vice President, Secretary |
|  | SEI Investments Developments, Inc. | Vice President, Secretary |
|  | SEI Investments Global Funds Services | Vice President, Assistant Secretary |
|  | SEI Novus, LLC | Senior Vice President, Secretary |
|  | SEI Acquisition Sub, LLC | Senior Vice President, Secretary |
|  | SEI Radar Holding Company LLC | Senior Vice President, Secretary |
| | SEI Novus Switzerland | Director |
| | SEI Novus UK Ltd. | Director |
| | SEI Access Platform, LLC | Senior Vice President and Secretary |
|  | SEI LifeYield, LLC | Vice President and Secretary |
|  | SEI Transfer Agency and Registrar Services, Inc. | Director, Senior Vice President |
|  | SEI — Eclipse Holding Company, LLC | Senior Vice President and Secretary |
| James Smigiel<br> Vice President | SEI Investment Strategies, LLC | Vice President |
| James Smigiel<br> Vice President | LSV Asset Management | Management Committee |
| Mark Warner<br> Vice President & Treasurer | SEI Investments Company | Vice President, Controller & Chief Accounting Officer |
|  | SEI Funds Inc. | Director, Vice President, Treasurer |
|  | SEI Investments, Inc. | Director, Vice President, Treasurer |
|  | SEI Global Investments Corp. | Director, Vice President & Treasurer |
|  | SEI Advanced Capital Management, Inc. | Director, Vice President, Treasurer |
|  | SEI Primus Holding Corp. | Director, Vice President, Treasurer |
|  | SEI Investment Strategies, LLC | Vice President, Treasurer |
|  | SEI Global Capital Investments, Inc. | Director, Vice President, Treasurer |
|  | SEI Investments Global (Cayman), Limited | Vice President, Treasurer |
|  | SEI Global Holdings (Cayman) Inc. | Vice President, Assistant Secretary & Treasurer |
|  | SEI Investments Canada Company | Vice President |
|  | SEI Investments Developments, Inc. | Director, Vice President, Treasurer |
|  | SEI Novus, LLC | Treasurer |
|  | SEI Acquisition Sub, LLC | Vice President, Treasurer |
|  | SEI Radar Holding Company LLC | Treasurer |
|  | SEI Trust Company | Vice President, Treasurer |
|  | SEI Private Trust Company | Vice President, Treasurer |
|  | SEI Custodial Operations Company, LLC | Vice President, Treasurer |

---

---

| | | |
|:---|:---|:---|
| | SEI Global Services Inc. | Vice President |
| | SEI Access Platform, LLC | Treasurer |
|  | SEI LifeYield, LLC | Treasurer |
| | SEI — Eclipse Holding Company, LLC | Treasurer |
| Timothy D. Barto<br> General Counsel, Vice President & Secretary | SEI Investments Company | Vice President-Legal & Assistant Secretary |
|  | SEI Funds, Inc. | Vice President |
|  | SEI Global Services, Inc. | Vice President |
|  | SIMC Holdings, LLC | Manager |
|  | SEI Investment Strategies, LLC | General Counsel, Vice President, Secretary |
| | SIMC Subsidiary, LLC | Manager |
| David McCann<br> Vice President & Assistant Secretary | SEI Investment Strategies, LLC | Vice President, Assistant Secretary |
| Paul F. Klauder<br> Director & Senior Vice President | SEI Investments Company | Executive Vice President |
|  | SEI Investments Distribution Co. | Director, President and Chief Executive Officer |
|  | SEI Global Services, Inc. | Vice President |
|  | SEI Trust Company | Director, Vice President |
|  | SEI Investments Strategies, LLC | Director |
|  | SEI Investments (Asia), Limited | Director |
|  | SEI Global Holdings (Cayman) Inc. | Director, Vice President |
|  | SEI Investments (South Africa) (PTY) Limited | Director |
|  | SEI Investments Canada Company | Director, Vice President |
|  | SEI Novus, LLC | Chief Executive Officer |
|  | SEI Acquisition Sub, LLC | Chief Executive Officer |
| | SEI Novus Switzerland | Director |
| | SEI Novus UK Ltd. | Director |
| | SEI Access Platform, LLC | Senior Vice President |
| Raquell Baker<br> Vice President | SEI Global Services, Inc. | Vice President |
| | SEI Investments Canada Company | Vice President |
| Stephen G. MacRae<br> Vice President | SEI Global Services, Inc. | Vice President |
| | SEI Investment Strategies, LLC | President |
| Radoslav K. Koitchev<br> Vice President | SEI Investment Strategies, LLC | Vice President |
| Michael Farrell<br> Vice President | SEI Global Services, Inc. | Vice President |
| Kevin Matthews<br> Vice President | SEI Global Services, Inc. | Vice President |
|  | SEI Investment Strategies, LLC | Director |
|  | SEI Novus, LLC | Vice President |
|  | SEI Acquisition Sub, LLC | Vice President |
| | SEI Investments Canada Company | Vice President |
| Patrick DiLello<br> Vice President & FATCA Responsible Officer | SEI Investments Company | Vice President, FATCA Responsible Officer |
|  | SEI Trust Company | Vice President, FATCA Responsible Officer |

---

---

| | | |
|:---|:---|:---|
|  | SEI Funds, Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Investments, Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Global Investments Corp. | Vice President, FATCA Responsible Officer |
|  | SEI Advanced Capital Management, Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Primus Holding Corp. | Vice President, FATCA Responsible Officer |
|  | SEI Global Services, Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Private Trust Company | Vice President, FATCA Responsible Officer |
|  | SIMC Holdings, LLC | Manager, Vice President, FATCA Responsible Officer |
|  | SEI Investment Strategies, LLC | Vice President, FATCA Responsible Officer |
|  | LSV Asset Management | Vice President, FATCA Responsible Officer |
|  | SEI Global Capital Investments, Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Investments (Europe) Ltd. | FATCA Responsible Officer |
|  | SEI Global Nominee Ltd. | FATCA Responsible Officer |
|  | SEI Trustees Limited | FATCA Responsible Officer |
|  | SEI European Services Limited | FATCA Responsible Officer |
|  | SEI Global Holdings (Cayman) Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Investments (South Africa) (PTY) Limited | Vice President, FATCA Responsible Officer |
|  | SEI Investments Global, Limited | Vice President, FATCA Responsible Officer |
|  | SEI Investments Global Fund Services, Limited | Vice President, FATCA Responsible Officer |
|  | SEI Investments Depositary and Custodial Services (Ireland) Limited | Vice President, FATCA Responsible Officer |
|  | SEI Investments Canada Company | Vice President, FATCA Responsible Officer |
|  | SEI Custodial Operations Company, LLC | Vice President, FATCA Responsible Officer |
|  | SEI Institutional Transfer Agent, Inc. | Vice President, FATCA Responsible Officer |
|  | SIMC Subsidiary, LLC | Manager, Vice President, FATCA Responsible Officer |
|  | SEI Ventures, Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Investments Developments, Inc. | Vice President, FATCA Responsible Officer |
|  | SEI Investments Global Funds Services | Vice President, FATCA Responsible Officer |
|  | SEI Investments-Guernsey Limited | Vice President, FATCA Responsible Officer |
|  | SEI Novus, LLC | Vice President, FATCA Responsible Officer |
|  | SEI Acquisition Sub, LLC | Vice President, FATCA Responsible Officer |
|  | SEI Radar Holding Company LLC | Vice President, FATCA Responsible Officer |
|  | SEI Novus UK Ltd. | FATCA Responsible Officer |
|  | SEI Access Platform, LLC | Vice President, FATCA Responsible Officer |
|  | SEI LifeYield, LLC | Vice President, FATCA Responsible Officer |
|  | SEI Transfer Agency and Registrar Services, Inc. | Vice President, FATCA Responsible Officer |
| | SEI — Eclipse Holding Company, LLC | Vice President, FATCA Responsible Officer |
| Sean Simko<br> Vice President | SEI Global Services, Inc. | Vice President |
| Aaron Von Alst<br> Vice President | SEI Global Services, Inc. | Vice President |
| Jennifer Campisi<br> Chief Compliance Officer | SEI Investments Distribution Co. | Chief Compliance Officer and Assistant Secretary and Anti-Money Laundering Officer |

---

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| | | |
|:---|:---|:---|
| Erich Holland<br> Vice President | SEI Global Services, Inc. | Vice President |
| Karen Sullivan<br> Vice President | SEI Global Services, Inc. | Vice President |
| Katherine Mason<br> Vice President and Assistant Secretary | SEI Investment Strategies, LLC | Vice President, Assistant Secretary |
| Michael Cagnina<br> Vice President | SEI Novus, LLC | Vice President |
| Jay Cipriano<br> Director and Senior Vice President | SEI Global Services, Inc. | Vice President |
| Jay Cipriano<br> Director and Senior Vice President | SEI Investment Strategies, LLC | Director, Senior Vice President |
| Jay Cipriano<br> Director and Senior Vice President | SEI Trust Company | Vice President |
| Jay Cipriano<br> Director and Senior Vice President | SEI Investments Company | Executive Vice President |
| J. Womack<br> President | SEI Investment Strategies, LLC | Vice President |
| J. Womack<br> President | SEI Global Services, Inc. | Vice President |
| J. Womack<br> President | SEI Private Trust Company | Director, Vice President |
| J. Womack<br> President | SEI LifeYield, LLC | Vice President |
| Christopher Pettia<br> Vice President | SEI Investment Strategies, LLC | Vice President |
| Philip Kizun<br> Chief Privacy Officer | SEI Global Services, Inc. | Chief Privacy Officer |
| Philip Kizun<br> Chief Privacy Officer | SEI Private Trust Company | Chief Privacy Officer |
| Philip Kizun<br> Chief Privacy Officer | SEI Investments Global Funds Services | Chief Privacy Officer |
| Tom Hunter<br> Vice President | SEI Investment Strategies, LLC | Vice President |
| Patrick Carlevato<br> Vice President | SEI Global Services, Inc. | Vice President |
| Patrick Carlevato<br> Vice President | SEI Novus, LLC | Vice President |

---

**Acadian Asset Management LLC**

Acadian Asset Management LLC ("Acadian") is a Sub-Adviser for the Registrant's World Equity Ex- US, Screened World Equity Ex-US, Global Managed Volatility and U.S. Managed Volatility Funds. The principal business address of Acadian is 260 Franklin Street, Boston, Massachusetts 02110. Acadian is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| ***Name and Position with<br> Investment Advisor*** | ***Name of Other Company*** | ***Connection with Other<br> Company*** |
| Kelly Young,<br> Chief Executive Officer | Acadian Asset Management (Australia) Ltd<br> Acadian Asset Management (Singapore) Pte Ltd<br> Chief Executive Officer - Acadian Asset Management Inc. ("AAMI"- a public company traded on the NYSE)  | Affiliated Directorships |
| Brendan Bradley,<br> Chief Investment Officer | Acadian Asset Management (Australia) Ltd<br> Acadian Asset Management (Singapore) Pte Ltd | Affiliated Directorships |
| Theodore Noon,<br> Chief Marketing Officer | Acadian Asset Management (Australia) Ltd<br> Acadian Asset Management (Singapore) Pte Ltd | Affiliated Directorships |
| Alexandre Voitenok,<br> Chief Investment Officer, Implementations | Acadian Asset Management (Australia) Ltd<br> Acadian Asset Management (Singapore) Pte Ltd | Affiliated Directorships |
| Melody Huang,<br> Member of Board of Managers | Director of Finance and Investor Relations -<br> Acadian Asset Management Inc. ("AAMI" - a public company traded on the NYSE); Acadian Asset Management LLC (an investment adviser) | Affiliated Directorships |
| Richard Hart,<br> Member of Board of Managers | Chief Legal Officer –<br> Acadian Asset Management Inc. ("AAMI" - a public company traded on the NYSE);<br> Acadian Asset Management LLC (an investment adviser) | Affiliated Directorships |

---

**AllianceBernstein L.P.**

AllianceBernstein L.P. ("AllianceBernstein") is a Sub-Adviser for the Registrant's Multi-Asset Real Return Fund. AllianceBernstein L.P. is a Delaware limited partnership of which AllianceBernstein Corporation, an indirect wholly-owned subsidiary of Equitable Holdings, Inc., is a general partner. The principal business address of AllianceBernstein is 501 Commerce Street, Nashville, Tennessee, 37203.

Information as to the directors and executive officers of AllianceBernstein set forth in its Form ADV filed with the Securities and Exchange Commission (File No. 801-56720), and amended through the date hereof, is incorporated by reference.

---

| | | |
|:---|:---|:---|
| ***Name and Position with <br> Investment Adviser*** | ***Name and Principal Business Address of <br> Other Company*** | ***Connection with Other Company*** |
| Seth Bernstein<br> Affiliated Director | AllianceBernstein<br> 66 Hudson Boulevard E<br> New York, NY 10101 | President and Chief Executive Officer |
| Joan Lamm-Tennant<br> Independent Chair | Equitable Holdings, Inc.<br> 1290 Avenue of the Americas<br> New York, NY 10104 | Chair of the Board |

---

---

| | | |
|:---|:---|:---|
| Daniel G. Kaye<br> Independent Director | Equitable Holdings, Inc.<br> Equitable Life Insurance Company<br> Equitable Life Insurance Company of America<br> 1290 Avenue of the Americas<br> New York, NY 10104 | Director |
|  | CME Group, Inc.<br> Chicago, IL | Director |
| Nicholas Lane<br> Affiliated Director | Equitable Holdings, Inc.<br> 1290 Avenue of the Americas<br> New York, NY 10104 | Senior Executive Vice President and Head of U.S. Life, Retirement and Wealth Management |
|  | Equitable Life Insurance Company<br> 1290 Avenue of the Americas<br> New York, NY 10104 | President |
| Das Narayandas<br> Independent Director | Harvard Business School<br> Cambridge, MA | Edsel Bryant Ford Professor of Business Administration |
| Bruce Holley<br> Independent Director | Alvarez and Marsal<br> New York, NY | Managing Director |
| Mark Pearson<br> Affiliated Director | Equitable Holdings, Inc.<br> 1290 Avenue of the Americas<br> New York, NY 10104 | Director, President and Chief Executive Officer |
|  | Equitable Life Insurance Company<br> 1290 Avenue of the Americas<br> New York, NY 10104 | Chairman and Chief Executive Officer |
| Todd Walthall<br> Independent Director | Optum Health<br> 11000 Optum Circle<br> Eden Prairie, MN 55344 | Chief Growth Officer |
| Charles Stonehill<br> Independent Director | Equitable Holdings, Inc.<br> Equitable Life Insurance Company<br> 1290 Avenue of the Americas<br> New York, NY 10104 | Director |
|  | Green & Blue Advisors LLC<br> New York, NY | Founding Partner |
|  | PlayMagnus A/S<br> Oslo, Norway<br> CommonBond, LLC<br> New York, NY | Director |
| Robin M. Raju<br> Affiliated Director | Equitable Holdings, Inc.<br> 1290 Avenue of the Americas<br> New York, NY 10104 | Chief Financial Officer |
|  | Venerable Holdings<br> 1475 Dunwoody Dr.<br> West Chester, PA 19380 | Director |

---

**Allspring Global Investments, LLC**

Allspring Global Investments, LLC ("Allspring Investments") is a Sub-Adviser for the Registrant's Core Fixed Income Fund. The principal business address of Allspring is 1415 Vantage Park Drive, 3rd Floor, Charlotte, North Carolina 28203. Allspring Investments is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name <br> Position with Allspring** | **Name and Principal Business <br> Address of Other Company** | **Connection with other <br> Company** |
| Sallie Clements Squire<br> Chief Operating Officer | Allspring Global Investments Holdings, LLC<br> 1415 Vantage Park Drive, 3rd Floor, Charlotte, North Carolina 28203 | Manager, Chief Operating Officer |
| Sallie Clements Squire<br> Chief Operating Officer | Allspring Funds Distributor, LLC<br> 1415 Vantage Park Drive, 3rd Floor, Charlotte, North Carolina 28203 | Chief Operating Officer |
| Sallie Clements Squire<br> Chief Operating Officer | Allspring Funds Management, LLC<br> 1415 Vantage Park Drive, 3rd Floor, Charlotte,<br> North Carolina 28203 | Chief Operating Officer |
| Sallie Clements Squire<br> Chief Operating Officer | Galliard Capital Management, LLC<br> 800 LaSalle Ave # 1400<br> Minneapolis, Minnesota 55402 | Chief Operating Officer |
| Annette Lege<br> Chief Financial Officer  | Allspring Global Investments Holdings, LLC<br> 1415 Vantage Park Drive, 3rd Floor, Charlotte, North Carolina 28203 | Chief Financial Officer |
| Annette Lege<br> Chief Financial Officer  | Allspring Funds Distributor, LLC<br> 1415 Vantage Park Drive, 3rd Floor, Charlotte, North Carolina 28203 | Chief Financial Officer |
| Annette Lege<br> Chief Financial Officer  | Allspring Funds Management, LLC<br> 1415 Vantage Park Drive, 3rd Floor, Charlotte, North Carolina 28203 | Chief Financial Officer |

---

**Ares Capital Management II LLC**

Ares Capital Management II LLC ("ACM II") is a Sub-Adviser for the Registrant's Opportunistic Income and High Yield Bond Funds. The principal business address of ACM II is 1800 Avenue of the Stars, Suite 1400, Los Angeles, California 90067. ACM II is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of ACM II has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee that could be considered material to the management of the Opportunistic Income and High Yield Bond Funds.

**Artisan Partners Limited Partnership**

Artisan Partners Limited Partnership ("Artisan Partners") is a Sub-Adviser for the Registrant's Emerging Markets Debt Fund. The principal business address of Artisan Partners is 875 East Wisconsin Avenue, Suite 800, Milwaukee, WI 53202. Artisan Partners is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Artisan Partners has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee that could be considered material to the management of the Emerging Markets Debt Fund.

**Axiom Investors LLC**

Axiom Investors LLC ("Axiom") is a Sub-Adviser for the Registrant's Small Cap and Small/Mid Cap Equity Funds. The principal business address of Axiom is 33 Benedict Place, 2nd Floor, Greenwich, Connecticut 06830. Axiom is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Axiom has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Benefit Street Partners L.L.C.**

Benefit Street Partners L.L.C. ("Benefit Street") is a Sub-Adviser for the Registrant's High Yield Bond Fund. The principal business address of Benefit Street is 1 Madison Avenue, Suite 1600, New York, New York 10010. Benefit Street is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position With<br> Investment Adviser** | **Name and Principal Business <br> Address of Other Company** | **Connection With Other Company** |
| Rich Byrne,<br> President | Wynn Resorts, Limited<br> 3131 S Las Vegas Blvd<br> Las Vegas, NV 89109 | Member of Board of Directors |

---

**Brandywine Global Investment Management, LLC**

Brandywine Global Investment Management, LLC ("Brandywine Global") is a Sub-Adviser for the Registrant's Large Cap Disciplined Equity Fund. The principal business address of Brandywine Global is 1735 Market Street, Suite 1800, Philadelphia, Pennsylvania 19103. Brandywine Global is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Brandywine Global has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Brickwood Asset Management LLP**

Brickwood Asset Management LLP ("Brickwood") was incorporated on 9th January 2024 and is a Sub-Adviser for the Registrant's World Equity Ex-US and Screened World Equity Ex-US Funds. The principal business address of Brickwood is 8-10 Grosvenor Gardens, London, SW1W 0DH, United Kingdom. Brickwood is authorized and regulated by the Financial Conduct Authority "FCA") in the UK (FRN 1009069). Brickwood is also a registered Investment Adviser with the SEC.

During the last two fiscal years, the founding partners of Brickwood were employed by Jupiter Asset Management ("Jupiter"). However, this employment ceased upon authorization by the FCA, such that no services were provided simultaneously to Jupiter and Brickwood. Therefore, Brickwood does not deem this to be a material conflict.

All employees, directors, officers and partners of Brickwood must disclose any outside business interests to its CCO for review and approval. Outside business interests that present a conflict of interest with Brickwood or its clients are generally not approved. Material outside business activities are disclosed in Item 10 of Brickwood's Form ADV Part 2A.

**Brigade Capital Management, LP**

Brigade Capital Management, LP ("Brigade") is a Sub-Adviser for the Registrant's High Yield Bond Fund. The principal business address of Brigade is 399 Park Avenue, 16th Floor, New York, New York 10022. Brigade is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| ***Name and Position With Investment <br> Adviser*** | ***Name and Principal Business<br> Address of Other Company*** | <br> ***Connection With Other Company*** |
| Steven A. Bleier<br> Co-CIO, Head of Structured Credit, Partner | Mercury Financial Holdings<br> 11401 Century Oaks Terr<br> Ste 470<br> Austin, TX 78758-0007 | Director |
| Steven A. Bleier<br> Co-CIO, Head of Structured Credit, Partner | Now Corp.<br> 2300 Peachtree Rd. NW Suite C-102<br> Atlanta, GA 30309 | Director |
| Matthew Perkal<br> Head of SPACs and Special Situations, Partner | Guitar Center<br> 5795 Lindero Canyon Rd.<br> Westlake Village, CA 91362 | Director |
| Matthew Perkal<br> Head of SPACs and Special Situations, Partner | M3-Brigade Acquisition III Corp<br> 1700 Broadway, 19th Floor<br> New York, NY 10019 | CEO |
| Matthew Perkal<br> Head of SPACs and Special Situations, Partner | M3-Brigade Acquisition II Corp<br> 1700 Broadway, 19th Floor<br> New York, NY 10019 | Executive Vice President — Mergers & Acquisitions |
| Matthew Perkal<br> Head of SPACs and Special Situations, Partner | M3-Brigade Acquisition V Corp<br> 1700 Broadway, 19th Floor<br> New York, NY 10019 | Director and CEO |
| Chris Chaice<br> Head of Distressed Research, Partner | Mesquite Energy Inc<br> c/o Opportune LLP<br> 711 Louisiana Street, Suite 3100<br> Houston, TX 77002 | Director |
| Sandro Carissimo<br> Research, Partner | North Sea Natural Resources Ltd.<br> Bell House<br> 57 West St.<br> Dorking RH4 1BS United Kingdom | Director |
| Don Morgan<br> Managing Partner, Portfolio Manager & CIO | Avaya Holdings Corp.<br> 350 Mt. Kemble Avenue<br> Morristown, NJ 07960 | Director |

---

**Causeway Capital Management LLC**

Causeway Capital Management LLC ("Causeway") is a Sub-Adviser for the Registrant's Emerging Markets Equity Fund. The principal business address of Causeway is 11111 Santa Monica Boulevard, 15th Floor, Los Angeles, California 90025. Causeway is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position<br> With Investment Adviser** | **Name and Principal Business<br> Address of Other Company** | <br> **Connection With Other Company** |
| &nbsp;&nbsp;&nbsp;&nbsp;Dawn M. Vroegop<br> Independent Manager | Brighthouse Funds Trust<br> 11225 N Community House Road<br> Charlotte, NC 28277 | Chairman |
| &nbsp;&nbsp;&nbsp;&nbsp;Dawn M. Vroegop<br> Independent Manager | Driehaus Funds<br> 25 East Erie Street<br> Chicago, IL 60611 | Independent Director |

---

**Colchester Global Investors Ltd**

Colchester Global Investors Ltd ("Colchester") is a Sub-Adviser for the Registrant's Emerging Markets Debt Fund. The principal address of Colchester is Heathcoat House, 20 Savile Row, London, United Kingdom W1S 3PR. Colchester is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Colchester has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Copeland Capital Management, LLC**

Copeland Capital Management, LLC ("Copeland") is a Sub-Adviser for the Registrant's Large Cap, Large Cap Disciplined Equity, Small Cap II and Small/Mid Cap Equity Funds. The principal business address of Copeland is 161 Washington Street, Suite 1325, Conshohocken, PA 19428. Copeland is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Copeland has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Cullen Capital Management LLC**

Cullen Capital Management LLC ("Cullen") is a Sub-Adviser for the Registrant's Large Cap Fund. The principal business address of Cullen is 645 5th Avenue, Suite 1201, New York, NY 10022. Cullen is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Cullen has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust**

Delaware Investments Fund Advisers ("DIFA"), with principal offices at 100 Independence, 610 Market Street, Philadelphia, Pennsylvania 19106, is a series of Macquarie Investment Management Business Trust ("MIMBT") and is a Sub-Adviser for the Registrant's World Equity Ex-US Fund. MIMBT is a registered investment adviser under the Advisers Act.

Effective on or about October 31, 2025, Nomura Holding America Inc. is expected to acquire the U.S. and European public investments asset management business of Macquarie Asset Management, which includes Delaware Investments Fund Advisers (DIFA), a series of Macquarie Investment Management Business Trust. No material changes to DIFA's investment objectives and strategies are anticipated as a result of the acquisition. Upon the closing of the acquisition, it is expected that DIFA's name will be updated to Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust.

Unless otherwise notes, the following persons serving as directors or officers of DIFA have held the following positions during the past two fiscal years. The principal business address of Macquarie Asset Management, the Macquarie Funds Complex, Macquarie ETF Trust and Optimum Fund Trust is 100 Independence, 610 Market Street, Philadelphia, Pennsylvania 19106.

---

| | | |
|:---|:---|:---|
| **Name and Position with Adviser** | **Other Company** | **Position with Other Company** |
| Shawn Lytle<br> President/Head of Equities & Multi-Asset/Executive<br> Director | Macquarie Funds Complex | President/Chief Executive Officer |
| Shawn Lytle<br> President/Head of Equities & Multi-Asset/Executive<br> Director | Macquarie Asset Management | Various executive capacities |
| Shawn Lytle<br> President/Head of Equities & Multi-Asset/Executive<br> Director | Macquarie ETF Trust | Executive Vice President |
| Gregory A. Gizzi<br> Executive Vice President/Head of US Fixed Income and Municipal Bonds/Executive Director | Macquarie Funds Complex | Senior Vice President/Head of US Fixed Income and Municipal Bonds |
| Gregory A. Gizzi<br> Executive Vice President/Head of US Fixed Income and Municipal Bonds/Executive Director | Macquarie Asset Management | Various capacities |
| Gregory A. Gizzi<br> Executive Vice President/Head of US Fixed Income and Municipal Bonds/Executive Director | Macquarie ETF Trust | Senior Vice President |

---

---

| | | |
|:---|:---|:---|
| Alexander Alston<br> Senior Vice President/Co-Head of Private Placements/Division Director | Macquarie Funds Complex | Senior Vice President/Co-Head of Private Placements |
| Alexander Alston<br> Senior Vice President/Co-Head of Private Placements/Division Director | Macquarie Asset Management | Various executive capacities |
| Erik R. Becker<br> Senior Vice President/Senior Portfolio Manager/Division Director | Macquarie Funds Complex | Vice President |
| Erik R. Becker<br> Senior Vice President/Senior Portfolio Manager/Division Director | Macquarie Asset Management | Various capacities |
| Nathan A. Brown<br> Senior Vice President/Senior Portfolio Manager/Division Director | Macquarie Funds Complex | Vice President |
| Nathan A. Brown<br> Senior Vice President/Senior Portfolio Manager/Division Director | Macquarie Asset Management | Various capacities |
| Michael F. Capuzzi<br> Senior Vice President/US Chief Operating Officer/Division Director | Macquarie Funds Complex | Senior Vice President/US Chief Operations Officer |
| Michael F. Capuzzi<br> Senior Vice President/US Chief Operating Officer/Division Director | Macquarie Asset Management | Various capacities |
| Michael F. Capuzzi<br> Senior Vice President/US Chief Operating Officer/Division Director | Macquarie ETF Trust | Senior Vice President |
| Liu-Er Chen<br> Senior Vice President/Chief Investment Officer, Emerging Markets and Healthcare/Division Director | Macquarie Funds Complex | Senior Vice President/Chief Investment Officer - Emerging Markets and Healthcare |
| Liu-Er Chen<br> Senior Vice President/Chief Investment Officer, Emerging Markets and Healthcare/Division Director | Macquarie Asset Management | Various capacities |
| Anthony G. Ciavarelli<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Macquarie Funds Complex | Senior Vice President/Associate General Counsel/Assistant Secretary |
| Anthony G. Ciavarelli<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Macquarie Asset Management | Various capacities |
| Anthony G. Ciavarelli<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Optimum Fund Trust | Senior Vice President/General Counsel/Assistant Secretary |
| Anthony G. Ciavarelli<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Macquarie ETF Trust | Senior Vice President/Assistant Secretary |
| David F. Connor<br> Senior Vice President/General Counsel, Public Investments Americas/Secretary/Division Director | Macquarie Funds Complex | Senior Vice President/General Counsel/Secretary |
| David F. Connor<br> Senior Vice President/General Counsel, Public Investments Americas/Secretary/Division Director | Macquarie Asset Management | Various capacities |
| David F. Connor<br> Senior Vice President/General Counsel, Public Investments Americas/Secretary/Division Director | Optimum Fund Trust | Senior Vice President/Secretary |
| David F. Connor<br> Senior Vice President/General Counsel, Public Investments Americas/Secretary/Division Director | Macquarie ETF Trust | Senior Vice President/Assistant Secretary |
| Michael E. Dresnin<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Macquarie Funds Complex | Senior Vice President/Assistant Secretary |
| Michael E. Dresnin<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Macquarie Asset Management | Various capacities |
| Michael E. Dresnin<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Optimum Fund Trust | Senior Vice President/Associate General Counsel/Assistant Secretary |
| Michael E. Dresnin<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Macquarie ETF Trust | Senior Vice President/Assistant Secretary |
| Brad Frishberg<br> Senior Vice President/Chief Investment Officer, Global Listed Infrastructure/Division Director | Macquarie Asset Management | Various capacities |
| Brad Frishberg<br> Senior Vice President/Chief Investment Officer, Global Listed Infrastructure/Division Director | Macquarie ETF Trust | Senior Vice President |

---

---

| | | |
|:---|:---|:---|
| Daniel V. Geatens<br> Senior Vice President/Head of US Fund Administration/Division Director | Macquarie Funds Complex | Senior Vice President/Treasurer |
| Daniel V. Geatens<br> Senior Vice President/Head of US Fund Administration/Division Director | Macquarie Asset Management | Various capacities |
| Daniel V. Geatens<br> Senior Vice President/Head of US Fund Administration/Division Director | Optimum Fund Trust | Senior Vice President/Chief Financial Officer/Treasurer |
| Daniel V. Geatens<br> Senior Vice President/Head of US Fund Administration/Division Director | Macquarie ETF Trust | Senior Vice President/Treasurer |
| Derek L. Hamilton<br> Senior Vice President/ Economist/Division Director | Macquarie Asset Management<br>| Various capacities |
| James L. Hinkley<br> Senior Vice President/Head of Special Products/Division Director | Macquarie Asset Management | Various capacities |
| James L. Hinkley<br> Senior Vice President/Head of Special Products/Division Director | Macquarie ETF Trust | Senior Vice President |
| Kashif Ishaq<br> Senior Vice President/Senior Portfolio Manager/Division Director | Macquarie Funds Complex | Senior Vice President/Head of Investment Grade Corporate Bond Trading |
| Kashif Ishaq<br> Senior Vice President/Senior Portfolio Manager/Division Director | Macquarie Asset Management | Various capacities |
| Kashif Ishaq<br> Senior Vice President/Senior Portfolio Manager/Division Director | Macquarie ETF Trust | Senior Vice President |
| Bradley M. Klapmeyer<br> Senior Vice President/Senior Portfolio Manager/Division Director | Macquarie Funds Complex | Vice President |
| Bradley M. Klapmeyer<br> Senior Vice President/Senior Portfolio Manager/Division Director | Macquarie Asset Management | Various capacities |
| Michael Kopfler<br> Senior Vice President/Chief Operating Officer, Equities & Multi-Asset/Division Director | Macquarie Funds Complex | Senior Vice President/Global Head of Equity Trading |
| Michael Kopfler<br> Senior Vice President/Chief Operating Officer, Equities & Multi-Asset/Division Director | Macquarie Asset Management | Various capacities |
| Michael Kopfler<br> Senior Vice President/Chief Operating Officer, Equities & Multi-Asset/Division Director | Macquarie ETF Trust | Senior Vice President |
| Alex Kozhemiakin<br> Senior Vice President/Head of Emerging Markets Debt/Division Director | Macquarie Funds Complex | Senior Vice President/Head of Emerging Markets Debt |
| Alex Kozhemiakin<br> Senior Vice President/Head of Emerging Markets Debt/Division Director | Macquarie Asset Management | Various capacities |
| Nik Lalvani<br> Senior Vice President/Team Lead-Large Cap Value/Division Director | Macquarie Funds Complex | Senior Vice President/Chief Investment Officer – Large Cap Value |
| Nik Lalvani<br> Senior Vice President/Team Lead-Large Cap Value/Division Director | Macquarie Asset Management | Various capacities |
| Michael Q. Mahoney<br> Senior Vice President/Division Director, TA & Intermediary Services/Division Director | Macquarie Funds Complex | Vice President/Head of US Service Provider Management |
| Michael Q. Mahoney<br> Senior Vice President/Division Director, TA & Intermediary Services/Division Director | Macquarie Asset Management | Various capacities |
| Michael Q. Mahoney<br> Senior Vice President/Division Director, TA & Intermediary Services/Division Director | Macquarie ETF Trust | Vice President |
| John P. McCarthy<br> Senior Vice President/Senior Portfolio Manager/Division Director | Macquarie Funds Complex | Senior Vice President/Co-Head of High Yield |
| John P. McCarthy<br> Senior Vice President/Senior Portfolio Manager/Division Director | Macquarie Asset Management | Various capacities |
| Carleen Michalski<br> Senior Vice President/Head of Global Product Development/Division Director | Macquarie Asset Management | Various capacities |
| Carleen Michalski<br> Senior Vice President/Head of Global Product Development/Division Director | Optimum Fund Trust<br>| Senior Vice President/Head of Global Product Development |
| Carleen Michalski<br> Senior Vice President/Head of Global Product Development/Division Director | Macquarie Funds Complex | Senior Vice President/Head of Global Product Development |

---

---

| | | |
|:---|:---|:---|
| Susan L. Natalini<br> Senior Vice President/Chief Administrative Officer/Division Director | Macquarie Funds Complex | Senior Vice President/Chief Operations Officer-Equity and Fixed Income Operations |
| Susan L. Natalini<br> Senior Vice President/Chief Administrative Officer/Division Director | Macquarie Asset Management | Various capacities |
| Susan L. Natalini<br> Senior Vice President/Chief Administrative Officer/Division Director | Macquarie ETF Trust | Senior Vice President |
| Terrance M. O'Brien<br> Senior Vice President/US Head of Quantitative and Markets Research/Division Director | Macquarie Funds Complex | Senior Vice President/US Head of Quantitative and Markets Research |
| Terrance M. O'Brien<br> Senior Vice President/US Head of Quantitative and Markets Research/Division Director | Macquarie Asset Management | Various capacities |
| Terrance M. O'Brien<br> Senior Vice President/US Head of Quantitative and Markets Research/Division Director | Macquarie ETF Trust | Senior Vice President |
| Mansur Z. Rasul<br> Senior Vice President/Senior Portfolio Manager/Associate Director | Macquarie Funds Complex | Senior Vice President/Head of Emerging Markets Credit Trading |
| Mansur Z. Rasul<br> Senior Vice President/Senior Portfolio Manager/Associate Director | Macquarie Asset Management | Various capacities |
| Richard Salus<br> Senior Vice President/Global Head of Fund Services/Division Director | Macquarie Funds Complex | Senior Vice President/Chief Financial Officer |
| Richard Salus<br> Senior Vice President/Global Head of Fund Services/Division Director | Macquarie Asset Management | Various capacities |
| Richard Salus<br> Senior Vice President/Global Head of Fund Services/Division Director | Optimum Fund Trust | Senior Vice President/Fund Administration |
| Richard Salus<br> Senior Vice President/Global Head of Fund Services/Division Director | Macquarie ETF Trust | Senior Vice President/Chief Financial Officer |
| Daniel G. Scherman<br> Senior Vice President/Head of Equity Risk Analysis Group/Division Director | Macquarie Asset Management | Various capacities |
| Daniel G. Scherman<br> Senior Vice President/Head of Equity Risk Analysis Group/Division Director | Optimum Fund Trust | Senior Vice President/Head of Equity Risk Analysis Group |
| Emilia P. Wang<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Macquarie Funds Complex | Senior Vice President/Associate General Counsel/Assistant Secretary |
| Emilia P. Wang<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Macquarie Asset Management<br>| Various capacities<br>|
| Emilia P. Wang<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Optimum Fund Trust | Senior Vice President/Associate General Counsel/Assistant Secretary |
| Emilia P. Wang<br> Senior Vice President/Associate General Counsel/Assistant Secretary/Division Director | Macquarie ETF Trust | Senior Vice President/Assistant Secretary |
| Kathryn R. Williams<br> Senior Vice President/Deputy General Counsel/Assistant Secretary/Division Director | Macquarie Funds Complex | Senior Vice President/Deputy General Counsel/Assistant Secretary |
| Kathryn R. Williams<br> Senior Vice President/Deputy General Counsel/Assistant Secretary/Division Director | Macquarie Asset Management | Various capacities |
| Kathryn R. Williams<br> Senior Vice President/Deputy General Counsel/Assistant Secretary/Division Director | Optimum Fund Trust | Senior Vice President/Deputy General Counsel/Assistant Secretary |
| Kathryn R. Williams<br> Senior Vice President/Deputy General Counsel/Assistant Secretary/Division Director | Macquarie ETF Trust | Senior Vice President/Assistant Secretary |
| Robert Wolfangel, Jr.<br> Senior Vice President/Division Director | Macquarie Asset Management | Various capacities |

---

---

| | | |
|:---|:---|:---|
| Marty Wolin<br> Senior Vice President/Chief Compliance Officer/Division Director | Macquarie Funds Complex | Senior Vice President/Chief Compliance Officer |
| Marty Wolin<br> Senior Vice President/Chief Compliance Officer/Division Director | Macquarie Asset Management | Senior Vice President/Chief Compliance Officer |
| Marty Wolin<br> Senior Vice President/Chief Compliance Officer/Division Director | Macquarie ETF Trust | Senior Vice President/Chief Compliance Officer |
| Aaron D. Young<br> Senior Vice President Senior Portfolio Manager/Division Director | Macquarie Funds Complex | Vice President |
| Aaron D. Young<br> Senior Vice President Senior Portfolio Manager/Division Director | Macquarie Asset Management | Various capacities |
| Aaron D. Young<br> Senior Vice President Senior Portfolio Manager/Division Director | Optimum Fund Trust | Senior Vice President/Portfolio Manager |
| Catherine DiValentino<br> Vice President/Associate General Counsel/Assistant Secretary/ Associate Director | Macquarie Funds Complex | Assistant Vice President/Associate General Counsel/Assistant Secretary |
| Catherine DiValentino<br> Vice President/Associate General Counsel/Assistant Secretary/ Associate Director | Optimum Fund Trust | Assistant Vice President/Associate General Counsel/Assistant Secretary |
| Catherine DiValentino<br> Vice President/Associate General Counsel/Assistant Secretary/ Associate Director | Macquarie Asset Management | Various capacities |
| Catherine DiValentino<br> Vice President/Associate General Counsel/Assistant Secretary/ Associate Director | Macquarie ETF Trust | Vice President/General Counsel/ Secretary |
| Joseph A. Fiorilla<br> Vice President/Head of US Trading Operations, Equities & Multi-Asset/Associate Director | Macquarie Funds Complex | Vice President/Head of US Trading Operations |
| Joseph A. Fiorilla<br> Vice President/Head of US Trading Operations, Equities & Multi-Asset/Associate Director | Macquarie Asset Management | Various capacities |
| Joseph A. Fiorilla<br> Vice President/Head of US Trading Operations, Equities & Multi-Asset/Associate Director | Macquarie ETF Trust | Vice President |
| Stephen Hoban<br> Vice President/Treasurer/Associate Director | Macquarie Funds Complex | Vice President/Financial Management |
| Stephen Hoban<br> Vice President/Treasurer/Associate Director | Macquarie Asset Management | Various capacities |
| Stephen Hoban<br> Vice President/Treasurer/Associate Director | Macquarie ETF Trust | Vice President |
| Francis Magee<br> Vice President/Head of US Valuations/Associate Director | Macquarie Funds Complex | Vice President/Financial Administration |
| Francis Magee<br> Vice President/Head of US Valuations/Associate Director | Macquarie Asset Management | Various capacities |
| Francis Magee<br> Vice President/Head of US Valuations/Associate Director | Optimum Fund Trust | Vice President/Investment Accounting/Financial Administration |
| Francis Magee<br> Vice President/Head of US Valuations/Associate Director | Macquarie ETF Trust | Vice President |
| Andrew McEvoy Vice President/Associate Director of US Transaction Management/ Associate Director | Macquarie Funds Complex | Vice President/Associate Director of US Transaction Management |
| Andrew McEvoy Vice President/Associate Director of US Transaction Management/ Associate Director | Macquarie Asset Management | Various capacities |
| Andrew McEvoy Vice President/Associate Director of US Transaction Management/ Associate Director | Optimum Fund Trust | Vice President/Trade Settlements |
| Andrew McEvoy Vice President/Associate Director of US Transaction Management/ Associate Director | Macquarie ETF Trust | Vice President |
| Philip A. Shipp<br> Vice President/Associate General Counsel/Assistant Secretary/Associate Director | Macquarie Funds Complex | Vice President/Associate General Counsel/Assistant Secretary |
| Philip A. Shipp<br> Vice President/Associate General Counsel/Assistant Secretary/Associate Director | Macquarie Asset Management | Various capacities |
| Philip A. Shipp<br> Vice President/Associate General Counsel/Assistant Secretary/Associate Director | Optimum Fund Trust | Vice President/Associate General Counsel/Assistant Secretary |
| Philip A. Shipp<br> Vice President/Associate General Counsel/Assistant Secretary/Associate Director | Macquarie ETF Trust | Vice President/Assistant Secretary |
| Lauren Weintraub<br> Vice President/Senior Equity Trader/Associate Director | Macquarie Asset Management | Various capacities |

---

---

| | | |
|:---|:---|:---|
| Joseph Zalewski<br> Vice President/Senior Credit Analyst – Distressed Debt/Associate Director | Macquarie Asset Management | Various capacities |
| James Gray<br> Senior Vice President of Taxation/Division Director | Macquarie Asset Management | Various capacities |
| James Gray<br> Senior Vice President of Taxation/Division Director | Macquarie ETF Trust | Vice President/Taxation |
| Jamie Marley<br> Senior Vice President of Taxation/Division Director | Macquarie Asset Management | Various capacities |
| Jamie Marley<br> Senior Vice President of Taxation/Division Director | Macquarie ETF Trust | Vice President/Taxation |
| Ron Rabkin<br> Senior Vice President of Taxation/Division Director | Macquarie Asset Management | Various capacities |
| Ron Rabkin<br> Senior Vice President of Taxation/Division Director | Macquarie ETF Trust | Vice President/Taxation |
| Alexander Lenoir<br> Anti-Money Laundering Officer/Division Director | Macquarie Funds Complex | Anti-Money Laundering Officer |
| Alexander Lenoir<br> Anti-Money Laundering Officer/Division Director | Macquarie Asset Management | Various capacities |
| Alexander Lenoir<br> Anti-Money Laundering Officer/Division Director | Optimum Fund Trust | Anti-Money Laundering Officer |
| Alexander Lenoir<br> Anti-Money Laundering Officer/Division Director | Macquarie ETF Trust | Anti-Money Laundering Officer |

---

**Easterly Investment Partners LLC**

Easterly Investment Partners LLC ("EIP") is a Sub-Adviser for the Registrant's Small Cap II Fund. The principal business address of 138 Conant Street, Suite 100, Beverly, Massachusetts, 01915. EIP is a registered investment adviser under the Advisers Act.

Set forth below is the name and principal business address of each company, excluding Easterly advised funds, for which a director or officer of Easterly serves as a director, officer or employee.

---

| | | |
|:---|:---|:---|
| **Name and Position <br> With Investment Adviser** | **Name and Principal Business <br> Address of Other Company** | **Connection With Other Company** |
| Darrell Crate | Easterly Asset Management L.P.<br> Easterly Government Properties L.P. | Darrell Crate serves as Chief Executive Officer of Easterly Asset Management LP, the parent company of EIP, and as Chairman of Easterly Government Properties, Inc. Easterly Government Properties Inc. (NYSE: DEA) is a publicly traded company that focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential U.S. Government functions. Darrell Crate serves as the Chairman of the Board of Directors of DEA and owns less than 1% of DEA's publicly traded shares. Other Easterly employees are compensated by DEA for providing certain non-investment services. Accordingly, Easterly may have an incentive to recommend DEA shares to client accounts. To mitigate this conflict, Easterly restricts the purchase of DEA shares by its clients and employees.<br>|
| Michael Montague | Easterly Asset Management L.P.<br> James Alpha Management LLC<br> FDX Capital LLC<br>| Michael Montague serves as Chief Financial Officer of Easterly Asset Management LP and its subsidiary, EIP. He is the Chief Financial Officer of James Alpha Management, a private family office. He is also a member of FDX Capital LLC, an unaffiliated broker/dealer. |

---

**Franklin Advisers, Inc.**

Franklin Advisers, Inc. ("FAV") is a Sub-Adviser for the Registrant's Multi-Asset Real Return Fund. The principal business address of One Franklin Parkway, San Mateo, California 94403-1906. FAV is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of FAV has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Fred Alger Management, LLC**

Fred Alger Management, LLC ("Alger") is a Sub-Adviser for the Registrant's Large Cap Fund. The principal business address of Alger is 100 Pearl Street, 27<sup>th</sup> Floor, New York, New York 10004. Alger is a registered investment adviser under the Advisers Act.

Set forth below is the name and principal business address of each company, excluding Alger advised funds, for which a director or officer of Alger serves as a director, officer or employee. Unless otherwise noted, the principal business address of each of the companies listed below is 100 Pearl Street, 27<sup>th</sup> Floor, New York, New York 10004.

---

| | | |
|:---|:---|:---|
| **Name and Position <br> With Investment Adviser** | **Name and Principal Business <br> Address of Other Company** | **Connection With Other Company** |
| Daniel C. Chung<br> Chairman, President and Chief Executive Officer ("CEO") | Alger Associates, Inc. | President and CEO |
| Daniel C. Chung<br> Chairman, President and Chief Executive Officer ("CEO") | Alger Capital, LLC | President, CEO and Manager |
| Daniel C. Chung<br> Chairman, President and Chief Executive Officer ("CEO") | Alger Group Holdings, LLC | President, CEO and Manager |
| Daniel C. Chung<br> Chairman, President and Chief Executive Officer ("CEO") | Alger Apple Real Estate, LLC | President and CEO |
| Daniel C. Chung<br> Chairman, President and Chief Executive Officer ("CEO") | Alger Boulder I LLC | President and CEO |
| Daniel C. Chung<br> Chairman, President and Chief Executive Officer ("CEO") | Weatherbie Capital, LLC<br> 265 Franklin Street, Suite 1603<br> Boston, Massachusetts 02110 | President and CEO |
| Daniel C. Chung<br> Chairman, President and Chief Executive Officer ("CEO") | Alger Management, Ltd.<br> 85 Gresham Street, Suite 308<br> London EC2V 7NQ<br> United Kingdom | Director |
| Daniel C. Chung<br> Chairman, President and Chief Executive Officer ("CEO") | Alger SICAV | Director |
| Daniel C. Chung<br> Chairman, President and Chief Executive Officer ("CEO") | &nbsp;&nbsp;Redwood Investments, LLC<br> 265 Franklin Street, Suite 1603<br> Boston, Massachusetts 02110 | Manager |
| Robert Kincel<br> Chief Financial Officer ("CFO"), Senior Vice President and Treasurer | Alger Associates, Inc. | CFO and Treasurer |
| Robert Kincel<br> Chief Financial Officer ("CFO"), Senior Vice President and Treasurer | Fred Alger & Company, LLC | CFO, Treasurer and Senior Vice President |
| Robert Kincel<br> Chief Financial Officer ("CFO"), Senior Vice President and Treasurer | Weatherbie Capital, LLC<br> 265 Franklin Street, Suite 1603<br> Boston, Massachusetts 02110 | Treasurer and CFO |
| Robert Kincel<br> Chief Financial Officer ("CFO"), Senior Vice President and Treasurer | Redwood Investments, LLC<br> 265 Franklin Street, Suite 1603<br> Boston, Massachusetts 02110 | Treasurer and CFO |
| Robert Kincel<br> Chief Financial Officer ("CFO"), Senior Vice President and Treasurer | Alger Capital, LLC | CFO, Treasurer, Vice President and Manager |
| Robert Kincel<br> Chief Financial Officer ("CFO"), Senior Vice President and Treasurer | Alger Group Holdings, LLC | CFO, Treasurer, Vice President and Manager |
| Robert Kincel<br> Chief Financial Officer ("CFO"), Senior Vice President and Treasurer | Alger Apple Real Estate, LLC | Treasurer |
| Robert Kincel<br> Chief Financial Officer ("CFO"), Senior Vice President and Treasurer | Alger Boulder I LLC | Treasurer |

---

---

| | | |
|:---|:---|:---|
| Hal Liebes<br> Executive Vice President, Chief Operating Officer ("COO") and Secretary | Alger Associates, Inc. | COO and Secretary |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer ("COO") and Secretary | Alger SICAV | Director |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer ("COO") and Secretary | Alger Capital, LLC | Vice President, COO, Manager and Secretary |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer ("COO") and Secretary | Alger Group Holdings, LLC | Vice President, COO, Manager and Secretary |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer ("COO") and Secretary | Alger Management, Ltd.<br> 85 Gresham Street, Suite 308<br> London EC2V 7NQ<br> United Kingdom | Executive Director and Chairman |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer ("COO") and Secretary | Weatherbie Capital, LLC<br> 265 Franklin Street, Suite 1603<br> Boston, Massachusetts 02110 | COO and Secretary |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer ("COO") and Secretary | Alger Apple Real Estate LLC | Manager and Secretary |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer ("COO") and Secretary | Redwood Investments, LLC<br> 265 Franklin Street, Suite 1603<br> Boston, Massachusetts 02110 | Manager |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer ("COO") and Secretary | Alger Partners Investors I, LLC | Manager |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer ("COO") and Secretary | Alger Partners Investors II, LLC | Manager |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer ("COO") and Secretary | Alger Partners Investors KEIGF | Manager |
| Hal Liebes<br> Executive Vice President, Chief Operating Officer ("COO") and Secretary | Alger Boulder I LLC | Secretary |
| Tina Payne<br> Senior Vice President, General Counsel, Chief Compliance Officer ("CCO") and Assistant Secretary | Fred Alger & Company, LLC | Senior Vice President, General Counsel and Secretary |
| Tina Payne<br> Senior Vice President, General Counsel, Chief Compliance Officer ("CCO") and Assistant Secretary | Alger Management, Ltd.<br> 85 Gresham Street, Suite 308<br> London EC2V 7NQ<br> United Kingdom | CCO |
| Tina Payne<br> Senior Vice President, General Counsel, Chief Compliance Officer ("CCO") and Assistant Secretary | Weatherbie Capital, LLC<br> 265 Franklin Street, Suite 1603<br> Boston, Massachusetts 02110 | Assistant Secretary |
| Tina Payne<br> Senior Vice President, General Counsel, Chief Compliance Officer ("CCO") and Assistant Secretary | Redwood Investments, LLC<br> 265 Franklin Street, Suite 1603<br> Boston, Massachusetts 02110 | CCO |
| Tina Payne<br> Senior Vice President, General Counsel, Chief Compliance Officer ("CCO") and Assistant Secretary | Alger Group Holdings, LLC | Vice President and Assistant Secretary |
| Christoph Hofmann<br> Executive Vice President and Chief Distribution Officer | Fred Alger & Company, LLC | President, CEO and Chief Distribution Officer |

---

**Geneva Capital Management LLC**

Geneva Capital Management LLC ("Geneva") is a Sub-Adviser for the Registrant's Small/Mid Cap Equity Fund. The principal business address of Geneva is 411 East Wisconsin Avenue, Suite 2320, Milwaukee, Wisconsin. Geneva is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Geneva has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Grantham, Mayo, Van Otterloo & Co. LLC**

Grantham, Mayo, Van Otterloo & Co. LLC ("GMO") is a Sub-Adviser for the Registrant's Emerging Markets Debt Fund. The principal business address of GMO is 53 State Street, 33rd Floor Boston, MA 02109. GMO is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position with Investment <br> Adviser** | **Name and Principal Business Address <br> of Other Company** | **Connection with Other Company** |
| R. Jeremy Grantham<br> Founding Member, Member and Chairman of the Board of Directors, and Chief Investment Strategist | Divecha Centre for Climate Change, Indian Institute of Science, Bengaluru, India | Advisor |
| R. Jeremy Grantham<br> Founding Member, Member and Chairman of the Board of Directors, and Chief Investment Strategist | Imperial College of London – Grantham Institute for Climate Change, London SW7 2AZ | Advisory Board Member |
| R. Jeremy Grantham<br> Founding Member, Member and Chairman of the Board of Directors, and Chief Investment Strategist | London School of Economics – Grantham Institute for Climate Change, Houghton Street, London, WC2A 2AE | Steering Committee |
| R. Jeremy Grantham<br> Founding Member, Member and Chairman of the Board of Directors, and Chief Investment Strategist | The Grantham Foundation for the Protection of the Environment, 53 State Street, Floor 33, Boston, MA 02109 | Trustee |
| R. Jeremy Grantham<br> Founding Member, Member and Chairman of the Board of Directors, and Chief Investment Strategist | The Jeremy and Hannelore Grantham Environmental Trust, 53 State Street, Floor 33, Boston, MA 02109 | Trustee |
| R. Jeremy Grantham<br> Founding Member, Member and Chairman of the Board of Directors, and Chief Investment Strategist | Koop Family Office, 2200 Geng Rd., Suite 100, Palo Alto, CA 94303 | Advisory Member |
| R. Jeremy Grantham<br> Founding Member, Member and Chairman of the Board of Directors, and Chief Investment Strategist | Society for the Protection of Underground Networks, Dover, Delaware; | Governing Board |
| R. Jeremy Grantham<br> Founding Member, Member and Chairman of the Board of Directors, and Chief Investment Strategist | Grantham Centre for Sustainable Futures, University of Sheffield, Sheffield S10 2TN | Advisory Board |
| Scott L. Hayward<br> Chief Executive Officer and Member of the Board of Directors | The Christine and Scott Hayward Charitable Fund, Vanguard, 100 Vanguard Blvd., Malvern, PA 19355 | Trustee |
| Scott L. Hayward<br> Chief Executive Officer and Member of the Board of Directors | Give to the World, P.O. Box 6183, Arlington, VA 22206 | Advisory Board Member |
| Scott L. Hayward<br> Chief Executive Officer and Member of the Board of Directors | Boston College Board of Regents, 140 Commonwealth Avenue, Chestnut Hill, MA 02467 | Member of Board of Regents |
| Scott L. Hayward<br> Chief Executive Officer and Member of the Board of Directors | Mass General Children's Hospital Advisory Board, 55 Fruit Street, Boston, MA 02114 | Advisory Board Member |
| Scott L. Hayward<br> Chief Executive Officer and Member of the Board of Directors | The Kenan Institute for Ethics at Duke University, 1364 Campus Drive, Durham, NC 27705. | Advisory Board Member |
| Mitchell Harris<br> Member of the Board of Directors | Oddo BHF UK Ltd, 32 Brook Street, W1K 5DL, London, United Kingdom | Senior Advisor, Director, and Chairman |
| Mitchell Harris<br> Member of the Board of Directors | HarbourVest Partners, One Lincoln Street, Suite 1700, Boston, MA 02111-2641 | Independent Supervisory Board Member |
| Anthony Hene<br> Member of the Board of Directors | N/A | N/A |
| Ben Inker<br> Member of the Board of Directors | Dexter Southfield School; 20 Newton Street, Brookline, MA 02445 | Member of Corporation |
|  | Yale University, New Haven, CT 06520 | Member of Investment Committee |
|  | Open Society Foundation, 224 W 57 Street, New York, NY 10019. | Member of Investment Committee |

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---

| | | |
|:---|:---|:---|
| Margaret McGetrick<br> Member and Vice-Chair of the Board of Directors | Save the Children US, 501 Kings Highway East, Suite 400, Fairfield CT 06825 | Board of Trustees and Chairman of the Finance, Audit and Risk Committees and Member of the Investment Committee |
|  | Save the Children International, St. Vincent House, 30 Orange Street, London WC2H 7HH, United Kingdom. | Board of Trustees, member of Finance Committee |
|  | Loar Group, 20 New King Street, White Plains, NY 10604 | Board Member |
| Andrea Muller<br> Member of the Board of Directors | Women Corporate Directors, 4440 PGA Blvd., Suite 600, Palm Beach Gardens, FL 33410 | Member of Steering Committee |
|  | Georgetown University Law Center Business Law Scholar's Program, 600 New Jersey Avenue, NW, Washington, DC 20001. | Advisory Board Member |
| Mark Nitzberg<br> Member of the Board of Directors | Akvo Foundation, USA, 1168 Arch St, Berkeley, CA 94708 | Board Member, |
| Mark Nitzberg<br> Member of the Board of Directors | Cambrian Group, 1429 Euclid Ave., Berkeley, CA 94708 | Advisory Board Member |
|  | International Association for Safe and Ethical Artificial Intelligence, 501 W. Broadway, Suite 1540, San Diego, CA 92101 | Interim Director, Secretary and Treasurer |
|  | CHAI, The University of California, Berkeley, 253 Cory Hall, Berkeley, CA 94720 | Executive Director |
|  | BAIR, The University of California, Berkeley, 253 Cory Hall, Berkeley, CA 94720 | Head of Strategic Outreach |
|  | Krypton Medical Inc., 50 Lafayette Place, Unit 3G, Greenwich, CT 06830 | Board Member |
|  | RAND Corporation, P.O. Box 2138, 1776 Main Street, Santa Monica, CA 90401 | Member of Technology Advisory Group |

---

**Income Research + Management**

Income Research + Management ("IR+M") is a Sub-Adviser for the Registrant's Long Duration, Long Duration Credit, and Intermediate Duration Credit Funds. The principal business address of IR+M is 115 Federal Street, 22nd Floor, Boston, Massachusetts 02110. IR+M is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of IR+M has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Invesco Advisers, Inc.**

Invesco Advisers, Inc. ("Invesco") is a Sub-Adviser for the Registrant's Emerging Markets Debt Fund. The principal business address of Invesco is 1331 Spring Street NW, Suite 2500, Atlanta, Georgia 30309. Invesco is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Invesco has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Jackson Creek Investment Advisors LLC**

Jackson Creek Investment Advisors LLC ("Jackson Creek") is a Sub-Adviser for the Registrant's Small/Mid Cap Equity Fund. The principal business address of Jackson Creek is 115 Wilcox Street, Suite 220, Castle Rock, Colorado 80104. Jackson Creek is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Jackson Creek has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Jennison Associates LLC**

Jennison Associates LLC ("Jennison") is a Sub-Adviser for the Registrant's Core Fixed Income, Long Duration and Long Duration Credit Funds. The principal business address of Jennison is 55 East 52nd Street, New York, New York 10055. The Fixed Income Management team's business address is One International Place, Suite #4300, Boston, Massachusetts 02110. Jennison is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position With <br> Investment Adviser** | **Name and Principal Business<br> Address of Other Company** | **Connection With Other Company** |
| &nbsp;&nbsp;&nbsp;&nbsp;DaJacques Philippe Chappuis<br> Director | PGIM, Inc.<br> 655 Broad Street, Newark, New Jersey 07102 | Director, Chairman, Chief Executive Officer, President |
| &nbsp;&nbsp;&nbsp;&nbsp;Jurgen Muhlhauser<br> Director | PGIM, Inc.<br> 655 Broad Street, Newark, New Jersey 07102 | Director, Vice President, Chief Financial Officer |

---

**JOHCM (USA) Inc.**

JOHCM (USA) Inc. ("JOHCM") is a Sub-Adviser for the Registrant's Emerging Markets Equity Fund. The principal business address of JOHCM is One Congress Street, Suite 3101, Boston, MA 02114. JOHCM is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position with Investment<br> Adviser** | **Name and Principal Business Address of <br> Other Company** | **Connection with Other Company** |
| Jonathan Weitz<br> Director of JOHCM (USA) Inc. | Pendal USA Inc \*<br> One Congress Street, Suite 3101<br> Boston, MA 02114 | Director |
| Jonathan Weitz<br> Director of JOHCM (USA) Inc. | Perpetual Americas Funds Trust<br> One Congress Street, Suite 3101<br> Boston, MA 02114 | CEO & President |
| Allan Lo Proto<br> Director and Chair of JOHCM (USA) Inc. | Perpetual Group\*\*<br> Level 18, 123 Pitt Street, Sydney<br> NSW 2000 Australia | Chief Risk Officer |

---

As of June 30, 2025. No other JOHCM director has any external interests.

\*As of July 16, 2025, Mr Weitz resigned from the board.

\*\*As a senior manager within the Perpetual Group, Mr. Lo Proto serves as officer or director of multiple subsidiaries of Perpetual Limited, including JOHCM (USA) Inc.'s advisory affiliates, Barrow, Hanley, Mewhinney & Strauss, LLC, Thompson, Siegel & Walmsley LLC, and Trillium Asset Management, LLC.

**J.P. Morgan Investment Management Inc.**

J.P. Morgan Investment Management Inc. ("JPMIM") is a Sub-Adviser for the Registrant's High Yield Bond Fund. The principal business address of JPMIM is 383 Madison Avenue, New York, New York 10179. JPMIM is a registered investment adviser under the Advisers Act.

The business and other connections of each directors of J.P. Morgan Investment Management Inc. is currently listed in the investment adviser registration on Form ADV for J.P. Morgan Investment Management Inc. (File No. 801-21011) and is incorporated by reference herein.

**Lazard Asset Management LLC**

Lazard Asset Management LLC ("Lazard") is a Sub-Adviser for the Registrant's World Equity Ex- US and Screened World Equity Ex-US Funds. The principal business address of Lazard is 30 Rockefeller Plaza, New York, New York 10112. Lazard is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Lazard has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Leeward Investments, LLC**

Leeward Investments, LLC ("Leeward") is a Sub-Adviser for the Registrant's Small Cap II Fund. The principal business address of Leeward is 10 Winthrop Square, Suite 500, Boston MA 02110. Leeward is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Leeward has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Legal & General Investment Management America, Inc.**

Legal & General Investment Management America, Inc. ("LGIM America") is a Sub-Adviser for the Registrant's Long Duration, Long Duration Credit and Intermediate Duration Credit Funds. The principal business address of LGIM America is 71 South Wacker Drive, Suite 800, Chicago, Illinois 60606. LGIM America is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director or officer of LGIM America has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Los Angeles Capital Management LLC**

Los Angeles Capital Management LLC ("Los Angeles Capital") is a Sub-Adviser for the Registrant's Small Cap and Small Cap II Funds. The principal business address of Los Angeles Capital is 11150 Santa Monica Blvd, Suite 200, Los Angeles, California 90025. Los Angeles Capital is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director or officer of Los Angeles Capital has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**LSV Asset Management**

LSV Asset Management ("LSV") is a Sub-Adviser for the Registrant's Large Cap, Small Cap, Small/Mid Cap Equity, U.S. Managed Volatility and Global Managed Volatility Funds. The principal business address of LSV is 155 North Wacker Drive, Chicago, Illinois 60606. LSV is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of LSV has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Mackenzie Investments Corporation**

Mackenzie Investments Corporation ("Mackenzie") is a Sub-Adviser for the Registrant's Large Cap Disciplined Equity Fund. The principal business address of Mackenzie is Two International Place, Suite 2320, Boston, MA 02110. Mackenzie is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **J. Luke Gould**<br> Director | Mackenzie Financial Corporation<br> 180 Queen Street West,<br> Toronto, Ontario, M5V 3K1 Canada | President and Chief Executive Officer |
| **J. Luke Gould**<br> Director | Mackenzie Inc.<br> 447 Portage Avenue<br> Winnipeg, Manitoba, R3C 3B6 Canada | President and Chief Executive Officer |
| **J. Luke Gould**<br> Director | MGELS Investments Limited<br> 180 Queen Street West,<br> Toronto, Ontario, M5V 3K1 Canada | Chief Executive Officer |
| **J. Luke Gould**<br> Director | MMLP GP Inc.<br> 180 Queen Street West<br> Toronto, Ontario M5V 3K1 Canada | Director & Chief Executive Officer |
| **J. Luke Gould**<br> Director | Northleaf Capital Group Ltd<br> 79 Wellington Street West, 6<sup>th</sup> Floor<br> Toronto, Ontario M5K 1N9 Canada | Director |
| **J. Luke Gould**<br> Director | China Asset Management Co., Ltd.<br> Floor 8, Building 7, One Yuetan South St.<br> Beijing, China | Director |
| **J. Luke Gould**<br> Director | 6460675 Manitoba Ltd.<br> 447 Portage Avenue,<br> Winnipeg, Manitoba, R3C 3B6 Canada | Director & President |
| **J. Luke Gould**<br> Director | 11249185 Canada Inc.<br> 199 Bay Street, Suite 4000,<br> Toronto, Ontario, Canada, M5L 1A9 Canada | Director |
| **Rhonda Goldberg**<br> Director | IGM Financial Inc.<br> IGWM Inc.<br> Mackenzie Inc.<br> 447 Portage Avenue,<br> Winnipeg, Manitoba, R3C 3B6 Canada | Executive Vice-President and General Counsel |
|  | Mackenzie Financial Corporation<br> 180 Queen Street West,<br> Toronto, Ontario, M5V 3K1 Canada | Executive Vice-President and General Counsel |
|  | Mackenzie GP Inc.<br> 180 Queen Street West<br> Toronto, Ontario M5V 3K1 Canada | Director |
|  | IG Wealth Management Inc.<br> 447 Portage Avenue,<br> Winnipeg, Manitoba, R3C 3B6 Canada | Director |
|  | I.G. Investment Management, Ltd.<br> 447 Portage Avenue,<br> Winnipeg, Manitoba, R3C 3B6 Canada | Assistant Secretary |
|  | 2023 Holdco Inc.<br> 1209 Orange Street<br> Wilmington, Delaware, USA 19801 | Director |
| **Cynthia Currie**<br> Director | Mackenzie Financial Corporation<br> 180 Queen Street West,<br> Toronto, Ontario, M5V 3K1 Canada | Executive Vice-President and Chief Human Resources Officer |

---

---

| | | |
|:---|:---|:---|
| | IGWM Inc.<br> Mackenzie Inc.<br> 447 Portage Avenue,<br> Winnipeg, Manitoba, R3C 3B6 Canada | Executive Vice-President and Chief Human Resources Officer |
| **Steven Locke**<br> Director and Senior Vice-President, Chief Investment Officer | Mackenzie Financial Corporation<br> 180 Queen Street West,<br> Toronto, Ontario M5V 3K1 Canada | Chief Investment Officer, Fixed Income and Multi-Asset Strategies |
| **Nick Westlind**<br> Director | Mackenzie Financial Corporation<br> 180 Queen Street West,<br> Toronto, Ontario M5V 3K1 Canada | Director and Senior Vice-President, Head of Business Operations and Strategy |
| **Nick Westlind**<br> Director | Strategic Charitable Giving Foundation<br> 180 Queen Street West,<br> Toronto, Ontario M5V 3K1 Canada | Director and Chairman of the Board |
| **Nick Westlind**<br> Director | Mackenzie Investments Asia Limited<br> 88 Queensway, 2 Pacific Place, Suite 1011, Hong Kong, China | Director |
| **Nick Westlind**<br> Director | MGELS Investments Limited<br> MMLP GP Inc.<br> 180 Queen Street West,<br> Toronto, Ontario M5V 3K1 Canada | Director |
| **Keith Potter**<br> Director and Executive Vice-President &<br> Chief Financial Officer | IGM Financial Inc.<br> IGWM Inc.<br> Mackenzie Inc.<br> 447 Portage Avenue<br> Winnipeg, Manitoba, R3C 3B6 Canada | Executive Vice-President &<br> Chief Financial Officer |
| **Keith Potter**<br> Director and Executive Vice-President &<br> Chief Financial Officer | Mackenzie Financial Corporation<br> 180 Queen Street West,<br> Toronto, Ontario, M5V 3K1 Canada | Executive Vice-President &<br> Chief Financial Officer |
| **Keith Potter**<br> Director and Executive Vice-President &<br> Chief Financial Officer | Investors Syndicate Limited<br> Investors Syndicate Property Corp.<br> 447 Portage Avenue,<br> Winnipeg, Manitoba, R3C 3B6 Canada | Director and President |
| **Keith Potter**<br> Director and Executive Vice-President &<br> Chief Financial Officer | 1000054111 Ontario Inc<br> 180 Queen Street West,<br> Toronto, Ontario, M5V 3K1 Canada | Director and President |
| **Keith Potter**<br> Director and Executive Vice-President &<br> Chief Financial Officer | 11249142 Canada Inc.<br> 11263552 Canada Inc.<br> 447 Portage Avenue,<br> Winnipeg, Manitoba, R3C 3B6 Canada | Director and President |
| **Keith Potter**<br> Director and Executive Vice-President &<br> Chief Financial Officer | 2023 Holdco Inc.<br> 1209 Orange Street<br> Wilmington Delaware, USA 19801 | Director |
| **Gillian Seidler**<br> Chief Compliance Officer | Mackenzie Financial Corporation<br> 180 Queen Street West,<br> Toronto, Ontario M5V 3K1 Canada | Vice-President & Chief Compliance Officer |
| **Gillian Seidler**<br> Chief Compliance Officer | I.G. Investment Management, Ltd.<br> 447 Portage Avenue,<br> Winnipeg, Manitoba, R3C 3B6 Canada | Chief Compliance Officer |
| **Michael Gold**<br> Secretary | Mackenzie Financial Corporation<br> 180 Queen Street West,<br> Toronto, Ontario M5V 3K1 Canada | Vice-President, Legal |

---

**Manulife Investment Management (US) LLC**

Manulife Investment Management (US) LLC ("Manulife") is a Sub-Adviser for the Registrant's Opportunistic Income Fund. The principal business address of Manulife is 197 Clarendon Street, Boston, Massachusetts 02116. Manulife is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Manulife has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Marathon Asset Management, L.P.**

Marathon Asset Management, L.P. ("Marathon") is a Sub-Adviser for the Registrant's Emerging Markets Debt Fund. The principal business address of Marathon is One Bryant Park, 38th Floor, New York, New York 10036. Marathon is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Marathon has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Martingale Asset Management, L.P.**

Martingale Asset Management, L.P. ("Martingale") is a Sub-Adviser for the Registrant's Small Cap Fund. The principal business address of Martingale is 888 Boylston Street, Suite 1400, Boston, MA 02199. Martingale is a registered investment adviser under the Advisers Act.

---

| | | |
|:---|:---|:---|
| **Name and Position with Investment<br> Adviser** | **Name and Principal Business Address <br> of Other Company** | **Connection with Other <br> Company** |
| Martingale Asset Management Corporation (MAM Corp)<br> *General Partner* | Martingale Asset Management, L.P. (MAM LP)<br> 888 Boylston Street<br> Boston, Massachusetts | General Partner<br>|
| William E. Jacques, CFA<br> *Co-Chair; Limited Partner* | MAM Corp<br> 888 Boylston Street<br> Boston, Massachusetts | Director, Shareholder, President<br>|
| Alan J. Strassman<br> *Co-Chair; Limited Partner* | MAM Corp<br> 888 Boylston Street<br> Boston, Massachusetts | Director, Shareholder, Chairman<br>|
| James M. Eysenbach, CFA<br> *Co-Chief Executive Officer, Chief Investment Officer; Limited Partner* | MAM Corp<br> 888 Boylston Street<br> Boston, Massachusetts | Director, Shareholder<br>|
| Jennifer N. Cooper, IACCP®<br> *Co-Chief Executive Officer, Chief Financial Officer, Chief Compliance Officer; Limited Partner* | MAM Corp<br> 888 Boylston Street<br> Boston, Massachusetts<br>Providence College School of Business, Business Advisory Council | Director, Shareholder Treasurer, Secretary<br>Member |
| Marisa N. Vicario, CPA, IACCP®<br> *Vice President, Finance & Compliance; Limited Partner* | MAM Corp<br> 888 Boylston Street<br> Boston, Massachusetts | Assistant Treasurer, Assistant Secretary |

---

**MetLife Investment Management, LLC**

MetLife Investment Management, LLC ("MIM") is a Sub-Adviser for the Registrant's Core Fixed Income, Long Duration Credit, Ultra Short Duration Bond, Limited Duration Bond and Intermediate Duration Credit Funds. The principal business address of MIM is One MetLife Way, Whippany, New Jersey 07981. MIM is a registered investment adviser under the Advisers Act.

Unless otherwise noted, the principal business address of each of the companies listed below is One MetLife Way, Whippany, New Jersey 07981.

---

| | | |
|:---|:---|:---|
| ***Name and Position with Investment<br> Adviser*** | ***Name and Principal Business <br> Address of Other Company*** | ***Connection with Other Company*** |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investments Securities, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | President and Chief Executive Officer |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investment Management Limited<br> Level 34<br> One Canada Square<br> London E14 5AA<br> United Kingdom | Chief Operating Officer Director |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Asset Management Corp.<br> Tokyo Garden Terrace Kioicho Kioi Tower 25F<br> 1-3, Kioicho, Chiyoda-ku, Tokyo<br> Japan | Chief Operating Officer Director |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investments Asia Limited<br> 9<sup>th</sup> Floor, One Taikoo Place<br> 979 King's Road, Quarry Bay<br> Hong Kong S.A.R. | Chief Operating Officer Director |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investment Management Holdings (Ireland) Limited<br> 20 on Hatch<br> Lower Hatch Street<br> Dublin 2, Ireland | Director |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investments Management Holdings, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Board of Managers Executive Vice President |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investors Group, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Board of Managers Executive Vice President |
| Joseph Pollaro<br> Chief Operating Officer | MIM I, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Chief Operating Officer |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Services and Solutions, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Executive Vice President |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Group, Inc.<br> 200 Park Avenue<br> New York, NY 10166 | Executive Vice President |
| Joseph Pollaro<br> Chief Operating Officer | Metropolitan Life Insurance Company<br> 200 Park Avenue<br> New York, NY 10166 | Executive Vice President |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investment Management Europe Limited<br> 20 on Hatch<br> Lower Hatch Street<br> Dublin 2, Ireland | Director |
| Joseph Pollaro<br> Chief Operating Officer | Affirmative Investment Management Partners Limited<br> 55 Baker Street<br> London W1U 7EU United Kingdom | Director |

---

---

| | | |
|:---|:---|:---|
| | Affirmative Investment Management Japan Inc.<br> W22F Shibuya Mark City<br> 1-12-1 Dogenzaka<br> Shibuya-ku, Tokyo 150-0043, Japan | Director |
| | Affirmative Investment Management Australia Pty Ltd | Director |
| | Affirmative Investment Management US Limited<br> 45 South Main Street, P.O. Box 3550 Concord, NH 03302-3550 | Chairman, President, & Director |
| Michael Yick<br> Treasurer and Chief Financial Officer | MetLife Investments Securities, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Treasurer and Chief Financial Officer |
| Michael Yick<br> Treasurer and Chief Financial Officer | MetLife Investments Management Holdings LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Treasurer |
| Michael Yick<br> Treasurer and Chief Financial Officer | MIM I, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Treasurer and Chief Financial Officer |
| Michael Yick<br> Treasurer and Chief Financial Officer | MetLife Investors Distribution Company<br> One MetLife Way<br> Whippany, NJ 07981 | Treasurer |
| Michael Yick<br> Treasurer and Chief Financial Officer | Affirmative Investment Management US Limited<br> 45 South Main Street, P.O. Box 3550 Concord, NH 03302-3550 | Treasurer |

---

**Metropolitan West Asset Management, LLC**

Metropolitan West Asset Management, LLC ("MetWest") is a Sub-Adviser for the Registrant's Core Fixed Income, Long Duration, Long Duration Credit and Limited Duration Bond Funds. The principal business address of MetWest is 515 South Flower Street, Los Angeles, California 90071. MetWest is a registered investment adviser under the Advisers Act.

Unless otherwise noted, the principal business address of each of the companies listed below is 515 South Flower Street, Los Angeles, California 90071.

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| | | |
|:---|:---|:---|
| ***Name and Position with<br> Investment Adviser*** | ***Name and Principal Business<br> Address of Other Company*** | ***Connection with Other Company*** |
| Marc Stern<br> Chairman | The TCW Group, Inc. | Chairman |
| Marc Stern<br> Chairman | TCW Investment Management Company LLC | Chairman |
| Marc Stern<br> Chairman | TCW Asset Management Company LLC | Chairman |
| Marc Stern<br> Chairman | TCW LLC | Chairman |
| Marc Stern<br> Chairman | Los Angeles 2028 Olympic Committee (f/k/a Los Angeles 2024 Exploratory Committee)<br> 10960 Wilshire Blvd, #1050, Los Angeles, CA 90024 | Director and Board Member |
| Marc Stern<br> Chairman | The Alliance for Southern California Innovation<br> 16320 Los Serenos Robles, Los Gatos, CA 95030 | Director |
| Marc Stern<br> Chairman | Base Halogram<br> 3009 Post Oak Boulevard, #1200<br> Houston, TX 77056 | Board Member |
| Marc Stern<br> Chairman | The John F. Kennedy Center for the Performing Arts<br> 2700 F Street, NW<br> Washington, DC 20566 | Trustee |
| Marc Stern<br> Chairman | California Institute of Technology<br> 1200 E California Blvd, Pasadena, CA 91125 | Non-voting member Board of Trustees |
| Marc Stern<br> Chairman | Los Angeles Opera<br> 135 No. Grand Avenue<br> Los Angeles, CA 90012 | Board Member, Chairman |
| Marc Stern<br> Chairman | Marc & Eva Stern Foundation<br> 515 South Flower Street,<br> Los Angeles, CA 90071 | Officer, Director |
| Marc Stern<br> Chairman | Milwaukee Brewers Baseball Club<br> One Brewers Way<br> Milwaukee, WI 53214 | Minority Owner & Advisor Board Member |
| Marc Stern<br> Chairman | Metropolitan Opera<br> Lincoln Center for the Performing Arts, 30 Lincoln Center Plaza, New York, NY 10023 | Board Member |

---

---

| | | |
|:---|:---|:---|
| Kathryn Koch<br> Chief Executive Officer | The TCW Group, Inc. | President and Chief Executive Officer |
| Kathryn Koch<br> Chief Executive Officer | TCW Investment Management Company LLC | President and Chief Executive Officer |
| Kathryn Koch<br> Chief Executive Officer | TCW Asset Management Company LLC | President and Chief Executive Officer |
| Kathryn Koch<br> Chief Executive Officer | TCW LLC | President and Chief Executive Officer |
| Kathryn Koch<br> Chief Executive Officer | Notre Dame Wall Street Leadership Committee<br> University of Notre Dame<br> Notre Dame, IN 46556 | Member |
| Kathryn Koch<br> Chief Executive Officer | Notre Dame Institute for Global Investing<br> University of Notre Dame<br> Notre Dame, IN 46556 | Advisory Board Member |
| Kathryn Koch<br> Chief Executive Officer | The Spence School<br> 22 E 91st Street, NY NY 10128 | Board of Trustees Member, Member of Executive Committee and Head of Finance Committee |
| Kathryn Koch<br> Chief Executive Officer | TIFF Investment Management<br> 170 N Radnor Chester Road, Suite 200 Radnor, PA 19087 | Board of Directors |
| Kathryn Koch<br> Chief Executive Officer | Toigo Foundation<br> 555 12th Street, Suite 275, Oakland CA 94612 | Governing Board of Directors |
| Kathryn Koch<br> Chief Executive Officer | CNBC Delivery Alpha Advisory Board<br> New York City, NY | Advisory Board Member |
| Kathryn Koch<br> Chief Executive Officer | Notre Dame Trustees<br> University of Notre Dame<br> Notre Dame, IN 46556 | Alumni Trustee |
| Kathryn Koch<br> Chief Executive Officer | Investment Company Institute (ICI)<br> 1401 H St., NW, Suite 1200<br> Washington, DC 20005 | Board Member |
| Kathryn Koch<br> Chief Executive Officer | U.S. Saudi Business Council (USSBC)<br> 80801 Wolftrap Road, Suite 300,<br> Vienna, VA 22182 | Board Member |
| Kathryn Koch<br> Chief Executive Officer | NASDAQ<br> 151 W. 42nd Street<br> New York City, NY 10036, United States | Board Member |
| Melissa Stolfi<br> Executive Vice President & Global Chief Operating Officer | The TCW Group, Inc. | Executive Vice President & Global Chief Operating Officer |
| Melissa Stolfi<br> Executive Vice President & Global Chief Operating Officer | TCW Investment Management Company LLC | Executive Vice President & Global Chief Operating Officer |
| Melissa Stolfi<br> Executive Vice President & Global Chief Operating Officer | TCW Asset Management Company LLC | Executive Vice President & Global Chief Operating Officer |
| Melissa Stolfi<br> Executive Vice President & Global Chief Operating Officer | TCW LLC | Executive Vice President & Global Chief Operating Officer |

---

---

| | | |
|:---|:---|:---|
| Richard Villa<br> Executive Vice President, Chief Financial Officer & Assistant Secretary | The TCW Group, Inc. | Executive Vice President, Chief Financial Officer & Assistant Secretary |
| Richard Villa<br> Executive Vice President, Chief Financial Officer & Assistant Secretary | TCW Investment Management Company LLC | Executive Vice President, Chief Financial Officer & Assistant Secretary |
| Richard Villa<br> Executive Vice President, Chief Financial Officer & Assistant Secretary | TCW Asset Management Company LLC | Executive Vice President, Chief Financial Officer & Assistant Secretary |
| Richard Villa<br> Executive Vice President, Chief Financial Officer & Assistant Secretary | TCW LLC | Executive Vice President, Chief Financial Officer & Assistant Secretary |
| Richard Villa<br> Executive Vice President, Chief Financial Officer & Assistant Secretary | Goodwill of Southern California<br> 342 San Fernando Road<br> Los Angeles, CA 90031 | Board Member |
| Richard Villa<br> Executive Vice President, Chief Financial Officer & Assistant Secretary | Special Olympics Southern<br> California<br> 1600 Forbes Way, Suite 200<br> Long Beachm CA 90810 | Board Member |
| Richard Villa<br> Executive Vice President, Chief Financial Officer & Assistant Secretary | CV Restaurant Group<br> 2276 Honolulu Avenue, Montrose, CA 91020 | Partner |
| Andrew J. Bowden<br> Executive Vice President, General Counsel, Secretary | The TCW Group, Inc. | Executive Vice President, General Counsel & Secretary |
| Andrew J. Bowden<br> Executive Vice President, General Counsel, Secretary | TCW Investment Management Company LLC | Executive Vice President, General Counsel & Secretary |
| Andrew J. Bowden<br> Executive Vice President, General Counsel, Secretary | TCW Asset Management Company LLC | Executive Vice President, General Counsel & Secretary |
| Andrew J. Bowden<br> Executive Vice President, General Counsel, Secretary | TCW LLC | Executive Vice President, General Counsel, Secretary |

---

**PineStone Asset Management Inc.**

PineStone Asset Management Inc. ("PineStone") is a Sub-Adviser for the Registrant's Large Cap and Large Cap Disciplined Equity Funds. The principal business address of PineStone is 1981 McGill College Avenue, Suite 1600, Montréal, Québec, Canada, H3A 2Y1. PineStone is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of PineStone has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner, or trustee.

**Pzena Investment Management, LLC**

Pzena Investment Management, LLC ("Pzena") is a Sub-Adviser for the Registrant's World Equity Ex-US Fund. The principal business address of Pzena Investment Management is 320 Park Ave, 8th Floor, New York, NY 10022. Pzena Investment Management is a registered investment adviser under the Adviser Act.

During the last two fiscal years, no director, officer or partner of Pzena has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Robeco Institutional Asset Management US Inc.**

Robeco Institutional Asset Management US Inc. ("Robeco"), is a Sub-Adviser for the Registrant's Emerging Markets Equity Fund. The principal business address of 230 Park Avenue, Suite 3330, New York, NY 10169. Robeco is a registered investment adviser under the Adviser Act.

---

| | | |
|:---|:---|:---|
| **Name and Position <br> With Investment Adviser** | **Name and Principal Business <br> Address of Other Company** | **Connection With Other Company** |
| Andrew Cunningham<br> Chief Compliance Officer | None | None |
| Marcel Prins<br> President | Robeco Institutional Asset Management B.V. \* | Chief Operating Officer\* |
| Juan Carlos Briones<br> Board Member | Robeco Institutional Asset Management US, Inc. | Head of Institutional Sales — North America |
| Ignacio Alcantara<br> Board Member | Robeco Institutional Asset Management US, Inc. | Head of Business Management |

---

\*The information provided in the table above is for Robeco Institutional Asset Management US Inc. Note that Robeco Institutional Asset Management B.V., the parent company, is a separate legal entity registered in the Netherlands.

**RWC Asset Advisors (US) LLC**

RWC Asset Advisors (US) LLC ("RWC") is a Sub-Adviser for the Registrant's Emerging Markets Equity Fund. The principal business address of RWC is 2640 South Bayshore Drive, Suite 201, Miami, Florida 33133. RWC is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of RWC has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**SSGA Funds Management, Inc.**

SSGA Funds Management, Inc. ("SSGA FM") is a Sub-Adviser for the Registrant's Large Cap Index, S&P 500 Index, Extended Market Index and Dynamic Asset Allocation Funds. SSGA FM is a wholly-owned subsidiary of State Street Global Advisors, Inc., which itself is a wholly-owned subsidiary of State Street Corporation. SSGA FM and other advisory affiliates of State Street Corporation make up State Street Investment Management, the investment management arm of State Street Corporation. The principal address of SSGA FM is One Congress Street, Boston, Massachusetts 02114. SSGA FM is an investment adviser registered under the Investment Advisers Act of 1940.

Below is a list of the directors and principal executive officers of SSGA FM and their position with the investment adviser and connection with another company. Unless otherwise noted, the address of each person listed is One Congress Street, Boston, Massachusetts 02114.

---

| | | |
|:---|:---|:---|
| ***Name and Position with Investment <br> Adviser*** | ***Name and Principal Business <br> Address of Other Company*** | ***Connection with Other Company*** |
| Jeanne LaPorta,<br> Chairperson, Director and President of SSGA FM | SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, Massachusetts, 02114 | Executive Vice President of State Street Investment Management |
| Sean Driscoll<br> Director of SSGA FM | SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, Massachusetts 02114 | Managing Director of State Street Investment Management |
| Apea Amoa<br> Director of SSGA FM | SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, Massachusetts 02114 | Chief Financial Officer of State Street Investment Management |
| Brian Harris<br> Chief Compliance Officer of SSGA FM | SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, Massachusetts 02114 | Managing Director of State Street Investment Management |
| Steven Hamm<br> Treasurer of SSGA FM | SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, Massachusetts 02114 | Vice President of State Street Investment Management |
| Sean O'Malley, Esq.<br> Chief Legal Officer of SSGA FM | SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, Massachusetts 02114 | General Counsel of State Street Investment Management |
| Ann M. Carpenter<br> Chief Operating Officer of SSGA FM | SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, Massachusetts 02114 | Managing Director of State Street Investment Management |
| Tim Corbett<br> Chief Risk Officer of SSGA FM | SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, Massachusetts 02114 | Senior Vice President/Senior Managing Director of State Street Investment Management |
| Christyann Weltens<br> Derivatives Risk Manager of SSGA FM | SSGA Funds Management, Inc.<br> One Congress Street<br> Boston. Massachusetts 02114 | Vice President of State Street Investment Management |
| <br> David Ireland<br> CTA - Chief Marketing Officer of SSGA FM | SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, Massachusetts 022114 | Senior Vice President/Senior Managing Director of State Street Investment Management |
| David Urman, Esq.<br> Clerk of SSGA FM | SSGA Funds Management, Inc.<br> One Congress Street<br> Boston, Massachusetts 022114 | Vice President and Senior Counsel of State Street Investment Management |

---

**The Informed Momentum Company LLC**

The Informed Momentum Company (f/k/a EAM Investors, LLC) is a Sub-Adviser for the Registrant's Small Cap and Small Cap II Funds. The principal business address of The Informed Momentum Company is 215 Highway 101, Suite 216, Solana Beach, California 92075. The Informed Momentum Company is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of The Informed Momentum Company has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**T. Rowe Price Associates, Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. (T. Rowe Price Group), is a Maryland corporation formed in 2000 as a holding company for the T. Rowe Price affiliated companies. T. Rowe Price Group is an independent asset management firm that is committed to serving the needs of investors worldwide. T. Rowe Price Group owns 100% of the stock of T. Rowe Price Associates, Inc. and is the direct or indirect owner of multiple subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Associates, Inc. (Price Associates), a wholly owned subsidiary of T. Rowe Price Group, was incorporated in Maryland in 1947. Price Associates serves as investment adviser to individual and institutional investors, including managing private counsel client accounts, serving as adviser and subadviser to U.S. and foreign-registered investment companies, providing investment advice to T. Rowe Price Trust Company, as trustee of several Maryland-registered domestic common trust funds, and serving as adviser to private investment funds. Price Associates may delegate investment management responsibilities to T. Rowe Price Investment Management, Inc., T. Rowe International Ltd, T. Rowe Price Hong Kong Limited, T. Rowe Price Singapore Private Ltd., T. Rowe Price Australia Limitied, and/or T. Rowe Price Japan, Inc. (each hereinafter referred to as a "Price Investment Adviser"), and a Price Investment Adviser may delegate investment management responsibilities to Price Associates. Price Associates is registered with the Commodity Futures Trading Commission (CFTC) as a commodity pool operator and commodity trading adviser, and with the U.S. Securities and Exchange Commission (SEC) as an investment adviser under the Investment Advisers Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Investment Management, Inc. (Price Investment Management), a wholly owned subsidiary of Price Associates, was incorporated in Maryland in 2020. Price Investment Management serves as adviser to T. Rowe Price Trust Company, as trustee of several Maryland-registered domestic common trust funds, and provides investment management services to registered investment companies and other institutional investors. A Price Investment Adviser may delegate investment management responsibilities to Price Investment Management. Price Investment Management is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price International Ltd (Price International), a wholly owned subsidiary of Price Associates, was originally organized in 2000 as a United Kingdom limited company. Price International sponsors and serves as adviser and distributor to foreign collective investment schemes and is responsible for marketing and client servicing for Europe and the Middle East (EMEA) (ex-European Union (EU), Switzerland and European Economic Area (EEA)) clients. Price International serves as adviser to T. Rowe Price Trust Company, as trustee of several Maryland-registered domestic common trust funds, and provides investment management services to registered investment companies and other institutional investors. Price International is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940 and is also authorized and regulated by the United Kingdom Financial Conduct Authority and licensed by other global regulators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Australia Limited (Price Australia), a wholly owned subsidiary of Price International, was organized as an Australian public company limited by shares in 2017 and holds an Australian Financial Services License issued by the Australian Securities and Investments Commission (ASIC). Price Australia is responsible for marketing and servicing of clients based in Australia and New Zealand. Price Australia serves as adviser to T. Rowe Price Trust Company, as trustee of several Maryland-registered domestic common trust funds, and serves as an adviser and subadviser to registered investment companies, institutional clients, and certain commingled products. Price Australia may delegate investment management responsibilities to a Price Investment Adviser, and a Price Investment Adviser may delegate investment management responsibilities to Price Australia. Price Australia is the investment manager of the T. Rowe Price Australian Unit Trusts and is also registered with the SEC as an investment adviser under the Investment Advisers Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Hong Kong Limited (Price Hong Kong), a wholly owned subsidiary of Price International, was organized as a Hong Kong limited company in 2010. Price Hong Kong is responsible for marketing and servicing of clients based in Hong Kong and certain Asian countries. Price Hong Kong serves as adviser to T. Rowe Price Trust Company, as trustee of several Maryland-registered domestic common trust funds, and serves as an adviser and subadviser to registered investment companies, institutional clients, and certain commingled products. Price Hong Kong also serves as a sub-distributor of collective investment schemes domiciled in Luxembourg. Price Hong Kong may delegate investment management responsibilities to a Price Investment Adviser, and a Price Investment Adviser may delegate investment management responsibilities to Price Hong Kong. Price Hong Kong is licensed with the Securities and Futures Commission of Hong Kong to carry out Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), and Type 9 (asset management) regulated activites and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Japan, Inc. (Price Japan), a wholly owned subsidiary of Price International, was organized as a Japanese private company in 2017. Price Japan is responsible for marketing and servicing of clients based in Japan. Price Japan serves as adviser to T. Rowe Price Trust Company, as trustee of several Maryland-registered domestic common trust funds and serves as an adviser and subadviser to registered investment companies, institutional clients, and certain commingled products. Price Japan may delegate investment management responsibilities to a Price Investment Adviser, and a Price Investment Adviser may delegate investment management responsibilities to Price Japan. Price Japan is registered with the Japan Financial Services Agency as a Financial Instruments Business Operator with permission to conduct investment management advisory businesses and Type II Financial Instruments Business and with the SEC as an investment adviser under the Investment Advisers Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Singapore Private Ltd. (Price Singapore), a wholly owned subsidiary of Price International, was organized as a Singapore limited private company in 2010. Price Singapore is responsible for marketing and servicing of clients based in Singapore and certain other Asian countries. Price Singapore serves as adviser to T. Rowe Price Trust Company, as trustee of several Maryland-registered domestic common trust funds, and serves as an adviser and subadviser to registered investment companies, institutional clients, and certain commingled products. Price Singapore also serves as a sub-distributor of collective investment schemes domiciled in Luxembourg. Price Singapore may delegate investment management responsibilities to a Price Investment Adviser, and a Price Investment Adviser may delegate investment management responsibilities to Price Singapore. Price Singapore holds a Capital Markets Service License in Fund Management with the Monetary Authority of Singapore and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940.

**Directors of T. Rowe Price Group**

Listed below are the directors and executive officers of T. Rowe Price Group who have other substantial businesses, professions, vocations, or employment aside from their association with Price Associates. The business address for each is 1307 Point Street, Baltimore, MD, 21231.

Glenn R. August, Director of T. Rowe Price Group. Mr. August has been a director of T. Rowe Price Group, a vice president, and an employee since 2021. He is the founder and chief executive officer of Oak Hill Advisors, L.P. (OHA), an alternative investment firm specializing in performing and distressed credit investments, which was acquired by, and operates as a standalone business within, T. Rowe Price Group. Mr. August is a member of the Management Committee. He cofounded the predecessor investment firm to OHA in 1987 and took responsibility for the firm's credit and distressed investment activities in 1990. Prior to founding OHA, Mr. August worked at Morgan Stanley in New York and London. Mr. August earned a B.S. in industrial and labor relations from Cornell University and an M.B.A. from Harvard Business School, where he was a Baker Scholar. Mr. August has served on several corporate boards since 1987. From 2021 to 2024, Mr. August served on the board of directors of Lucid Group, Inc. From 2020 to 2024, he served as a member of the board of directors of MultiPlan, Inc. His nonprofit activities include serving on the board of trustees of Horace Mann School, where he co-chairs the investment committee and serves on the executive committee, and The Mount Sinai Medical Center, where he serves on the finance, human capital management, and IT committees. He is also a member of the board of directors of Partnership for New York City and a member of the Council on Foreign Relations. Mr. August brings to the T. Rowe Price Group Board insight into the alternative investment area of our business based on his role at OHA and his decades long success in growing the OHA platform.

Mark S. Bartlett, Director of T. Rowe Price Group. Mr. Bartlett has been an independent director of T. Rowe Price Group since 2013 and serves as chair of the Audit Committee and as a member on the Executive Compensation and Management Development Committee. He was a partner at Ernst & Young, serving as managing partner of the firm's Baltimore office and senior client service partner for the mid-Atlantic region. Mr. Bartlett began his career at Ernst & Young in 1972, serving until 2012, and has extensive experience in financial services, as well as other industries. Mr. Bartlett earned a B.S. in accounting from West Virginia University and attended the Executive Program at the Kellogg School of Business at Northwestern University. He also earned the designation of certified public accountant. Mr. Bartlett is a member of the board of directors, chair of the audit committee, and a member of the compensation committee of WillScot Mobile Mini Holdings Corp. He is also a member of the board of directors and a member of the audit committees of FTI Consulting, Inc., and Zurn Elkay Water Solutions Corp., and also serves as Zurn Elkay Water Solutions Corporation's lead independent director. Mr. Bartlett offers the T. Rowe Price Group Board additional perspective on mergers and acquisitions, significant accounting and financial reporting experience as well as expertise in the accounting-related rules and regulations of the SEC from his experience as a partner of a multinational audit firm. He has extensive finance knowledge, with a broad range of experience in financing alternatives, including the sale of securities, debt offerings, and syndications.

William P. Donnelly, Director of T. Rowe Price Group. Mr. Donnelly has been an independent director of T. Rowe Price Group since 2023 and serves as a member on the Audit Committee and the Executive Compensation and Management Development Committee. Mr. Donnelly was the executive vice president responsible for finance, investor relations, supply chain and information technology of Mettler-Toledo International Inc., a leading global manufacturer of precision instruments and services for use in laboratories and manufacturing, when he retired in 2018 after more than 20 years. Previously, Mr. Donnelly served as chief financial officer of Elsag Bailey Process Automation, NV and prior to that, he was an auditor with PricewaterhouseCoopers LLP. Mr. Donnelly earned a B.S. in business administration from John Carroll University. Mr. Donnelly is the lead independent director and a member of the board of directors for Ingersoll Rand, Inc., where he also serves as chair of the nominating and corporate governance committee and a member of the audit committee. He is also a member of the board of directors and a member of the audit and compensation committees of Quanterix Corporation. Mr. Donnelly brings to the T. Rowe Price Group Board substantial expertise with respect to the corporate finance, operations, information technology and mergers and acquisitions gained throughout his career as executive vice president and chief financial officer of a public company.

Dina Dublon, Director of T. Rowe Price Group. Ms. Dublon has been an independent director of T. Rowe Price Group since 2019 and serves as a member on the Audit Committee and the Executive Compensation and Management Development Committee. She was the executive vice president and chief financial officer of JPMorgan Chase & Co., a financial services company, from 1998 to 2004. Ms. Dublon previously held numerous positions at JPMorgan Chase & Co. and its predecessor companies, including corporate treasurer, managing director of the financial institutions' division, and head of asset liability management. Ms. Dublon earned a B.A. in economics and mathematics from Hebrew University of Jerusalem and an M.S. from Carnegie Mellon University. Ms. Dublon has been a member of the board of directors of PepsiCo, Inc., since 2005, where she serves as a member of the sustainability, diversity, and public policy committee and the compensation committee. She previously served as chair of the audit committee. She also serves as a member of the independent audit quality committee of Ernst & Young USA, since 2020, and is chair of the board of advisors of Columbia University's Mailman School of Public Health. She also serves on the boards of the Hastings Center and Westchester Land Trust. From 2021 to 2023, Ms. Dublon served as a director of Motive Capital Corp. II; from 2020 to 2022, as a director of Motive Capital Corp.; from 2002 to 2017, as a director of Accenture PLC; from 2013 to 2018, as a director of Deutsche Bank AG; from 2005 to 2014, as a director of Microsoft Corporation; and from 1999 to 2002, as a director of Hartford Financial Services Group, Inc. She previously served on the faculty of Harvard Business School and on the boards of several nonprofit organizations, including the Women's Refugee Commission and Global Fund for Women. Ms. Dublon brings to the T. Rowe Price Group Board significant governance experience from serving on the boards of global companies, accounting and financial reporting experience, as well as substantial expertise with respect to the financials sector, mergers and acquisitions, global markets, public policy, and corporate finance gained throughout her career in the financial services industry, particularly her role as executive vice president and chief financial officer of a major financial institution.

Robert F. MacLellan, Director of T. Rowe Price Group. Mr. MacLellan has been an independent director of T. Rowe Price Group since 2010 and serves as chair of the Executive Compensation and Management Development Committee and as a member on the Audit Committee and Executive Committee. He is the non-executive chairman of Northleaf Capital Partners, an independent global private markets fund manager and advisor, and the chair of Magna International, a global manufacturer of auto parts. Mr. MacLellan served as chief investment officer of TD Bank Financial Group (TDBFG) from 2003 to 2009, where he was responsible for overseeing the management of investments for its Employee Pension Fund, The Toronto-Dominion Bank, TD Mutual Funds, and TD Capital Group. Earlier in his career, he was managing director of Lancaster Financial Holdings, a merchant banking group acquired by TDBFG in March 1995. Prior to that, Mr. MacLellan was vice president and director at McLeod Young Weir Limited (Scotia McLeod) and a member of the corporate finance department responsible for many corporate underwritings and financial advisory assignments. Mr. MacLellan earned a B.Com. from Carleton University and an M.B.A. from Harvard Business School. He also earned the designation of certified public accountant. Mr. MacLellan is the non-executive chair of the board of directors and a member of the technology committee of Magna International, Inc., a public company based in Aurora, Ontario. From 2012 to 2018, he was the chair of the board of Yellow Media, Inc., a public company based in Montreal. Mr. MacLellan brings substantial experience and perspective to the T. Rowe Price Group Board with respect to the financial services industry, particularly his expertise with respect to investment-related matters, including those relating to the mutual fund industry and the institutional management of investment funds, based on his tenure as chief investment officer of a major financial institution. He also brings an international perspective to the T. Rowe Price Group Board as well as significant accounting and financial reporting experience.

Eileen P. Rominger, Director of T. Rowe Price Group. Ms. Rominger has been an independent director of T. Rowe Price Group since 2021 and serves as chair of the Nominating and Corporate Governance Committee and as a member on the Executive Compensation and Management Development Committee. She was a senior advisor to CamberView Partners, LLC, a provider of investor-led advice for management and boards of public companies on shareholder engagement and corporate governance, from 2013 to 2018. Ms. Rominger also was the director of the Division of Investment Management at the U.S. Securities and Exchange Commission from 2011 to 2012 and was the global chief investment officer from 2008 to 2011 and a partner from 2004 to 2011 at Goldman Sachs Asset Management. She began her career in 1981 at Oppenheimer Capital, where she worked for 18 years as a securities analyst and then as an equity portfolio manager, serving as a managing director and a member of the executive committee. Ms. Rominger earned a B.A. in English from Fairfield University and an M.B.A. in finance from University of Pennsylvania, The Wharton School. Ms. Rominger served as a member of the board of directors of Swiss Re from 2018 to 2020 and served as a director on several of its subsidiaries until 2022. She previously served on the boards of directors of Permal Asset Management, Inc., a private company, from 2012 to 2013. Ms. Rominger brings a broad range of valuable leadership and investment management experience to the T. Rowe Price Group Board. She also has extensive experience with complex issues relevant to the Company's business, including budget and fiscal responsibility, economic, regulatory policy, and women's issues.

Robert W. Sharps, Director of T. Rowe Price Group. Mr. Sharps has been a director of T. Rowe Price Group since January 2022. He is the chair of the T. Rowe Price Group Board, chief executive officer and president of T. Rowe Price Group, and chair of the company's Executive, Management, and Management Compensation and Development Committees. Mr. Sharps has been with T. Rowe Price since 1997, beginning as an analyst specializing in financial services stocks, including banks, asset managers, and securities brokers, in the U.S. Equity Division. He was the lead portfolio manager of the Institutional Large-Cap Growth Equity Strategy from 2001 to 2016. In 2016, Mr. Sharps stepped down from portfolio management to assume an investment leadership position as co-head of Global Equity, at which time he joined the Management Committee. He was head of Investments and group chief investment officer from 2017 to 2021. In February 2021, Mr. Sharps became president of T. Rowe Price Group and then chief executive officer in January 2022. Prior to T. Rowe Price, he completed an internship as an equity research analyst at Wellington Management. Mr. Sharps also was employed by KPMG Peat Marwick as a senior management consultant, where he focused on corporate transactions, before leaving to pursue his M.B.A. in 1995. He earned a B.S., summa cum laude, in accounting from Towson University and an M.B.A. in finance from the University of Pennsylvania, The Wharton School. He also has earned the Chartered Financial Analyst® designation. Mr. Sharps currently serves on the Board of the Baltimore Curriculum Project and the Greater Washington Partnership and the board of trustees for Bridges of Baltimore. He previously served on the St. Paul's School board of trustees and was chair of the Investment Committee from July 2015 to June 2020. He also spent six years on Towson University's College of Business and Economics alumni advisory board. Mr. Sharps brings to the T. Rowe Price Group Board insight into the critical investment component of T. Rowe Price Group's business based on the leadership roles he has held in the Equity Division of Price Associates and his 25-year career with the Company.

Cynthia Smith, Director of T. Rowe Price Group. Ms. Smith has been an independent director of T. Rowe Price Group since 2023 and serves as a member on the Audit Committee and the Executive Compensation and Management Development Committee. Ms. Smith is the senior vice president for regional business and distribution development of MetLife, Inc. (MetLife), one of the world's leading financial services companies, providing insurance, annuities, employee benefits, and asset management, since 2016, and has been with MetLife since 1993. Previously, Ms. Smith served as vice president of: the customer unit (Midwest) in MetLife's group benefits national accounts organization; the group, voluntary & worksite sales regional market (Southeast region); MetLife's executive benefits sales organization; group insurance underwriting; strategic planning for the institutional business organization; and institutional business service, operations, and underwriting. Additionally, she held a variety of roles in MetLife's finance organization, including chief financial officer of sales and service and the institutional financial planning officer. Ms. Smith earned a B.A. in accounting from Aurora University and an M.B.A. with a concentration in information technology from Benedictine University. She is a certified management accountant and a graduate of the executive management program at Smith College. Ms. Smith is a member of the boards of directors for Versant Health, a wholly owned subsidiary of MetLife, and Hyatt Legal Plans, Inc., which is also owned by MetLife. Ms. Smith brings to the T. Rowe Price Group Board a broad range of valuable financial management and investment management experience, along with a deep understanding of how investment products are distributed to clients. She also has extensive experience with complex issues relevant to the Company's business, including budget and fiscal responsibility, client experience and women's issues.

Robert J. Stevens, Director of T. Rowe Price Group. Mr. Stevens has been an independent director of T. Rowe Price Group since 2019 and serves as a member on the Executive Compensation and Management Development Committee and the Nominating and Corporate Governance Committee. He was the chairman, president, and chief executive officer of Lockheed Martin Corporation, an American aerospace, defense, arms, security, and advanced technologies company, from 2005 to 2012, and served as executive chairman in 2013. He also served as Lockheed Martin's chief executive officer from August 2004 through 2012. Previously, Mr. Stevens held a variety of increasingly responsible executive positions with Lockheed Martin, including president and chief operating officer, chief financial officer, and head of strategic planning. Mr. Stevens earned a B.A. in psychology from Slippery Rock University of Pennsylvania, an M.S. in industrial engineering and management from the New York University Tandon School of Engineering, and an M.S. in business from Columbia University. Mr. Stevens serves on the advisory board of the Marine Corps Scholarship Foundation and is a member of the Council on Foreign Relations. From 2002 to 2018, he was the lead independent director of Monsanto Corporation, where he also served as the chair of the nominating and corporate governance committee and a member of the audit committee. Mr. Stevens served as a director of United States Steel Corporation from 2015 to 2018, where he was on the corporate governance and public policy committee and the compensation and organization committee. Mr. Stevens brings to the T. Rowe Price Group Board significant executive management experience. He also adds additional perspective to the T. Rowe Price Group Board regarding financial matters, mergers and acquisitions, strategic leadership, and international operational experience based on his tenure as chief executive officer of a publicly traded, multinational corporation.

Sandra S. Wijnberg, Director of T. Rowe Price Group, Inc. Ms. Wijnberg has been an independent director of T. Rowe Price Group since 2016 and serves as a member on the Executive Compensation and Management Development Committee and on the Nominating and Corporate Governance Committee. She was an executive advisor to Aquiline Holdings LLC, a registered investment advisory firm from 2015 to early 2019, where she previously served as a partner and chief administrative officer from 2007 to 2014. Previously, Ms. Wijnberg served as the senior vice president and chief financial officer of Marsh & McLennan Companies, Inc., and was treasurer and interim chief financial officer of YUM! Brands, Inc. Prior to that, she held financial positions with PepsiCo, Inc., and worked in investment banking at Morgan Stanley. In addition, from 2014 through 2015, Ms. Wijnberg was deputy head of mission for the Office of the Quartet, a development project under the auspices of the United Nations. Ms. Wijnberg earned a B.A. in English literature from the University of California, Los Angeles, and an M.B.A. from the University of Southern California's Marshall School of Business, for which she is a member of the board of leaders. Ms. Wijnberg is a member of the board of directors, chair of the audit committee, and a member of the nominating and corporate governance committee of Automatic Data Processing, Inc. She is a member of the board of directors, chair of the audit committee, and a member of the finance and strategy committee of Cognizant Technology Solutions Corp. She is a member of the board of directors, the lead director, and a member of the nominating and corporate governance and audit, risk and compliance committees of Hippo Holdings Inc. From 2003 to 2016, Ms. Wijnberg served on the board of directors of Tyco International, PLC, and from 2007 to 2009, she served on the board of directors of TE Connectivity, Ltd. She is also a director of Seeds of Peace and is a trustee of the John Simon Guggenheim Memorial Foundation. Ms. Wijnberg brings to the T. Rowe Price Group Board a global perspective along with substantial financials sector, corporate finance, and management experience, based on her roles at Aquiline Capital Partners, Marsh & McLennan, and YUM! Brands, Inc.

Alan D. Wilson, Director of T. Rowe Price Group. Mr. Wilson has been an independent director of T. Rowe Price Group since 2015 and serves as a member of the Executive Committee, the Executive Compensation and Management Development Committee, and the Nominating and Corporate Governance Committee and is also the lead independent director of the Board. He was executive chair of McCormick & Company, Inc., a global leader in flavor, seasonings and spices, and held many executive management roles, including chair, president, and chief executive officer from 2008 to 2016. Mr. Wilson earned a B.S. in communications from the University of Tennessee. He attended school on an ROTC scholarship and, following college, served as a U.S. Army captain, with tours in the United States, United Kingdom, and Germany. Mr. Wilson is a member of the board of directors of Smurfit Westrock Company and serves on the compensation and nominating and corporate governance committees. He also serves as chair for the University of Tennessee's foundation, and as a member of the University of Tennessee's Business School advisory board. Mr. Wilson brings to the T. Rowe Price Group Board significant executive management experience, having led a publicly traded, multinational company. He also adds additional perspective regarding matters relating to general management, strategic leadership, and financial matters.

The following are directors or executive officers of T. Rowe Price Group and/or the investment advisers to the Price Funds:

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| | | |
|:---|:---|:---|
| **Name** | **Company Name** | **Position Held With Company** |
| &nbsp;&nbsp;Philippe Ayral | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Japan | &nbsp;&nbsp;Director |
| | | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Emma Beal | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price International | &nbsp;&nbsp;Director |
|  |  | &nbsp;&nbsp;Vice President |
|  | | &nbsp;&nbsp;Assistant Secretary |
|  | &nbsp;&nbsp;Price Hong Kong | &nbsp;&nbsp;Vice President |
| | &nbsp;&nbsp;Price Singapore | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Nicholas Beecroft | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Australia | &nbsp;&nbsp;Director |
| | | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Theodore Edward Carter | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Chief Risk Officer |
|  |  | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Associates | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Timothy Chamberlain | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Associates | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Australia | &nbsp;&nbsp;Director |
| | | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Elsie Oi Sze Chan | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price International | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Australia | &nbsp;&nbsp;Director |
|  | | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Hong Kong | &nbsp;&nbsp;Director |
|  |  | &nbsp;&nbsp;Vice President |
|  | | &nbsp;&nbsp;Responsible Officer |
|  | &nbsp;&nbsp;Price Japan | &nbsp;&nbsp;Director |
| | &nbsp;&nbsp;Price Singapore | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Riki Chao | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Australia | &nbsp;&nbsp;Chief Compliance Officer |
|  | &nbsp;&nbsp;Price Hong Kong | &nbsp;&nbsp;Chief Compliance Officer |
|  | | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Japan | &nbsp;&nbsp;Chief Compliance Officer |
|  | | &nbsp;&nbsp;Vice President |
| | &nbsp;&nbsp;Price Singapore | &nbsp;&nbsp;Chief Compliance Officer |
| &nbsp;&nbsp;Chit George Chow | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Hong Kong | &nbsp;&nbsp;Director |
| | | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Carolyn Hoi Che Chu | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Hong Kong | &nbsp;&nbsp;Vice President |
| | | &nbsp;&nbsp;Responsible Officer |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Jennifer B. Dardis | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Chief Financial Officer |
|  |  | &nbsp;&nbsp;Vice President |
|  | | &nbsp;&nbsp;Treasurer |
|  | &nbsp;&nbsp;Price Associates | &nbsp;&nbsp;Director |
|  | | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Investment Management | &nbsp;&nbsp;Director |
| | | &nbsp;&nbsp;Treasurer |
| &nbsp;&nbsp;Kuniaki Doi | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Japan | &nbsp;&nbsp;Director |
| | | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Savonne L. Ferguson | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Associates | &nbsp;&nbsp;Chief Compliance Officer |
|  |  | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Investment Management | &nbsp;&nbsp;Chief Compliance Officer |
| | | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Darren R. Hall | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Australia | &nbsp;&nbsp;Director |
|  |  | &nbsp;&nbsp;Chair of the Board |
| | | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Gavin Anton Hayes | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Singapore | &nbsp;&nbsp;Director |
| | | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Naoyuki Honda | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Japan | &nbsp;&nbsp;Director |
|  |  | &nbsp;&nbsp;Chair of the Board |
|  |  | &nbsp;&nbsp;Company's Representative |
| | | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Arif Husain | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price International | &nbsp;&nbsp;Director |
| | | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Stephon Jackson | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Associates | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Investment Management | &nbsp;&nbsp;Director |
| | | &nbsp;&nbsp;President |
| &nbsp;&nbsp;Kimberly Johnson | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Chief Operating Officer |
|  | | &nbsp;&nbsp;Vice President |
| | &nbsp;&nbsp;Price Associates | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Louise Johnson | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price International | &nbsp;&nbsp;Chief Compliance Officer |
|  | | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Hong Kong | &nbsp;&nbsp;Vice President |
| | &nbsp;&nbsp;Price Singapore | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Scott Eric Keller | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price International | &nbsp;&nbsp;Director |
|  |  | &nbsp;&nbsp;Chair of the Board |
|  |  | &nbsp;&nbsp;Chief Executive Officer |
|  | | &nbsp;&nbsp;President |
| | &nbsp;&nbsp;Price Singapore | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Glen Tien Soon Lee | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Hong Kong | &nbsp;&nbsp;Responsible Officer |
|  | &nbsp;&nbsp;Price Singapore | &nbsp;&nbsp;Director |
|  |  | &nbsp;&nbsp;Chief Executive Officer |
| | | &nbsp;&nbsp;Vice President |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Yasuo Miyajima | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Japan | &nbsp;&nbsp;Director |
| | | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Sridhar Nishtala | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price International | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Singapore | &nbsp;&nbsp;Director |
|  |  | &nbsp;&nbsp;Chair of the Board |
| | | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;David Oestreicher | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;General Counsel |
|  |  | &nbsp;&nbsp;Vice President |
|  | | &nbsp;&nbsp;Secretary |
|  | &nbsp;&nbsp;Price Associates | &nbsp;&nbsp;Director |
|  |  | &nbsp;&nbsp;Vice President |
|  | | &nbsp;&nbsp;Secretary |
|  | &nbsp;&nbsp;Price Investment Management | &nbsp;&nbsp;Director |
|  | | &nbsp;&nbsp;Secretary |
|  | &nbsp;&nbsp;Price International | &nbsp;&nbsp;Vice President |
|  | | &nbsp;&nbsp;Secretary |
|  | &nbsp;&nbsp;Price Australia | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Hong Kong | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Japan | &nbsp;&nbsp;Vice President |
| | &nbsp;&nbsp;Price Singapore | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Robert W. Sharps | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Director |
|  |  | &nbsp;&nbsp;Chair of the Board |
|  |  | &nbsp;&nbsp;Chief Executive Officer |
|  | | &nbsp;&nbsp;President |
|  | &nbsp;&nbsp;Price Associates | &nbsp;&nbsp;Director |
|  |  | &nbsp;&nbsp;Chair of the Board |
|  | | &nbsp;&nbsp;President |
|  | &nbsp;&nbsp;Price Investment Management | &nbsp;&nbsp;Director |
| | | &nbsp;&nbsp;Chair of the Board |
| &nbsp;&nbsp;Wenting Shen | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Singapore | &nbsp;&nbsp;Director |
| | | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Kiyoko Takagi | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Japan | &nbsp;&nbsp;Director |
| | | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Denise Thomas | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price International | &nbsp;&nbsp;Director |
| | | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Justin Thomson | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price International | &nbsp;&nbsp;Vice President |
| | &nbsp;&nbsp;Price Hong Kong | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Christine Po Kwan To | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Hong Kong | &nbsp;&nbsp;Director |
|  |  | &nbsp;&nbsp;Vice President |
| | | &nbsp;&nbsp;Responsible Officer |
| &nbsp;&nbsp;Eric L. Veiel | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Associates | &nbsp;&nbsp;Director |
| | | &nbsp;&nbsp;Vice President |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Hiroshi Watanabe | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Japan | &nbsp;&nbsp;Director |
| | | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp;Ernest C. Yeung | &nbsp;&nbsp;T. Rowe Price Group | &nbsp;&nbsp;Vice President |
|  | &nbsp;&nbsp;Price Hong Kong | &nbsp;&nbsp;Director |
|  |  | &nbsp;&nbsp;Chair of the Board |
|  |  | &nbsp;&nbsp;Vice President |
| | | &nbsp;&nbsp;Responsible Officer |

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Certain directors and officers of T. Rowe Price Group and Price Associates are also officers and/or directors of one or more of the Price Funds and/or one or more of the affiliated entities listed herein.

See also "Management of the Funds," in Registrant's Statement of Additional Information.

**WCM Investment Management, LLC**

WCM Investment Management, LLC ("WCM") is a Sub-Adviser for the Registrant's Emerging Markets Equity Fund. The principal business address of WCM is 281 Brooks Street, Laguna Beach, California 92651. WCM is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of WCM has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Wellington Management Company LLP**

Wellington Management Company LLP ("Wellington Management") is a Sub-Adviser for the Registrant's Opportunistic Income and Ultra Short Duration Bond Funds. The principal business address of Wellington Management is 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a registered investment adviser under the Advisers Act.

During the last two fiscal years, no director, officer or partner of Wellington Management has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity of director, officer, employee, partner or trustee.

**Item 32. *Principal Underwriter.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Furnish the name of each investment company (other than the Registrant) for which each principal underwriter currently distributing the securities of the Registrant also acts as a principal underwriter, distributor or investment adviser.

Registrant's distributor, SEI Investments Distribution Co. (the "Distributor"), acts as distributor for: SEI

---

| | |
|:---|:---|
| SEI Daily Income Trust | July 15, 1982 |
| SEI Tax Exempt Trust | December 3, 1982 |
| SEI Institutional Managed Trust | January 22, 1987 |
| SEI Institutional International Trust | August 30, 1988 |
| The Advisors' Inner Circle Fund | November 14, 1991 |
| The Advisors' Inner Circle Fund II | January 28, 1993 |
| Bishop Street Funds | January 27, 1995 |
| SEI Asset Allocation Trust | April 1, 1996 |
| City National Rochdale Funds (f/k/a CNI Charter Funds) | April 1, 1999 |
| Causeway Capital Management Trust | September 20, 2001 |
| SEI Offshore Opportunity Fund II, Ltd. | September 1, 2005 |
| ProShares Trust | November 14, 2005 |
| Community Capital Trust (f/k/a Community Reinvestment Act<br> Qualified Investment Fund) | January 8, 2007 |
| SEI Offshore Advanced Strategy Series SPC | July 31, 2007 |
| SEI Structured Credit Fund, LP | July 31, 2007 |
| Global X Funds | October 24, 2008 |
| ProShares Trust II | November 17, 2008 |
| SEI Special Situations Fund, Ltd. | July 1, 2009 |
| Exchange Traded Concepts Trust (f/k/a FaithShares Trust) | August 7, 2009 |
| Schwab Strategic Trust | October 12, 2009 |
| RiverPark Funds Trust | September 8, 2010 |
| Adviser Managed Trust | December 10, 2010 |
| SEI Core Property Fund, LP | January 1, 2011 |
| New Covenant Funds | March 23, 2012 |
| KraneShares Trust | December 18, 2012 |
| The Advisors' Inner Circle Fund III | February 12, 2014 |
| SEI Catholic Values Trust | March 24, 2014 |
| SEI Hedge Fund SPC | June 26, 2015 |
| SEI Energy Debt Fund, LP | June 30, 2015 |
| Gallery Trust | January 8, 2016 |
| City National Rochdale Select Strategies Fund | March 1, 2017 |
| City National Rochdale Strategic Credit Fund | May 16, 2018 |
| Symmetry Panoramic Trust | July 23, 2018 |
| Frost Family of Funds | May 31, 2019 |
| SEI Vista Fund, Ltd. | January 20, 2021 |
| Wilshire Private Assets Fund | March 22, 2021 |
| Catholic Responsible Investments Funds | November 17, 2021 |
| SEI Exchange Traded Funds | May 18, 2022 |
| SEI Global Private Assets VI, L.P. | July 29, 2022 |
| Quaker Investment Trust | June 8, 2023 |
| SEI Alternative Income Fund | September 1, 2023 |
| Global X Venture Fund | March 12, 2025 |

---

The Distributor provides numerous financial services to investment managers, pension plan sponsors, and bank trust departments. These services include portfolio evaluation, performance measurement and consulting services ("Funds Evaluation") and automated execution, clearing and settlement of securities transactions ("MarketLink").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furnish the Information required by the following table with respect to each director, officer or partner of each principal underwriter named in the answer to Item 25 of Part B. Unless otherwise noted, the business address of each director or officer is One Freedom Valley Drive, Oaks, PA 19456.

---

| | | |
|:---|:---|:---|
| **Name** | **Position and Office<br> with Underwriter** | **Positions and Offices<br> with Registrant** |
| Paul F. Klauder | President, Chief Executive Officer & Director |  |
| John C. Munch | General Counsel & Secretary |  |
| William M. Doran | Director |  |
| Kevin Crowe | Director |  |
| Jason McGhin | Chief Operations Officer |  |
| John P. Coary | Chief Financial Officer & Treasurer |  |
| Jennifer H. Campisi | Chief Compliance Officer, Assistant Secretary & Anti-Money Laundering Officer |  |
| William M. Martin | Vice President |  |
| Christopher Rowan | Vice President |  |
| Judith A. Rager | Vice President |  |
| Gary Michael Reese | Vice President |  |
| Robert M. Silvestri | Vice President |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

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

Books or other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder, are maintained as follows:

&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) With respect to Rules 31a-1(a); 31a-1(b)(1); (2)(a) and (b); (3); (6); (8); (12); and 31a-1(d), the required books and records are maintained at the off ices of Registrant's Custodians:

U.S. Bank National Association

425 Walnut Street

Cincinnati, Ohio 45202

Brown Brothers Harriman & Co.

40 Water Street

Boston, Massachusetts 02109-3661

(b)/(c) With respect to Rules 31a-1(a); 31a-1(b)(1),(4); (2)(C) and (D); (4); (5); (6); (8); (9); (10); (11); and 31a-1(f), the required books and records are maintained at the off ices of Registrant's administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, Pennsylvania 19456

&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) With respect to Rules 31a-1(b)(5),(6),(9), (10) and (11) and 31a-1(f), the required books and records are maintained at the principal off ices of the Registrant's Money Managers:

SEI Investments Management Corporation

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Acadian Asset Management LLC

260 Franklin Street

Boston, Massachusetts 02110

AllianceBernstein L.P.

501 Commerce Street,

Nashville, TN 37203

Allspring Global Investments, LLC

1415 Vantage Park Drive

3rd Floor

Charlotte, North Carolina 28203

Ares Capital Management II LLC

1800 Avenue of the Stars

Suite 1400

Los Angeles, California 90067

Artisan Partners Limited Partnership

875 East Wisconsin Avenue

Suite 800

Milwaukee, WI 53202

Axiom Investors LLC

33 Benedict Place

2nd Floor

Greenwich, Connecticut 06830

Benefit Street Partners L.L.C.

1 Madison Avenue

Suite 1600

New York, New York 10010

Brandywine Global Investment Management, LLC

1735 Market Street, Suite 1800

Philadelphia, Pennsylvania 19103

Brickwood Asset Management LLP

8-10 Grosvenor Gardens,

London, United Kingdom SW1W 0DH

Brigade Capital Management, LP

399 Park Avenue

16th Floor

New York, New York 10022

Causeway Capital Management LLC

11111 Santa Monica Boulevard

15th Floor

Los Angeles, California 90025

Colchester Global Investors Ltd

Heathcoat House

20 Savile Row

London, United Kingdom W1S 3PR

Copeland Capital Management, LLC

161 Washington Street, Suite 1325

Conshohocken, Pennsylvania 19428

Cullen Capital Management LLC

645 5th Avenue

Suite 1201

New York, New York 10022

Delaware Investments Fund Advisers, a series of Macquarie Investment Management

Business Trust

100 Independence

610 Market Street

Philadelphia, Pennsylvania 19106

Easterly Investment Partners LLC

138 Conant Street, Suite 100

Beverly, Massachusetts 01915

Franklin Advisers, Inc.

One Franklin Parkway

San Mateo, California 94403-1906

Fred Alger Management, LLC

100 Pearl Street, 27<sup>th</sup> Floor

New York, New York 10004

Grantham, Mayo, Van Otterloo & Co. LLC

53 State Street, 33rd Floor

Boston, Massachusetts 02109

Income Research + Management

115 Federal Street

22nd Floor

Boston, Massachusetts 02110

Invesco Advisers, Inc.

1331 Spring Street NW

Suite 2500

Atlanta, Georgia 30309

Jackson Creek Investment Advisors LLC

115 Wilcox Street

Suite 220

Castle Rock, Colorado 80104

Jennison Associates LLC

55 East 52nd Street

New York, New York 10055

JOHCM (USA) Inc.

One Congress Street

Suite 3101

Boston, Massachusetts 02114

J.P. Morgan Investment Management Inc.

383 Madison Avenue

New York, New York 10179

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112

Leeward Investments, LLC

10 Winthrop Square

Suite 500

Boston, Massachusetts 02110

Legal & General Investment Management America Inc.

71 S. Wacker Drive

Suite 800

Chicago, Illinois 60606

Los Angeles Capital Management LLC

11150 Santa Monica Blvd.

Suite 200,

Los Angeles, California 90025

LSV Asset Management

155 N. Wacker Drive

Chicago, Illinois 60606

Mackenzie Investments Corporation

Two International Place

Suite 2320

Boston, Massachusetts 02110

Manulife Investment Management (US) LLC

197 Clarendon Street

Boston, Massachusetts 02116

Marathon Asset Management, L.P.

One Bryant Park

38th Floor

New York, New York 10036

Martingale Asset Management, L.P.

888 Boylston Street

Suite 1400

Boston, Massachusetts 02199

MetLife Investment Management, LLC

One MetLife Way

Whippany, New Jersey 07981

Metropolitan West Asset Management, LLC

515 South Flower Street,

Los Angeles, California 90071

PineStone Asset Management Inc.

1981 McGill College Avenue

Suite 1600

Montreal, QC, Canada H3A 2Y1

Pzena Investment Management, LLC

320 Park Ave

8th Floor

New York, NY 10022

Robeco Institutional Asset Management US Inc.

230 Park Avenue, Suite 3330

New York, NY 10169

RWC Asset Advisors (US) LLC

2640 S. Bayshore Drive

Suite 201

Miami, Florida 33133

SSGA Funds Management, Inc.

One Congress Street

Boston, Massachusetts, 02114

The Informed Momentum Company LLC

215 Highway 101

Suite 216

Solana Beach, California 92075

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Associates, Inc.

1307 Point Street

Baltimore, Maryland, 21231

WCM Investment Management, LLC

281 Brooks Street

Laguna Beach, California 92651-2974

Wellington Management Company LLP

280 Congress Street

Boston, Massachusetts 02210

**Item 34. *Management Services:***

None.

**Item 35. *Undertakings:***

None.

**NOTICE**

A copy of the Agreement and Declaration of Trust of SEI Institutional Investments Trust is on file with the Secretary of State of The Commonwealth of Massachusetts, and notice is hereby given that this Registration Statement has been executed on behalf of the Trust by an officer of the Trust as an officer and by its Trustees as trustees and not individually, and the obligations of or arising out of this Registration Statement are not binding upon any of the Trustees, Officers or Shareholders individually, but are binding only upon the assets and property of the Trust.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Post-Effective Amendment No. 118 to Registration Statement No. 033-58041 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Oaks, Commonwealth of Pennsylvania on the 26th day of September, 2025.

---

| | |
|:---|:---|
| SEI INSTITUTIONAL INVESTMENTS TRUST | SEI INSTITUTIONAL INVESTMENTS TRUST |
| By: | /S/ ROBERT A. NESHER |
|  | Robert A. Nesher |
|  | *Trustee, President & Chief Executive Officer* |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated.

---

| | | | |
|:---|:---|:---|:---|
| \* | \* | Trustee | September 26, 2025 |
| Nina Lesavoy | Nina Lesavoy | Trustee | September 26, 2025 |
| \* | \* | Trustee | September 26, 2025 |
| James M. Williams | James M. Williams | Trustee | September 26, 2025 |
| \* | \* | Trustee | September 26, 2025 |
| Susan C. Cote | Susan C. Cote | Trustee | September 26, 2025 |
| \* | \* | Trustee | September 26, 2025 |
| James B. Taylor | James B. Taylor | Trustee | September 26, 2025 |
| \* | \* | Trustee | September 26, 2025 |
| Christine Reynolds | Christine Reynolds | Trustee | September 26, 2025 |
| \* | \* | Trustee | September 26, 2025 |
| Thomas Melendez | Thomas Melendez | Trustee | September 26, 2025 |
| \* | \* | Trustee | September 26, 2025 |
| Dennis McGonigle | Dennis McGonigle | Trustee | September 26, 2025 |
| \* | \* | Trustee | September 26, 2025 |
| Kimberly Walker | Kimberly Walker | Trustee | September 26, 2025 |
| \* | \* | Trustee | September 26, 2025 |
| Eli Powell Niepoky | Eli Powell Niepoky | Trustee | September 26, 2025 |
| /s/ Robert A. Nesher | /s/ Robert A. Nesher | Trustee, President & Chief Executive Officer | September 26, 2025 |
| Robert A. Nesher | Robert A. Nesher | Trustee, President & Chief Executive Officer | September 26, 2025 |
| /s/ Glenn R. Kurdziel | /s/ Glenn R. Kurdziel | Controller & Chief Financial Officer | September 26, 2025 |
| Glenn R. Kurdziel | Glenn R. Kurdziel | Controller & Chief Financial Officer | September 26, 2025 |
| \*By: | /s/ Robert A. Nesher |  |  |
|  | Robert A. Nesher |  |  |
|  | *Attorney-in-Fact* |  |  |

---

---

| | |
|:---|:---|
| **<u>EXHIBIT INDEX</u>** | **<u>EXHIBIT INDEX</u>** |
| **<u>Exhibit Number</u>** | **<u>Description</u>** |
| [EX-99.B(d)(8)](tm2522623d1_ex99-bxdx8.htm) | [Amended Schedules A and B, as last revised April 10, 2025, to the Investment Sub-Advisory Agreement, dated April 2, 2009, as amended January 6, 2012, between SIMC and Acadian Asset Management LLC with respect to the World Equity Ex-US, Screened World Equity Ex-US, Global Managed Volatility, Large Cap and Large Cap Disciplined Equity Fund and U.S. Managed Volatility Funds](tm2522623d1_ex99-bxdx8.htm) |
| [EX-99.B(d)(13)](tm2522623d1_ex99-bxdx13.htm) | [Investment Sub-Advisory Agreement, dated September 1, 2024, between SIMC and Artisan Partners Limited Partnership with respect to the Emerging Markets Debt Fund](tm2522623d1_ex99-bxdx13.htm) |
| [EX-99.B(d)(19)](tm2522623d1_ex99-bxdx19.htm) | [Investment Sub-Advisory Agreement, dated October 31, 2024, between SIMC and Brickwood Asset Management LLP with respect to the World Equity Ex-US and Screened World Equity Ex-US Funds](tm2522623d1_ex99-bxdx19.htm) |
| [EX-99.B(d)(20)](tm2522623d1_ex99-bxdx20.htm) | [Amended Schedules A and B, as last revised May 1, 2025, to the Investment Sub-Advisory Agreement, dated October 31, 2024, between SIMC and Brickwood Asset Management LLP with respect to the World Equity Ex-US and Screened World Equity Ex-US Funds](tm2522623d1_ex99-bxdx20.htm) |
| [EX-99.B(d)(31)](tm2522623d1_ex99-bxdx31.htm) | [Form of Investment Sub-Advisory Agreement, dated \[●\], 2025, between SIMC and Nomura Investments Fund Advisers](tm2522623d1_ex99-bxdx31.htm) |
| [EX-99.B(d)(41)](tm2522623d1_ex99-bxdx41.htm) | [Investment Sub-Advisory Agreement, dated October 1, 2024, between SIMC and Invesco Advisers, Inc. with respect to the Emerging Markets Debt Fund](tm2522623d1_ex99-bxdx41.htm) |
| [EX-99.B(d)(48)](tm2522623d1_ex99-bxdx48.htm) | [Amended Schedules B, as last revised April 10, 2025, to the Investment Sub-Advisory Agreement, dated July 24, 2009, between SIMC and Jennison Associates LLC with respect to the Long Duration, Core Fixed Income and Long Duration Credit (f/k/a Long Duration Corporate Bond) Funds](tm2522623d1_ex99-bxdx48.htm) |
| [EX-99.B(d)(50)](tm2522623d1_ex99-bxdx50.htm) | [Amended Schedule B, dated October 1, 2025, to the Investment Sub-Advisory Agreement, dated January 23, 2023, between SIMC and JOHCM (USA) Inc.with respect to the Emerging Markets Equity](tm2522623d1_ex99-bxdx50.htm) |
| [EX-99.B(d)(78)](tm2522623d1_ex99-bxdx78.htm) | [Amended Schedules A and B, as last revised December 9, 2024, to the Investment Sub-Advisory Agreement, dated September 8, 2022, between SIMC and PineStone Asset Management Inc. with respect to the Large Cap and Large Cap Disciplined Equity Funds](tm2522623d1_ex99-bxdx78.htm) |
| [EX-99.B(i)](tm2522623d1_ex99-bxi.htm) | [Opinion and Consent of Counsel](tm2522623d1_ex99-bxi.htm) |
| [EX-99.B(j)](tm2522623d1_ex99-bxj.htm) | [Consent of Independent Registered Public Accounting Firm](tm2522623d1_ex99-bxj.htm) |
| [EX-99.B(p)(1)](tm2522623d1_ex99-bxpx1.htm) | [The Code of Ethics for SIMC, dated dated April 18, 2024](tm2522623d1_ex99-bxpx1.htm) |
| [EX-99.B(p)(5)](tm2522623d1_ex99-bxpx5.htm) | [The Code of Ethics for Acadian Asset Management LLC, dated January 2025](tm2522623d1_ex99-bxpx5.htm) |
| [EX-99.B(p)(6)](tm2522623d1_ex99-bxpx6.htm) | [The Code of Ethics for AllianceBernstein L.P., dated January 2025](tm2522623d1_ex99-bxpx6.htm) |
| [EX-99.B(p)(7)](tm2522623d1_ex99-bxpx7.htm) | [The Code of Ethics for Allspring Global Investments LLC, dated June 2025](tm2522623d1_ex99-bxpx7.htm) |
| [EX-99.B(p)(8)](tm2522623d1_ex99-bxpx8.htm) | [The Code of Ethics for Ares Capital Management II LLC, dated June 2025](tm2522623d1_ex99-bxpx8.htm) |
| [EX-99.B(p)(9)](tm2522623d1_ex99-bxpx9.htm) | [The Code of Ethics for Artisan Partners Limited Partnership, dated August 2025](tm2522623d1_ex99-bxpx9.htm) |

---

---

| | |
|:---|:---|
| [EX-99.B(p)(10)](tm2522623d1_ex99-bxpx10.htm) | [The Code of Ethics for Axiom Investors LLC (f/k/a Axiom International Advisors LLC](tm2522623d1_ex99-bxpx10.htm) |
| [EX-99.B(p)(11)](tm2522623d1_ex99-bxpx11.htm) | [The Code of Ethics for Benefit Street Partners L.L.C., dated July 2025](tm2522623d1_ex99-bxpx11.htm) |
| [EX-99.B(p)(13)](tm2522623d1_ex99-bxpx13.htm) | [The Code of Ethics for Brickwood Asset Management LLP , dated January 2025](tm2522623d1_ex99-bxpx13.htm) |
| [EX-99.B(p)(14)](tm2522623d1_ex99-bxpx14.htm) | [The Code of Ethics for Brigade Capital Management, LP, dated November 2024](tm2522623d1_ex99-bxpx14.htm) |
| [EX-99.B(p)(15)](tm2522623d1_ex99-bxpx15.htm) | [The Code of Ethics for Causeway Capital Management LLC, dated June 2025](tm2522623d1_ex99-bxpx15.htm) |
| [EX-99.B(p)(16)](tm2522623d1_ex99-bxpx16.htm) | [The Code of Ethics for Colchester Global Investors Ltd, dated October 2024](tm2522623d1_ex99-bxpx16.htm) |
| [EX-99.B(p)(19)](tm2522623d1_ex99-bxpx19.htm) | [The Code of Ethics for Delaware Investments Fund Advisers, dated September 2024](tm2522623d1_ex99-bxpx19.htm) |
| [EX-99.B(p)(20)](tm2522623d1_ex99-bxpx20.htm) | [The Code of Ethics for Easterly Investment Partners LLC, dated March 2024](tm2522623d1_ex99-bxpx20.htm) |
| [EX-99.B(p)(21)](tm2522623d1_ex99-bxpx21.htm) | [The Code of Ethics for Franklin Advisers, Inc., dated October 2024](tm2522623d1_ex99-bxpx21.htm) |
| [EX-99.B(p)(22)](tm2522623d1_ex99-bxpx22.htm) | [The Code of Ethics for Fred Alger Management, LLC, dated May 2025](tm2522623d1_ex99-bxpx22.htm) |
| [EX-99.B(p)(25)](tm2522623d1_ex99-bxpx25.htm) | [The Code of Ethics for Income Research + Management, dated April 2025](tm2522623d1_ex99-bxpx25.htm) |
| [EX-99.B(p)(26)](tm2522623d1_ex99-bxpx26.htm) | [The Code of Ethics for Invesco Advisers, Inc., dated January 2025](tm2522623d1_ex99-bxpx26.htm) |
| [EX-99.B(p)(27)](tm2522623d1_ex99-bxpx27.htm) | [The Code of Ethics for Jackson Creek Investment Advisors, LLC, dated June 2025](tm2522623d1_ex99-bxpx27.htm) |
| [EX-99.B(p)(28)](tm2522623d1_ex99-bxpx28.htm) | [The Code of Ethics for Jennison Associates LLC, dated December 2024](tm2522623d1_ex99-bxpx28.htm) |
| [EX-99.B(p)(29)](tm2522623d1_ex99-bxpx29.htm) | [The Code of Ethics for JOHCM (USA) Inc. (f/k/a J O Hambro Capital Management Limited), dated April 2025](tm2522623d1_ex99-bxpx29.htm) |
| [EX-99.B(p)(32)](tm2522623d1_ex99-bxpx32.htm) | [The Code of Ethics for Leeward Investments, LLC, dated April 2024](tm2522623d1_ex99-bxpx32.htm) |
| [EX-99.B(p)(33)](tm2522623d1_ex99-bxpx33.htm) | [The Code of Ethics for Legal & General Investment Management America, Inc., dated December 2024](tm2522623d1_ex99-bxpx33.htm) |
| [EX-99.B(p)(34)](tm2522623d1_ex99-bxpx34.htm) | [The Code of Ethics for Los Angeles Capital Management LLC, dated May 2025](tm2522623d1_ex99-bxpx34.htm) |
| [EX-99.B(p)(35)](tm2522623d1_ex99-bxpx35.htm) | [The Code of Ethics for LSV Asset Management, dated April 2025](tm2522623d1_ex99-bxpx35.htm) |
| [EX-99.B(p)(36)](tm2522623d1_ex99-bxpx36.htm) | [The Code of Ethics for Mackenzie Investments Corporation, dated July 2021](tm2522623d1_ex99-bxpx36.htm) |
| [EX-99.B(p)(37)](tm2522623d1_ex99-bxpx37.htm) | [The Code of Ethics for Manulife Investment Management (US) LLC, dated October 2024](tm2522623d1_ex99-bxpx37.htm) |
| [EX-99.B(p)(38)](tm2522623d1_ex99-bxpx38.htm) | [The Code of Ethics for Marathon Asset Management, L.P., dated April 2024](tm2522623d1_ex99-bxpx38.htm) |
| [EX-99.B(p)(40)](tm2522623d1_ex99-bxpx40.htm) | [The Code of Ethics for MetLife Investment Management, LLC, dated January 2025](tm2522623d1_ex99-bxpx40.htm) |

---

---

| | |
|:---|:---|
| [EX-99.B(p)(41)](tm2522623d1_ex99-bxpx41.htm) | [The Code of Ethics for The TCW Group, Inc., the parent company of Metropolitan West Asset Management LLC, dated June 2025](tm2522623d1_ex99-bxpx41.htm) |
| [EX-99.B(p)(43)](tm2522623d1_ex99-bxpx43.htm) | [The code of Ethics for Pzena Investment Management, revised as of June 2025](tm2522623d1_ex99-bxpx43.htm) |
| [EX-99.B(p)(44)](tm2522623d1_ex99-bxpx44.htm) | [The Code of Ethics for Robeco Institutional Asset Management US Inc., dated September 2024](tm2522623d1_ex99-bxpx44.htm) |
| [EX-99.B(p)(45)](tm2522623d1_ex99-bxpx45.htm) | [The Code of Ethics for RWC Asset Advisors (US) LLC, dated June 2025](tm2522623d1_ex99-bxpx45.htm) |
| [EX-99.B(p)(46)](tm2522623d1_ex99-bxpx46.htm) | [The Code of Ethics for SSGA Funds Management, Inc., dated March 2025](tm2522623d1_ex99-bxpx46.htm) |
| [EX-99.B(p)(47)](tm2522623d1_ex99-bxpx47.htm) | [The Code of Ethics for The Informed Momentum Company LLC (f/k/a EAM Investors, LLC)](tm2522623d1_ex99-bxpx47.htm) |
| [EX-99.B(p)(48)](tm2522623d1_ex99-bxpx48.htm) | [The Code of Ethics for T. Rowe Price Group, Inc., dated July 2025](tm2522623d1_ex99-bxpx48.htm) |
| [EX-99.B(p)(49)](tm2522623d1_ex99-bxpx49.htm) | [The Code of Ethics for WCM Investment Management, LLC, dated June 2025](tm2522623d1_ex99-bxpx49.htm) |
| [EX-99.B(q)(5)](tm2522623d1_ex99-bxqx5.htm) | [Power of Attorney, dated December 20, 2024, for Dennis McGonigle, Eli Powell Niepoky and Kimberly Walker](tm2522623d1_ex99-bxqx5.htm) |

---

EX-101.INS XBRL Instance Document

EX-101.SCH XBRL Taxonomy Extension Schema Document

EX-101.DEF XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE XBRL Taxonomy Extension Presentation Linkbase

## Ex-99.B(D)(8)

**Exhibit 99.B(d)(8)**

**Schedule A<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Acadian Asset Management LLC**

**As of April 2, 2009, as amended March 29, 2010, January 6, 2012, September 15, 2015, June 30,<br> 2016, November 12, 2020 and April 10, 2025**

**SEI INSTITUTIONAL INVESTMENTS TRUST**

World Equity Ex-U.S. Fund<br> Screened World Equity Ex-US Fund<br> Global Managed Volatility Fund<br> Large Cap Fund<br> Large Cap Disciplined Equity Fund<br> U.S. Managed Volatility Fund

**Schedule B<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Acadian Asset Management LLC**

**As of April 2, 2009, as amended March 29, 2010, January 6, 2012, September 15, 2015, June 30,<br> 2016, November 12, 2020 and April 10, 2025**

Pursuant to Paragraph 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Institutional Investments Trust</u>**

<u>Large Cap Fund and Large Cap Disciplined Equity Fund</u>

[REDACTED]

<u>World Equity Ex-U.S. Fund and Screened World Equity Ex-US Fund</u>

[REDACTED]

<u>Global Managed Volatility Fund</u>

[REDACTED]

<u>U.S. Managed Volatility Fund</u>

[REDACTED]

Agreed and Accepted:

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Acadian Asset Management LLC** | **Acadian Asset Management LLC** |
| By: | /s/ James Smigiel | By: | /s/ Ted Noon |
| Name: | James Smigiel | Name: | Ted Noon |
| Title: | Chief Investment Officer | Title: | Chief Marketing Officer |

---

## Ex-99.B(D)(13)

**Exhibit 99.B(d)(13)**

**INVESTMENT SUB-ADVISORY AGREEMENT<br> SEI INSTITUTIONAL INVESTMENTS TRUST**

AGREEMENT made as of this 1<sup>st</sup> day of September, 2024 between SEI Investments Management Corporation (the "Adviser") and Artisan Partners Limited Partnership (the "Sub-Adviser").

WHEREAS, SEI Institutional Investments Trust, a Massachusetts business trust (the "Trust"), is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Adviser has entered into an Investment Advisory Agreement dated June 14, 1996, as amended, (the "Advisory Agreement") with the Trust, pursuant to which the Adviser acts as investment adviser to each series of the Trust set forth on Schedule A attached hereto (each a "Fund," and collectively, the "Funds"), as such Schedule may be amended by mutual agreement of the parties hereto; and

WHEREAS, the Adviser, with the approval of the Trust, desires to retain the Sub-Adviser to provide investment advisory services to the Adviser in connection with the management of a Fund, and the Sub-Adviser is willing to render such investment advisory services.

NOW, THEREFORE, the parties hereto agree as follows:

1. **Duties of the Sub-Adviser.** Subject to supervision by the Adviser and the Trust's Board of
Trustees, the Sub-Adviser shall manage all of the securities and other assets of each Fund entrusted to it hereunder (the "Assets"),
including the purchase, retention and disposition of the Assets, in accordance with the Fund's investment objectives, policies and
restrictions as stated in each Fund's prospectus and statement of additional information, as currently in effect and as amended
or supplemented from time to time (referred to collectively as the "Prospectus"), and subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall, in consultation with and subject to the direction of the Adviser, determine from
time to time what Assets will be purchased, retained or sold by a Fund, and what portion of the Assets will be invested or held uninvested
in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the performance of its duties and obligations under this Agreement, the Sub-Adviser shall act in conformity
with the Trust's Declaration of Trust (as defined herein), Prospectus, Compliance Policies and Procedures and with the instructions
and directions of the Adviser and of the Board of Trustees of the Trust and will conform to and comply with the requirements of the 1940
Act, the Internal Revenue Code of 1986 (the "Code"), and all other applicable federal and state laws and regulations, as each
is amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall determine the Assets to be purchased or sold by a Fund as provided in subparagraph (a) and will place orders
with or through such persons, brokers or dealers to carry out the
policy with respect to brokerage set forth in a Fund's compliance policy and procedures or as the Board of Trustees or the Adviser
may direct from time to time, in conformity with all federal securities laws. In executing Fund transactions and selecting brokers or
dealers, the Sub-Adviser will use its best efforts to seek on behalf of each Fund the best overall terms available. In assessing the best
overall terms available for any transaction, the Sub-Adviser shall consider all factors that it deems relevant, including the breadth
of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and
the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis. In evaluating the best overall
terms available, and in selecting the broker-dealer to execute a particular transaction, the Sub-Adviser may also consider the brokerage
and research services provided (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934 (the "Exchange
Act")). Consistent with any guidelines established by the Board of Trustees of the Trust and Section 28(e) of the Exchange
Act, the Sub-Adviser is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing
a portfolio transaction for a Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting
that transaction if, but only if, the Sub-Adviser determines in good faith that such commission was reasonable in relation to the value
of the brokerage and research services provided by such broker or dealer --viewed in terms of that particular transaction or in terms
of the overall responsibilities of the Sub-Adviser to its discretionary clients, including a Fund. In addition, the Sub-Adviser is authorized
to allocate purchase and sale orders for securities to brokers or dealers (including brokers and dealers that are affiliated with the
Adviser, Sub-Adviser or the Trust's principal underwriter) if the Sub-Adviser believes that the quality of the transaction and the
commission are comparable to what they would be with other qualified firms. In no instance, however, will a Fund's Assets be purchased
from or sold to the Adviser, Sub-Adviser, the Trust's principal underwriter, or any affiliated person of either the Trust, Adviser,
the Sub-Adviser or the principal underwriter, acting as principal in the transaction, except to the extent permitted by the Securities
and Exchange Commission ("SEC") and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
Sub-Adviser shall maintain all books and records with respect to transactions involving the Assets required by subparagraphs (b)(5),
(6), (7), (9), (10) and (11) and paragraph (f) of Rule 31a-1 under the 1940 Act. The Sub-Adviser shall keep the books
and records relating to the Assets required to be maintained by the Sub-Adviser under this Agreement and shall timely furnish to the
Adviser all information relating to the Sub-Adviser's services under this Agreement needed by the Adviser to keep the other books
and records of a Fund required by Rule 31a-1 under the 1940 Act. The Sub-Adviser agrees that all records that it maintains on behalf
of a Fund are property of the Fund and the Sub-Adviser will surrender promptly to a Fund any of such records upon the Fund's request;
provided, however, that the Sub-Adviser may retain a copy of such records. In addition, for the duration of this Agreement, the
Sub-Adviser shall preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any such records as are required to be maintained
by it pursuant to this Agreement, and shall transfer said records to any successor sub-adviser upon the termination of this Agreement
(or, if there is no successor sub-adviser, to the Adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser shall provide a Fund's custodian
on each business day with information relating to all transactions concerning a Fund's Assets and shall provide the Adviser
with such information upon request of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent called for by the Trust's
Compliance Policies and Procedures, or as reasonably requested by a Fund, the Sub-Adviser shall provide the Fund with information and
advice regarding Assets to assist the Fund in determining the appropriate valuation of such Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The investment management services provided by the Sub-Adviser
under this Agreement are not to be deemed exclusive and the Sub-Adviser shall be free to render similar services to others, as long as
such services do not impair the services rendered to the Adviser or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser shall promptly notify the Adviser of
any financial condition that is reasonably likely to impair the Sub-Adviser's ability to fulfill its commitment under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) Except under the circumstances set forth in subsection (ii), the Sub-Adviser shall not be responsible for reviewing proxy solicitation materials or voting and handling proxies in relation to the securities held as Assets in a Fund. If the Sub-Adviser receives a misdirected proxy, it shall promptly forward such misdirected proxy to the Adviser.

(ii) The Sub-Adviser hereby agrees that upon 60 days' written notice from the Adviser, the Sub-Adviser shall
assume responsibility for reviewing proxy solicitation materials and voting proxies in relation to the securities held as Assets in a
Fund. As of the time the Sub-Adviser shall assume such responsibilities with respect to proxies under this sub-section (ii), the Adviser
shall instruct the custodian and other parties providing services to a Fund to promptly forward misdirected proxies to the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In performance of its duties
and obligations under this Agreement, the Sub-Adviser shall not consult with any other sub-adviser to a Fund or a sub-adviser to a portfolio
that is under common control with a Fund concerning the Assets, except as permitted by the policies and procedures of a Fund. The Sub-Adviser
shall not provide investment advice to any assets of a Fund other than the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) On
occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of a Fund as well as other clients
of the Sub-Adviser, the Sub-Adviser may, to the extent permitted by applicable law and regulations, aggregate the order for securities
to be sold or purchased. In such event, the Sub-Adviser will allocate securities so purchased or sold, as well as the expenses incurred
in the transaction, in a manner the Sub-Adviser reasonably considers to be equitable and consistent with its fiduciary obligations to
a Fund and to such other clients under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Adviser shall provide to the Adviser or the Board of Trustees such periodic and special reports,
balance sheets or financial information, and such other information with regard to its affairs as the Adviser or Board of Trustees may
reasonably request. The Sub-Adviser shall also furnish to the Adviser any other information relating to the Assets that is required to
be filed by the Adviser or the Trust with the SEC or sent to shareholders under the 1940 Act (including the rules adopted thereunder)
or any exemptive or other relief that the Adviser or the Trust obtains from the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) With respect to the Assets of a Fund, the Sub-Adviser shall file any required reports with the SEC pursuant to Section 13(f) and
Section 13(g) of the Securities Exchange Act of 1934, as amended and the rules and regulations thereunder.

To the extent permitted by law, the services to be furnished by the Sub-Adviser under this Agreement may be furnished through the medium of any of the Sub-Adviser's partners, officers, employees or control affiliates; provided, however, that the use of such mediums does not relieve the Sub-Adviser from any obligation or duty under this Agreement.

2. **Duties of the Adviser.** The Adviser shall continue to have responsibility for all services to be
provided to each Fund pursuant to the Advisory Agreement and shall oversee and review the Sub-Adviser's performance of its duties
under this Agreement; provided, however, that in connection with its management of the Assets, nothing herein shall be construed to relieve
the Sub-Adviser of responsibility for compliance with the Trust's Declaration of Trust (as defined herein), Prospectus, Compliance
Policies and Procedures, the instructions and directions of the Board of Trustees of the Trust, the requirements of the 1940 Act, the
Code, and all other applicable federal and state laws and regulations, as each is amended from time to time.

3. **Delivery of Documents.** The Adviser has furnished the Sub-Adviser with copies of each of the following
documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust's Agreement and Declaration of Trust, as filed with the Secretary of State of the Commonwealth of Massachusetts (such Agreement and Declaration of Trust, as in effect on the date of this Agreement and as amended from time to time, herein called the "Declaration of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By-Laws of the Trust (such By-Laws, as in effect on the date of this Agreement and as amended from time to time, are herein called the "By-Laws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prospectus of each Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Fund Policies and Procedures Compliance Program Manual.

4. **Compensation to the Sub-Adviser.** For the services to be provided
by the Sub-Adviser pursuant to this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation
therefor, a sub-advisory fee at the rate specified in Schedule B which is attached hereto and made part of this Agreement. The fee will
be calculated based on the average daily value of the Assets **,** excluding cash with respect
to a Fund that is an equity fund, under the Sub-Adviser's management and will be paid to the Sub-Adviser monthly. For the avoidance
of doubt, notwithstanding the fact that the Agreement has not been terminated, no fee will be accrued under this Agreement with respect
to any day that the value of the Assets under the Sub-Adviser's management equals zero. Except as may otherwise be prohibited by
law or regulation (including any then current SEC staff interpretation), the Sub-Adviser may, in its discretion and from time to time,
waive a portion of its fee.

---

| | |
|:---|:---|
| 5. | **Indemnification.** The Sub-Adviser shall indemnify and hold harmless the Adviser from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) to the extent caused by or otherwise directly related to the Sub-Adviser's willful misfeasance, bad faith, negligence or reckless disregard of duties or obligations under this Agreement by the Sub-Adviser; provided, however, that the Sub-Adviser's obligation under this Paragraph 5 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Adviser, is caused by or is otherwise directly related to the Adviser's own willful misfeasance, bad faith or negligence, or to the reckless disregard of its duties under this Agreement. |
|  | The Adviser shall indemnify and hold harmless the Sub-Adviser from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) howsoever arising from or in connection with the performance of the Adviser's obligations under this Agreement; provided, however, that the Adviser's obligation under this Paragraph 5 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Sub-Adviser, is caused by or is otherwise directly related to the Sub-Adviser's own willful misfeasance, bad faith or negligence, or to the reckless disregard of its duties under this Agreement. |

---

6. **Duration and Termination.** This Agreement shall become effective
upon approval by the Trust's Board of Trustees and its execution by the parties hereto. Pursuant to the exemptive relief obtained
in the SEC Order dated April 29, 1996, Investment Company Act Release No. 21921, approval of the Agreement by a majority
of the outstanding voting securities of a Fund is not required, and the Sub-Adviser acknowledges that it and any other sub-adviser so
selected and approved shall be without the protection (if any) accorded by shareholder approval of an investment adviser's receipt
of compensation under Section 36(b) of the 1940 Act.

This Agreement shall continue in effect for a period of more than two years from the date hereof only so long as continuance is specifically approved at least annually in conformance with the 1940 Act; provided, however, that this Agreement may be terminated with respect to a Fund (a) by the Fund at any time, without the payment of any penalty, by the vote of a majority of Trustees of the Trust or by the vote of a majority of the outstanding voting securities of the Fund, (b) by the Adviser at any time, without the payment of any penalty, on not more than 60 days' nor less than 30 days' written notice to the Sub-Adviser, or (c) by the Sub-Adviser at any time, without the payment of any penalty, on 90 days' written notice to the Adviser. This Agreement shall terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Advisory Agreement with the Trust. As used in this Paragraph 6, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

7. **Compliance Program of the Sub-Adviser.** The Sub-Adviser hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in accordance with Rule 206(4)-7 under the Investment Advisers Act of 1940, as amended (the "Advisers
Act"), the Sub-Adviser has adopted and implemented and will maintain written policies and procedures reasonably designed to prevent
violation by the Sub-Adviser and its supervised persons (as such term is defined in the Advisers Act) of the Advisers Act and the rules the
SEC has adopted under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent that the Sub-Adviser's activities or services could affect a Fund, the Sub-Adviser
has adopted and implemented and will maintain written policies and procedures that are reasonably designed to prevent violation of the
 "federal securities laws" (as such term is defined in Rule 38a-1 under the 1940 Act) by the Funds and the Sub-Adviser
(the policies and procedures referred to in this Paragraph 7(b), along with the policies and procedures referred to in Paragraph 7(a),
are referred to herein as the Sub-Adviser's "Compliance Program").

8. **Reporting of Compliance Matters.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall promptly provide to the Trust's Chief Compliance Officer ("CCO")
the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon request, for purposes of review at a mutually agreed upon location, access to copies of all SEC examination
correspondences, including correspondences regarding books and records examinations and "sweep" examinations, issued during
the term of this Agreement, in which the SEC identified any concerns, issues or matters (such correspondences are commonly referred to
as "deficiency letters") relating to any aspect of the Sub-Adviser's investment advisory business and the Sub-Adviser's
responses thereto; provided that the Sub-Adviser may redact from such correspondences client specific confidential information, material
subject to the attorney-client privilege, and material non-public information, that the Sub-Adviser reasonably determines should
not be disclosed to the Trust's chief compliance officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
report of any material violations of the Sub-Adviser's Compliance Program or any "material compliance matters" (as
such term is defined in Rule 38a-1 under the 1940 Act) that have occurred with respect to the Sub-Adviser's Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
report of any material changes to the policies and procedures that compose the Sub-Adviser's Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
copy of the Sub-Adviser's chief compliance officer's report (or similar document(s) which serve the same purpose) regarding
his or her annual review of the Sub-Adviser's Compliance Program, as required by Rule 206(4)-7 under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an
annual (or more frequently as the Trust's CCO may reasonably request) representation regarding the Sub-Adviser's compliance
with Paragraphs 7 and 8 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
Sub-Adviser shall also provide the Trust's CCO with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reasonable
access to the testing, analyses, reports and other documentation, or summaries thereof, that the Sub-Adviser's chief compliance
officer relies upon to monitor the effectiveness of the implementation of the Sub-Adviser's Compliance Program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reasonable
access, during normal business hours, to the Sub-Adviser's facilities for the purpose of conducting pre-arranged on-site compliance
related due diligence meetings with personnel of the Sub-Adviser.

9. **Governing Law.** This Agreement shall be governed by the internal laws of the Commonwealth of Massachusetts, without regard to conflict of law
principles; provided, however, that nothing herein shall be construed as being inconsistent with the 1940 Act.

10. **Severability.** Should any part of this Agreement be held invalid by a court decision, statute, rule or
 otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement
 shall be binding upon and shall inure to the benefit of the parties hereto and their respective
 successors.

11. **Notice.** Any notice, advice or report to be given pursuant to this Agreement shall be deemed sufficient if delivered or mailed by registered,
certified or overnight mail, postage prepaid addressed by the party giving notice to the other party at the last address furnished by
the other party:

---

| | |
|:---|:---|
| To the Adviser at: | SEI Investments Management Corporation |
|  | One Freedom Valley Drive |
|  | Oaks, PA 19456 |
|  | Attention: Legal Department |
| To the Trust's CCO at: | SEI Investments Management Corporation |
|  | One Freedom Valley Drive |
|  | Oaks, PA 19456 |
|  | Attention: Chief Compliance Officer |
| To the Sub-Adviser at: | Artisan Partners Limited Partnership |
|  | 875 East Wisconsin Avenue, Suite 800 |
|  | Milwaukee, WI 53202 |
|  | E-mail: |
|  | <u>contractnotice@artisanpartners.com</u> |

---

12. **[Reserved]** 

13. **Amendment of Agreement.** This Agreement may be amended only by written agreement of the Adviser
and the Sub-Adviser and only in accordance with the provisions of the 1940 Act and the rules and regulations promulgated thereunder.

14. **Entire Agreement.** This Agreement embodies the entire agreement and understanding between the parties
hereto, and supersedes all prior agreements and understandings relating to this Agreement's subject matter. This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute
only one instrument.

In the event the terms of this Agreement are applicable to more than one portfolio of the Trust (for purposes of this Paragraph 14, each a "Fund"), the Adviser is entering into this Agreement with the Sub-Adviser on behalf of the respective Funds severally and not jointly, with the express intention that the provisions contained in each numbered paragraph hereof shall be understood as applying separately with respect to each Fund as if contained in separate agreements between the Adviser and Sub-Adviser for each such Fund. In the event that this Agreement is made applicable to any additional Funds by way of a Schedule executed subsequent to the date first indicated above, provisions of such Schedule shall be deemed to be incorporated into this Agreement as it relates to such Fund so that, for example, the execution date for purposes of Paragraph 6 of this Agreement with respect to such Fund shall be the execution date of the relevant Schedule.

15. **Miscellaneous.** 

(a) A copy of the Declaration of Trust is on file with the Secretary of State of the Commonwealth of Massachusetts,
and notice is hereby given that the obligations of this instrument
are not binding upon any of the Trustees, officers or shareholders of a Fund or the Trust.

(b) Where the effect of a requirement of the 1940 Act or Advisers Act
reflected in any provision of this Agreement is altered by a rule, regulation or order of the SEC, whether of special or general application,
such provision shall be deemed to incorporate the effect of such rule, regulation or order.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the day and year first written above.

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Artisan Partners Limited Partnership** | **Artisan Partners Limited Partnership** |
| By: | /s/ James Smigiel | By: | /s/ James S. Hamman Jr. |
| Name: | James Smigiel | Name: | James S. Hamman Jr. |
| Title: | Chief Investment Officer | Title: | Vice President |

---

**Schedule A<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Artisan Partners Limited Partnership**

**As of September 1, 2024**

**SEI INSTITUTIONAL INVESTMENTS TRUST**

**Emerging Markets Debt Fund**

**Schedule B<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Artisan Partners Limited Partnership**

**As of September 1, 2024**

Pursuant to Paragraph 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Institutional Investments Trust</u>**

Emerging Markets Debt Fund [REDACTED]

Agreed and Accepted:

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Artisan Partners Limited Partnership** | **Artisan Partners Limited Partnership** |
| By: | /s/ James Smigiel | By: | /s/ James S. Hamman Jr. |
| Name: | James Smigiel | Name: | James S. Hamman Jr. |
| Title: | Chief Investment Officer | Title: | Vice President |

---

## Ex-99.B(D)(19)

**Exhibit 99.B(d)(19)**

**INVESTMENT SUB-ADVISORY AGREEMENT**

**SEI INSTITUTIONAL INVESTMENTS TRUST**

AGREEMENT made as of this 31st day of October, 2024 between SEI Investments Management Corporation (the "Adviser") and Brickwood Asset Management LLP (the "Sub-Adviser").

WHEREAS, SEI Institutional Investments Trust, a Massachusetts business trust (the "Trust"), is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Adviser has entered into an Investment Advisory Agreement dated June 14, 1996, as amended, (the "Advisory Agreement") with the Trust, pursuant to which the Adviser acts as investment adviser to each series of the Trust set forth on Schedule A attached hereto (each a "Fund," and collectively, the "Funds"), as such Schedule may be amended by mutual agreement of the parties hereto; and

WHEREAS, the Adviser, with the approval of the Trust, desires to retain the Sub-Adviser to provide investment advisory services to the Adviser in connection with the management of a Fund, and the Sub-Adviser is willing to render such investment advisory services.

NOW, THEREFORE, the parties hereto agree as follows:

**1.** **Duties of the Sub-Adviser.** Subject to supervision by the Adviser and the Trust's Board
 of Trustees, the Sub-Adviser shall manage all of the securities and other assets of each
 Fund entrusted to it hereunder (the "Assets"), including the purchase, retention
 and disposition of the Assets, in accordance with the Fund's investment objectives, policies
 and restrictions as stated in each Fund's prospectus and statement of additional information,
 as currently in effect and as amended or supplemented from time to time (referred to collectively
 as the "Prospectus"), and subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall,
 subject to the direction of the Adviser, determine from time to time what Assets will be
 purchased, retained or sold by a Fund, and what portion of the Assets will be invested or
 held uninvested in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the performance
 of its duties and obligations under this Agreement, the Sub-Adviser shall act in conformity
 with the Trust's Declaration of Trust (as defined herein), Prospectus, Compliance Policies
 and Procedures and with the written instructions and directions of the Adviser and of the
 Board of Trustees of the Trust and will conform to and comply with the requirements of the
 1940 Act, the Internal Revenue Code of 1986 (the "Code"), and all other applicable
 federal and state laws and regulations, as each is amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall
 determine the Assets to be purchased or sold by a Fund as provided in subparagraph (a) and
 will place orders with or through such persons, brokers or dealers to carry out the policy
 with respect to brokerage set forth in a Fund's Prospectus and Statement of Additional Information
 or as the Board of Trustees or as the Adviser may direct from time to time, in conformity
 with all federal securities laws. In executing Fund transactions and selecting brokers or
 dealers, the Sub-Adviser will use its best efforts to seek on behalf of each Fund the best
 overall terms available. In assessing the best overall terms available for any transaction,
 the Sub-Adviser shall consider all factors that it deems relevant, including the breadth
 of the market in the security, the price of the security, the financial condition and execution
 capability of the broker or dealer, and the reasonableness of the commission, if any, both
 for the specific transaction and on a continuing basis. In evaluating the best overall terms
 available, and in selecting the broker-dealer to execute a particular transaction, the Sub-Adviser
 may also consider the brokerage and research services provided (as those terms are defined
 in Section 28(e) of the Securities Exchange Act of 1934 (the "Exchange Act")).
 Consistent with any guidelines established by the Board of Trustees of the Trust and Section 28(e) of
 the Exchange Act), the Sub-Adviser is authorized to pay to a broker or dealer who provides
 such brokerage and research services a commission for executing a portfolio transaction for
 a Fund which is in excess of the amount of commission another broker or dealer would have
 charged for effecting that transaction if, but only if, the Sub-Adviser determines in good
 faith that such commission was reasonable in relation to the value of the brokerage and research
 services provided by such broker or dealer -- viewed in terms of that particular transaction
 or in terms of the overall responsibilities of the Sub-Adviser to its discretionary clients,
 including a Fund. In addition, the Sub-Adviser is authorized to allocate purchase and sale
 orders for securities to brokers or dealers (including brokers and dealers that are affiliated
 with the Adviser, Sub-Adviser or the Trust's principal underwriter) if the Sub-Adviser believes
 that the quality of the transaction and the commission are comparable to what they would
 be with other qualified firms. In no instance, however, will a Fund's Assets be purchased
 from or sold to the Adviser, Sub-Adviser, the Trust's principal underwriter, or any affiliated
 person (as defined under the 1940 Act) of either the Trust, Adviser, the Sub-Adviser or the
 principal underwriter, acting as principal in the transaction, except to the extent permitted
 by the Securities and Exchange Commission ("SEC") and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Sub-Adviser shall maintain all books and records with respect to transactions involving the
 Assets required by subparagraphs (b)(5), (6), (7), (9), (10) and (11) and paragraph
 (f) of Rule 31a-1 under the 1940 Act. The Sub-Adviser shall keep the books and
 records relating to the Assets required to be maintained by the Sub-Adviser under this Agreement
 and shall timely furnish to the Adviser all information relating to the Sub-Adviser's services
 under this Agreement needed by the Adviser to keep the other books and records of a Fund
 required by Rule 31a-1 under the 1940 Act. The Sub-Adviser agrees that all records that
 it maintains on behalf of a Fund are property of the Fund and the Sub-Adviser will surrender
 promptly to a Fund any of such records upon the Fund's request; provided, however, that the
 Sub-Adviser may (a) retain a copy of such records and (b) redact any such information
 as relates to its other clients, however, to the extent any regulatory authority requests
 unredacted records, the Sub-Adviser will provide unredacted records directly to such regulatory
 authority. In addition, the Sub-Adviser shall preserve for the periods prescribed by Rule 31a-2
 under the 1940 Act any such records as are required to be maintained by it pursuant to this
 Agreement, and shall transfer said records to any successor sub-adviser (or, if there is
 no successor sub-adviser, to the Adviser), upon the Fund's request. Notwithstanding any termination
 of this Agreement, the Sub-Adviser's obligations under this Paragraph 1(d) shall survive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser shall provide a Fund's
 custodian on each business day with information relating to all transactions concerning a
 Fund's Assets and shall provide the Adviser with such information upon request of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent called for by the Trust's Compliance Policies and Procedures,
 or as reasonably requested by a Fund, the Sub-Adviser shall provide the Fund with information
 and advice regarding Assets to assist the Fund in determining the appropriate valuation of
 such Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The investment management services provided
 by the Sub-Adviser under this Agreement are not to be deemed exclusive and the Sub-Adviser
 shall be free to render similar services to others, as long as such services do not impair
 the services rendered to the Adviser or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser shall promptly notify
 the Adviser of any financial condition that is reasonably likely to impair the Sub-Adviser's
 ability to fulfill its commitment under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) Except
 under the circumstances set forth in subsection (ii), the Sub-Adviser shall not be responsible for reviewing proxy solicitation materials
 or voting and handling proxies in relation to the securities held as Assets in a Fund. If the Sub-Adviser receives a misdirected
 proxy, it shall promptly forward such misdirected proxy to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Sub-Adviser hereby agrees that
 upon 60 days' written notice from the Adviser, the Sub-Adviser shall assume responsibility
 for reviewing proxy solicitation materials and voting proxies in relation to the securities
 held as Assets in a Fund. As of the time the Sub-Adviser shall assume such responsibilities
 with respect to proxies under this sub-section (ii), the Adviser shall instruct the custodian
 and other parties providing services to a Fund to promptly forward misdirected proxies to
 the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In performance of its duties and obligations
 under this Agreement, the Sub-Adviser shall not consult with any other sub-adviser to a Fund
 or a sub-adviser to a portfolio that is under common control with a Fund concerning the Assets,
 except as permitted by the policies and procedures of a Fund. The Sub-Adviser shall not provide
 investment advice to any assets of a Fund other than the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) On occasions when the Sub-Adviser deems
 the purchase or sale of a security to be in the best interest of a Fund as well as other
 clients of the Sub-Adviser, the Sub-Adviser may, to the extent permitted by applicable law
 and regulations, aggregate the order for securities to be sold or purchased. In such event,
 the Sub-Adviser will allocate securities so purchased or sold, as well as the expenses incurred
 in the transaction, in a manner the Sub-Adviser reasonably considers to be equitable and
 consistent with its fiduciary obligations to a Fund and to such other clients under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Sub-Adviser shall provide to the
 Adviser or the Board of Trustees such periodic and special reports, balance sheets or financial
 information, and such other information with regard to its affairs as the Adviser or Board
 of Trustees may reasonably request. The Sub-Adviser shall, upon request from the Adviser,
 also furnish to the Adviser any other information relating to the Assets that is required
 to be filed by the Adviser or the Trust with the SEC or sent to shareholders under the 1940
 Act (including the rules adopted thereunder) or any exemptive or other relief that the
 Adviser or the Trust obtains from the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) With respect to the Assets of a Fund, the Sub-Adviser shall file
 any required reports with the SEC pursuant to Section 13(f) and Section 13(g) of
 the Securities Exchange Act of 1934, as amended and the rules and regulations thereunder.

To the extent permitted by law, the services to be furnished by the Sub-Adviser under this Agreement may be furnished through the medium of any of the Sub-Adviser's partners, officers, employees or control affiliates; provided, however, that the use of such mediums does not relieve the Sub-Adviser from any obligation or duty under this Agreement.

2. **Duties of the Adviser.** The Adviser shall continue to have responsibility for all services to be provided
 to each Fund pursuant to the Advisory Agreement and shall oversee and review the Sub-Adviser's
 performance of its duties under this Agreement; provided, however, that in connection with
 its management of the Assets, nothing herein shall be construed to relieve the Sub-Adviser
 of responsibility for compliance with the Trust's Declaration of Trust (as defined herein),
 Prospectus, Compliance Policies and Procedures, the instructions and directions of the Board
 of Trustees of the Trust, the requirements of the 1940 Act, the Code, and all other applicable
 federal and state laws and regulations, as each is amended from time to time.

In relation to the Declaration of Trust, Prospectus and the Compliance Policies and Procedures and any statement of additional information, the Sub-Adviser shall only be required to comply with the most recent version provided to it by the Adviser.

3. **Delivery of Documents.** The Adviser has furnished the Sub-Adviser with copies of each of the following
 documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Trust's Agreement and Declaration of Trust, as filed with the Secretary of State of the Commonwealth
 of Massachusetts (such Agreement and Declaration of Trust, as in effect on the date of this
 Agreement and as amended from time to time, herein called the **"Declaration** of
 Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By-Laws
 of the Trust (such By-Laws, as in effect on the date of this Agreement and as amended from
 time to time, are herein called the "By-Laws"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prospectus
 of each Fund.

4. **Compensation to the Sub-Adviser.** For the services to be provided by the Sub-Adviser pursuant to this
 Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as
 full compensation therefor, a sub-advisory fee at the rate specified in Schedule B which
 is attached hereto and made part of this Agreement. The fee will be calculated based on the
 average daily value of the Assets, excluding cash with respect to a Fund that is an equity
 fund, under the Sub-Adviser's management and will be paid to the Sub-Adviser monthly. For
 the avoidance of doubt, notwithstanding the fact that the Agreement has not been terminated,
 no fee will be accrued under this Agreement with respect to any day that the value of the
 Assets under the Sub-Adviser's management equals zero. Except as may otherwise be prohibited
 by law or regulation (including any then current SEC staff interpretation), the Sub-Adviser
 may, in its discretion and from time to time, waive a portion of its fee.

5. **Indemnification.** The Sub-Adviser shall indemnify and hold harmless the Adviser from and against any and
 all claims, losses, liabilities or damages (including reasonable attorney's fees and other
 related expenses) howsoever arising from or in connection with the Sub-Adviser's willful
 misfeasance, bad faith or negligence, or to the reckless disregard of its duties under this
 Agreement; provided, however, that the Sub-Adviser's obligation under this Paragraph 5 shall
 be reduced to the extent that the claim against, or the loss, liability or damage experienced
 by the Adviser, is caused by or is otherwise directly related to the Adviser's own willful
 misfeasance, bad faith or negligence, or to the reckless disregard of its duties under this
 Agreement.

The Adviser shall indemnify and hold harmless the Sub-Adviser from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) howsoever arising from or in connection with the Adviser's willful misfeasance, bad faith or negligence, or to the reckless disregard of its duties under this Agreement; provided, however, that the Adviser's obligation under this Paragraph 5 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Sub-Adviser, is caused by or is otherwise directly related to the Sub-Adviser's own willful misfeasance, bad faith or negligence, or to the reckless disregard of its duties under this Agreement.

6. **Duration and Termination.** This Agreement shall become effective upon approval by the Trust's Board
 of Trustees and its execution by the parties hereto. Pursuant to the exemptive relief obtained
 in the SEC Order dated April 29, 1996, Investment Company Act Release No. 21921,
 approval of the Agreement by a majority of the outstanding voting securities of a Fund is
 not required, and the Sub-Adviser acknowledges that it and any other sub-adviser so selected
 and approved shall be without the protection (if any) accorded by shareholder approval of
 an investment adviser's receipt of compensation under Section 36(b) of the 1940
 Act.

This Agreement shall continue in effect for a period of more than two years from the date hereof only so long as continuance is specifically approved at least annually in conformance with the 1940 Act; provided, however, that this Agreement may be terminated with respect to a Fund (a) by the Fund at any time, without the payment of any penalty, by the vote of a majority of Trustees of the Trust or by the vote of a majority of the outstanding voting securities of the Fund, (b) by the Adviser at any time, without the payment of any penalty, on not more than 60 days' nor less than 30 days' written notice to the Sub-Adviser, or (c) by the Sub-Adviser at any time, without the payment of any penalty, on 90 days' written notice to the Adviser. This Agreement shall terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Advisory Agreement with the Trust. As used in this Paragraph 6, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

7. **Compliance Program of the Sub-Adviser.** The Sub-Adviser hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in accordance with Rule 206(4)-7
 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), the
 Sub-Adviser has adopted and implemented and will maintain written policies and procedures
 reasonably designed to prevent violation by the Sub-Adviser and its supervised persons (as
 such term is defined in the Advisers Act) of the Advisers Act and the rules the SEC
 has adopted under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent that the Sub-Adviser's
 activities or services could affect a Fund, the Sub-Adviser has adopted and implemented and
 will maintain written policies and procedures that are reasonably designed to prevent violation
 of the "federal securities laws" (as such term is defined in Rule 38a-1 under
 the 1940 Act) by the Funds and the Sub-Adviser (the policies and procedures referred to in
 this Paragraph 7(b), along with the policies and procedures referred to in Paragraph 7(a),
 are referred to herein as the Sub-Adviser's "Compliance Program").

8. **Reporting of Compliance Matters.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall promptly provide
 to the Trust's Chief Compliance Officer ("CCO") the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) copies of all SEC examination correspondences,
 including correspondences regarding books and records examinations and "sweep"
 examinations, issued during the term of this Agreement, in which the SEC identified any concerns,
 issues or matters (such correspondences are commonly referred to as "deficiency letters")
 relating to any aspect of the Sub-Adviser's investment advisory business and the Sub-Adviser's
 responses thereto,;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 report of any material violations of the Sub-Adviser's Compliance Program or any "material
 compliance matters" (as such term is defined in Rule 38a-1 under the 1940 Act)
 that have occurred with respect to the Sub-Adviser's Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 report of any material changes to the policies and procedures that compose the Sub-Adviser's
 Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 copy of the Sub-Adviser's chief compliance officer's report (or similar document(s) which
 serve the same purpose) regarding his or her annual review of the Sub-Adviser's Compliance
 Program, as required by Rule 206(4)-7 under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an
 annual (or more frequently as the Trust's CCO may reasonably request) representation regarding
 the Sub-Adviser's compliance with Paragraphs 7 and 8 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 request, the Sub-Adviser shall also provide the Trust's CCO with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reasonable
 access to the testing, analyses, reports and other documentation, or summaries thereof, that
 the Sub-Adviser's chief compliance officer relies upon to monitor the effectiveness of the
 implementation of the Sub-Adviser's Compliance Program provided that the Sub-Advisers shall
 be entitled to redact or remove any confidential information relating to another of its clients,
 however, further provided that should a regulatory authority seek an unredacted version,
 the Sub-Adviser will provide such regulatory authority with the unredacted version; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reasonable
 access, during normal business hours, to the Sub-Adviser's facilities for the purpose of
 conducting pre-arranged on-site compliance related due diligence meetings with personnel
 of the Sub-Adviser.

9. **Governing Law.** This Agreement shall be governed by the internal laws of the Commonwealth of Massachusetts,
 without regard to conflict of law principles; provided, however, that nothing herein shall
 be construed as being inconsistent with the 1940 Act.

10. **Severability.** Should any part of this Agreement be held invalid by a court decision, statute, rule or
 otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement
 shall be binding upon and shall inure to the benefit of the parties hereto and their respective
 successors.

11. **Notice.** Any
 notice, advice or report to be given pursuant to this Agreement shall be deemed sufficient
 if delivered or mailed by registered, certified or overnight mail, postage prepaid addressed
 by the party giving notice to the other party at the last address furnished by the other
 party:

---

| | |
|:---|:---|
| To the Adviser at: | SEI Investments Management Corporation <br> One Freedom Valley Drive <br> Oaks, PA 19456 <br> Attention: Legal Department |
| To the Trust's CCO at: | SEI Investments Management Corporation <br> One Freedom Valley Drive <br> Oaks, PA 19456 <br> Attention: CCO |
| To the Sub-Adviser at: | Brickwood Asset Management LLP <br> 8-10 Grosvenor Gardens<br> London SW1W 0DH <br> United Kingdom <br> Attention: CEO |

---

12. **Noncompete Provisions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Sub-Adviser hereby agrees that the Sub-Adviser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) waive enforcement of any noncompete
 agreement or other agreement or arrangement to which it is currently a party that restricts,
 limits, or otherwise interferes with the ability of the Adviser to employ or engage any person
 or entity to provide investment advisory or other services and will transmit to any person
 or entity notice of such waiver as may be required to give effect to this provision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not become a party to any noncompete
 agreement or other agreement or arrangement that restricts, limits or otherwise interferes
 with the ability of the Adviser to employ or engage any person or entity to provide investment
 advisory or other services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any termination of this
 Agreement, the Sub-Adviser's obligations under this Paragraph 12 shall survive.

13. **Amendment of Agreement.** This Agreement may be amended only by written agreement of the Adviser
 and the Sub-Adviser and only in accordance with the provisions of the 1940 Act and the rules and
 regulations promulgated thereunder.

14. **Entire Agreement.** This Agreement embodies the entire agreement and understanding between the parties hereto,
 and supersedes all prior agreements and understandings relating to this Agreement's subject
 matter. This Agreement may be executed in any number of counterparts, each of which shall
 be deemed to be an original, but such counterparts shall, together, constitute only one instrument.

In the event the terms of this Agreement are applicable to more than one portfolio of the Trust (for purposes of this Paragraph 14, each a "Fund"), the Adviser is entering into this Agreement with the Sub-Adviser on behalf of the respective Funds severally and not jointly, with the express intention that the provisions contained in each numbered paragraph hereof shall be understood as applying separately with respect to each Fund as if contained in separate agreements between the Adviser and Sub-Adviser for each such Fund. In the event that this Agreement is made applicable to any additional Funds by way of a Schedule executed subsequent to the date first indicated above, provisions of such Schedule shall be deemed to be incorporated into this Agreement as it relates to such Fund so that, for example, the execution date for purposes of Paragraph 6 of this Agreement with respect to such Fund shall be the execution date of the relevant Schedule.

15. **Miscellaneous.** 

(a) A copy of the Declaration of Trust is on file
 with the Secretary of State of the Commonwealth of Massachusetts, and notice is hereby given
 that the obligations of this instrument are not binding upon any of the Trustees, officers
 or shareholders of a Fund or the Trust.

(b) Where the effect of a requirement of the 1940
 Act or Advisers Act reflected in any provision of this Agreement is altered by a rule, regulation
 or order of the SEC, whether of special or general application, such provision shall be deemed
 to incorporate the effect of such rule, regulation or order.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the day and year first written above.

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Brickwood Asset Management LLP** | **Brickwood Asset Management LLP** |
| By: | /s/ James Smigiel | By: | /s/ Claudia Ripley |
| Name: | James Smigiel | Name: | Claudia Ripley |
| Title: | Chief Investment Officer | Title: | CEO |

---

**Schedule A<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Brickwood Asset Management LLP<br> As of October 31, 2024**

**SEI INSTITUTIONAL INVESTMENTS TRUST**

World Equity Ex-US Fund<br> Screened World Equity Ex-US Fund<br> World Select Equity Fund

**Schedule B<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Brickwood Asset Management LLP<br> As of October 31, 2024**

Pursuant to Paragraph 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Institutional Investments Trust</u>**

World Equity Ex-US Fund, World Select Equity Fund and Screened World Equity Ex-US Fund.

[REDACTED]

[REDACTED]

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Brickwood Asset Management LLP** | **Brickwood Asset Management LLP** |
| By: | /s/ James Smigiel | By: | /s/ Claudia Ripley |
| Name: | James Smigiel | Name: | Theodore W. Noon |
| Title: | Chief Investment Officer | Title: | CEO |

---

## Ex-99.B(D)(20)

**Exhibit 99.B(d)(20)**

**Schedule A<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Brickwood Asset Management LLP<br> As of October 31, 2024, as amended May 1, 2025**

**SEI INSTITUTIONAL INVESTMENTS TRUST**

World Equity Ex-US Fund<br> Screened World Equity Ex-US Fund<br> World Select Equity Fund

**Schedule B<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Brickwood Asset Management LLP<br> As of October 31, 2024, as amended May 1, 2025**

Pursuant to Paragraph 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

---

| | |
|:---|:---|
| **<u>SEI Institutional Investments Trust</u>** |  |
| World Equity Ex-US Fund | [REDACTED] |
| World Select Equity Fund | [REDACTED] |
| Screened World Equity Ex-US Fund. | [REDACTED] |

---

**Agreed and Accepted:**

---

| | | | |
|:---|:---|:---|:---|
| **SEI Investments Management Corporation** | **SEI Investments Management Corporation** | **Brickwood Asset Management LLP** | **Brickwood Asset Management LLP** |
| By: | /s/ James Smigiel | By: | /s/ Claudia Ripley |
| Name: | James Smigiel | Name: | Claudia Ripley |
| Title: | Chief Investment Officer | Title: | CEO |

---

## Ex-99.B(D)(31)

**Exhibit 99.B(d)(31)**

**FORM OF**

**INVESTMENT SUB-ADVISORY AGREEMENT**

**SEI INSTITUTIONAL INVESTMENTS TRUST**

AGREEMENT made as of this ______day of ________, 2025 between SEI Investments Management Corporation (the "Adviser") and Nomura Investments Fund Advisers (the "Sub-Adviser"), a series of Nomura Investment Management Business Trust.

WHEREAS, SEI Institutional Investments Trust, a Massachusetts business trust (the "Trust"), is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Adviser has entered into an Investment Advisory Agreement dated June 14, 1996, as amended, (the "Advisory Agreement") with the Trust, pursuant to which the Adviser acts as investment adviser to each series of the Trust set forth on Schedule A attached hereto (each a "Fund," and collectively, the "Funds"), as such Schedule may be amended by mutual agreement of the parties hereto; and

WHEREAS, the Adviser, with the approval of the Trust, desires to retain the Sub-Adviser to provide investment advisory services to the Adviser in connection with the management of a Fund, and the Sub-Adviser is willing to render such investment advisory services.

NOW, THEREFORE, the parties hereto agree as follows:

1. **Duties of the Sub-Adviser.** Subject to supervision by the Adviser and the Trust's Board of
Trustees, the Sub-Adviser shall manage all of the securities and other assets of each Fund entrusted to it hereunder (the "Assets"),
including the purchase, retention and disposition of the Assets, in accordance with the Fund's investment objectives, policies and
restrictions as stated in each Fund's prospectus and statement of additional information, as currently in effect and as amended
or supplemented from time to time (referred to collectively as the "Prospectus"), and subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall, in consultation with and subject to the direction of the Adviser, determine from
time to time what Assets will be purchased, retained or sold by a Fund, and what portion of the Assets will be invested or held uninvested
in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the performance of its duties and obligations under this Agreement, the Sub-Adviser shall act in conformity
with the Trust's Declaration of Trust (as defined herein), Prospectus, Compliance Policies and Procedures and with the instructions
and directions of the Adviser and of the Board of Trustees of the Trust and will conform to and comply with the requirements of the 1940
Act, the Internal Revenue Code of 1986 (the "Code"), and all other applicable federal and state laws and regulations, as each
is amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall determine the Assets to be purchased or sold by a Fund as provided in subparagraph (a) and
will place orders with or through such persons, brokers or dealers to carry out the policy with respect to brokerage set forth in a Fund's
Prospectus or as the Board of Trustees or the Adviser may direct from time to time, in conformity with all federal securities laws. In
executing Fund transactions and selecting brokers or dealers, the Sub-Adviser will use its best efforts to seek on behalf of each Fund
the best overall terms available. In assessing the best overall terms available for any transaction, the Sub-Adviser shall consider all
factors that it deems relevant, including the breadth of the market in the security, the price of the security, the financial condition
and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for the specific transaction
and on a continuing basis. In evaluating the best overall terms available, and in selecting the broker-dealer to execute a particular
transaction, the Sub-Adviser may also consider the brokerage and research services provided (as those terms are defined in Section 28(e) of
the Securities Exchange Act of 1934 (the "Exchange Act")). Consistent with any guidelines established by the Board of Trustees
of the Trust and Section 28(e) of the Exchange Act, the Sub-Adviser is authorized to pay to a broker or dealer who provides
such brokerage and research services a commission for executing a portfolio transaction for a Fund which is in excess of the amount of
commission another broker or dealer would have charged for effecting that transaction if, but only if, the Sub-Adviser determines in good
faith that such commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer
-- viewed in terms of that particular transaction or in terms of the overall responsibilities of the Sub-Adviser to its discretionary
clients, including a Fund. In addition, the Sub-Adviser is authorized to allocate purchase and sale orders for securities to brokers or
dealers (including brokers and dealers that are affiliated with the Adviser, Sub-Adviser or the Trust's principal underwriter) if
the Sub-Adviser believes that the quality of the transaction and the commission are comparable to what they would be with other qualified
firms. In no instance, however, will a Fund's Assets be purchased from or sold to the Adviser, Sub-Adviser, the Trust's principal
underwriter, or any affiliated person of either the Trust, Adviser, the Sub-Adviser or the principal underwriter, acting as principal
in the transaction, except to the extent permitted by the Securities and Exchange Commission ("SEC") and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser shall maintain all books and records with respect to transactions involving the Assets
required by subparagraphs (b)(5), (6), (7), (9), (10) and (11) and paragraph (f) of Rule 31a-1 under the 1940 Act. The
Sub-Adviser shall keep the books and records relating to the Assets required to be maintained by the Sub-Adviser under this Agreement
and shall timely furnish to the Adviser all information relating to the Sub-Adviser's services under this Agreement needed by the
Adviser to keep the other books and records of a Fund required by Rule 31a-1 under the 1940 Act. The Sub-Adviser agrees that all
records that it maintains on behalf of a Fund are property of the Fund and the Sub-Adviser will surrender promptly to a Fund any of such
records upon the Fund's request; provided, however, that the Sub-Adviser may retain a copy of such records. In addition, for the
duration of this Agreement, the Sub-Adviser shall preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any such records
as are required to be maintained by it pursuant to this Agreement, and shall transfer said records to any successor sub-adviser upon the
termination of this Agreement (or, if there is no successor sub-adviser, to the Adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser shall provide a Fund's custodian on each business day with information relating
to all transactions concerning a Fund's Assets and shall provide the Adviser with such information upon request of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent called for by the Trust's Compliance Policies and Procedures, or as reasonably requested by a Fund, the Sub-Adviser
shall provide the Fund with information and advice regarding Assets to assist the Fund in determining the appropriate valuation of such
Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The investment management services provided by the Sub-Adviser under this Agreement are not to be deemed
exclusive and the Sub-Adviser shall be free to render similar services to others, as long as such services do not impair the services
rendered to the Adviser or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser shall promptly notify the Adviser of any financial condition that is reasonably likely
to impair the Sub-Adviser's ability to fulfill its commitment under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) Except under the circumstances set forth in subsection (ii), the Sub-Adviser shall not be responsible for reviewing proxy solicitation
materials or voting and handling proxies in relation to the securities held as Assets in a Fund. If the Sub-Adviser receives a misdirected
proxy, it shall promptly forward such misdirected proxy to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Sub-Adviser hereby agrees that upon 60 days' written notice from the Adviser, the Sub-Adviser shall
assume responsibility for reviewing proxy solicitation materials and voting proxies in relation to the securities held as Assets in a
Fund. As of the time the Sub-Adviser shall assume such responsibilities with respect to proxies under this sub-section (ii), the Adviser
shall instruct the custodian and other parties providing services to a Fund to promptly forward misdirected proxies to the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In performance of its duties and obligations under this Agreement, the Sub-Adviser shall not consult with
any other sub-adviser to a Fund or a sub-adviser to a portfolio that is under common control with a Fund concerning the Assets, except
as permitted by the policies and procedures of a Fund. The Sub-Adviser shall not provide investment advice to any assets of a Fund other
than the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest
of a Fund as well as other clients of the Sub-Adviser, the Sub-Adviser may, to the extent permitted by applicable law and regulations,
aggregate the order for securities to be sold or purchased. In such event, the Sub-Adviser will allocate securities so purchased or sold,
as well as the expenses incurred in the transaction, in a manner the Sub-Adviser reasonably considers to be equitable and consistent with
its fiduciary obligations to a Fund and to such other clients under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Adviser shall provide to the Adviser or the Board of Trustees such periodic and special reports,
balance sheets or financial information, and such other information with regard to its affairs as the Adviser or Board of Trustees may
reasonably request. The Sub-Adviser shall also furnish to the Adviser any other information relating to the Assets that is required to
be filed by the Adviser or the Trust with the SEC or sent to shareholders under the 1940 Act (including the rules adopted thereunder)
or any exemptive or other relief that the Adviser or the Trust obtains from the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) With respect to the Assets of a Fund, the Sub-Adviser shall file any required reports with the SEC pursuant
to Section 13(f) and Section 13(g) of the Securities Exchange
Act of 1934, as amended and the rules and regulations thereunder.

To the extent permitted by law, the services to be furnished by the Sub-Adviser under this Agreement may be furnished through the medium of any of the Sub-Adviser's partners, officers, employees or control affiliates; provided, however, that the use of such mediums does not relieve the Sub-Adviser from any obligation or duty under this Agreement.

2. **Duties of the Adviser.** The Adviser shall continue to have responsibility for all services to be
provided to each Fund pursuant to the Advisory Agreement and shall oversee and review the Sub-Adviser's performance of its duties
under this Agreement; provided, however, that in connection with its management of the Assets, nothing herein shall be construed to relieve
the Sub-Adviser of responsibility for compliance with the Trust's Declaration of Trust (as defined herein), Prospectus, Compliance
Policies and Procedures, the instructions and directions of the Board of Trustees of the Trust, the requirements of the 1940 Act, the
Code, and all other applicable federal and state laws and regulations, as each is amended from time to time.

3. **Delivery of Documents.** The Adviser has furnished the Sub-Adviser with copies of each of the following
documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust's Agreement and Declaration of Trust, as filed with the Secretary of State of the Commonwealth
of Massachusetts (such Agreement and Declaration of Trust, as in effect on the date of this Agreement and as amended from time to time,
herein called the "Declaration of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By-Laws of the Trust (such By-Laws, as in effect on the date of this Agreement and as amended from
time to time, are herein called the "By-Laws"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prospectus of each Fund.

4. **Compensation to the Sub-Adviser.** For the services to be provided by the Sub-Adviser pursuant to
this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation therefor, a sub-advisory
fee at the rate specified in Schedule B which is attached hereto and made part of this Agreement. The fee will be calculated based on
the average daily value of the Assets **,** excluding cash with respect to a Fund that is an equity fund, under the Sub-Adviser's
management and will be paid to the Sub-Adviser monthly. For the avoidance of doubt, notwithstanding the fact that the Agreement has not
been terminated, no fee will be accrued under this Agreement with respect to any day that the value of the Assets under the Sub-Adviser's
management equals zero. Except as may otherwise be prohibited by law or regulation (including any then current SEC staff interpretation),
the Sub-Adviser may, in its discretion and from time to time, waive a portion of its fee.

5. **Indemnification.** The Sub-Adviser shall indemnify and hold harmless the Adviser from and against
any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) howsoever arising
from or in connection with the performance of the Sub-Adviser's obligations under this Agreement; provided, however, that the Sub-Adviser's
obligation under this Paragraph 5 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced
by the Adviser, is caused by or is otherwise directly related to the Adviser's own willful misfeasance, bad faith or negligence,
or to the reckless disregard of its duties under this Agreement.

The Adviser shall indemnify and hold harmless the Sub-Adviser from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) howsoever arising from or in connection with the performance of the Adviser's obligations under this Agreement; provided, however, that the Adviser's obligation under this Paragraph 5 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Sub-Adviser, is caused by or is otherwise directly related to the Sub-Adviser's own willful misfeasance, bad faith or negligence, or to the reckless disregard of its duties under this Agreement.

6. **Duration and Termination.** This Agreement shall become effective upon approval by the Trust's
Board of Trustees and its execution by the parties hereto. Pursuant to the exemptive relief obtained in the SEC Order dated April 29,
1996, Investment Company Act Release No. 21921, approval of the Agreement by a majority of the outstanding voting securities
of a Fund is not required, and the Sub-Adviser acknowledges that it and any other sub-adviser so selected and approved shall be without
the protection (if any) accorded by shareholder approval of an investment adviser's receipt of compensation under Section 36(b) of
the 1940 Act.

This Agreement shall continue in effect for a period of more than two years from the date hereof only so long as continuance is specifically approved at least annually in conformance with the 1940 Act; provided, however, that this Agreement may be terminated with respect to a Fund (a) by the Fund at any time, without the payment of any penalty, by the vote of a majority of Trustees of the Trust or by the vote of a majority of the outstanding voting securities of the Fund, (b) by the Adviser at any time, without the payment of any penalty, on not more than 60 days' nor less than 30 days' written notice to the Sub-Adviser, or (c) by the Sub-Adviser at any time, without the payment of any penalty, on 90 days' written notice to the Adviser. This Agreement shall terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Advisory Agreement with the Trust. As used in this Paragraph 6, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

7. **Compliance Program of the Sub-Adviser.** The Sub-Adviser hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in accordance with Rule 206(4)-7 under the Investment Advisers Act of 1940, as amended (the "Advisers
Act"), the Sub-Adviser has adopted and implemented and will maintain written policies and procedures reasonably designed to prevent
violation by the Sub-Adviser and its supervised persons (as such term is defined in the Advisers Act) of the Advisers Act and the rules the
SEC has adopted under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent that the Sub-Adviser's activities or services could affect a Fund, the Sub-Adviser
has adopted and implemented and will maintain written policies and procedures that are reasonably designed to prevent violation of the
 "federal securities laws" (as such term is defined in Rule 38a-1 under the 1940 Act) by the Funds and the Sub-Adviser
(the policies and procedures referred to in this Paragraph 7(b), along with the policies and procedures referred to in Paragraph 7(a),
are referred to herein as the Sub-Adviser's "Compliance Program").

8. **Reporting of Compliance Matters.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall promptly provide to the Trust's Chief Compliance Officer ("CCO")
the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reasonable access to copies of all SEC examination correspondences,
including correspondences regarding books and records examinations and "sweep" examinations, issued during the term of this
Agreement, in which the SEC identified any concerns, issues or matters (such correspondences are commonly referred to as "deficiency
letters") relating to any aspect of the Sub-Adviser's investment advisory business and the Sub-Adviser's responses thereto
related to the services provided herein and/or of a material nature whether related or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a notification of any material violations of the Sub-Adviser's Compliance Program or any "material
compliance matters" (as such term is defined in Rule 38a-1 under the 1940 Act) that have occurred with respect to the Sub-Adviser's
Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a report of any material changes to the policies and procedures that compose the Sub-Adviser's Compliance
Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a copy of the Sub-Adviser's chief compliance officer's report (or similar document(s) which
serve the same purpose) regarding his or her annual review of the Sub-Adviser's Compliance Program, as required by Rule 206(4)-7
under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an annual (or more frequently as the Trust's CCO may reasonably request) representation regarding
the Sub-Adviser's compliance with Paragraphs 7 and 8 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser shall also provide the Trust's CCO with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reasonable access to the testing, analyses, reports and other documentation, or summaries thereof, that
the Sub-Adviser's chief compliance officer relies upon to monitor the effectiveness of the implementation of the Sub-Adviser's
Compliance Program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reasonable access, during normal business hours, to the Sub-Adviser's facilities for the purpose
of conducting pre-arranged on-site compliance related due diligence meetings with personnel of the Sub-Adviser.

9. **Governing Law.** This Agreement shall be governed by the internal laws of the Commonwealth of Massachusetts,
without regard to conflict of law principles; provided, however, that nothing herein shall be construed as being inconsistent with the
1940 Act.

10. **Severability.** Should any part of this Agreement be held invalid by a court decision, statute, rule or
otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors.

11. **Notice.** Any notice, advice or report to be given pursuant to this Agreement shall be deemed sufficient
if delivered or mailed by registered, certified or overnight mail, postage prepaid addressed by the party giving notice to the other party
at the last address furnished by the other party:

To the Adviser at: SEI Investments Management Corporation One Freedom Valley Drive Oaks, PA 19456 Attention: Legal Department

---

| | |
|:---|:---|
| &nbsp;&nbsp;To the Trust's CCO at: | &nbsp;&nbsp; SEI Investments Management Corporation<br> One Freedom Valley Drive<br> Oaks, PA 19456<br> Attention: CCO<br>|
| &nbsp;&nbsp;To the Sub-Adviser at: | &nbsp;&nbsp; **Nomura Investments Fund Advisers**<br> 100 Independence, 610 Market Street<br> Philadelphia, PA 19106<br> Attention: Alexandra Parson<br> Email: <u>Alexandra.Parson@Macquarie.com</u><br> Phone: 215-255-8662<br>With a copy to General Counsel at the same address |

---

12. **Noncompete Provisions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser hereby agrees that, the Sub-Adviser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) waive enforcement of any noncompete agreement or other agreement or arrangement to which it is currently
a party that restricts, limits, or otherwise interferes with the ability of the Adviser to employ or engage any person or entity to provide
investment advisory or other services and will transmit to any person or entity notice of such waiver as may be required to give effect
to this provision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not become a party to any noncompete agreement or other agreement or arrangement that restricts, limits
or otherwise interferes with the ability of the Adviser to employ or engage any person or entity to provide investment advisory or other
services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any termination of this Agreement, the Sub-Adviser's obligations under this Paragraph
12 shall survive.

13. **Amendment of Agreement.** This Agreement may be amended only
by written agreement of the Adviser and the Sub-Adviser and only in accordance with the provisions of the 1940 Act and the rules and
regulations promulgated thereunder.

14. **Entire Agreement.** This Agreement embodies the entire agreement and understanding between the parties
hereto, and supersedes all prior agreements and understandings relating to this Agreement's subject matter. This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute
only one instrument.

In the event the terms of this Agreement are applicable to more than one portfolio of the Trust (for purposes of this Paragraph 14, each a "Fund"), the Adviser is entering into this Agreement with the Sub-Adviser on behalf of the respective Funds severally and not jointly, with the express intention that the provisions contained in each numbered paragraph hereof shall be understood as applying separately with respect to each Fund as if contained in separate agreements between the Adviser and Sub-Adviser for each such Fund. In the event that this Agreement is made applicable to any additional Funds by way of a Schedule executed subsequent to the date first indicated above, provisions of such Schedule shall be deemed to be incorporated into this Agreement as it relates to such Fund so that, for example, the execution date for purposes of Paragraph 6 of this Agreement with respect to such Fund shall be the execution date of the relevant Schedule.

15. **Miscellaneous.** 

(a) A copy of the Declaration of Trust is on file with the Secretary of State of the Commonwealth of Massachusetts,
and notice is hereby given that the obligations of this instrument are not binding upon any of the Trustees, officers or shareholders
of a Fund or the Trust.

(b) Where the effect of a requirement of the 1940 Act or Advisers Act reflected in any provision of this Agreement
is altered by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate
the effect of such rule, regulation or order.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the day and year first written above.

---

| | |
|:---|:---|
| **SEI Investments Management Corporation** | **Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |

---

**Schedule A**

**to the**

**Sub-Advisory Agreement**

**between**

**SEI Investments Management Corporation**

**and**

**Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust**

**As of ___________, 2025**

**SEI INSTITUTIONAL INVESTMENTS TRUST**

World Equity Ex-US Fund

**Schedule B**

**to the**

**Sub-Advisory Agreement**

**between**

**SEI Investments Management Corporation**

**and**

**Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust**

**As of _____________, 2025**

Pursuant to Paragraph 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Institutional Investments Trust</u>**

<u>World Equity Ex-US Fund</u>

&nbsp;&nbsp;&nbsp;&nbsp;· [REDACTED]

Agreed and Accepted:

---

| | |
|:---|:---|
| **SEI Investments Management Corporation** | **Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust** |
| By: | By: |
| Name: | Name:<br>|
| Title: | Title: |

---

## Ex-99.B(D)(41)

**Exhibit 99.B(d)(41)**

**INVESTMENT SUB-ADVISORY AGREEMENT<br> SEI INSTITUTIONAL INVESTMENTS TRUST**

AGREEMENT made as of this 1<sup>st</sup> day of October, 2024 between SEI Investments Management Corporation (the "Adviser") and Invesco Advisers, Inc. (the "Sub-Adviser").

WHEREAS, SEI Institutional Investments Trust, a Massachusetts business trust (the "Trust"), is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Adviser has entered into an Investment Advisory Agreement dated June 14, 1996, as amended, (the "Advisory Agreement") with the Trust, pursuant to which the Adviser acts as investment adviser to each series of the Trust set forth on Schedule A attached hereto (each a "Fund," and collectively, the "Funds"), as such Schedule may be amended by mutual agreement of the parties hereto; and

WHEREAS, the Adviser, with the approval of the Trust, desires to retain the Sub-Adviser to provide investment advisory services to the Adviser in connection with the management of a Fund, and the Sub-Adviser is willing to render such investment advisory services.

NOW, THEREFORE, the parties hereto agree as follows:

1. **Duties of the Sub-Adviser.** Subject to supervision by the Adviser and the Trust's Board of
Trustees, the Sub-Adviser shall manage all of the securities and other assets of each Fund entrusted to it hereunder (the "Assets"),
including the purchase, retention and disposition of the Assets, in accordance with the Fund's investment objectives, policies and
restrictions as stated in each Fund's prospectus and statement of additional information, as currently in effect and as amended
or supplemented from time to time (referred to collectively as the "Prospectus"), and subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall, in consultation with and subject to the direction of the Adviser, determine from
time to time what Assets will be purchased, retained or sold by a Fund, and what portion of the Assets will be invested or held uninvested
in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the performance of its duties and obligations under this Agreement, the Sub-Adviser shall act in conformity
with the Trust's Declaration of Trust (as defined herein), Prospectus, Compliance Policies and Procedures and with the instructions
and directions of the Adviser and of the Board of Trustees of the Trust and will conform to and comply with the requirements of the 1940
Act, the Internal Revenue Code of 1986 (the "Code"), and all other applicable federal and state laws and regulations, as each
is amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall determine the Assets to be purchased or sold by a Fund as provided in subparagraph (a) and will place
 orders with or through such persons, brokers or dealers to carry out the policy with respect to brokerage set forth in a Fund's compliance policy and
procedures or as the Board of Trustees or the Adviser may direct from time to time, in conformity with all federal securities laws. In
executing Fund transactions and selecting brokers or dealers, the Sub-Adviser will use its best efforts to seek on behalf of each Fund
the best overall terms available. In assessing the best overall terms available for any transaction, the Sub-Adviser shall consider all
factors that it deems relevant, including the breadth of the market in the security, the price of the security, the financial condition
and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for the specific transaction
and on a continuing basis. In evaluating the best overall terms available, and in selecting the broker-dealer to execute a particular
transaction, the Sub-Adviser may also consider the brokerage and research services provided (as those terms are defined in Section 28(e) of
the Securities Exchange Act of 1934 (the "Exchange Act")). Consistent with any guidelines established by the Board of Trustees
of the Trust and Section 28(e) of the Exchange Act, the Sub-Adviser is authorized to pay to a broker or dealer who provides
such brokerage and research services a commission for executing a portfolio transaction for a Fund which is in excess of the amount of
commission another broker or dealer would have charged for effecting that transaction if, but only if, the Sub-Adviser determines in good
faith that such commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer
--viewed in terms of that particular transaction or in terms of the overall responsibilities of the Sub-Adviser to its discretionary clients,
including a Fund. In addition, the Sub-Adviser is authorized to allocate purchase and sale orders for securities to brokers or dealers
(including brokers and dealers that are affiliated with the Adviser, Sub-Adviser or the Trust's principal underwriter) if the Sub-Adviser
believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms. In no
instance, however, will a Fund's Assets be purchased from or sold to the Adviser, Sub-Adviser, the Trust's principal underwriter,
or any affiliated person of either the Trust, Adviser, the Sub-Adviser or the principal underwriter, acting as principal in the transaction,
except to the extent permitted by the Securities and Exchange Commission ("SEC") and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser shall maintain all books and records with respect to transactions involving the Assets required by
subparagraphs (b)(5), (6), (7), (9), (10) and (11) and paragraph (f) of Rule 31a-1 under the 1940 Act. The
Sub-Adviser shall keep the books and records relating to the Assets required to be maintained by the Sub-Adviser under this
Agreement and shall timely furnish to the Adviser all information relating to the Sub-Adviser's services under this Agreement
needed by the Adviser to keep the other books and records of a Fund required by Rule 31a-1 under the 1940 Act. The Sub-Adviser
agrees that all records that it maintains on behalf of a Fund are property of the Fund and the Sub-Adviser will surrender promptly
to a Fund any of such records upon the Fund's request; provided, however, that the Sub-Adviser may retain a copy of such
records. In addition, for the duration of this Agreement, the Sub-Adviser shall preserve for the periods prescribed by
Rule 31a-2 under the 1940 Act any such records as are required to be maintained by it pursuant to this Agreement, and shall
transfer said records to any successor sub-adviser upon the termination of this Agreement (or, if there is no successor sub-adviser,
to the Adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser shall provide a Fund's custodian on each business day with information relating to all
transactions concerning a Fund's Assets and shall provide the Adviser with such information upon request of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent called for by the Trust's Compliance Policies and Procedures, or as reasonably requested
by a Fund, the Sub-Adviser shall provide the Fund with information and advice regarding Assets to assist the Fund in determining the
appropriate valuation of such Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The investment management services provided by the Sub-Adviser under this Agreement are not to be deemed exclusive
and the Sub-Adviser shall be free to render similar services to others, as long as such services do not impair the services rendered
to the Adviser or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser shall promptly notify the Adviser of any financial condition that is reasonably likely to impair
the Sub-Adviser's ability to fulfill its commitment under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) Except under the circumstances set forth in subsection (ii), the Sub-Adviser shall not be responsible for reviewing
proxy solicitation materials or voting and handling proxies in relation to the securities held as Assets in a Fund. If the Sub-Adviser
receives a misdirected proxy, it shall promptly forward such misdirected proxy to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Sub-Adviser hereby agrees that upon 60 days' written notice from the Adviser, the Sub-Adviser shall
assume responsibility for reviewing proxy solicitation materials and voting proxies in relation to the securities held as Assets in a
Fund. As of the time the Sub-Adviser shall assume such responsibilities with respect to proxies under this sub-section (ii), the Adviser
shall instruct the custodian and other parties providing services to a Fund to promptly forward misdirected proxies to the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In performance of its duties and obligations under this Agreement, the Sub-Adviser shall not consult with any other sub-adviser
to a Fund or a sub-adviser to a portfolio that is under common control with a Fund concerning the Assets, except as permitted by the
policies and procedures of a Fund. The Sub-Adviser shall not provide investment advice to any assets of a Fund other than the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of a Fund as well as other
clients of the Sub-Adviser, the Sub-Adviser may, to the extent permitted by applicable law and regulations, aggregate the order for securities
to be sold or purchased. In such event, the Sub-Adviser will allocate securities so purchased or sold, as well as the expenses incurred
in the transaction, in a manner the Sub-Adviser reasonably considers to be equitable and consistent with its fiduciary obligations to
a Fund and to such other clients under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Adviser shall provide to the Adviser or the Board of Trustees such periodic and special reports,
balance sheets or financial information, and such other information with regard to its affairs as the Adviser or Board of Trustees may
reasonably request. The Sub-Adviser shall also furnish to the Adviser any other information relating to the Assets that is required to
be filed by the Adviser or the Trust with the SEC or sent to shareholders under the 1940 Act (including the rules adopted thereunder)
or any exemptive or other relief that the Adviser or the Trust obtains from the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) With respect to the Assets of a Fund, the Sub-Adviser shall file any required reports with the SEC pursuant to Section 13(f) and
Section 13(g) of the Securities Exchange Act of 1934, as amended and the rules and regulations thereunder.

To the extent permitted by law, the services to be furnished by the Sub-Adviser under this Agreement may be furnished through the medium of any of the Sub-Adviser's partners, officers, employees or control affiliates, and with respect to certain non-investment management services, the Sub-Adviser's third party service providers; provided, however, that the use of such mediums does not relieve the Sub-Adviser from any obligation or duty under this Agreement.

2. **Duties of the Adviser.** The Adviser shall continue to have responsibility for all services to be
provided to each Fund pursuant to the Advisory Agreement and shall oversee and review the Sub-Adviser's performance of its duties
under this Agreement; provided, however, that in connection with its management of the Assets, nothing herein shall be construed to relieve
the Sub-Adviser of responsibility for compliance with the Trust's Declaration of Trust (as defined herein), Prospectus, Compliance
Policies and Procedures, the instructions and directions of the Board of Trustees of the Trust, the requirements of the 1940 Act, the
Code, and all other applicable federal and state laws and regulations, as each is amended from time to time.

3. **Delivery of Documents.** The Adviser has furnished the Sub-Adviser with copies of each of the following
documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust's Agreement and Declaration of Trust, as filed with the Secretary of State
of the Commonwealth of Massachusetts (such Agreement and Declaration of Trust, as in effect on the date of this Agreement and as amended
from time to time, herein called the "Declaration of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By-Laws of the Trust (such By-Laws, as in effect on the date of this Agreement and as amended from
time to time, are herein called the "By-Laws"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prospectus of each Fund.

4. **Compensation to the Sub-Adviser.** For the services to be provided by the Sub-Adviser pursuant to
this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation therefor, a sub-advisory
fee at the rate specified in Schedule B which is attached hereto and made part of this Agreement. The fee will be calculated based on
the average daily value of the Assets **,** excluding cash with respect to a Fund that is an equity fund, under the Sub-Adviser's
management and will be paid to the Sub-Adviser monthly. For the avoidance of doubt, notwithstanding the fact that the Agreement has not
been terminated, no fee will be accrued under this Agreement with respect to any day that the value of the Assets under the Sub-Adviser's
management equals zero. Except as may otherwise be prohibited by law or regulation (including any then current SEC staff interpretation),
the Sub-Adviser may, in its discretion and from time to time, waive a portion of its fee.

5. **Indemnification.** The Sub-Adviser shall indemnify and hold harmless the Adviser from and against
any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) to the extent
caused by or otherwise directly related to the Sub-Adviser's willful misfeasance, bad faith, negligence or reckless disregard of
duties or obligations under this Agreement by the Sub-Adviser; provided, however, that the Sub-Adviser's obligation under this Paragraph
5 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Adviser, is caused by or
is otherwise directly related to the Adviser's own willful misfeasance, bad faith or negligence, or to the reckless disregard of
its duties or obligations under this Agreement.

The Adviser shall indemnify and hold harmless the Sub-Adviser from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) to the extent caused by or otherwise directly related to the Adviser's willful misfeasance, bad faith, negligence or reckless disregard of duties or obligations under this Agreement by the Adviser; provided, however, that the Adviser's obligation under this Paragraph 5 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Sub-Adviser, is caused by or is otherwise directly related to the Sub-Adviser's own willful misfeasance, bad faith or negligence, or to the reckless disregard of its duties or obligations under this Agreement.

6. **Duration and Termination.** This Agreement shall become effective upon approval by the Trust's
Board of Trustees and its execution by the parties hereto. Pursuant to the exemptive relief obtained in the SEC Order dated April 29,
1996, Investment Company Act Release No. 21921, approval of the Agreement by a majority of the outstanding voting securities
of a Fund is not required, and the Sub-Adviser acknowledges that it and any other sub-adviser so selected and approved shall be without
the protection (if any) accorded by shareholder approval of an investment adviser's receipt of compensation under Section 36(b) of
the 1940 Act.

This Agreement shall continue in effect for a period of more than two years from the date hereof only so long as continuance is specifically approved at least annually in conformance with the 1940 Act; provided, however, that this Agreement may be terminated with respect to a Fund (a) by the Fund at any time, without the payment of any penalty, by the vote of a majority of Trustees of the Trust or by the vote of a majority of the outstanding voting securities of the Fund, (b) by the Adviser at any time, without the payment of any penalty, on not more than 60 days' nor less than 30 days' written notice to the Sub-Adviser, or (c) by the Sub-Adviser at any time, without the payment of any penalty, on 90 days' written notice to the Adviser. This Agreement shall terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Advisory Agreement with the Trust. As used in this Paragraph 6, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

7. **Compliance Program of the Sub-Adviser.** The Sub-Adviser hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in accordance with Rule 206(4)-7 under the Investment Advisers Act of 1940, as amended (the "Advisers
Act"), the Sub-Adviser has adopted and implemented and will maintain written policies and procedures reasonably designed to prevent
violation by the Sub-Adviser and its supervised persons (as such term is defined in the Advisers Act) of the Advisers Act and the rules the
SEC has adopted under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent that the Sub-Adviser's activities or services could affect a Fund, the Sub-Adviser
has adopted and implemented and will maintain written policies and procedures that are reasonably designed to prevent violation of the
 "federal securities laws" (as such term is defined in Rule 38a-1 under the 1940 Act) by the Funds and the Sub-Adviser
(the policies and procedures referred to in this Paragraph 7(b), along with the policies and procedures referred to in Paragraph 7(a),
are referred to herein as the Sub-Adviser's "Compliance Program").

8. **Reporting of Compliance Matters.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall, as part of its periodic reporting, or upon request as set forth below, provide
to the Trust's Chief Compliance Officer ("CCO") the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon request, for purposes of review, the Sub-Adviser will provide access to view copies of all SEC examination
correspondences, including correspondences regarding books and records examinations and "sweep" examinations, issued during
the term of this Agreement, in which the SEC identified any concerns, issues or matters (such correspondences are commonly referred to
as "deficiency letters") relating to any aspect of the Sub-Adviser's investment advisory business and the Sub-Adviser's
responses thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a report of any material violations of the Sub-Adviser's Compliance Program or any "material compliance
matters" (as such term is defined in Rule 38a-1 under the 1940 Act) that have occurred with respect to the Sub-Adviser's
Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a report of any material changes to the policies and procedures that compose the Sub-Adviser's Compliance
Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a copy of the Sub-Adviser's chief compliance officer's report (or similar document(s) which
serve the same purpose) regarding his or her annual review of the Sub-Adviser's Compliance Program, as required by Rule 206(4)-7
under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an annual (or more frequently as the Trust's CCO may reasonably request) representation regarding the Sub-Adviser's
compliance with Paragraphs 7 and 8 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser shall also provide the Trust's CCO with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reasonable access to the testing, analyses, reports and other documentation, or summaries thereof, that the
Sub-Adviser's chief compliance officer relies upon to monitor the effectiveness of the implementation of the Sub-Adviser's
Compliance Program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reasonable access, during normal business hours, to the Sub-Adviser's facilities for the purpose of conducting
pre-arranged on-site compliance related due diligence meetings with personnel of the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser will keep confidential and will cause the Trust's CCO to keep confidential all information
disclosed pursuant to this paragraph 8 except that the Trust's CCO may disclose the confidential information (a) to legal
counsel to the Trust, legal counsel to the Trust's independent Trustees and representatives of the Adviser who have a need to know
such information or who assist the Trust's CCO in fulfilling his or her obligations as the Trust's CCO (each a "Recipient"),
(b) to the extent required to be disclosed by any regulatory authority having jurisdiction, by judicial or administrative process
or otherwise by applicable laws or regulations; or (c) with the prior written consent of the Sub-Adviser.

The Adviser will cause the Trust's CCO to inform all Recipients of the confidential nature of the information.

9. **Governing Law.** This Agreement shall be governed by the internal laws of the Commonwealth of Delaware, without regard to conflict of
law principles; provided, however, that nothing herein shall be construed as being inconsistent with the 1940 Act.

10. **Severability.** Should any part of this Agreement be held invalid by a court decision, statute, rule or
otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors.

11. **Notice.** Any notice, advice or report to be given pursuant to this Agreement shall be deemed sufficient
if delivered or mailed by registered, certified or overnight mail, postage prepaid addressed by the party giving notice to the other party
at the last address furnished by the other party:

---

| | |
|:---|:---|
| To the Adviser at: | SEI Investments Management Corporation |
|  | One Freedom Valley Drive |
|  | Oaks, PA 19456 |
|  | Attention: Legal Department |

---

---

| | |
|:---|:---|
| To the Trust's CCO at: | SEI Investments Management Corporation |
|  | One Freedom Valley Drive |
|  | Oaks, PA 19456 |
|  | Attention: Chief Compliance Officer |

---

---

| | |
|:---|:---|
| To the Sub-Adviser at: | Invesco Advisers, Inc. |
|  | 1331 Spring Street NW, Suite 2500 |
|  | Atlanta, Georgia 30309 |
|  | Attention: General Counsel |

---

12. **Noncompete Provisions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser hereby agrees that, the Sub-Adviser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) waive enforcement of any noncompete agreement or other agreement or arrangement to which it is currently
a party that restricts, limits, or otherwise interferes with the ability of the Adviser to employ or engage any person or entity to provide
investment advisory or other services and will transmit to any person or entity notice of such waiver as may be required to give effect
to this provision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not become a party to any noncompete agreement or other agreement or arrangement that restricts, limits
or otherwise interferes with the ability of the Adviser to employ or engage any person or entity to provide investment advisory or other
services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any termination of this Agreement, the Sub-Adviser's obligations under this Paragraph
12 shall survive.

13. **Amendment of Agreement.** This Agreement may be amended only by written agreement of the Adviser
and the Sub-Adviser and only in accordance with the provisions of the 1940 Act and the rules and regulations promulgated thereunder.

14. **Entire Agreement.** This Agreement embodies the entire agreement and understanding between the parties
hereto, and supersedes all prior agreements and understandings relating to this Agreement's subject matter. This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute
only one instrument.

In the event the terms of this Agreement are applicable to more than one portfolio of the Trust (for purposes of this Paragraph 14, each a "Fund"), the Adviser is entering into this Agreement with the Sub-Adviser on behalf of the respective Funds severally and not jointly, with the express intention that the provisions contained in each numbered paragraph hereof shall be understood as applying separately with respect to each Fund as if contained in separate agreements between the Adviser and Sub-Adviser for each such Fund. In the event that this Agreement is made applicable to any additional Funds by way of a Schedule executed subsequent to the date first indicated above, provisions of such Schedule shall be deemed to be incorporated into this Agreement as it relates to such Fund so that, for example, the execution date for purposes of Paragraph 6 of this Agreement with respect to such Fund shall be the execution date of the relevant Schedule.

15. **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the Declaration of Trust is on file with the Secretary of State of the Commonwealth of Massachusetts,
and notice is hereby given that the obligations of this instrument are not binding upon any of the Trustees, officers or shareholders
of a Fund or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where the effect of a requirement of the 1940 Act or Advisers Act reflected in any provision of this Agreement
is altered by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate
the effect of such rule, regulation or order.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the day and year first written above.

---

| | |
|:---|:---|
| **SEI Investments Management Corporation** | **Invesco Advisers, Inc.** |

---

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ James Smigiel | By: | /s/ Nicole Filingeri |
| Name: | James Smigiel | Name: | Nicole Filingeri |
| Title: | Chief Investment Officer | Title: | Vice President |

---

**Schedule A<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Invesco Advisers, Inc.**

**As of October 1, 2024**

**SEI INSTITUTIONAL INVESTMENTS TRUST**

**Emerging Markets Debt Fund**

**Schedule B<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> Invesco Advisers, Inc.**

**As of October 1, 2024**

Pursuant to Paragraph 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Institutional Investments Trust</u>**

Emerging Markets Debt Fund

[REDACTED]

Agreed and Accepted:

---

| | |
|:---|:---|
| **SEI Investments Management Corporation** | **Invesco Advisers, Inc.** |

---

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ James Smigiel | By: | /s/ Nicole Filingeri |
| Name: | James Smigiel | Name: | Nicole Filingeri |
| Title: | Chief Investment Officer | Title: | Vice President |

---

## Ex-99.B(D)(48)

**Exhibit 99.B(d)(48)**

**Schedule B**

**to the**

**Sub-Advisory Agreement**

**between**

**SEI Investments Management Corporation**

**and**

**Jennison Associates LLC**

**As of July 24, 2009, as amended April 1, 2010, March 28, 2012, November 13, 2020 and**

**April 10, 2025**

Pursuant to Paragraph 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Institutional Investments Trust</u>**

<u>Long Duration Fund / Core Fixed Income Fund /Long Duration Credit Fund</u>

[REDACTED]

Agreed and Accepted:

---

| | |
|:---|:---|
| **SEI Investments Management Corporation** | **Jennison Associates LLC** |

---

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ James Smigiel | By: | /s/ Brett D. Doan |
| Name: | James Smigiel | Name: | Brett D. Doan |
| Title: | Chief Investment Officer | Title: | Managing Director |

---

## Ex-99.B(D)(50)

**Exhibit 99.B(d)(50)**

**Schedule B<br> to the<br> Sub-Advisory Agreement<br> between<br> SEI Investments Management Corporation<br> and<br> JOHCM (USA) Inc.**

**As of January 23, 2023, as amended July 1, 2024 and October 1, 2025**

Pursuant to Paragraph 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Institutional Investments Trust</u>**

<u>Emerging Markets Equity Fund</u>

[REDACTED]

Agreed and Accepted:

---

| | |
|:---|:---|
| **SEI Investments Management Corporation** | **JOHCM (USA) Inc.** |

---

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ James Smigiel | By: | /s/ Christopher M. Golden |
| Name: | James Smigiel | Name: | Christopher M. Golden |
| Title: | Chief Investment Officer | Title: | Director, US General Counsel and Managing Director US Fund Platform |

---

## Ex-99.B(D)(78)

**Exhibit 99.B(d)(78)**

**Schedule A<br> to the**

**Sub-Advisory Agreement<br> between**

**SEI Investments Management Corporation<br> and**

**PineStone Asset Management Inc.**

**As of September 8, 2022, as amended December 9, 2024**

**SEI INSTITUTIONAL INVESTMENTS TRUST**

World Select Equity Fund

Large Cap Fund

Large Cap Disciplined Equity Fund

**Schedule B<br> to the**

**Sub-Advisory Agreement<br> between**

**SEI Investments Management Corporation<br> and**

**PineStone Asset Management Inc.**

**As of September 8, 2022, as amended December 9, 2024**

Pursuant to Paragraph 4, the Adviser shall pay the Sub-Adviser compensation at an annual rate as follows:

**<u>SEI Institutional Investments Trust</u>**

<u>World Select Equity Fund, Large Cap Fund and Large Cap Disciplined Equity Fund</u>

[REDACTED]

Agreed and Accepted:

---

| | |
|:---|:---|
| **SEI Investments Management Corporation** | **PineStone Asset Management Inc.** |

---

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ James Smigiel | By: | /s/ David Doumani |
| Name: | James Smigiel | Name: | David Doumani |
| Title: | Chief Investment Officer | Title: | Chief Compliance Officer |

---

---

| | |
|:---|:---|
| By: | /s/ Claudia Gourde |
| Name: | Claudia Gourde |
| Title: | General Counsel and Chief Operating Officer |

---

## Ex-99.B(I)

**Exhibit 99.B(i)**

![](tm2522623d1_ex99-bxiimg001.jpg)

September 26, 2025

SEI Institutional Investments Trust

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Re: <u>Opinion of Counsel regarding Post-Effective Amendment No. 118 to the Registration Statement filed on Form N-1A under the Securities Act of 1933 (File No. 033-58041)</u>

Ladies and Gentlemen:

We have acted as counsel to SEI Institutional Investments Trust, a Massachusetts business trust (the "Trust"), in connection with the above-referenced Registration Statement (as amended, the "Registration Statement"), which relates to the Trust's units of beneficial interest, without par value (collectively, the "Shares"). This opinion is being delivered to you in connection with the Trust's filing of Post-Effective Amendment No. 118 to the Registration Statement (the "Amendment") to be filed with the Securities and Exchange Commission pursuant to Rule 485(b) under the Securities Act of 1933, as amended (the "1933 Act"). With your permission, all assumptions and statements of reliance herein have been made without any independent investigation or verification on our part except to the extent otherwise expressly stated, and we express no opinion with respect to the subject matter or accuracy of such assumptions or items relied upon.

In connection with this opinion, we have reviewed, among other things, copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a certificate of the Commonwealth of Massachusetts certifying that the Trust is validly existing under
the laws of the Commonwealth of Massachusetts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agreement and Declaration of Trust for the Trust and all amendments and supplements thereto (the "Declaration
of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate executed by Katherine Mason, Vice President and Assistant Secretary of the Trust, certifying
as to, and attaching copies of, the Trust's Declaration of Trust, the Trust's Amended and Restated By-Laws and certain resolutions
adopted by the Board of Trustees of the Trust authorizing the issuance of the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a printer's proof of the Amendment.

![](tm2522623d1_ex99-bxiimg002.jpg)

In our capacity as counsel to the Trust, we have examined the originals or certified, conformed or reproduced copies of all records, agreements, instruments and documents as we have deemed relevant or necessary as the basis for the opinion hereinafter expressed. In all such examinations, we have assumed the legal capacity of all natural persons executing documents, the genuineness of all signatures, the authenticity of all original or certified copies and the conformity to original or certified copies of all copies submitted to us as conformed or reproduced copies. As to various questions of fact relevant to such opinion, we have relied upon, and assume the accuracy of, certificates and oral or written statements of public officials and officers and representatives of the Trust. We have assumed that the Amendment, as filed with the Securities and Exchange Commission, will be in substantially the form of the printer's proof referred to in paragraph (d) above.

Based upon, and subject to, the limitations set forth herein, we are of the opinion that the Shares, when issued and sold in accordance with the terms of purchase described in the Registration Statement, will be legally issued, fully paid and non-assessable under the laws of the Commonwealth of Massachusetts, except that, as set forth in the Registration Statement, shareholders of a Fund may under certain circumstances be held personally liable for its obligations.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving this consent, we do not concede that we are in the category of persons whose consent is required under Section 7 of the 1933 Act.

---

| |
|:---|
| Very truly yours, |
| /s/ Morgan, Lewis & Bockius LLP |

---

## Ex-99.B(J)

**Exhibit 99.B(j)**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated July 25, 2025, with respect to the financial statements of SEI Institutional Investments Trust, comprised of the Large Cap Fund, Large Cap Disciplined Equity Fund, Large Cap Index Fund, S&P 500 Index Fund, Extended Market Index Fund, Small Cap Fund, Small Cap II Fund, Small/Mid Cap Equity Fund, U.S. Equity Factor Allocation Fund, U.S. Managed Volatility Fund, Global Managed Volatility Fund, World Equity Ex-US Fund, Screened World Equity Ex-US Fund, Emerging Markets Equity Fund, Opportunistic Income Fund, Core Fixed Income Fund, High Yield Bond Fund, Long Duration Fund, Long Duration Credit Fund, Ultra Short Duration Bond Fund, Emerging Markets Debt Fund, Real Return Fund, Limited Duration Bond Fund, Intermediate Duration Credit Fund, Dynamic Asset Allocation Fund, and Multi-Asset Real Return Fund, as of May 31, 2025, incorporated herein by reference, and to the references to our firm under the heading "Financial Highlights" in the Prospectus and under the heading "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

/s/ KPMG LLP

Philadelphia, Pennsylvania<br> September 26, 2025

## Ex-99.B(P)(1)

**Exhibit 99.B(p)(1)**

---

| | |
|:---|:---|
| **SEI Investments Management Corporation <br> Code of Ethics.** | ![](tm2522623d1_ex99-bxpx1img001.jpg) |

---

---

| | | |
|:---|:---|:---|
| **April 18, 2024** | **April 18, 2024** |  |
| **Contents** | **Contents** |  |
| SECTION 1 – Introduction | SECTION 1 – Introduction | 2.0 |
| A. | General Policy | 2.0 |
| B. | Rebuttal of Presumption of Access Person Status | 2.0 |
| SECTION 2 – Using This Code of Ethics | SECTION 2 – Using This Code of Ethics | 3.0 |
| A. | Annual Certification | 3.0 |
| B. | Restriction on Use | 3.0 |
| C. | Duty to Report Violations of the Code | 3.0 |
| SECTION 3 – Confidential Information | SECTION 3 – Confidential Information | 3.0 |
| SECTION 4 – Prohibition Against Fraud, Deceit and Manipulation | SECTION 4 – Prohibition Against Fraud, Deceit and Manipulation | 4.0 |
| SECTION 5 – Excessive Trading of Shares of the SEI Funds | SECTION 5 – Excessive Trading of Shares of the SEI Funds | 4.0 |
| SECTION 6 – Sanctions | SECTION 6 – Sanctions | 4.0 |
| SECTION 7 – Recordkeeping | SECTION 7 – Recordkeeping | 4.0 |
| SECTION 8 – Service as a Director of a Public Company (Access, Investment and Portfolio Management Persons Only) | SECTION 8 – Service as a Director of a Public Company (Access, Investment and Portfolio Management Persons Only) | 5.0 |
| SECTION 9 – Personal Securities Trading (Access, Investment and Portfolio Management Persons Only) | SECTION 9 – Personal Securities Trading (Access, Investment and Portfolio Management Persons Only) | 5.0 |
| A. | Initial, Quarterly and Annual Certifications and Questionnaires | 5.0 |
| B. | Connecting or Establishing a New PSA | 6.0 |
| C. | Pre-Clearance of Outside Business Activities, Private Securities Transactions and Initial Public Offerings | 6.0 |
| D. | Discretionary and/or Managed Accounts | 6.0 |
| SECTION 10 – Additional Pre-Clearance Obligations (Investment and Portfolio Management Persons Only) | SECTION 10 – Additional Pre-Clearance Obligations (Investment and Portfolio Management Persons Only) | 7.0 |
| Glossary |  | 9.0 |

---

© 2024 SEI 1

**SECTION 1 – Introduction**

This Code is designed to reinforce SIMC's principles of integrity and ethics. SIMC's adherence to these principles is critical in an industry that is based on trust and fiduciary duty. This Code is also designed to enforce compliance with applicable regulation and best practices in the United States. The recordkeeping provisions of SIMC's Compliance Manual are incorporated herein by reference.

All SIMC directors, officers and employees (including interns to SIMC) and all persons who provide investment advice on behalf of SIMC are considered Supervised Persons and are subject to this Code. Depending on the information to which you have access, you may also be considered an Access Person, Investment Person or Portfolio Management Person and are subject to additional obligations as set forth in the Code. You should note that certain portions of the Code may also apply to others, including certain members of your Immediate Family.

This Code is applicable to you not only as you conduct the business of SIMC, but as you conduct the business of SIMC's affiliates and subsidiaries as well. Supervised Persons located in SIMC's Global Offices are subject to this Code and may also be subject to additional codes, policies and procedures related to ethical conduct. You can obtain this Code and related documents from the compliance professionals in each office.

You are also subject to the Code of Conduct of SEI, which is incorporated herein by reference, as well as to various other compliance policies and procedures governing the activities of SIMC and its personnel including, without limitation, SIMC's insider trading policies and procedures. The requirements and limitations of this Code are in addition to any requirements or limitations contained in the Code of Conduct or in other compliance policies and procedures applicable to SIMC and its personnel.

Strict adherence to the requirements of the Code is a fundamental part of your job. You must certify that you have read and understand the Code at the time of hiring and at least annually thereafter. The Asset Management Compliance team manages the SIMC Compliance program. If you have questions about how the Code applies to you, contact Asset Management Compliance at <u>AssetManagementCompliance@seic.com</u>.

Violation of this Code or of any business-specific requirement applicable to you may lead to disciplinary action, including termination of employment (See Section 6 – Sanctions).

**A.** **General Policy** 

You have a fiduciary obligation to SEI's Clients when engaging in professional and personal activities. Specifically, you have a duty to:

· Comply
with the Code's requirements;

· Observe
applicable ethical standards in the performance of your duties;

· Adhere to the highest standards of loyalty, candor
and care in all matters relating to SIMC and its Clients. This includes putting the interests of SIMC's Clients before your own;

· Conduct all business dealings consistent with
the Code and in such a manner as to avoid any actual or perceived conflict of interest or any abuse of your position of trust and responsibility;

· Maintain
the confidentiality of the security holdings and financial circumstances of SIMC's Clients;

· Maintain
your independence in the investment decision-making process;

· Not use any material non-public information in
securities trading or divulge such information to any persons except as this Code and other SIMC policies and procedures permit;

· Comply
with applicable federal and state securities laws; and

· Report
any violations of this Code promptly to Asset Management Compliance.

The Code sets out basic principles to guide you but is not intended to cover every ethical issue that may arise. Please contact Asset Management Compliance if you have questions or concerns regarding the Code.

**B.** **Rebuttal of Presumption of Access Person Status** 

For the purposes of this Code, all SIMC directors and officers are presumed to be Access Persons and thus are subject to the reporting requirements as described in the Code unless and until the presumption is rebutted.

This presumption may be rebutted as to these persons, but only if Asset Management Compliance makes a finding that such person, in connection with his or her regular functions or duties, (a) does not have access to non-public information regarding any clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any fund the adviser or its control affiliates manage; and (b) is not involved in making securities recommendations to clients, and does not have access to such recommendations that are non-public.© 2024 SEI 2

Prior to making a determination rebutting the presumption that a person is an Access Person, Asset Management Compliance will investigate all relevant facts and prepare a memorandum for the file which sets forth the facts demonstrating the rebuttal of the presumption, as well as the determination that such person is not, in fact, an Access Person for the purpose of this Code. Asset Management Compliance shall retain a copy of this memorandum in its files. Asset Management Compliance also shall maintain a list of all persons deemed Access Persons for the purpose of this Code. Asset Management Compliance shall review the list and reaffirm that it is accurate and complete no less frequently than on an annual basis.

**SECTION 2 – Using This Code of Ethics**

**A.** **Annual Certification** 

Asset Management Compliance will distribute at least once per year, a current copy of the Code and any amendments. You are required to annually certify that you have received and read the Code and any amendments, understand its provisions and agree to abide by its requirements.

**B.** **Restriction on Use** 

The Code is intended for use in connection with your job-related duties. You must obtain authorization from Asset Management Compliance, via email, before providing an outside person or entity with a copy of the Code. All copies of the Code provided to any outside person or entity must be provided in read-only format.

**C.** **Duty to Report Violations of the Code** 

If you become aware of conduct which you feel is unethical, improper, illegal, or is otherwise a violation of any provision of this Code, you are required to report such information to Asset Management Compliance as soon as practicable after discovering the violation. Concealing or covering up any violation of the Code is itself a violation of the Code. You are not authorized or required to carry out any order or request to cover up such a violation and if you receive such an order you must report it to Asset Management Compliance. You have a duty to cooperate fully with ethics investigations and audits, and to answer questions truthfully and to the best of your ability. If you report violations of the Code in good faith, you will not be subject to reprisal or retaliation for making the report. Retaliation is a serious violation of this Code and any concern about retaliation should be reported to Asset Management Compliance immediately. Any person found to have retaliated against you for reporting violations of the Code will be subject to appropriate disciplinary action. Asset Management Compliance will maintain a log of all violations of the Code. Violations are reported on a quarterly basis to the SIMC Board of Directors and may also be reported to the applicable manager and/or SEI Chief Compliance Officer or his or her designee as necessary.

**SECTION 3 – Confidential Information**

Ethical behavior includes safeguarding the security of confidential information. You are prohibited from revealing confidential information to any third party or anyone within SIMC that does not have a legitimate business reason for knowing such information. This applies even after you have terminated your employment or association with SIMC. Patentable and secret processes, product information, pricing and any other confidential information must remain that way. You are obligated to protect SIMC's confidential information. Confidential information includes, but is not limited to, business, marketing and service plans; operational techniques; internal controls; compliance policies; methods of operation; security procedures; strategic plans; research activities and plans; portfolio and investment strategies and modeling; transactions; holdings; marketing or sales plans; pricing or pricing strategies; databases; records; salary information; any unpublished financial data and reports, including information concerning revenues, profits and profit margins; proprietary information; and any information concerning SIMC's technology, such as systems, source code, databases, hardware, software, programs, applications, engine protocols, routines, models, displays and manuals, including, without limitation, the selection, coordination, and arrangement of the contents thereof and other confidential information and materials of SIMC, its affiliates, their respective clients or suppliers or other persons or entities with whom they do business.

Supervised Persons are not restricted or prohibited from initiating communications directly with, responding to any inquiries from, providing testimony before, providing SIMC Confidential Information to, or reporting possible violations of law or regulation to any governmental agency or entity, or self-regulatory authority, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, (collectively, the Regulators), or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. You do not need the prior authorization of SIMC to engage in such communications, respond to such inquiries, provide such Confidential Information or documents, or make any such reports or disclosures. You are not required to notify SIMC that you have engaged in such communications, responded to such inquiries or made such reports or disclosures. Further, nothing in the Code prohibits or restricts you from filing a charge, responding to an inquiry, participating in an investigation, or providing testimony about SIMC or its Confidential Information by, with, or before any Regulator.© 2024 SEI 3

All designated representatives from the Asset Management Compliance department will use their best efforts to assure that all requests for pre-clearance, all personal securities reports and all reports for securities holding are treated as personal and confidential. However, such documents will be available for inspection by appropriate regulatory agencies and other parties, such as counsel, within and outside SIMC as necessary to evaluate compliance with or sanctions under this Code.

**SECTION 4 – Prohibition Against Fraud, Deceit and Manipulation**

You may not, directly or indirectly, in connection with the purchase or sale of a Covered Security held or to be acquired by a Client:

· Employ
any device, scheme or artifice to defraud the Client;

· Mislead
such Client, including by making a statement that is untrue or omits material facts;

· Engage
in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Client; or

· Engage
in any manipulative practice with respect to a Client or securities (including price manipulation of a security).

**SECTION 5 – Excessive Trading of Shares of the SEI Funds**

You may not engage in excessive short-term trading of shares of open-end funds within the SEI Funds where prohibited by the Prospectus. Each Fund's policy on excessive short-term trading (including round trip trade restrictions) can be found in its <u>Prospectus and Statement of Additional Information.</u>

**SECTION 6 – Sanctions**

Any violation of the rules and requirements set forth in the Code may result in the imposition of such sanctions as Asset Management Compliance, management and/or general counsel, as applicable, may deem appropriate under the circumstances. These sanctions may include, but are not limited to:

· Written
warning;

· Reversal
of securities transactions;

· Restriction
of trading privileges;

· Disgorgement
of trading profits;

· Fines;

· Reporting
to the SIMC Board of Directors;

· Suspension
or termination of employment; or

· Referral
to regulatory or law enforcement agency.

Factors which may be considered in determining an appropriate penalty include, but are not limited to: harm to clients; the frequency of occurrence; the degree of personal benefit to the person; the degree of conflict of interest; the extent of unjust enrichment; evidence of fraud, violation of law or reckless disregard of a regulatory requirement; and/or the level of accurate, honest and timely cooperation from the person.

**SECTION 7 – Recordkeeping**

Asset Management Compliance will:

· Periodically review the personal securities transaction
reports or duplicate statements filed by Access Persons, Investment Persons and Portfolio Management Persons and compare with the
reports or statements of Investment Vehicles' completed portfolio transactions. If Asset Management Compliance determines that a
compliance violation may have occurred, Asset Management Compliance will give the person an opportunity to supply explanatory material.

· Prepare an annual issues or certification report
to the board of any Investment Vehicle that is a registered investment company that (1) describes the issues that arose during the
year under this Code, including, but not limited to, material violations of and sanctions under the Code, and (2) certifies that
SIMC has adopted procedures reasonably necessary to prevent SIMC personnel from violating this Code.

· Prepare a written report to SIMC management outlining
any violations of the Code together with recommendations for the appropriate penalties.

· Preserve
a record of approval granted for Outside Business Activities (OBA).

· Preserve a record of approval granted for the
purchase of securities offered in connection with an Initial Public Offering (IPO) or a private securities transactions, including the
rationale supporting any decision.

· Maintain records relating to this Code of Ethics
in accordance with Rule 31a-2 under the 1940 Act and Rule 204-2 of the Advisers Act. They will be available for examination
by representatives of the Securities and Exchange Commission and other regulatory agencies.© 2024 SEI 4

· Preserve
a copy of this Code that is, or at any time within the past five years has been, in effect in an easily accessible place for a period of five years.

· Preserve
 a record of any Code violation and of any sanctions taken in an easily accessible place for a period of at least five years
 following the end of the fiscal year in which the violation occurred.

· Preserve
 a copy of each Holdings and Transactions Certification submitted under this Code, including any information provided in lieu of any
 such reports made under the Code, for a period of at least five years from the end of the fiscal year in which it is made, for the
 first two years in an easily accessible place.

· Maintain
 a record of all persons, currently or within the past five years, who are or were required to submit reports under this Code, or who
 are or were responsible for reviewing these reports, in an easily accessible place for a period of at least five years from the end
 of the calendar year in which it is made.

· Preserve
 a record of any decision, and the reasons supporting the decision, to approve an Supervised Person's acquisition of securities
 in an IPO or private securities transactions, for at least five years after the end of the fiscal year in which the approval is
 granted.

**SECTION 8 – Service as a Director of a Public Company (Access, Investment and Portfolio Management Persons Only)**

You are not permitted to serve as a director of a publicly traded company.

**SECTION 9 – Personal Securities Trading (Access, Investment and Portfolio Management Persons Only)**

**A.** **Initial, Quarterly and Annual Certifications and Questionnaires** 

You must disclose any Personal Securities Accounts<sup>1</sup> (PSAs) that may contain Covered Securities in which you have a Beneficial Ownership Interest, including any Discretionary Accounts. All certifications are completed via the <u>ACA ComplianceAlpha Employee Compliance</u> (ACA EC). The content of such Certifications will comply with the requirements set forth in Rule 204A-1 of the Investment Advisers Act of 1940. Completed Certifications will be managed and reviewed by Asset Management Compliance.

· Initial
Reporting (Completed within 10 calendar days of the hire/transfer date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Initial Holdings a Accounts Certification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AMC New Hire Questionnaire

· Quarterly
Reporting (Completed within 30 calendar days after the end of each quarter):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Quarterly Broker Holdings a Accounts
Certification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Quarterly Transactions Certification

· Annual
Reporting (Completed within 30 calendar days after the end of each year):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AMC Annual Questionnaire

All information submitted must be current within 45 calendar days prior to the date of the Certification.

The following are exceptions with respect to transactions and holdings reports:

· Transaction
reports are not required with respect to transactions made within an automatic investment plan;

· Transaction
 reports and Broker Holdings a Accounts reports are not required with respect to securities held in accounts over which the access
 person had no direct or indirect influence or control (e.g. Discretionary and/or Managed Accounts).

Notwithstanding the foregoing exceptions to holdings and transactions reporting, such accounts must be reported on your Quarterly Broker Holdings a Accounts Certification. Further, you must receive advance approval/confirmation from Compliance before availing yourself of one of the above exceptions, and if at any time they cease to qualify for these exceptions, they must be reported.

**SEI Stock, the SEI Employee Stock Purchase Plan (ESPP) and the SEI Employee Stock Option Plan (ESOP)**

You are not required to report the purchase or sale of SEI Stock within the SEI ESPP. However, you must report on a Quarterly Transaction Certification your purchase or sale of SEI stock executed **outside of** an Automatic Investment Program (AIP), as well as the exercise of employee stock options under the ESOP.

<sup>1</sup> PSAs that hold only open end mutual funds that are not Affiliated Funds do not need to be disclosed.© 2024 SEI 5

**SEI Capital Accumulation (401(k)) Plan and SEI Funds**

You are not required to report trades in SEI Funds done through the SEI Capital Accumulation (401(k)) Plan and SEI Funds trades done through an employee account established at SEI Private Trust Company. Any SEI Funds trades done in a different channel must be reported on a Quarterly Transaction Certification.

**B.** **Connecting or Establishing a New PSA** 

Initial reporting of PSA<sup>2</sup>

When you are connecting your PSA(s) to ACA EC for the first time, you must promptly notify Compliance Alpha Support at <u>ComplianceAlphaSupport@seic.com</u> of the list of Brokers that you currently have a PSA with. Compliance Alpha Support will then provide guidance on whether you should connect your brokerage account(s) using either the (a) Aggregation Feed, (b) Direct Feed or (c) Manual within ACA EC.

Establishing a new PSA

Before you establish a new PSA, please reach out to Compliance Alpha Support to check whether ACA EC will have a reliable electronic feeds for that Broker. Compliance Alpha Support will then advise whether there is an aggregation or direct feed available and you can open the PSA. Once you establish a new PSA, you must promptly connect the PSA according to the feed type that was communicated by Compliance Alpha Support. This will make sure your transactions are feeding into ACA EC. Exceptions to electronic feeds are considered on a limited basis by reaching out directly to Compliance Alpha Support.

Manual Statements (non-Electronic Data Feeds)

· The
transactions in accounts for which no electronic data feed is available must be manually entered into ACA EC.

· Manual
statement(s) must also be uploaded to ACA EC on a quarterly basis.

**C.** **Pre-Clearance of Outside Business Activities, Private Securities Transactions and Initial Public Offerings** 

An Access Person's OBA, private securities transaction or IPO raises questions as to whether the person is misappropriating an investment opportunity that should first be offered to eligible clients, or whether a portfolio manager is receiving a personal benefit for directing client business or brokerage. Approval of such investments should consider these factors. You must obtain pre-clearance approvals from Asset Management Compliance before:

· conducting
any OBA or

· acquiring
(directly or indirectly) beneficial ownership in securities issued in an private securities transactions or IPO.

The Outside Business Activity Form can be found within:

· "Create
Request Or Disclosure" in ACA EC: or

· The <u>Corporate Governance & Conduct page.<sup>3</sup></u> 

The "Private Securities Transaction Request" Form and "IPO Approval Request" Form can be found within "Create Request Or Disclosure" in ACA EC.

AIFMD regulatory requirements restrict the purchase of the UK Property Fund by all Supervised Persons.

**D.** **Discretionary and/or Managed Accounts** 

If you maintain a Discretionary and/or Managed Account, you must:

· Include
the Discretionary and/or Managed Account in your Accounts Certification;

· Facilitate
provision of statements for any such account to Asset Management Compliance;

· Certify to Asset Management Compliance that transactions
in the account are, in fact, effected on a discretionary and/or managed basis by the investment advisor.

<sup>2</sup> New Supervised Persons hired after July 1, 2021 will no longer be able to keep assets with brokers that do not provide electronic data feed. Please see the <u>AMC Corporate Governance site</u> for the full list of approved brokers.

<sup>3</sup> Please note this form should only be utilized by Supervised Persons who do not have access to ACA.© 2024 SEI 6

If you have questions about whether your account is considered a Discretionary and/or Managed Account, please contact Asset Management Compliance. Asset Management Compliance reserves the right to contact the adviser to the Discretionary Account to verify the discretionary status of the account.

**SECTION 10 – Additional Pre-Clearance Obligations (Investment and Portfolio Management Persons Only)**

**Pre-Clearance**

Investment and Portfolio Management Persons must pre-clear transactions in Covered Securities via ACA EC unless the transaction qualifies for one of the exceptions discussed below. If approved, pre-clearance will be effective for two (2) business days. Day one of the pre-clearance period is the day that pre-clearance is obtained, and expiration occurs at the close of trading on the next business day. Exceptions may be made solely at the discretion of Asset Management Compliance.

You are not required to pre-clear the following types of transactions:

· Covered
Securities Transactions in amounts that come within the Small Transaction Exception (discussed below);

· Covered Securities Transactions in accounts over
which you have no direct or indirect influence or control. This includes transactions in Discretionary Accounts;

· Covered Securities Transactions that are non-volitional.
This includes Covered Securities Transactions upon exercise of puts or calls written by you, sales from a margin account pursuant to a
bona fide margin call, stock dividends, stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or
distributions;

· Covered Securities Transactions made pursuant
to an AIP; however, any transaction that overrides the preset schedule or allocations of the AIP must be pre-cleared with Asset Management
Compliance and reported in a Quarterly Transaction Report;

· Covered Securities Transactions upon the exercise
of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired for such issuer;

· Acquisitions
of Covered Securities through gifts or bequests;

· SEI Employee Stock Purchase Plan and Employee
Stock Option Plan. Since the SEI Funds (with the exception of the SIIT Large Cap Index Fund) do not hold SEI stock, you do not have to
pre-clear your transactions in SEI stock (even if executed outside an AIP) or the exercise of SEI stock options. These transactions must,
however, be executed in compliance with SEI's Insider Trading Policy.

· SEI
Funds. You are not required to pre-clear transactions in the SEI Funds.

· Asset Management Compliance can grant exemptions
from the personal trading restrictions in this Code (including preclearance obligations) upon determining that the transaction for which
an exemption is requested would not result in a conflict of interest or violate any other policy embodied in this Code. Asset Management
Compliance must document all exemptions that it grants.

**Small Transaction Exception**

Pre-clearance is not required for a purchase or sale of the same Covered Security of less than $25,000 per issuer over a five (5) business day period. For leveraged transactions such as derivative transactions (options, futures, etc.), the determination of a pre-clearance requirement must be made based on the total value of the underlying or associated assets (i.e., the notional value).

Example: If he/she buys 10 options contracts that gives her/him the right to purchase 1,000 shares of stock ABC at the strike price of $25 at some time in the future, pre-clearance is necessary although the premium paid for that option falls below the $25,000 threshold.

This exception does not apply to the acquisition of securities as part of a private securities transactions or IPO. Additionally, you must continue to adhere to the "Minimum Holding Periods" as set forth in the Code.

**60-Day Minimum Holding Periods**

The 60-day minimum holding periods are applicable for any purchase and sale or sale and purchase of the same Covered Security in which you have a Beneficial Ownership Interest. The 60 calendar days holding period starts on the NEXT day after the trade is executed. The holding periods are calculated on a First In First Out (FIFO) basis.© 2024 SEI 7

This prohibition<sup>4</sup> does not apply to transactions resulting in a loss, or to futures or options on futures on broad-based securities indices or U.S. Government securities. This prohibition also does not apply to transactions in the SEI Funds, which are separately covered under the "Excessive Trading of Shares of the SEI Funds" section of this Code.

**Blackout Periods on Purchases and Sales**

Investment Persons may not purchase or sell, directly or indirectly, any Covered Security within 24 hours before or after the time that the same Covered Security is being purchased or sold by any Investment Vehicle. This includes any equity related security of the same issuer such as preferred stock, options, warrants and convertible bonds.

Portfolio Management Persons may not purchase or sell, directly or indirectly, any Covered Security within 7 days before or after the time that the same Covered Security is being purchased or sold by any Investment Vehicle. This includes any equity related security of the same issuer such as preferred stock, options, warrants and convertible bonds.

<sup>4</sup> In situations such as financial hardship and/or life changing events, Investment and Portfolio Management Persons might request for an exception on a case of case basis with the discretion of AMC Compliance.© 2024 SEI 8

**Glossary**

**ACA ComplianceAlpha Employee Compliance (ACA EC) –** SEI's electronic personal trading system and vendor.

**Access Persons - Supervised Persons** who (a) have access to non-public information regarding any **Client's** purchase or sale of securities, or non-public information regarding the portfolio holdings of any reportable fund; or (b) who are involved in making securities recommendations to **Clients**, or who have access to such recommendations that are non-public. SIMC directors and officers are presumed to be **Access Persons** unless the presumption is rebutted as described in Section 1(B).

For purposes of this Code, all persons in the following business units are considered to be **Access Persons**:

· Asset
Management Distribution (AMD) (US)

· Investment
Management Unit (IMU)

· Independent
Advisor Solutions by SEI (IAS)

· Legal &
Compliance: Teams directly supporting SEI Funds or SIMC

· Institutional

· Private
Wealth Management (PWM)

· Interns
to these groups\*\*

**Affiliated Fund –** Any registered investment company for which SIMC serves as an investment adviser or for which SEI Investments Distribution Co. serves as principal underwriter. For your reference, a current list of Affiliated Funds is available via the <u>AMC Corporate Governance site.</u>

**Asset Management Compliance –** SIMC's Chief Compliance Officer and supporting personnel and designees.

**Automatic Investment Program (AIP) –** A program in which regular periodic payments (or withdrawals) are made automatically in (or from) investment accounts in accordance with a pre-determined schedule and allocation, including a dividend reinvestment plan.

**Beneficial Ownership Interest/Beneficially Own –** Under relevant securities laws, you have a beneficial ownership interest in securities (or beneficially own securities) if you, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, have or share a direct or indirect pecuniary interest in the securities. A pecuniary interest in securities means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in those securities. You are presumed to have a pecuniary interest in securities held by members of your **Immediate Family**.

For example, you have a beneficial ownership interest in securities held within a **PSA** that is registered in your name or your **Immediate Family** member's name. You also have beneficial ownership in securities held within a **PSA** if you (or an **Immediate Family** member) (1) obtain benefits from the **PSA** substantially equivalent to whole or partial ownership, even if indirectly or (2) directly or indirectly control investment decisions for the **PSA**.

**Client –** Any client of SIMC who has entered into a contractual arrangement with SIMC, including, but not limited to, individuals, institutions and **Investment Vehicles**.

**Covered Securities Transaction –** The purchase or sale of (or any other transaction in) a **Covered Security,** including the writing of an option to purchase or sell a **Covered Security**.

**Covered Security –** A **Covered Security** is *<u>any</u>* <u>U.S.</u> security *<u>except</u>*:

· Direct
obligations of the U.S. government;

· Bankers' acceptances, bank certificates of deposit, commercial paper
and high quality short-term debt instruments, including repurchase agreements;

· Annuity
Plans;

· Shares
issued by money market funds;

· Shares
issued by open-end funds and exchange traded funds that are not **Affiliated Funds**; and

· Shares issued by unit investment trusts that are invested exclusively in
one or more open-end funds other than Affiliated Funds.

By way of example, a **Covered Security** may include a crowdfunded securities offering; note; stock; closed-end fund; commodity interests; bond; debenture; evidence of indebtedness; certificate of interest or participation in any profit sharing agreement; collateral trust certificate; pre-organization certificate of subscription; transferable share; investment contract; voting-trust certificate; certificate of deposit for a security; fractional undivided interest in oil, gas, or other mineral rights; any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof); or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency; or, in general, any interest or instrument commonly known as a security; or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing.© 2024 SEI 9

**Discretionary and/or Managed Account –** An account or blind trust in which you give a **Financial Institution** discretion as to the purchase or sale of securities or commodities, including selection, timing, and price to be paid or received. By so doing, you empower the **Financial Institution** to buy and sell without your prior knowledge or consent, although you may set broad guidelines for managing the account (e.g., limiting investments in blue chip stocks or banning investment in "sin" stocks). In order to be considered a **Discretionary Account**, you must not:

· Suggest
purchases or sales of investments to the trustee or **Financial Institution**;

· Direct
purchases or sales of investments;

· Provide final approval of purchases or sales of investments prior to a transaction
(this is different than approving an investment strategy or goal with your Financial Institution); or

· Consult with the trustee or **Financial Institution** as to the particular
allocation of investments to be made in the account

**Financial Institution –** A broker-dealer, investment advisor, bank or other financial entity.

**Immediate Family –** A member of your immediate family includes your spouse or domestic partner, minor children, dependents and other relatives who share the same residence with you. Or any other person IF: (a) the person obtains from the securities benefits substantially similar to those of ownership (for example, income from securities that are held by a spouse); or (b) the person can obtain title to the securities now or in the future.

**Initial Public Offering (IPO) –** Generally refers to the first sale of stock by a private company to the public. IPOs are often issued by smaller, younger companies seeking the capital to expand, but can also be done by large privately owned companies looking to become publicly traded.

**Investment Person –** Any person that is an **Access Person** and who also directly oversees the performance of one or more sub-advisers for any **Investment Vehicle,** or obtains or is able to obtain prior or contemporaneous information regarding the purchase or sale of **Covered Securities** by any **Investment Vehicle** or **Client**.

For purposes of this Code, all persons on the following teams are considered to be Investment Persons:

· IMU
Strategic Planning & Stewardship

· IMU:
Investment Operations & Technology

· Institutional:
Teams Offering Advice or Service direct to clients

· Legal &
Compliance: Teams directly supporting SEI Funds or SIMC

· Private
Wealth Management

· Interns
to these groups\*\*

*\* Investment Personnel located in the UK (IMU UK Personnel) are subject to this Code of Ethics. However, those IMU UK Personnel are also separately subject to the SEI Investments Europe, Ltd. (SIEL) Personal Account Dealings Policy. Further, SIEL Compliance will report violations of its policy by these personnel to SIMC Compliance on a quarterly basis, and SIMC Compliance may take actions with respect to such violations as set forth in the SIMC Code of Ethics (which may be enforced in coordination with SIEL Compliance). IMU UK Personnel will be subject to the same training and annual certification requirements to which all Supervised Persons are subject, which is administered by SIMC Compliance.*

*\*\* Temporary employees are excluded from this group*

**Investment Vehicle –** Any registered Investment Company, unregistered product or other asset management account for which SIDCO services as underwriter for the investment vehicle.

**Private Securities Transactions -** A transaction that may occur outside normal market facilities or outside a securities brokerage account and includes, but is not limited to: limited offering, private placements, unregistered securities, private partnerships and investment partnerships.

**Personal Securities Account (PSA) –** Any personal account that may contain **Covered Securities** in which you have a **Beneficial Ownership Interest** or which permits you to transact in such securities. This includes accounts maintained with **Financial Institutions** (in your name or an **Immediate Family** members name) over which you maintain direct or indirect control or investment discretion. It also includes any trust for which you are a trustee or from which you benefit directly or indirectly and any partnership (general, limited or otherwise) of which you are a general partner or a principal of the general partner. For the avoidance of doubt, **Discretionary Accounts** are **Personal Securities Accounts** and must be reported.© 2024 SEI 10

**Portfolio Management Person –** Any person that is an **Access Person** and who also purchases or sells **Covered Securities** for one or more **Investment Vehicles** or who is otherwise entrusted with responsibility and authority to make investment decisions regarding **Covered Securities** for one or more **Investment Vehicles**.

For purposes of this Code, all persons on the following teams are considered to be Portfolio Management Persons:

· IMU:
Investment Strategy, Advice & Asset Allocation

· Interns
to these groups\*\*

*\*\* Temporary employees are excluded from this group*

**SEI –** Refers to SEI Investments Company, the parent company of SIDCO.

**SIDCO –** Refers to SEI Investments Distribution Co.

**Supervised Person –** For purposes of this Code, **Supervised Persons** are all directors, officers and employees of SIMC and all persons who provide investment advice on behalf of SIMC. All **Access Persons**, **Investment Persons** and **Portfolio Management Persons**, including relevant interns,\*\* are Supervised Persons.© 2024 SEI 11

## Ex-99.B(P)(5)

**Exhibit 99.B(p)(5)**

![](tm2522623d1_ex99-bp5img001.jpg)

**ACADIAN ASSET MANAGEMENT LLC**

**CODE OF ETHICS**

**January 2025**

**Table of Contents**

---

| | |
|:---|:---|
| Summary of Material Code Changes | 5 |
| Introduction | 5 |
| General Principles | 6 |
| Scope of the Code | 7 |
| Persons Covered by the Code | 7 |
| Reportable Investment Accounts | 7 |
| Securities Covered by the Code | 8 |
| Blackout Periods and Restrictions | 9 |
| Short-Term Trading | 9 |
| Acadian Asset Management Inc. (AAMI) Stock | 10 |
| Securities Transactions requiring Pre-clearance | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Public Offerings | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited of Private Offerings | 11 |
| Exceptions specific to Certain Accounts and Transaction Types | 11 |
| Standards of Business Conduct | 12 |
| Compliance with Laws and Regulations | 13 |
| Conflicts of Interest | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conflicts among Client Interests | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competing with Client Trades | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosure of Personal Interest | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Referrals/Brokerage | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vendors and Suppliers | 13 |
| Market Manipulation | 14 |
| Insider Trading and Regulation FD | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material Non-public Information | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAMI and Nonpublic Acadian Information | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penalties | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD | 17 |
| Gifts and Entertainment | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Statement | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifts | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receipt | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offer | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERISA, Taft Hartley and Public Plan Clients and Prospects | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 Act Mutual Fund Clients | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 18 |

---

Updated as of January 2025 2

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providing | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accepting | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERISA, Taft Hartley and Public Plan Clients and Prospects | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 Act Mutual Fund Clients | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense Reports for Gifts and Entertainment | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conferences | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Reporting of Gifts and Entertainment | 20 |
| Political Contributions and Compliance with the Pay-to-Play Rule Requirements | 20 |
| Anti-bribery and Corruption Policy | 21 |
| Charitable Contributions | 22 |
| Confidentiality | 23 |
| Service on a Board of Directors | 23 |
| Partnerships | 23 |
| Other Outside Activities | 24 |
| Marketing and Promotional Activities | 24 |
| Affiliated Broker-Dealers | 24 |
| Compliance Procedures | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting of Access Person Investment Accounts | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duplicate Statements | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Transactions Pre-clearance | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Approval of Political Contributions | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Reporting of Transactions | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Reporting of Gifts and Entertainment | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Reporting of Private Investments | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Reporting of Political Contributions | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Acknowledgment | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MNPI Acknowledgment | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Reporting | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hire Reporting | 27 |
| Review and Enforcement | 28 |
| Certification of Compliance | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Certification | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgement of Amendments | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Certification | 28 |
| Access Person Disclosure and Reporting | 29 |

---

Updated as of January 2025 3

---

| | |
|:---|:---|
| Recordkeeping | 30 |
| Form ADV Disclosure | 31 |
| Administration and Enforcement of the Code | 31 |
| Responsibility to Know Rules | 31 |
| Excessive or Inappropriate Trading | 31 |
| Training and Education | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hires | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 32 |
| Compliance and Risk Committee Approval | 32 |
| Report to Fund CCOs and Boards | 32 |
| Report to Senior Management | 32 |
| Reporting Violations and Whistleblowing Protections | 32 |
| Fraud Policy | 33 |
| Sanctions | 35 |
| Further Information about the Code and Supplements | 35 |
| Persons Responsible for Enforcement and Training | 36 |

---

Appendices (in pdf only)

A. CFA Institute Asset Manager Code of Professional Conduct

Updated as of January 2025 4

**Summary of Code Changes**

The trial policy introduced in the 2024 Code that exempted from "blackout" requirements and "preclearance" requirements, unless it was an IPO, trading in a covered security in an amount under $15,000 if the market cap of the security exceeded $50B, has been discontinued. We have reverted to the pre-2024 policy that all securities regardless of transaction size and market cap size are again subject to blackout and preclearance requirements. However, we have added that should preclearance be denied on three consecutive trading days, Compliance will consider an exemption to Code restrictions upon request if we deem, in our discretion, that our clients will not be harmed if such transaction is permitted.

Other changes were administrative in nature including reflecting the rebranding of BSIG to AAMI and specific reference to the restrictions associated with Section 17(e)(1) of the Investment Company Act of 1940.

**Introduction**

Acadian Asset Management LLC ("Acadian") has adopted this Code of Ethics (the "Code") pursuant to Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"), rule amendments under Section 204 of the Advisers Act, the business conduct rules of the National Futures Association ("NFA"), including Compliance Rule 2-9, and any other ethics requirements related to any of our other registrations. The Code sets forth standards of conduct expected of Acadian's employees, and certain consultants, and contractors. Acadian has also adopted the CFA Institute Asset Manager Code of Professional Conduct attached as Appendix A. Compliance with the Code is a condition of employment.

The policies and procedures outlined in the Code are intended to promote compliance with fiduciary standards. As a fiduciary, Acadian has the responsibility to render professional, continuous, and unbiased investment advice, owes our clients a duty of honesty, good faith and fair dealing, must act at all times in the best interests of our clients, and must avoid or disclose conflicts of interests.

This Code is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Protect Acadian's clients
 by deterring misconduct;

· Guard against violations of
 the securities laws;

· Educate all persons covered
 by the Code regarding Acadian's expectations and the laws governing their conduct;

· Remind all persons covered
 by the Code that they are in a position of trust and must act with complete propriety at all times;

· Protect the reputation of Acadian;
 and

· Establish policies and procedures
 for all persons covered by the Code to follow so that Acadian may determine compliance with our ethical principles and regulatory
 requirements.

This Code is based upon the principle that the members of our Board of Managers, Executive Management Team, Executive Committee, officers, and all other persons covered by the Code owe a fiduciary duty to, among others, our clients to conduct their affairs, including their personal securities transactions, in such a manner as to avoid (i) materially serving their own personal interests ahead of clients; (ii) materially taking inappropriate advantage of their position with Acadian; and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility. This fiduciary duty includes the duty of Acadian's Chief Compliance Officer to report violations of the Code to Acadian's Compliance and Risk Committee, the Executive Management Team, the Executive Committee, and if deemed necessary, to our Board of Managers, and the Board of Directors of any U.S. registered investment company for which Acadian acts as adviser or sub-adviser.

Updated as of January 2025 5

**<u>My Compliance Office</u>**

MyComplianceOffice ("MCO") is the primary system we utilize to facilitate all Code related communications and reporting.

**Part 1. General Principles**

Our principles and philosophy regarding ethics stress Acadian's overarching fiduciary duty to our clients and the obligation of all persons covered by the Code to uphold that fundamental duty. In recognition of the trust and confidence placed in Acadian by our clients and to give effect to the belief that Acadian's operations should be directed to benefit our clients, Acadian has adopted the following general principles to guide the actions of all persons covered by the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The interests of clients
 are paramount. All persons covered by the Code must conduct themselves and their operations to give maximum effect to this belief
 by placing the interests of clients before their own.

2. All personal transactions
 in securities by all persons covered by the Code must be accomplished so as not to conflict materially with the interests of any
 client.

3. All persons covered
 by the Code must avoid actions or activities that allow (or appear to allow) a person to profit or benefit from his or her position
 with respect to a client, or that otherwise bring into question the person's independence or judgment.

4. Personal, financial,
 and other potentially sensitive information concerning the firm, our clients, our prospects, and our employees, consultants and contractors
 will be kept strictly confidential. All persons covered by the Code will only access this information if it is required to complete
 their jobs and will only disclose such information to others if it is required to complete their jobs and to deliver the services
 for which the client has contracted.

5. All persons covered
 by the Code will conduct themselves honestly, with integrity and in a professional manner to preserve and protect Acadian's
 reputation.

6. All persons covered
 by the Code will comply with all laws and regulations applicable to our business activities.

The U.S. Securities and Exchange Commission (the "SEC"), the NFA, the Commodity Futures Trading Commission ("CFTC") and U.S. federal law require that the Code not only be adopted but that it also is enforced with reasonable diligence.

The Compliance Group will keep records of any violation of the Code and of the actions taken as a result of such violations. Failure to comply with the Code may result in disciplinary action, including monetary penalties and the potential for the termination of employment. In addition, non-compliance with the Code can have severe ramifications, including enforcement actions by regulatory authorities, criminal fines, civil injunctions and penalties, disgorgement of profits, and sanctions on your ability to remain employed in any capacity in the investment advisory business.

Updated as of January 2025 6

**Part 2. Scope of the Code**

**A.** **Persons Covered by the Code** 

Each employee, consultant, or contractor will be designated as either an "Access Person" or "Supervised Person" under the Code when they join Acadian. The difference in designation is dependent upon various factors including job responsibilities, systems access, and if a contractor, length and scope of engagement. Ultimate determination as to whether any individual or action is subject to or exempt from the Code, or if a Code exception should be granted, is left to the Chief Compliance Officer.

An "Access Person(s)" includes employees, consultants, and contractors, whose job responsibilities require him or her to access Acadian's research and/or trading databases to perform their job requirements. Any other employee, consultant or contractor not meeting that definition is a "Supervised Person."

Certain Code requirements applicable to an Access Person also apply to *immediate family members<sup>1</sup>* of that Access Person*,* and any other person subject to the financial support of the Access Person. For these individuals, along with the Access Person they must also report their covered investment accounts, pre-clear their personal securities transactions in covered securities in private investments and partnerships, ensure their personal securities transactions comply with blackout and sixty-day trading restrictions, and provide duplicate copies of their account statements upon request. Further, each Access Person must educate these individuals on these Code requirements and ensure ongoing compliance. Non-compliance will have the same ramifications on the Access Person as if it were the Access Person him or herself who did not comply. Each Access Person must inform a Compliance Officer when there is a change to either their immediate family members or someone subject to their financial support.

Members of Acadian's Board of Managers employed by our immediate parent company, Acadian Affiliate Holdings, LLC or our ultimate parent company, Acadian Asset Management Inc. ("AAMI"), along with any other non-resident officer, director, manager or immediate family member of an Access Person, who is subject to another Code of Ethics that complies with Rule 204A-1 under the Advisers Act and whose Code has been reviewed and approved by Acadian's Chief Compliance Officer, shall be exempt from the requirements imposed by this Code.

**B.** **Reportable Investment Accounts** 

Each Access Person must report any accounts in which he or she has a direct or indirect beneficial interest in which a covered security is eligible for purchase or sale. Examples of reportable accounts typically include:

<sup>1</sup> An *immediate family member* is defined to include any relative by blood or marriage living in an Access Person's household who is subject to the Access Person's financial support or any other individual living in the household subject to the Access Person's financial support (spouse, minor children, a domestic partner etc.).

Updated as of January 2025 7

&nbsp;&nbsp;&nbsp;&nbsp;· individual and joint
 accounts including accounts established through your employment with Acadian such as a 401K and/or deferred compensation account

· accounts in the name
 of an *immediate family member* as defined in the Code

· accounts in the name
 of any individual subject to your financial support

· trust accounts

· estate accounts

· accounts where you have
 power of attorney or trading authority

· other types of accounts
 in which you have a present or future interest in the income, principal or right to obtain title to securities.

**<u>Exception</u>**: 529 plans are not considered a reportable account under the Code. Further, any transactions within such plans do not require pre-clearance or reporting on a holdings report.

**C.** **Securities Covered by the Code** 

For purposes of the Code and our reporting requirements, the term "covered security" will include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any stock or corporate bond;

· ETFs comprised of less than 25 covered securities as defined by
 the Code;

· Depositary Receipts (e.g., ADRs, EDRs and GDRs);

· municipal, Government Sponsored Entities (GSE) and agency bonds;

· investment or futures contracts with the exception of currency;

· commodity futures;

· options or warrants to purchase or sell securities;

· limited partnerships meeting the SEC's definition of a "security"
 (including limited liability and other companies that are treated as partnerships for U.S. federal income tax purposes);

· UITs, foreign (offshore) mutual funds, and closed-end investment
 companies;

· shares of open-end mutual funds, UCITS funds, and CITS that <u>are</u> advised or sub-advised by Acadian<sup>2</sup>; and

· private investment funds (including Acadian managed commingled funds),
 hedge funds, and investment clubs.

Additional types of securities may be added at the discretion of the Compliance Group as new types of securities are offered and traded in the market and/or Acadian's business changes.

However, the following are excluded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· direct obligations of the U.S. government;

· bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt obligations, including
 repurchase agreements;

· shares issued by money market funds (domiciled inside or outside the United States); and

· shares of open-end mutual funds that are not advised or sub-advised by Acadian;

· shares of ETFs that are comprised of 25 or more covered securities as defined by the Code;

· 529 plans;

· Options or warrants to purchase or sell securities on exempted securities (ex. options on ETFs with more than 25 underlying holdings).

<sup>2</sup> A transaction in fund advised or sub-advised by Acadian is subject to pre-clearance requirements unless the transaction is occurring in Acadian's 401K or deferred compensation plans. However, all holdings in such funds, including those owned in your 401K and deferred compensation accounts, must be reported on your year-end holdings report.

Updated as of January 2025 8

Cryptocurrencies:

Initial coin offerings ("ICOs") **<u>are securities</u>** under current SEC rules. As such, you are required to seek pre-approval for investments in ICOs, report the accounts you open to hold ICOs, and report transactions in ICOs (e.g. same as if you were buying an equity IPO). ICOs are subject to the 60-day hold requirements. Bitcoin ETFs would be subject to the same requirements.

Bitcoin, bitcoin cash and bitcoin futures **<u>are NOT securities</u>** under current SEC regulations and therefore "trading" in such cryptocurrencies are not reportable under the Code at this time.

**D.** **Blackout Periods and Restrictions.** 

Access Persons will be permitted to trade subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **No personal trades will be permitted in any individual security on the same day that Acadian trades that security or a similar line of the same security on behalf of any client.**

For purposes of clarity, this applies to any individual stock, bond, ETF comprised of less than 25 covered securities as defined by the Code, Depositary Receipt, and to any individual security underlying any Depositary Receipt or a different class of the security (option as an example) being traded. For example, the purchase of an ADR would not be permitted if we were trading in the underlying security and vice versa.

Acadian's Compliance Group may allow exceptions to this "blackout" policy on a case-by-case basis when the abusive practices that the policy is designed to prevent, such as front running, conflicts of interest, or client detriment, are not present <u>and</u> the equity of the situation supports an exemption.

In addition, should preclearance be denied on three (3) consecutive trading days, the Compliance Group, upon request, will consider an exemption to Code restrictions if we deem, in our discretion, that our clients will not be harmed if such transaction is permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Short-Term Trading Restriction.**

Access Persons are reminded that they are specifically prohibited from engaging in any form of market timing or short-term trading in funds advised or sub-advised by Acadian or in any other covered security.

For any transaction requiring preclearance, Acadian has adopted a sixty (60) day hold requirement in an effort to avoid conflicts of interests and to ensure that the interests of our clients are placed first. This requirement is at the individual brokerage account level. This requirement is intended to deter front running, market manipulation and the potential misuse of Acadian internal resources.

Acadian's Compliance Group may allow exceptions to this short-term trading restriction on a case-by-case basis when the abusive practices that the policy is designed to prevent, such as front running or conflicts of interest, are not present <u>and</u> the equity of the situation supports an exemption.

Unless an exception is granted by the Compliance Group, no Access Person may execute opposing trades (buy/sell, sell/buy) in a covered security within sixty (60) calendar days. Trades made in violation of this prohibition may be subject to being unwound or any profit realized may be subject to disgorgement to a charity or to a client if appropriate at the discretion of the Compliance Group.

An Access Person wishing to execute a short-term trade must request an exception when entering the pre-clearance request.

Updated as of January 2025 9

**E.** **Acadian Asset Management Inc. Stock** 

<u>For Clients</u>:

Acadian is restricted from purchasing or recommending the purchase or sale of **Acadian Asset Management Inc.** stock ("AAMI") on behalf of our clients.

<u>For Access Persons</u>:

Acadian Access Persons, Supervised Persons, or their immediate family members or those subject to their financial support may invest in AAMI but with conditions. To reduce the risk that such investment might be found to have resulted from insider trading or another violation of securities laws, AAMI has established a policy setting forth when trading in AAMI is not permitted or appropriate.

**Mandatory Requirements/Prohibitions of AAMI's policy:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prohibits trading in AAMI when in possession of material,
 nonpublic information ("MNPI").

· Prohibits communicating MNPI to any third-party unless
 for legitimate purposes.

· Prohibits engaging in any transaction involving AAMI
 during a blackout period. Blackout periods will be communicated to Acadian compliance.

· Prohibits engaging in short sales of AAMI or trading
 in naked options.

· Requires obtaining <u>pre-clearance from AAMI</u> prior
 to trading in any AAMI security.

Please send your pre-clearance request to Acadian compliance and we will facilitate on your behalf with AAMI.

**F.** **Securities Transactions requiring Pre-clearance** 

With limited exceptions noted in section G below, discretionary transactions executed by an Access Person in the following covered securities must be "pre-cleared" with the Compliance Group in accordance with the procedures outlined herein prior to execution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any stock or corporate bond;

· ETFs comprised of less than 25 covered securities as
 defined in the Code;

· Depositary Receipts (e.g. ADRs, EDRs and GDRs);

· investment or single stock futures contracts;

· options or warrants to purchase or sell a covered security
 as defined by the Code;

· limited partnerships meeting the SEC's definition
 of a "security" (including limited liability and other companies that are treated as partnerships for U.S. federal income
 tax purposes);

· UITs, foreign mutual funds, and closed-end investment
 companies;

· shares of open-end mutual funds, UCITS funds, and CITS
 that are advised or sub-advised by Acadian (unless in the Acadian 401K or deferred compensation plan),

· private investment funds (including Acadian managed commingled funds),
 hedge funds, and investment clubs.

Updated as of January 2025 10

Additional types of securities may be added to the pre-clearance requirements at the discretion of the Compliance Group as new types of securities are offered and traded in the market and/or Acadian's business changes.

**Initial Public Offerings** Acadian as a firm typically does not participate in initial public offerings (IPO). Access Persons must pre-clear for their personal accounts purchases of any securities in an IPO. Such pre-clearance is <u>required</u> even if the purchase is made on behalf of the Access Person by a broker or investment adviser without the Access Person's influence or control in a fully discretionary managed account. Before granting such approval, Acadian will evaluate such investment to determine that the investment creates no material conflict between the Access Person and Acadian. Acadian may consider approving the transaction if it can determine that: (i) the investment opportunity did not result from Acadian directing brokerage business to the underwriter of the issuer of the security, (ii) the Access Person is not misappropriating an opportunity that should have been offered to Acadian eligible clients, (iii) investment decisions for Acadian clients will not be unduly influenced by the Access Person's participation in the IPO, and (iv) all investment decisions will be made solely on the best interests of clients. Acadian will maintain a written record of any decision, and the reasons supporting the decision, to approve the personal acquisition of an IPO for at least five years after the end of the fiscal year in which the approval was granted.

**Third-Party Limited or Private Offerings** In addition to pre-clearing private placements offered by Acadian, Access Persons must pre-clear for their personal accounts purchases or sales of any securities in third-party limited or private offerings. Before granting such approval, Acadian will evaluate such investment to determine that the investment creates no material conflict between the Access Person and Acadian. Acadian may consider approving the transaction if it can determine that: (i) the investment opportunity did not result from Acadian directing brokerage business to the underwriter of the issuer of the security, (ii) the Access Person is not misappropriating an opportunity that should have been offered to Acadian eligible clients, (iii) investment decisions for Acadian clients will not be unduly influenced by the Access Person's investment, and (iv) all investment decisions will be based solely on the best interests of clients. Access Persons are permitted to invest in private offerings offered and/or managed by Acadian provided they meet the investment qualifications of the particular investment. Acadian will maintain a record of any decision, and the reasons supporting the decision to approve the personal acquisition of a private placement for at least five years after the end of the fiscal year in which the approval was granted.

**G.**  **<u>Exceptions specific to certain account and transaction types</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Other than transactions in Initial Public Offerings or Third-Party Limited or Private Offerings as described above, transactions occurring within investment accounts in which the Access Person had no direct or indirect influence or control over the transactions do not require pre-clearance, are not subject to blackout or holding period restrictions, and do not require reporting on holding reports provided the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 account is disclosed to a compliance officer before trading commences and the compliance
 officer is provided with necessary documentation to confirm that the Access Person will not
 have direct or indirect influence over transactions in the account; and

· The Access Person and/or the investment manager
 for the account provides written confirmation periodically at the request of a compliance
 officer that the Access Person did not have any direct or indirect influence on any of the
 transactions executed in the account.

Updated as of January 2025 11

Examples of such accounts include accounts where the Access Person has granted to a broker, dealer, trust officer or other third-party non-Access Person full discretion to execute transactions on behalf of the Access Person without consultation or Access Person input or direction (an example would be Managed Accounts and the party directing the transaction has utilized such discretion).

2. Transactions occurring within a reported investment account that are part of an automatic dividend reinvestment plan, or a pre-established dollar cost averaging type contribution plan do not require pre-clearance, are not subject to blackout or holding period restrictions, and do not require reporting on holding reports.

3. The following transactions in covered securities within a reported investment account are exempt from the Code's pre-clearance, blackout and short-term trading requirements but must be disclosed on year-end holding reports:

&nbsp;&nbsp;&nbsp;&nbsp;a. purchases or sales that are involuntary on the part of the Access Person

&nbsp;&nbsp;&nbsp;&nbsp;b. purchases or sales within Acadian's 401k or deferred compensation plans

&nbsp;&nbsp;&nbsp;&nbsp;c. purchases or sales effected upon the exercise of rights issued by an issuer
 pro rata to all holders of a class of our securities, to the extent such rights were acquired from such issuer, and sales of such
 rights so acquired

&nbsp;&nbsp;&nbsp;&nbsp;d. purchases or sales of currencies, indexes, and interest rate instruments
 or futures or options on them

&nbsp;&nbsp;&nbsp;&nbsp;e. purchases or sales of municipal, Government Sponsored Entities (GSE)
 and agency bond

&nbsp;&nbsp;&nbsp;&nbsp;f. purchases or sales of commodity futures or commodity future ETFs or
 options on them

**Part 3. Standards of Business Conduct**

The Code sets forth standards of business conduct that we require of our Access Persons. Access Persons should maintain the highest ethical standards in carrying out Acadian's business activities. Acadian's reputation is one of our most important assets. Maintaining the trust and confidence of clients is a vital responsibility. This section sets forth Acadian's business conduct standards.

Updated as of January 2025 12

**A.** **Compliance with Laws and Regulations** 

Each Access Person must comply with all laws and regulations applicable to our business, including all securities laws, and all firm policies and procedures including, but not limited to, those found in this Code of Ethics, the Compliance Manual, the IT Security Policy, and the Employee Handbook. Access Persons are not permitted to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. engage in any act, practice, or course of conduct that operates or would
 operate as a fraud, deceit, or manipulative practice upon any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. make false or misleading statements, spread rumors, or fail to disclose
 material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. engage in any manipulative practice with respect to securities, including
 price or market manipulation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. utilize or transmit to others "inside" information as more
 fully described herein.

**B.** **Conflicts of Interest** 

As a fiduciary, Acadian has an affirmative duty of care, loyalty, honesty, and good faith to act in the best interests of our clients. Compliance with this duty can be achieved by trying to avoid conflicts of interest, including those between personal and Acadian related activities, and by fully disclosing all material facts concerning any conflict that does arise with respect to any client. Client specific conflicts are reviewed and addressed directly with the individual client. We conduct an ongoing review for actual and potential conflicts that may be systemic to Acadian and our processes. We disclose these conflicts as part of our Compliance Manual, which is typically updated annually, as well as in Form ADV, Part 2A, which is updated and delivered annually to each client. Examples of certain conflicts related to the Code include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Conflicts among Client Interests.** Conflicts of interest may arise where Acadian or our Access Persons have reason to favor the interests of one client over another client (e.g., larger accounts over smaller accounts, accounts compensated by performance fees over accounts not so compensated, accounts in which Access Persons have made material personal investments, or accounts of close friends or relatives of Access Persons, etc.). Access Persons are prohibited from engaging in inappropriate favoritism of one client over another client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Competing with Client Trades.** As referenced in the section on Personal Transactions, an Access Person are generally prohibited from engaging in any securities transactions on the day Acadian trades in the security on behalf of a client and any other transaction that would result in a material negative impact to a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Disclosure of Personal Interest**. Access Persons are prohibited from recommending, implementing, or considering any securities transaction for a client without having first disclosed to the Compliance Group any material beneficial ownership, business or personal relationship, Board membership, or other material interest in the issuer. A member of the Compliance Group will analyze the conflict and determine the appropriate course of action including potential recusal of the Access Person from the decision of the placement of the security at issue on a no-buy list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Referrals/Brokerage.** Access Persons are required to act in the best interests of our clients regarding execution and other costs paid by clients for brokerage services. As part of this principle, Access Persons will strictly adhere to Acadian's policies and procedures regarding brokerage allocation, best execution, soft dollars, and other related policies. Access Persons should refrain from undertaking personal investment transactions with the same individual employee at a broker-dealer firm with whom Acadian conducts business for our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Vendors and Suppliers.** Each Access Person is required to disclose any personal investments or other interests in vendors or suppliers with respect to which that person negotiates or makes decisions on behalf of Acadian. Access Persons with such interests are prohibited from negotiating or making decisions regarding Acadian's business with those companies.

Updated as of January 2025 13

**C.** **Market Manipulation** 

Access Persons are prohibited from making any statements or taking any action intended to manipulate the price of a security or the market for a security. Manipulative conduct includes the creation or spreading of false rumors or other information intended to influence the price of a security. Access Persons are advised to ensure any statement that they may make in a public forum is true, accurate, and not misleading. This includes any statements that you may make independent of your employment with Acadian or beyond your authority as an Access Person, including via any personal blogs, websites, or chat rooms.

Acadian only permits employees to use Acadian approved electronic communication systems to send and receive external correspondence related to your role at Acadian. This includes, but it not limited to, sales and investment related correspondence. Acadian employees shall have no expectation of privacy in the content or attachments of any electronic communication sent or received through any approved electronic communication systems including, but not limited to, the Acadian email system, Bloomberg Email and Instant Messaging systems, Teams, and for those who have been pre-approved by the Compliance team, LinkedIn.

The use of personal address email, text, instant messaging other than Bloomberg, or the use of personal social media sites such as Facebook, Twitter, Whats App, and LinkedIn to conduct Acadian related business or to solicit prospects or clients is prohibited unless preapproved in writing by a compliance officer. Unless you have worked with the Compliance Team to record keep your LinkedIn pages, you may not reshare Acadian content. You may not write commentary on Acadian unless it is pre-approved by a compliance officer.

**D.** **Insider Trading and Regulation FD** 

As a general rule, it is against the law to buy or sell any securities while in possession of material, non-public information relevant to that security (sometimes called "inside information"), or to communicate such information to others who trade on the basis of such information (commonly known as "tipping"). Information is "material" as to a security if a reasonable investor would consider the information significant in deciding whether to buy, hold or sell the security, i.e., any information that might affect the price of the security. Material information can be positive or negative and can relate to virtually any aspect of the Company's business.

Access Persons are prohibited from trading, either personally or on behalf of others, while in possession of material non-public information and from communicating material non-public information to others in violation of the law. This specifically includes personally trading or informing others of the securities held in a client portfolio or transactions contemplated on behalf of any client.

**Insider Trading - Material Non-Public Information.**

The term "material non-public information" relates not only to issuers but may also include Acadian's AUM, internal information, securities recommendations and client securities holdings and transactions. Information is "material" when there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions. Generally, this is information the disclosure of which will have a substantial effect on the price of a company's securities. Examples of events or developments that should be presumed to be "material" with respect to Acadian's activities that should not be discussed outside Acadian and should only be discussed internally with those with a need to know include:

Updated as of January 2025 14

&nbsp;&nbsp;&nbsp;&nbsp;· knowledge of a trend in revenues, earnings, or assets
 under management not yet fully disclosed to the public;

· acquisition, material loss, or regulatory action;

· material change in the number of clients;

· significant legal exposure due to actual, pending or
 threatened litigation;

· a purchase or sale of substantial assets;

· changes in senior management or other major personnel
 changes; and

· changes in our auditors or a notification from its
 auditors that we may no longer rely on the auditor's audit report.

These examples are illustrative only; many other types of information may be considered "material," depending on the circumstances. The materiality of particular information is subject to reassessment on a regular basis. Information is "non-public" as to a security until it has been effectively communicated to the marketplace through a press release or other appropriate news media and enough time has elapsed to permit the investment market to absorb and evaluate the information. In many cases, this process may require the passage of several trading days after any initial disclosure. If there can be any doubt whatsoever as to whether information has been effectively communicated to the marketplace, such information should be considered non-public until such time as there is no doubt. You should direct any questions about whether information is material to the Compliance Group.

**<u>AAMI and Nonpublic Acadian Information</u>**

As the sole remaining affiliate of AAMI, certain information specific to Acadian's business activities could be deemed by investors to be material nonpublic information ("MNPI") of AAMI.

Information is "material" if there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision or it could reasonably be expected to have a substantial effect on the price of AAMI's securities.

"Nonpublic" information is information that has not been previously disclosed to the general public by means of a press release, SEC filing or other media for broad public access. Disclosure to even a large group of analysts or stockholders does not constitute disclosure to the public.

Of specific potential concern to AAMI is the public release (both in writing or verbally) of Acadian's firm wide AUM and firm wide cash flows prior to their public release by AAMI. As a result, the following policies and procedures have been implemented:

&nbsp;&nbsp;&nbsp;&nbsp;· Acadian's
 firm wide AUM will only be made available for external dissemination following its release
 as part of AAMI's quarterly public filings. The most recent publicly available AUM
 will be used in all external materials and staled until AAMI publicly releases the following
 quarterly AUM information. That new number will then be staled thereafter until the next
 AAMI public filing.

&nbsp;&nbsp;&nbsp;&nbsp;· Firm
 wide cash flows will also be staled as of the most recent public filing and remain staled
 at that date in all external materials until the AAMI publicly releases the next quarter
 end cash flow numbers.

&nbsp;&nbsp;&nbsp;&nbsp;· AUM
 and cash flow information for specific individual strategies will not be publicly released
 in any manner that in the aggregate would result in the release of more than 50% of firm
 wide AUM and cash flow amounts. Any AUM and cash flow numbers that can be aggregated to the
 firm wide AUM and cash flows must be staled to reflect the most recent publicly available
 information.

Updated as of January 2025 15

Please note, we are still able to provide more current month end AUM and cash flow information for individual strategies as long as what is provided cannot be aggregated to the firm wide level.

The above applies to both written and verbal communication. Any information that cannot be provided in external written content also cannot be shared verbally with any external party until the public filing has been made.

AAMI has agreed that an exception can be made to the above policy changes for clients, prospects, and consultants that execute with Acadian an MNPI acknowledgement. The content of this MNPI acknowledgment is non-negotiable. Once executed by an authorized representative of the entity wishing to receive the more current information, we will be able to provide that entity, going forward, with month end information, with a 7-business day lag. This MNPI acknowledgement will be tracked in Conga and owned by the Compliance team.

While it is not practical to compile an exhaustive list, other information concerning any of the following items specific to Acadian or AAMI should be reviewed carefully to determine whether such information is, or is not, also MNPI:

&nbsp;&nbsp;&nbsp;&nbsp;· Earnings, including whether AAMI will or will not meet
 expectations;

· Material changes in Acadian assets under management;

· Material changes in the number of clients;

· Mergers, acquisitions, tender offers, joint ventures,
 or changes in assets under management;

· Acquisition or loss of an important client or contract;

· Changes in senior management;

· Changes in compensation policy;

· A change in auditors or auditor notification that Acadian
 or AAMI may no longer rely on an audit report;

· A change in an auditor's opinion with respect
 to Acadian's or AAMI's financial statements;

· The issuance by the auditors of a going concern qualification;

· Financings and other events regarding AAMI's
 securities (e.g., defaults on debt securities, calls of securities for redemption, repurchase plans, stock splits, public or private
 sales of additional securities);

· Transactions with directors, officers or principal
 security holders;

· Regulatory approvals or changes in regulations and
 any analysis of how they affect AAMI; and

· Significant litigation.

**Insider Trading - Penalties**

Both the Securities and Exchange Commission (the "SEC") and the New York Stock Exchange ("NYSE") are very effective at detecting and pursuing insider trading cases and they have aggressively prosecuted insider traders and tippers. Any person who engages in insider trading or tipping can face a substantial jail term (up to 20 years), civil penalties of up to three times the profit gained (or loss avoided) by that person and/or his or her "tippee," and criminal fines of up to $5,000,000. In addition, if it is found that the Company failed to take appropriate steps to prevent insider trading, the Company may be subject to significant criminal fines and civil penalties of up to $1,000,000 or, if greater, three times the profit gained (or loss avoided) as a result of the insider trading.

You may also be sued by those seeking to recover damages for insider trading violations. Regardless of whether a government inquiry occurs, Acadian views seriously any violation of our insider trading policies, and such violations constitute grounds for disciplinary sanctions, including immediate dismissal and reporting to legal and regulatory authorities.

Updated as of January 2025 16

**Before executing any trade for yourself or others, including clients, an Access Person must determine whether he or she has access to material non-public information.**

If you think that you might have access to material non-public information, you should take the following steps:

1. report the information and proposed trade immediately to the Chief Compliance Officer.

2. do not purchase or sell the securities on behalf of yourself or others, including clients.

3. do not communicate the information inside or outside Acadian, other than to the Chief Compliance Officer or his designee.

**<u>Regulation FD</u>**

As an affiliate of Acadian Asset Management Inc. ("AAMI"), a publicly traded company, Acadian is committed to fair disclosure of information related to Acadian or AAMI that could influence the value of AAMI's securities and will not act to advantage any particular analyst or investor, consistent with the United States Securities and Exchange Commission's (the "SEC's") Fair Disclosure Regulation ("Regulation FD").

AAMI will continue to provide current and potential investors with information reasonably required to make an informed decision on whether to invest in AAMI's securities, as required by law or as determined appropriate by AAMI management.

Acadian prohibits Access Persons from making any disclosure of material nonpublic information about Acadian or AAMI to anyone outside Acadian (other than for business purposes to persons who first are obliged to maintain confidentiality with respect to such information) unless AAMI discloses it to the public at the same time in a manner consistent with Regulation FD. Examples of activities subject to this policy include:

&nbsp;&nbsp;&nbsp;&nbsp;· Quarterly earnings releases and related conference
 calls;

· Providing guidance as to AAMI's financial performance
 or results;

· Contact with financial analysts covering AAMI;

· Reviewing analyst reports and similar materials;

· Referring to or distributing analyst reports regarding
 AAMI;

· Analyst and investor visits;

· Speeches, interviews, seminars and conferences;

· Responding to market rumors;

· Responding to media inquiries regarding financial or
 other material events; and

· Postings on Acadian's or AAMI's website.

**E.** **Gifts and Entertainment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. General Statement**

A conflict of interest occurs when the personal interests of Access Persons interfere or could potentially interfere with their responsibilities to Acadian and our clients. Access Persons may not accept inappropriate gifts, favors, entertainment, special accommodations or other things of material value that could influence their decision-making or make them feel beholden to a person or firm. Access Persons are expressly prohibited from letting gifts, gratuities or entertainment influence their selection of any broker, dealer or vendor for Acadian business. Similarly, Access Persons may not offer gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to Acadian or the Access Person.

Supervisors of specific business units have the discretion to set more restrictive entertainment and gift policies than those in this Code that individuals subject to their supervision must comply with.

Updated as of January 2025 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Gifts**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Receipt** - No Access Person may receive gifts totaling more
 than de minimis value ($100 per calendar year) from any <u>person or entity</u> that does
 investment related business with or on behalf of Acadian. For example, regardless of the
 number of employees at XYZ broker who provide a gift, the aggregate value of the gifts that
 can be accepted by an Access Person from all individuals associated with XYZ broker is $100.
 Promotional items containing the name and/or logo of the provider shall not be considered
 a gift provided its estimated value is under $100.

Access Persons are expressly prohibited from soliciting any gift related to our investment activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Offer** – No Access Person may give or offer any gift
 of more than de minimis value ($100 per year) to existing clients or prospective clients.
 Access Persons may not give gifts if the intent is to retain or gain investment related business.
 In certain countries in which we may conduct business, the offer of a gift may be a cultural
 norm. In such cases, it may be permissible to exceed the de minimis value provided the gift
 is reasonable in value and has been approved by a Senior Manager.

<u>Gifts to ERISA, Taft-Hartley, and Public Plan Clients and Prospects</u>

Regulations relating to the investment management of ERISA, state or municipal pension funds, and Taft-Hartley clients often severely restrict or prohibit the offer of gifts of any value to their representatives. The Compliance Group should be consulted prior to providing any type of gift of any value to such clients or prospects as restrictions vary and many require detailed reporting be provided of such activity both by Acadian as provider and by the recipient. It is also advisable as a best practice to consult with the intended recipient before making such an offer as the offer of a gift alone, without actually providing the gift, could be a violation.

<u>40 Act Mutual Fund clients</u>

Pursuant to Section 17(e)(1) of the Investment Company Act of 1940, no employee may accept from any source any compensation (including any gifts or entertainment in any amount) for the purchase or sale of any property to or for the mutual fund clients sub-advised by Acadian.

**3.** **Cash** - No Access Person may give or accept cash gifts or
 cash equivalents to or from a client or prospective client or any other entity that conducts
 investment related business with or on behalf of Acadian.

Updated as of January 2025 18

**4.** **Entertainment -** 

<u>Providing Entertainment</u>: No Access Person may provide extravagant or excessive entertainment to a client, prospective client, or any person or entity that does or seeks to do investment related business with or on behalf of Acadian. Access Persons may occasionally provide business entertainment events, at a venue where business is typically discussed, such as dinner or a sporting event, of reasonable value, provided that the Access Person is present.

<u>Accepting Entertainment</u>: The firm recognizes that Access Person participation in entertainment provided by those with whom we conduct investment related business may be beneficial and further legitimate business interests. However, the acceptance of extravagant or excessive entertainment (face value >$1,000) from a client, prospective client, or any person or entity that does or seeks to do investment related business with Acadian is not permitted.

Access Persons are permitted to attend occasional business meals, at a venue where business is typically discussed, of reasonable value, provided that the person or a representative of the organization providing the meal is present.

Access Persons are also permitted to attend other entertainment events, such as sporting events, subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A representative of the hosting organization must be present;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The primary purpose of the invitation must be to discuss business or to build a business relationship; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You must receive prior written approval from your supervisor regardless of the value of the entertainment being provided.

Access Persons are expressly prohibited from soliciting any entertainment related to our investment activities.

<u>Entertainment to ERISA, Taft-Hartley and Public Plan Clients and Prospects</u>

Regulations relating to the investment management of ERISA, state or municipal pension funds, and Taft-Hartley clients often severely restrict or prohibit the offer of entertainment of any value (Including coffee, meals, drinks etc.) to their representatives. The Compliance Group should be consulted prior to providing any type of entertainment of any value to such clients or prospects as restrictions vary and many require detailed reporting be provided of such activity both by Acadian as provider and by the recipient. It is also advisable as a best practice to consult with the intended recipient before making such an offer as the offer of entertainment alone, without actually providing the entertainment, could be a violation.

<u>40 Act Mutual Fund clients</u>

Pursuant to Section 17(e)(1) of the Investment Company Act of 1940, no employee may accept from any source any compensation (including any gifts or entertainment in any amount) for the purchase or sale of any property to or for the mutual fund clients sub-advised by Acadian.

**5.** **Detailed Expense Reports Required for Gifts and Entertainment** 

For all gifts and entertainment purchased for or provided to a client or prospect, make certain that the expense report submitted for reimbursement clearly discloses what was provided, the names of each individual recipient, and the organization that each recipient represented. Appropriate supporting receipts must be provided. Certain ERISA, public plan clients, and Taft-Hartley plan clients may require that we provide detailed gift and entertainment reports related to their representatives.

Updated as of January 2025 19

**6.** **Conferences** – Access Person attendance at all third-party sponsored industry
 conferences is subject to supervisor approval. If the conference involves potential clients, prospects,
 or consultants, and Acadian's attendance at the conference will be paid for by the host
 or a third party (including conference fee, travel, and lodging as examples), this should be disclosed
 prior to attendance to the Compliance Group. The Compliance Group will review, among other factors,
 the purpose of the conference, the conference agenda, and the proposed costs that will be paid
 or reimbursed by the third party.

It is against Acadian policy to sponsor or pay to attend any conference where our payment is a primary consideration of whether we will be awarded business from any client or prospective client who may be in attendance.

**7.** **Quarterly Reporting** – Acadian will require all Access Persons to report any gifts or entertainment received on a quarterly basis.
 Gifts and entertainment provided will be monitored through the periodic review of expense reports.

**F.** **Political Contributions and Compliance with the Pay-to-Play Rule Requirements** 

Acadian as a firm is prohibited from making political contributions. Political contributions requested by a client or prospect will be prohibited as these may be deemed as an attempt to retain or win business. Employees, contractors, or consultants of Acadian's non-U.S. affiliated offices are prohibited from donating to any candidate in a U.S. election. As such, the requirements in this section are not applicable to these individuals.

Rule 206(4)-5 (the "Rule") under the Advisers Act seeks to curtail "pay to play" practices by investment advisers that provide advisory services to a state or local government entity or to an investment pool in which a state or local governmental entity invests.

There are three key elements of the Rule:

(i) a two-year "time-out" from receiving compensation for providing advisory services to certain government entities after certain political contributions are made,

(ii) a prohibition on soliciting contributions and payments, and

(iii) a prohibition from paying third parties for soliciting government clients.

For purposes of the Code and the Rule, an "<u>official</u>" is any person (including any election committee for the person) who was, at the time of the contribution, an incumbent, candidate or successful candidate for elective office of a government entity, if the office: (i) is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity, or (ii) has authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity.

A "<u>government entity</u>" includes all state and local governments, their agents, and instrumentalities, as well as all public pension plans and other collective government funds, including participant-directed plans such as 403(b), 457, and 529 plans. These entities are typically pension plans that are separate legal entities from state and local governments, but have elected officials as board members.

Updated as of January 2025 20

To ensure Acadian complies with the Rule, all Acadian Access Persons will be required to adhere to the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Submit a written pre-approval form to the Compliance Group and receive compliance approval prior to making any political contribution to an "official" (includes incumbents, candidates, and committees as defined above) of a "government entity", regardless of contribution amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Submit quarter–end and year-end reports of all political contributions made to any official of a government entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A prohibition from directly or indirectly soliciting political contributions on behalf of any official of a government entity if such individual can directly or indirectly influence the investment advisory business or from soliciting payments to a political party of a state or locality where the investment adviser is providing or seeking to provide investment advisory services to a government entity. Pursuant to this provision, Access Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· indirectly
 making political contributions to politicians through, for example, spouses, lawyers or affiliated
 companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "bundling"
 a large number of small contributions to influence an election in the state or locality in
 which the Investment Adviser is seeking business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· soliciting contributions from professional service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· consenting
 to the use of Acadian's name on fundraising literature for a candidate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· sponsoring
 a meeting or conference which features an official as an attendee or guest speaker and which
 involves fundraising for the official (and, in this case, expenses incurred by the Access
 Person for hosting the event (such as the cost of the facility or refreshments, or reimbursement
 of any of the official's expenses for the event) would be a contribution by the Investment
 Adviser, thereby triggering the two-year "time-out" provisions of the Rule).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A prohibition on paying any non-regulated third party for soliciting advisory business from U.S. based government clients on our behalf.

Failure of each Access Person to adhere to the requirements of the Rule could result in Acadian being prohibited from receiving compensation from a government entity for a period of two-years from the date of the contribution.

**G.** **Anti-Bribery and Corruption Policy and risks related to employee acts including political contributions and gifts/entertainment** 

The U.S. Foreign Corrupt Practices Act (the "FCPA") prohibits corrupt payments to foreign officials for the purpose of obtaining or keeping business. The person making or authorizing the payment must have a corrupt intent, and the payment must be intended to induce the recipient to misuse his official position to direct business wrongfully to the payer or to any other person. You should note that the FCPA does not require that a corrupt act succeed in its purpose. The offer or promise of a corrupt payment can constitute a violation of the statute. The FCPA prohibits any corrupt payment intended to influence any act or decision of a foreign official in his or her official capacity, to induce the official to do or omit to do any act in violation of his or her lawful duty, to obtain any improper advantage, or to induce a foreign official to use his or her influence improperly to affect or influence any act or decision. The FCPA prohibits paying, offering, promising to pay (or authorizing to pay or offer) money or anything of value. The prohibition extends only to corrupt payments to a foreign official, a foreign political party or party official, or any candidate for foreign political office. A "foreign official" means any officer or employee of a foreign government, a public international organization, or any department or agency thereof, or any person acting in an official capacity.

Updated as of January 2025 21

Obligations imposed on Access Persons go further than compliance with the FCPA. Bribery and corrupt business practices create unfair markets, erode public trust and stifle long-term economic development and are contrary to Acadian's values. Bribery or corruption in any manner or for any purpose or benefit will not be tolerated and any such action by an Access Person or the firm is strictly prohibited. Access Persons must be committed to ethical and legal business conduct and must:

&nbsp;&nbsp;&nbsp;&nbsp;· Act
 legally and with integrity at all times to safeguard its staff members, resources, tangible
 and intangible assets, and our reputation;

&nbsp;&nbsp;&nbsp;&nbsp;· Create
 and maintain a trust-based and inclusive internal culture in which bribery and corruption
 are not tolerated;

&nbsp;&nbsp;&nbsp;&nbsp;· Conduct all business relationships in an ethical and lawful manner; and

&nbsp;&nbsp;&nbsp;&nbsp;· Cooperate
 fully with law enforcement and regulators locally within the bounds of local legislation.

Access Persons who deliberately breach the policy will be subject to disciplinary action, potentially leading to dismissal.

Access Persons are expected to act legally, ethically, and with integrity at all times to safeguard our employees, resources, assets and reputation. Access Persons must closely adhere to the gift and entertainment and the political contributions policies and procedures described herein. Any suspicions of bribery or corruption should be reported in accordance with the Whistleblowing policy set out in this Code. Acadian and all Access Persons are expected to cooperate fully with any law enforcement or regulatory inquiry into any bribery or corruption allegation.

**H.** **Charitable Contributions** 

Although Acadian encourages our Access Persons to be charitable, no donations should be made or should appear to have been made for the purpose of obtaining or retaining client business. No donations should be made in the name of any client if such a donation would result in a violation of the client's ethical requirements. This is typically the case with state and municipal clients.

Any request from a client or prospect for a charitable donation should be brought to the attention of a Compliance Officer. Any charitable donation made in response to a client or prospect request should be nominal as not to appear to have been made to obtain or retain the business and should be done in accordance with Acadian's charitable giving policies.

Updated as of January 2025 22

**I.** **Confidentiality** 

Access Persons have the highest fiduciary obligation to protect and keep confidential at all times sensitive non-public information related to our clients, prospects, Access Persons, and the firm. Please also refer to your obligations to protect information from disclosure under Insider Trading and Regulation FD sections of this Code. This information may include, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any prospect or client's identity (unless the client consents), any information
 regarding a client's financial circumstances, business practices, or advice furnished to a client by Acadian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. information on specific client accounts, including recent or impending securities
 transactions by clients and activities of the portfolio managers for client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. specific information on Acadian's investments for clients (including
 former clients) and prospective clients and account transactions and holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. information on other Access Persons, including their social security
 numbers, financial account information and account numbers, compensation, benefits, position
 level and performance rating; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. information on Acadian's firm wide assets under management and
 cash flows, business activities, including new services, products, research, technologies,
 investment process, and business initiatives, unless disclosure has been authorized by Acadian.

Access Persons should not access information on any client, prospect, consultant, or employee that is not required to perform their specific job functions. Access Persons should not discuss or release any non-public information that they may be authorized to access and view to any internal party or external party unless that party has a compelling business need to receive the information.

Access Persons should be sensitive to the problem of inadvertent or accidental disclosure, through careless conversation in a public place or the failure to safeguard papers and documents. Documents and papers should be kept in appropriately marked file folders and locked in file cabinets when appropriate. Any confidential information that must be transmitted over email or via the internet should also be protected in accordance with Acadian's IT Security Policy.

**J.** **Service on a Board of Directors** 

Prior to accepting a position as an officer, director, trustee, partner, or Controlling person in any other company or business venture not related to Acadian, or as a member of an investment organization (e.g., an investment club), Access Persons must disclose the position to the Compliance Group.

While the prior disclosure of Board membership or service on a charitable/non-profit organization is generally not required, disclosure and pre-approval would be required if your service involved participation on the finance, treasury, or investment committees or their functional roles or equivalents. Acadian may place specific restrictions on such service.

Each Board position should also be disclosed to the Compliance Group at least annually. Notice of such positions may be given to a compliance officer of any Fund advised or sub-advised by the Company.

As a firm policy, Acadian will restrict from our potential investment universe, and will not invest in or recommend client investment in, any publicly traded company for which an Access Person serves as a Board member.

**K.** **Partnerships** 

Any non-Acadian related non-investment partnership or similar arrangement, either participated in or formulated by an Access Person, should be disclosed to the Compliance Group prior to formation, or if already in existence at the time of employment, as part of New Hire reporting. Any such partnership interest should also be disclosed to the Compliance Group at least annually. Investment partnerships such as participating as a passive "partner" in a hedge fund would require pre-clearance and reporting on holdings reports.

Updated as of January 2025 23

**L.** **Other Outside Activities** 

Access Persons may not engage in outside business interests or employment that could in any way materially conflict with the proper performance of their duties to or for Acadian. All Access Persons should inform their supervisor and Human Resources prior to accepting any employment outside of Acadian if it has the potential of impacting or conflicting with their responsibilities to Acadian. Supervisors will involve the Compliance Group as needed.

**M.** **Marketing and Promotional Activities** 

Acadian has instituted policies and procedures relating to our creation and distribution of marketing, performance, advertising, and promotional materials to ensure compliance with relevant securities and commodities laws and GIPs. All oral and written statements made by Access Persons to the public, regardless of format or audience, must be professional, accurate, balanced and not misleading in any way.

**N.** **Affiliated Broker-Dealers** 

Certain employees of Acadian are affiliated with a third-party limited-purpose broker-dealer related to the offer and sale of funds. Acadian will not utilize the services of this broker-dealer to trade for the accounts of any firm client. Acadian will also abide by any restrictions imposed by a client regarding the use of any specific broker-dealer including those that may be an affiliate of a client.

**Part 4. Compliance Procedures**

Access Persons are expected to respond truthfully and accurately to all requests for information. With general exceptions as outlined below, any reports, statements or confirmations described herein, submitted through the MCO system, or created under this Code will be treated as confidential to the extent possible.

Access Persons should be aware that copies of such reports, statements or confirmations, or summaries of each, may be provided to their supervisors, to senior management, to AAMI, to compliance personnel and the Board of Directors of any registered investment company client, to outside counsel, and/or to regulatory authorities upon appropriate request. To the extent possible, efforts will be made to preserve the confidentiality of any personal information contained on any such report prior to providing is to the requesting party.

**A.** **Reporting of Access Person Investment Accounts** 

All Access Persons are required to notify the Compliance Group in writing of any investment account in which he or she has direct or indirect beneficial interest in which a covered security can be purchased.

Updated as of January 2025 24

**B.** **Duplicate Statements** 

The Compliance Group, in its discretion, will determine if the receipt of duplicate investment account statements for any Access Person's investment account will further enhance its ability to oversee and enforce the Code. Such statements will typically not be required if the investment firm issuing such statements has an agreement in place with MCO to directly feed employee transaction information into MCO for our access.

If the Compliance Group determines a feed from MCO is not available for a specific brokerage account, the employee will be responsible for providing duplicate copies of the statements to the Compliance Group. Statements not available to the Compliance Group by other means can be provided by uploading statements as part of the employee's quarterly disclosure reporting in MCO.

The purpose of receiving "duplicates" is to independently confirm Code compliance, especially as it relates to compliance with pre-clearance of trades, the blackout period, and reporting. Duplicate investment account statements will typically be requested directly from the broker or adviser for any Access Person investment accounts where the Access Person exercises investment discretion over the account and has the ability to trade in covered securities including individual stocks, Acadian or affiliated managed funds, or other types of covered securities that may conflict with the type of investments Acadian makes for our clients.

Duplicate investment account statements are typically not requested or received from the following types of accounts:

&nbsp;&nbsp;&nbsp;&nbsp;· accounts
 in which individual stocks, bonds, Depository Receipts, ETFs, and Acadian advised or sub-advised
 mutual funds cannot be purchased or sold;

&nbsp;&nbsp;&nbsp;&nbsp;· accounts
 where the Access Person has no direct or indirect influence or control over transactions
 in the account; and

&nbsp;&nbsp;&nbsp;&nbsp;· Acadian's 401k and deferred compensation plan accounts.

**C.** **Pre-clearance of Personal Securities Transactions** 

All Access Persons must strictly comply with Acadian's policies and procedures regarding personal securities transactions in covered securities including requesting pre-clearance before trading in a covered security.

**<u>Pre-clearance approval is typically only effective on the day granted.</u>**

Pre-clearance requests, once granted, are only effective until the close of the market on which the "cleared" security trades. If the trade is not executed before market close on the day the pre-clearance was requested and granted, then the request would need to be re-submitted the following day. For example, pre-clearance requests granted on Monday in the U.S. for a security trading in the U.S. are effective until the close of U.S. markets that Monday.

One exception relates to the pre-clearance of a security trading on a foreign exchange. A request to trade a security trading on a foreign exchange made after close of the exchange but prior to the reopen of the exchange for the next trading day would be approved until the close of that foreign exchange on the next trading day.

No one, including the Chief Compliance Officer, is authorized to approve his or her own trades.

Updated as of January 2025 25

**D.** **Pre-Approval of Political Contributions** 

Access Persons must submit a pre-approval request to a member of the Compliance Group and receive compliance approval prior to making any political contribution to any "official" of a "government entity" regardless of contribution amount. Please refer to the Political Contributions section of the Code for the definition of official, government entity, and additional details.

**E.** **Quarterly Reporting through MCO** 

**1.** **Transactions** 

Within **<u>thirty (30) calendar days</u>** of each quarter end (i.e. end of April, July, October, and January) all Access Persons must submit a quarterly report to the Compliance Group to report either no reportable trading activity or all transactions involving covered securities in reportable accounts in which they have direct or indirect Beneficial Ownership and the account in which the security was purchased or sold as well as duplicate statements associated with the quarter if an MCO feed is not available for employee brokerage accounts<sup>3</sup>. As noted above, statements for any brokerage accounts not on feeds need to be provided on a quarterly basis.

**2.** **Gifts and Entertainment** 

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a quarterly report of any gifts or entertainment received from any person or organization doing or seeking to do investment related business with Acadian. A Supervisor approval is required when there is a reportable item. A report is required even if there is nothing to report but supervisor approval on such report is not required.

**3.** **Private Investments** 

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a report to certify that they either have no private investments to report or attest to all pre-existing private investments including any that were acquired within the previous quarter.

**4.** **Political Contributions** 

**<u>Within thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a quarterly report of any political contributions made to any official of a government entity as defined in the Code. A signed report is required even if there is nothing to report. Access Persons located in Acadian's non-U.S. affiliated offices are prohibited from donating to any candidate in a U.S. election. As such, reporting requirements related to political contributions are not applicable to these individuals. Notwithstanding, each must comply with any reporting requirements that may be established specific to their office.

**5.** **Communication Acknowledgment** 

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a report to certify that they acknowledge and comply with firm policies related to approved methods of electronic communication.

<sup>3</sup> Transactions in in covered securities in Acadian's 401K plan and deferred compensation plan do not require quarterly reporting. Year-end holdings in these accounts must be reported.

Updated as of January 2025 26

**6.** **MNPI Acknowledgment** 

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a report to certify that they acknowledge and comply with firm policies and procedures related to material non-public information.

**F.** **Annual Reporting through MCO** 

**<u>By January 30th</u>** of each year, each Access Person must complete and submit a listing as of December 31 of the prior year of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) each investment account in which they have a direct or indirect interest in
 which a security can be purchased (a review of all accounts should be done at least annually and/or when accounts are opened/closed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) their
 investment holdings in covered securities (including a separate report for "private
 investments") including security name, share amount, price per share and principal
 amount ( **<u>market values should be updated as of 12/31</u>**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a
 listing of all non-Acadian and non-investment related directorships or partnerships in which
 they are involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a
 list of all political contributions made including candidate name, elected office, amount,
 and date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any
 other reports requested by the Compliance Group specific to the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Affirmation acknowledging receipt of and compliance with the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Affirmation
 acknowledging receipt of and compliance with the Compliance Manual.

Your year-end investment holdings report must contain <u>all</u> holdings in covered securities in <u>any covered accounts</u> including those positions held in Acadian's 401K plan, and deferred compensation plan. **<u>To be considered complete, these reports must contain the quantity and value of each reported holding as of December 31.</u>**

On an annual basis, each Access Person will also be required to provide certification of their receipt of the Code of Ethics and an acknowledgement of their obligation to comply with its requirements.

**G.** **New Hire Reporting through MCO** 

New Access Persons are required to file the following attestations within **ten (10) business days** of their hire date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial Affirmation acknowledging receipt of and compliance with the Code.

b. Initial Report of Reportable Investment Accounts along with a copy of the last
 issued holdings statement for each account.

c. Initial Report of Securities Holdings.

d. Access Person Partnership Involvement Relationship Report.

e. Access Person Report of Director/Relationship Involvement.

f. Access Person Report of Political Contributions for prior two years from hire
 date.

g. Communication Acknowledgment.

h. MNPI Acknowledgment.

Updated as of January 2025 27

**H.** **Review and Enforcement of Personal Transaction Compliance and General Code Compliance** 

The Compliance Group will periodically review personal securities transactions reports and other reports submitted by Access Persons. The review may include, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An assessment of whether the
 Access Person followed the Code and any required internal procedures, such as pre-clearance,
 including the comparison of "Pre-clearance" submissions to any account statements
 that may have been received from brokers, advisers or other sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Comparison of personal trading to any blackout period;

c. An assessment of whether the Access Person and Acadian are trading in the same
 securities and, if so, whether clients are receiving terms as favorable as the Access Person;

d. Periodically analyzing the Access Person's trading for patterns that may
 indicate potential compliance issues including front running, excessive or short-term trading or market timing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Any pattern of trading or activity
 raising the appearance that the Access Person may be taking advantage of their position at
 Acadian.

Before any determination is made that a code violation has been committed by an Access Person, the Access Person will have the opportunity to supply additional explanatory material. If the Chief Compliance Officer initially determines that a material violation has occurred, he will prepare a written summary of the occurrence, together with all supporting information/documentation including any explanatory material provided by the Access Person, and present the situation to Access Person's manager, the Compliance and Risk Committee, and, if the Chief Compliance Officer and Committee deem it necessary, to the Acadian Executive Management Team and Executive Committee, or the Board of Managers. Depending on the incident, AAMI may become involved as well as outside counsel for evaluation and recommendation for resolution.

Acadian's Chief Compliance Officer reports all Code violations and their resolution, regardless of materiality, to Acadian's Compliance and Risk Committee at least quarterly. Further, if the Chief Compliance Officer and the Committee deem it necessary, a Code violation may also be reported to the Acadian Executive Management Team and Executive Committee, the Board of Managers, and the Board of Directors of any U.S. registered investment company for which Acadian acts as adviser or sub-adviser.

**I.** **Certification of Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Initial Certification.** Compliance with the Code is a
 condition of hire and ongoing employment at Acadian. Each Access Person is provided with
 a copy of the Code when hired and receives training on the Code from a Compliance Officer.
 Acadian requires all Access Persons to certify that they have: (a) received a copy of
 the Code; (b) read and understand all provisions of the Code; and (c) agreed to
 comply with the terms of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Acknowledgement of Amendments.** Acadian will provide Access
 Persons with any material amendments to our Code and Access Persons will submit an acknowledgement
 that they have received, read, and understood the amendments to the Code. Acadian and members
 of our compliance staff will make every attempt to bring important changes to the attention
 of Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Annual Certification.** All Access Persons and supervised persons are required
 annually to certify that they have received, read, understood, and complied with the Code.

Updated as of January 2025 28

**Part 5. Access Person Disclosures and Reporting Obligations**

Acadian has certain disclosure obligations to our clients and regulators. Each Access Person has an immediate and ongoing obligation to notify a Compliance Officer if any of the responses to the questions listed below are "yes" or become "yes" at any time.

(1) In the past ten years, have you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) been convicted of or plead guilty to nolo contendere ("no contest") in a domestic, foreign, or military court to any felony?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) been charged with any felony?

(2) In the past ten years, have you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) been convicted of or plead guilty or nolo contendere ("no contest") in a domestic, foreign or military court to a misdemeanor involving: investments or an investment related business, or any fraud, false statements, or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion, or a conspiracy to commit any of these offenses?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) been charged with a misdemeanor listed in 2(a)?

3. Has the SEC or the Commodity Futures trading Association (CFTC) ever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) found you to have made a false statement or omission?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) found you to have been involved in a violation of SEC or CFTC regulations or statutes?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) found you to have been a cause of an investment related business having its authorization to do business denied, suspended, revoked, or restricted?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) entered an order against you in connection with investment related activity?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) imposed a civil money penalty on you or ordered you to cease and desist from any activity?

4. Has any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ever found you to have made a false statement or omission, or been dishonest, unfair, or unethical?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ever found you to have been involved in a violation of investment related regulations or statutes?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ever found you to have been a cause of an investment related business having its authorization to do business denied, suspended, revoked, or restricted?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the past ten years, entered an order against you in connection with an investment related activity?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ever denied, suspended, revoked, or otherwise prevented you from associating with an investment related business?

Updated as of January 2025 29

5. Has any self-regulatory organization or commodities exchange ever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) found you to have made a false statement or omission?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) found you to have been involved in a violation of its rules?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) found you to have been the cause of an investment related business having its authorization to do business denied, suspended, revoked, or restricted?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disciplined you by barring or suspending you from association with other advisers or otherwise restricting your activities?

6. Has the authorization to act as an attorney, accountant, or federal contractor granted to you ever been revoked or suspended?

7. Are you the subject of any regulatory proceeding?

8. Has any domestic or foreign court:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the past ten years, enjoined you in connection with any investment related activity?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ever found that you were involved in a violation of investment related statutes or regulations?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ever dismissed, pursuant to a settlement agreement, an investment related civil<br> action brought against you by a state or foreign financial regulatory authority?

9. Are you now the subject of any civil proceeding that could result in a "yes" answer to item 8 above?

**Part 6. Record Keeping**

Acadian will maintain the following records pertaining to the Code in a readily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;· A copy of each Code that has been in effect at any time during
 the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;· A
 record of any violation of the Code and any action taken as a result of such violation for
 five years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;· A
 record of all acknowledgements of receipt of the Code and amendments for each person who
 is currently, or within the past five years was, an Access Person (these records must be
 kept for five years after the individual ceases to be an Access Person of Acadian);

&nbsp;&nbsp;&nbsp;&nbsp;· Holdings and transactions reports made pursuant to the Code
 for the prior five years;

&nbsp;&nbsp;&nbsp;&nbsp;· A
 list of the names of persons who are currently, or within the past five years were, Access
 Persons;

&nbsp;&nbsp;&nbsp;&nbsp;· A record of any decision and supporting reasons for approving the acquisition
 of covered securities by Access Persons including IPOs and limited offerings for at least five years after the end of the fiscal
 year in which approval was granted;

Updated as of January 2025 30

&nbsp;&nbsp;&nbsp;&nbsp;· A
 record of persons responsible for reviewing Access Persons' reports currently or during
 the last five years; and

&nbsp;&nbsp;&nbsp;&nbsp;· A
 copy of reports provided to the Board of Directors of any U.S. registered management investment
 company for which Acadian acts as adviser or sub-adviser regarding the Code for the past
 five years.

**Part 7. Form ADV Disclosure**

Acadian includes within our Form ADV, Part 2A a description of Acadian's Code and a description of conflicts identified with our investment process and operations. We will deliver a copy of Form ADV, Part 2A to each client annually and will provide a copy of our Code to any client or prospective client upon request.

**Part 8. Administration and Enforcement of the Code**

**Responsibility to Know the Rules**

Access Persons are responsible for their actions under the law and are therefore required to be sufficiently familiar with applicable federal and state securities laws and regulations to avoid violating them. Claimed ignorance of any rule or regulation or of any requirement under this Code or any other Acadian policy or procedure is not a defense for misconduct.

**A.** **Excessive or Inappropriate Trading** 

Acadian understands that it is appropriate for Access Persons to participate in the public securities markets as part of their overall personal investment programs. As in other areas, however, this should be done in a way that limits potential conflicts with the interests of any client account. Further, it is important to recognize that otherwise appropriate trading, if excessive (measured in terms of frequency, complexity of trading programs, numbers of trades, or other measures as deemed appropriate by the Compliance Group), may compromise the best interests of any client if such excessive trading is conducted during the workday or using Acadian resources. Accordingly, if personal trading rises to such dimension as to create an environment that is not consistent with the Code, such personal transactions may be brought to the attention of the Access Person's supervisor and may not be approved or may be limited by the Compliance Group.

**B.** **Training and Education** 

<u>New Hires</u>

Employment at Acadian is contingent upon compliance with the Code. Each new hire receives a copy of the Code and must complete an affirmation of receipt and understanding. A member of the Compliance Group will meet with each new hire within their first week of employment to review the Code and to respond to any questions.

Updated as of January 2025 31

<u>Annual</u>

Mandatory annual ethics training is required for all employees and consultants designated as either/or Associated Persons with the NFA or Access Persons. The topics that will be included within the annual ethics training will be chosen by members of the Compliance Group who will provide the training through MCO. The Compliance Group will monitor completion in MCO and document any failure by an employee to complete the training in a timely manner as a Code violation. The ethics training will reinforce key sections of the Code as well as any other compliance related issues as determined by business changes or regulatory focus. Pursuant to NFA Compliance Rule 2-9 and the Commodity Futures Trading Commission's Statement of Acceptable Practices annual ethics training at a minimum will also include:

---

| |
|:---|
| 1. An explanation of the applicable laws and regulations and rules of Acadian's business activities regulated by the NFA; |
| 2. Employees' obligation to the public to observe just and equitable principles of trading; |
| 3. How to act honestly and fairly and with due skill, care, and diligence in the best interest of customers and the integrity of the markets; |
| 4. How to establish effective supervisory systems and internal controls; |
| 5. How to obtain and assess the financial situation and investment experience of customers; |
| 6. Disclosure of material information to customers; and |
| 7. Avoidance, proper disclosure, and handling of conflicts of interest. |

---

**C.** **Compliance and Risk Committee Approval** 

The Code will be submitted to Acadian's Compliance and Risk Committee annually for approval.

**D.** **Report to the Board(s) of Investment Company Clients** 

At the frequency requested and in compliance with Rule 17j-1 of the Investment Company Act of 1940, Acadian will comply with any reporting requirements imposed by the Board of Directors of each of our U.S. registered investment company clients as well as any other reporting related to our Code requested by any client. A copy of our Code is provided to clients and prospects upon request. Reports typically provided to Fund Board's include a description of any issues arising under the Code since the last report, information about material violations of the Code, sanctions imposed in response to such violations, and any material changes made to the Code. Acadian will also provide reports when requested certifying that we have adopted procedures reasonably necessary to prevent Access Persons from violating the code.

**E.** **Report to Senior Management** 

The Chief Compliance Officer will provide a report on a quarterly basis to Acadian's Compliance and Risk Committee noting any violations of the Code. Any material violations will be escalated promptly.

**F.** **Reporting Violations and Whistleblowing Protections** 

Acadian is committed to fostering an environment of ethical and fair business conduct that requires all Access Persons to act honestly and with integrity at all times. Access Persons are required to report to the Chief Compliance Officer or a senior manager all potential instances of serious malpractice, material violations of company policies, and material violations of the Code. Access Persons are required to cooperate fully with any and all investigations into such matters.

Updated as of January 2025 32

Failure to adhere to these policies will be considered a violation of the Code and will subject the Access Person to disciplinary action including the potential for termination.

Good faith reports of such potentially serious or material violations may be made without fear of retribution either directly to the Chief Compliance Officer or on a confidential basis via either a written statement in a sealed envelope or in any other way the Access Person feels is necessary to preserve his or her confidentiality. A report can also be made to the AAMI Fraud Hotline listed in the Fraud section below. These reports will be treated as confidential, and the source of the report protected to the extent permitted by law provided that the "whistleblower" (1) genuinely believes that the knowledge or suspicions disclosed are true and relate to serious malpractice; and (2) that the communication is clear from the outset that a confidential "whistleblowing" disclosure is being made. All such reports will be investigated promptly and thoroughly, and all legal requirements will be complied with.

**G.** **Fraud Policy** 

Access Persons are expected to act legally, ethically, and with integrity at all times to safeguard our employees, resources, assets and reputation. The commission of a fraud of any kind is prohibited. Failure by any Access Person to comply with this policy could result in disciplinary action being taken against that individual.

For the purpose of the Code, fraud is defined as: "Any deliberate action or inaction involving dishonesty or deception, which may result in the diminution of client account or shareholder value, either through financial loss or reputational damage, whether or not there is personal benefit to the fraudster."

**What Constitutes Fraud?**

The legal definition of fraud may vary depending on the legal statutes of the various jurisdictions in which Acadian operates and rules, regulations and other releases of the regulatory bodies that govern our activities including the SEC, NFA, and CFTC. For example, CFTC Regulation 180.01. In some jurisdictions, no precise legal definition of fraud exists, although many of the offenses referred to as fraud may be prohibited by local statute or be deemed criminal offenses by local statute. The term is generally used to describe acts such as: deception, bribery, forgery, extortion, corruption, theft, conspiracy, embezzlement, misappropriation, false representation, concealment of material facts and collusion. Some examples of fraud include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;· Dishonest or fraudulent activities, such as embezzlement,
 deceit, collusion, or conspiracy

· Bribery, corruption, or abuse of office

· Theft

· Abuse or misuse of company property

· Deliberate misapplication or misappropriation of company funds
 or assets

· Deliberate or suspicious unacceptable loss of assets in the
 care of any member of AAMI

· Forgery or alteration of documents

· Making use of or knowingly possessing forged or falsified
 documents

· Providing false or misleading information

· Deliberate theft, sale or misuse of sensitive documentation
 or information

&nbsp;&nbsp;&nbsp;&nbsp;· Deliberate
 false creation of records within or unauthorized amendments to databases, administration
 systems and accounting records

&nbsp;&nbsp;&nbsp;&nbsp;· Targeted
 attempts to use technology/electronic communications to hack or breach security controls

&nbsp;&nbsp;&nbsp;&nbsp;· Intentional
 destruction (excepted as allowed per our Record Management Policy) or suspicious disappearance
 of records

· Concealment of material facts

· Deliberate intentional misapplication of accounting principles

&nbsp;&nbsp;&nbsp;&nbsp;· Any
 improper act, which may damage the reputation of AAMI or any of its members

&nbsp;&nbsp;&nbsp;&nbsp;· Use
 or employ, or attempt to use or employ, any manipulative device, scheme, or artifice to defraud;

&nbsp;&nbsp;&nbsp;&nbsp;· Make,
 or attempt to make, any untrue or misleading statement of a material fact or to omit to state a material
 fact necessary in order to make the
 statements made not untrue or misleading;

&nbsp;&nbsp;&nbsp;&nbsp;· Engage,
 or attempt to engage, in any act, practice, or course of business, which operates or would
 operate as a fraud or deceit upon any person ; or,

&nbsp;&nbsp;&nbsp;&nbsp;· Deliver
 or cause to be delivered, or attempt to deliver or cause to be delivered, for transmission
 through the mails or interstate commerce, by any means of communication whatsoever, a false
 or misleading or inaccurate report concerning crop or market information or conditions that
 affect or tend to affect the price of any commodity in interstate
 commerce, knowing, or acting in reckless disregard of the fact that such report is false,
 misleading or inaccurate. Notwithstanding the foregoing, no violation of this subsection
 shall exist where the person mistakenly
 transmits, in good faith, false or misleading or inaccurate information to a price reporting
 service

&nbsp;&nbsp;&nbsp;&nbsp;· Any
 similar or related activity or irregularity

Updated as of January 2025 33

Fraud can be perpetrated internally by employees or contractors, externally by clients, intermediaries or other third parties.

Any individual who is unclear as to what may constitute an act of fraud should seek further guidance from his/her direct manager or from the Chief Compliance Officer as appropriate.

**What should I do if I suspect fraud has been committed?**

All staff is encouraged to immediately report any fraud that is suspected or discovered. Any such activity should be reported initially to their immediate manager and/or the Chief Compliance Officer, except where either of those individuals is suspected of involvement.

Immediate managers are responsible for reporting all instances of suspected or discovered fraud to the Chief Compliance Officer who is responsible for escalating as required under relevant firm policy.

The reporting of suspected or known fraud may be made and will be investigated in accordance with the Whistleblowing policies described within the Code and, if made in good faith, will be protected from retaliation.

Acadian encourages Access Persons to report compliance and any other business concerns to Acadian's Chief Compliance Officer and General Counsel or via the confidential AAMI Fraud Hotline at the numbers or URL below.

---

| | | |
|:---|:---|:---|
| Scott Dias | 617-850-3519 | sdias@acadian-asset.com |
| SVP, Chief Compliance Officer and |  |  |
| General Counsel |  |  |
| Acadian |  |  |

---

Richard Hart 617-369-7341 rhart@acadian-inc.com <br> Chief Legal Officer <br> AAMI

By Secure Ethics Reporting Hotline:

**US:**<br> 1-866-921-6714<br> **Australia:**<br> 0011-800-2002-0033

Updated as of January 2025 34

**United Kingdom:**<br> 0-800-092-3586<br> **Singapore:**<br> 001-800-2002-0033

Webform URL:

<u>https://www.integritycounts.ca/org/acadian-inc</u>

E-mail:

<u>AAMI@integritycounts.ca</u>

Fax:

1-604-926-5668

Mail:

PO Box 91880, West Vancouver,<br> British Columbia V7V 4S4 Canada

***None of the provisions of Acadian employee handbook, compliance manual (including its related policies and code of ethics), offer letter provided to you, or any agreement regarding your employment that you may have entered into with Acadian prohibits you from voluntarily communicating with enforcement or regulatory authorities regarding possible violations of law.***

**H.** **Sanctions** 

Any violation of the Code may result in disciplinary action including, but not limited to, a warning, fines, disgorgement, suspension, demotion, or termination of employment. In addition to sanctions, violations may result in referral to civil or criminal authorities where appropriate.

The following is a non-exclusive list of factors that will be considered when determining the appropriateness of any sanction related to a Code violation:

&nbsp;&nbsp;&nbsp;&nbsp;· What requirement was violated

· Client harm

· Frequency of occurences

· Evidence of willful or reckless disregard of the Code requirement

· Your honest and timely cooperation

**I.** **Further Information about the Code and Supplements** 

Access Persons are encouraged to contact any member of the Compliance Group with any questions about permissible conduct under the Code.

AAMI's Anti-bribery and Corruption Risk Policy, Fraud Policy, Whistleblowing Arrangements and Sanctions Compliance policy are adopted as supplements to the Code.

Updated as of January 2025 35

**Persons Responsible for Code Enforcement**

---

| | | |
|:---|:---|:---|
| **Boston:** | | |
| Alison Peabody | Compliance Officer | <u>apeabody@acadian-asset.com</u> |
| Mary Bidgood | Compliance Officer | <u>mbidgood@acadian-asset.com</u> |
| Kelly Gately | Compliance Officer | <u>kgately@acadian-asset.com</u> |
| Scott Dias | Chief Compliance Officer | <u>sdias@acadian-asset.com</u> |
| **London:** | | |
| Katy Tyler | Compliance Officer | <u>ktyler@acadian-asset.com</u> |
| **Sydney:** | | |
| Nita Lo | Compliance Officer | <u>nlo@acadian-asset.com</u> |
| **Singapore:** | | |
| Nicholas Lim | Compliance Officer | <u>nlim@acadian-asset.com</u> |

---

Do not hesitate to contact any member of the Compliance Group with questions about the Code by either emailing Compliance-reporting@acadian-asset.com or contacting directly one of the individuals noted above.

**<u>Training and Certification</u>**

Training on Code requirements will be provided by members of the Compliance Group. Additional training on firm policies may also be provided by members of the Human Resources Group.

Acadian's Compliance and Risk Committee, Executive Management Team, Executive Committee, and our Board of Managers are also responsible for Code implementation and enforcement.

All Access Persons will be subject to annual Code of Ethics training. A copy the Code and any amendments will be provided to all Access Persons and supervised persons annually along with a request for a written acknowledgment of receipt and compliance.

**Appendices**

A. CFA Institute Asset Manager Code of Professional Conduct

Updated as of January 2025 36

## Ex-99.B(P)(6)

**Exhibit 99.B(p)(6)**

![](tm2522623d1_ex99-bp6img001.jpg)

**A Message from Seth Bernstein, Chief<br> Executive Officer of AllianceBernstein**

*Client trust is the foundation of a financial services company. As we have seen, trust takes years to establish and constant vigilance to maintain but can be destroyed in a matter of days. Honesty, integrity, and high ethical standards must therefore be practiced on a daily basis in order to protect this most critical asset.*

*Enhancing our sensitivity to our ethical obligations – putting the interests of our clients first and foremost -- and ensuring that we meet those obligations is an imperative for all. AllianceBernstein has long been committed to maintaining and promoting high ethical standards and business practices. We have prepared this Code of Business Conduct and Ethics (the "Code") in order to establish a common vision of our ethical standards and practices. While not an exhaustive guide to the rules and regulations governing our businesses, the Code is intended to establish certain guiding principles for all of us. Separately, the firm has in place a series of ethics, fiduciary and business-related policies and procedures, which set forth detailed requirements to which employees are subject. We also have prepared various Compliance Manuals, which provide in summary form, an overview of the concepts described in more detail both in this Code and in our other policies and procedures.*

*You should take the time to familiarize yourself with the policies in this Code and use common sense in applying them to your daily work environment and circumstances. Your own personal integrity and good judgment are the best guides to ethical and responsible conduct. If you have questions, you should discuss them with your supervisor, the General Counsel, the Chief Compliance Officer or a representative of the Legal and Compliance Department or Human Capital. If the normal channels for reporting are not appropriate, or if you feel uncomfortable utilizing them, issues may be brought to the attention of the Company Ombudsman, who is an independent, informal and confidential resource for concerns about AllianceBernstein business matters that may raise issues of ethics or questionable practices.*

*Our continued success depends on each of us maintaining high ethical standards and business practices. I count on each of you to place our clients' interests first – and to do so always by applying good ethics and sound judgment in your daily responsibilities.*

*Seth Bernstein*

**AllianceBernstein L.P.**

**CODE OF BUSINESS CONDUCT AND ETHICS**

---

| | |
|:---|:---|
| 1. Introduction | **1** |
| 2. The AB Fiduciary Culture | **2** |
| 3. Compliance with Laws, Rules and Regulations | **2** |
| 4. Policy Against Discrimination and Sexual and Unlawful Harassment | **3** |
| 5. Conflicts of Interest ! Unlawful Actions | **3** |
| 6. Insider Trading | **4** |
| 7. Personal Trading: Summary of Restrictions | **5** |
| 8. Outside Directorships and Other Outside Activities and Interests | **6** |
| a. Board Member or Trustee | 6 |
| b. Other Affiliations | 7 |
| c. Outside Financial or Business Interests | 8 |
| 9. Gifts, Entertainment, and Inducements | **8** |
| 10. Compliance with Anti-Corruption Laws | **9** |
| 11. Political Contributions!Activities | **9** |
| a. By or on behalf of AB | 9 |
| b. By Employees ! Directors | 10 |
| 12. "Ethical Wall" Policy | **10** |
| 13. Use of Client Relationships | **11** |
| 14. Corporate Opportunities and Resources | **11** |
| 15. Antitrust and Fair Dealing | **12** |
| 16. Recordkeeping and Retention | **12** |
| 17. Improper Influence on Conduct of Audits | **12** |
| 18. Accuracy of Disclosure | **13** |
| 19. Confidentiality | **13** |
| 20. Protection and Proper Use of AB Assets | **14** |
| 21. Policy on Intellectual Property | **14** |
| a. Overview | 14 |
| b. Employee Responsibilities | 15 |
| c. Company Policies and Practices | 15 |
| 22. Exceptions from the Code | **15** |
| a. Written Statement and Supporting Documentation | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Compliance Interview | 16 |
| 23. Regulatory Inquiries, Investigations and Litigation | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Requests for Information | 16 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Types of Inquiries | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Responding to Information Requests | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Use of Outside Counsel | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Regulatory Investigation | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Litigation | 17 |
| 24. Compliance and Reporting of Misconduct / "Whistleblower" Protection | **17** |
| 25. Company Ombudsman | **17** |
| 26. Sanctions | **18** |
| 27. Annual Certifications | **18** |

---

**Personal Trading Policies and Procedures**

**Appendix A**

---

| | | |
|:---|:---|:---|
| **1. Overview** |  | **1** |
| &nbsp;&nbsp;&nbsp;a. | Introduction | 1 |
| &nbsp;&nbsp;&nbsp;b. | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;4. | "Client" | 1 |
| **2. Requirements and Restrictions – All Employees** | **2. Requirements and Restrictions – All Employees** | 5 |
| &nbsp;&nbsp;&nbsp;a. | General Standards | 5 |
| &nbsp;&nbsp;&nbsp;b. | Disclosure of Personal Accounts | 5 |
| &nbsp;&nbsp;&nbsp;c. | Designated Brokerage Account | 6 |
| &nbsp;&nbsp;&nbsp;d. | Pre-Clearance Requirement | 6 |
| &nbsp;&nbsp;&nbsp;e. | Limitation on the Number of Trades | 6 |
| &nbsp;&nbsp;&nbsp;f. | Short-Term Trading | 7 |
| &nbsp;&nbsp;&nbsp;g. | Short Sales | 7 |
| &nbsp;&nbsp;&nbsp;h. | Trading in AB Units and AB Funds | 8 |
| &nbsp;&nbsp;&nbsp;i. | Securities Being Considered for Purchase or Sale | 8 |
| &nbsp;&nbsp;&nbsp;j. | Restricted List | 9 |
| &nbsp;&nbsp;&nbsp;k. | Dissemination of Research Information | 9 |
| &nbsp;&nbsp;&nbsp;l. | Initial Public Offerings | 10 |
| &nbsp;&nbsp;&nbsp;m. | Limited Offerings/Private Placements | 10 |
| **3. Additional Restrictions–Portfolio Managers** | **3. Additional Restrictions–Portfolio Managers** | **11** |
| &nbsp;&nbsp;&nbsp;a. | Blackout Periods | 11 |
| &nbsp;&nbsp;&nbsp;b. | Actions During Blackout Periods | 11 |
| &nbsp;&nbsp;&nbsp;c. | Transactions Contrary to Client Positions | 11 |
| **4. Additional Restrictions–Research Analysts** | **4. Additional Restrictions–Research Analysts** | **11** |
| &nbsp;&nbsp;&nbsp;a. | Blackout Periods | 12 |
| &nbsp;&nbsp;&nbsp;b. | Actions During Blackout Periods | 12 |
| &nbsp;&nbsp;&nbsp;c. | Actions Contrary to Ratings | 12 |
| **5. Additional Restrictions–Buy-Side Equity Traders** | **5. Additional Restrictions–Buy-Side Equity Traders** | **12** |
| **6. Additional Restrictions–Alternate Investment Strategies Groups** | **6. Additional Restrictions–Alternate Investment Strategies Groups** | **13** |
| **7. Exceptions to the Personal Trading Policy** | **7. Exceptions to the Personal Trading Policy** | **13** |

---

---

| | | |
|:---|:---|:---|
| **8. Reporting Requirements** | **8. Reporting Requirements** | **13** |
| &nbsp;&nbsp;&nbsp;a. | Duplicate Confirmations and Account Statements | 13 |
| &nbsp;&nbsp;&nbsp;b. | Initial Holdings Reports by Employees | 13 |
| &nbsp;&nbsp;&nbsp;c. | Quarterly Reports by Employees–including Certain Funds and Limited Offerings | 14 |
| &nbsp;&nbsp;&nbsp;d. | Annual Certification by Employees with Managed Accounts | 14 |
| &nbsp;&nbsp;&nbsp;e. | Annual Holdings Reports by Employees | 15 |
| &nbsp;&nbsp;&nbsp;f. | Report and Certification of Adequacy to the Board of Directors of Fund Clients | 15 |
| &nbsp;&nbsp;&nbsp;g. | Report Representations | 15 |
| &nbsp;&nbsp;&nbsp;h. | Maintenance of Reports | 15 |
| **9. Reporting Requirements for Directors who are not Employees** | **9. Reporting Requirements for Directors who are not Employees** | **16** |
| &nbsp;&nbsp;&nbsp;a. | Outside Directors / Affiliated Outside Directors | 16 |

---

**1. Introduction**

This Code of Business Conduct and Ethics (the "Code") summarizes the values, principles and business practices that guide our business conduct and establishes a set of basic principles and expectations to guide all AllianceBernstein employees, officers and directors, and consultants where applicable. The Code applies to all of our offices globally; however, it is not intended to provide an exhaustive list of all the detailed internal policies and procedures, regulations and legal requirements that may apply to you as an AllianceBernstein employee, officer, director, consultant, and/or a representative of one of our regulated subsidiaries. AllianceBernstein maintains more detailed policies and procedures addressing many of the topics covered by this Code, including the Compliance Manual, available on the Legal and Compliance Department intranet site. All AllianceBernstein employees, including covered consultants, officers, and directors are responsible for knowing and abiding by the relevant policies.

All individuals subject to the provisions of this Code must conduct themselves in a manner consistent with the requirements and procedures set forth herein. Adherence to the Code is a fundamental condition of service and employment with AllianceBernstein, any of our subsidiaries or joint venture entities, or our general partner (the "AB Group").

AllianceBernstein L.P. ("AB," "we" or "us") is a registered investment adviser and acts as investment manager or adviser to registered investment companies, institutional investment clients, employee benefit trusts, high net worth individuals and other types of investment advisory clients. In this capacity, we serve as fiduciaries. The fiduciary relationship mandates adherence to the highest standards of conduct and integrity.

Personnel acting in a fiduciary capacity must carry out their duties for the **exclusive benefit** of our clients. Consistent with this fiduciary duty, the interests of clients take priority over the personal investment objectives and other personal interests of AB personnel. Accordingly:

· Employees
 must work to mitigate or eliminate any conflict, or appearance of a conflict, between the
 self-interest of any individual covered under the Code and his or her responsibility to our
 clients, or to AB and its unitholders.

· Employees
 must never improperly use their position with AB for personal gain to themselves, their family,
 or any other person.

The Code is intended to comply with the following regulations that apply to AB:

&nbsp;&nbsp;&nbsp;&nbsp;· Rule 17j-1
 under the (U.S.) Investment Company Act of 1940 (the "1940 Act") which applies
 to AB because we serve as an investment adviser to registered investment companies. Rule 17j-1
 specifically requires us to adopt a code of ethics that contains provisions reasonably necessary
 to prevent our "access persons" (as defined herein) from engaging in fraudulent
 conduct, including insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;· Rule 204A-1
 under the Investment Advisers Act of 1940 (the "Advisers Act"), which requires
 registered investment advisers to adopt and enforce codes of ethics applicable to their supervised
 persons.

&nbsp;&nbsp;&nbsp;&nbsp;· Section 303A.10
 of the New York Stock Exchange ("NYSE") Listed Company Manual, which applies
 to us because the units of AllianceBernstein Holding L.P. ("AllianceBernstein Holding")
 are traded on the NYSE.

Additionally, certain entities within the AB Group, such as Sanford C. Bernstein & Co., LLC and Sanford C. Bernstein Limited, have adopted supplemental codes of ethics to address specific regulatory requirements applicable to them. All employees are obligated to determine if any of these codes are applicable to them and to abide by such codes as appropriate.

**2. The AB Fiduciary Culture**

The primary objective of AB's business is to provide value, through investment advisory and other financial services, to a wide range of clients, including governments, corporations, financial institutions, high net worth individuals and pension funds.

AB requires that all dealings with, and on behalf of existing and prospective clients be handled with honesty, integrity, and high ethical standards, and that such dealings adhere to the letter and the spirit of applicable laws, regulations and contractual guidelines. As a general matter, AB is a fiduciary that owes its clients a duty of undivided loyalty, and each employee has a responsibility to act in a manner consistent with this duty.

When dealing with or on behalf of a client, every employee must act solely in the best interests of that client. In addition, various comprehensive statutory and regulatory structures such as the 1940 Act, the Advisers Act and the Employee Retirement Income Security Act ("ERISA") impose specific responsibilities governing the behavior of personnel in carrying out their responsibilities. AB and its employees must comply fully with these rules and regulations. Legal and Compliance Department personnel are available to assist employees in meeting these requirements.

All employees are expected to adhere to the high standards associated with our fiduciary duty, including care and loyalty to clients, competency, diligence and thoroughness, and trust and accountability. Further, all employees must actively work to avoid the possibility that the advice or services we provide to clients is, or gives the appearance of being, based on the self-interests of AB or its employees and not the clients' best interests.

Our fiduciary responsibilities apply to a broad range of investment and related activities, including sales and marketing, portfolio management, securities trading, allocation of investment opportunities, client service, operations support, performance measurement and reporting, new product development as well as your personal investing activities. These obligations include the duty to avoid material conflicts of interest (and, if this is not possible, to provide full and fair disclosure to clients in communications), to keep accurate books and records, and to supervise personnel appropriately. These concepts are further described in the Sections that follow.

**3. Compliance with Laws, Rules and Regulations**

AB has a long-standing commitment to conduct its business in compliance with applicable laws and regulations and in accordance with the highest ethical principles. This commitment helps ensure our reputation for honesty, quality, and integrity. All individuals subject to the Code are required to comply with all such laws and regulations. All U.S. employees, as well as non-U.S. employees who act on behalf of U.S. clients or funds, are required to comply with the U.S. federal securities laws. These laws include, but are not limited to, the 1940 Act, the Advisers Act, ERISA, the Securities Act of 1933 ("Securities Act"), the Securities Exchange Act of 1934 ("Exchange Act"), the Sarbanes-Oxley Act of 2002, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to our activities, and any rules adopted thereunder by the Securities and Exchange Commission ("SEC"), Department of the Treasury or the Department of Justice. As mentioned above, as a listed company, we are also subject to specific rules promulgated by the NYSE. Similarly, our non-US affiliates are subject to additional laws and regulatory mandates in their respective jurisdictions, which must be fully complied with.

Our obligation to comply with all applicable laws, regulations, and rules, and to act in an honest and ethical manner, trumps all other considerations, including the interests of our clients. Policies referenced in this Code provide additional details and requirements to ensure compliance. A violation under any of these policies may be deemed a violation of the Code.

**4. Policy Against Discrimination and Sexual and Unlawful Harassment**

AB is committed to providing a working environment free from all forms of discrimination and harassment on the basis of race, color, religion, creed, ancestry, national origin, sex, age, disability, marital status, citizenship status, sexual orientation, gender identity expression, military or veteran status, or any other basis that is by applicable law. Harassment or discrimination by any AB employee, officer, or director will not be tolerated.

AB's policies on nondiscrimination and sexual or unlawful harassment and how to report instances of such conduct can be found in the Employee Handbook. All employees, officers, and directors are responsible for knowing and abiding by these policies. Anyone who reports in good faith an incident of discrimination or harassment will not be subject to reprisals. Anyone who is found to have engaged in conduct inconsistent with these policies will be subject to appropriate disciplinary action, up to and including termination of employment or dismissal from the Board.

**5. Conflicts of Interest / Unlawful Actions**

A "conflict of interest" may exist when a person's private interests are contrary to, or inconsistent with, the interests of AB's clients or to the interests of AB or its unitholders.

A conflict situation can arise when an AB employee, consultant, officer, or director takes actions or has interests (business, financial or otherwise) that may make it difficult to perform his or her work objectively and effectively. Conflicts of interest may arise, for example, when an AB employee, or a member of his or her family,<sup>1</sup> receives improper personal benefits (including personal loans, services, or payment for services that the AB employee performs in the course of AB business) as a result of his or her position at AB or gains personal enrichment or benefits through access to confidential information.

Conflicts may also arise when an AB employee, or a member of his or her family, holds a significant financial interest in a company that does an important amount of business with AB or has outside business interests that may result in divided loyalties or compromise independent judgment. Moreover, conflicts may arise when making securities investments for personal accounts or when determining how to allocate trading opportunities. Conflicts of interest can also arise because of personal relationships with others within or outside AB (such as family relationships, romantic relationships, or close friendships) that may compromise objectivity and independent judgment.

AB has adopted policies, procedures, and controls designed to manage conflicts of interest, including the Compliance Manual, *Policy and Procedures for Giving and Receiving Gifts and Entertainment*, copies of which can be found on the Legal and Compliance Department intranet site. These policies highlight additional potential conflicts of interest.

Conflicts of interest can arise in many common situations; despite one's best efforts to avoid them. This Code does not attempt to identify all possible conflicts of interest. Literal compliance with each of the specific procedures will not shield you from liability for personal trading or other conduct that violates your fiduciary duties to our clients. All AB employees, consultants, officers, and directors are encouraged to seek clarification of, and discuss questions about, potential conflicts of interest. If you have questions about a particular situation or become aware of a conflict or potential conflict, you should bring it to the attention of your supervisor, the General Counsel, the Conflicts Officer, the Chief Compliance Officer or a representative of the Legal and Compliance Department or Human Capital.

<sup>1</sup> For purposes of this section of the Code, unless otherwise specifically provided, (i) "family" means your spouse/domestic partner, parents, children, siblings, in-laws by marriage (i.e., mother-in-law, father-in-law, son-in-law, and/or daughter-in-law) and anyone who shares your home; and (ii) "relative" means members of your family (as defined), your aunts and uncles, and your first cousins.

In addition to the specific prohibitions contained in the Code, you are, of course, subject to a general requirement not to engage in any act or practice that would defraud our clients. This general prohibition (which also applies specifically in connection with the purchase and sale of a Security held or to be acquired or sold, as this phrase is defined in the Appendix) includes:

· Making
 any untrue statement of a material fact or employing any device, scheme, or artifice to defraud
 a client;

· Omitting
to state (or failing to provide any information necessary to properly clarify any statements made, in light of the circumstances)
a material fact, thereby creating a materially misleading impression;

· Accepting
 any compensation for the purchase or sale of any property to or for a fund or other client
 account;

· Making
 investment decisions, changes in research ratings and trading decisions other than exclusively
 for the benefit of, and in the best interest of, our clients;

· Using
 information about investment or trading decisions or changes in research ratings (whether
 considered, proposed or made) to benefit or avoid economic injury to you or anyone other
 than our clients;

· Taking,
 delaying or omitting to take any action with respect to any research recommendation, report
 or rating or any investment or trading decision for a client in order to avoid economic injury
 to you or anyone other than our clients;

· Purchasing
 or selling a security on the basis of knowledge of a possible trade by or for a client with
 the intent of personally profiting from personal holdings in the same or related securities
 ("front-running" or "scalping");

· Revealing
 to any other person (except in the normal course of your duties on behalf of a client) any
 information regarding securities transactions by any client or the consideration by any client
 of any such securities transactions; or

· Engaging
 in any act, practice or course of business that operates or would operate as a fraud or deceit
 on a client or engaging in any manipulative practice with respect to any client.

AB requires all employees, covered consultants and directors to disclose any Conflicts of Interests that any person may become aware of upon joining AB or during their course of employment or board service.

These disclosures must be made to the Compliance Department through StarCompliance.

**6. Insider Trading**

There are instances where AB employees or directors may have confidential "inside" information about AB or its affiliates, or about a company with which we do business, or about a company in which we may invest on behalf of clients that is not known to the investing public. AB employees must maintain the confidentiality of such information. If a reasonable investor would consider this information important in reaching an investment decision, the AB employee or director with this information must not buy or sell securities of any of the companies in question or give this information to another person who trades in such securities. This rule is very important, and AB has adopted the following three specific policies that address it: *Policy and Procedures Concerning Purchases and Sales of AB Units*, *Policy and Procedures Concerning Purchases and Sales of AB Closed-End Mutual Funds*, and *Policy and Procedures Regarding Insider Trading and Control of Material Nonpublic Information* (collectively, the "AB Insider Trading Policies"). A copy of the AB Insider Trading Policies may be found on the Legal and Compliance Department intranet site. All AB employees and directors are required to be familiar with these policies<sup>2</sup> and to abide by them.

<sup>2</sup> The subject of insider trading will be covered in various Compliance training programs and materials.

**7. Personal Trading: Summary of Restrictions**

AB recognizes the importance to its employees and directors of being able to manage and develop their own and their dependents' financial resources through long-term investments and strategies. However, because of the potential conflicts of interest inherent in our business, our industry and AB have implemented certain standards and limitations designed to minimize these conflicts and help ensure that we focus on meeting our duties as a fiduciary for our clients. As a general matter, AB discourages personal investments by employees in individual securities and encourages personal investments in managed collective vehicles, such as mutual funds.

AB senior management believes it is important for employees to align their own personal interests with the interests of our clients. **Consequently, employees are encouraged to invest in the mutual fund products and services offered by AB, where available and appropriate.**

The policies and procedures for personal trading are set forth in full detail in the AB Personal Trading Policies and Procedures, included in the Code as Appendix A. The following is a summary of the major requirements and restrictions that apply to personal trading by employees, their immediate family members and other financial dependents.

· Employees
 must disclose all of their brokerage accounts to the Legal and Compliance Department;

· Employees
 may maintain brokerage accounts only at specified designated broker-dealers (exceptions may
 apply outside of the U.S.);

· Employees
 must pre-clear all securities trades with the Legal and Compliance Department (via the StarCompliance
 Code of Ethics application) prior to placing trades with their broker-dealer (prior supervisory
 approval is required for portfolio managers, research analysts, traders, persons with access
 to AB research, and others designated by the Legal and Compliance Department);

· Employees
 may only make twenty trades in individual securities during any rolling thirty calendar-day
 period;

· Employee
purchases of individual securities, ETFs, ETNs, closed-end funds and AB managed or sub-advised open-end mutual funds) are subject
to a 60-day holding period and 30-day buy-back period (6 months for AB Japan Ltd.);

· Employees
 may not engage in short-term trading of a mutual fund in violation of that fund's short-term
 trading policies;

· Employees
may not participate in initial public offerings of equity securities;

· Employees
 must get written approval, and make certain representations, in order to participate in limited
 or private investments, including hedge funds;

· Employees
 must submit initial and annual holding reports, disclosing all securities and holdings in
 mutual funds managed by AB held in personal accounts;

· Employees
 must, on a quarterly basis, submit or confirm reports identifying all transactions in securities
 and mutual funds managed by AB in personal accounts;

· The
Legal and Compliance Department has the authority to deny:

&nbsp;&nbsp;&nbsp;&nbsp;a. Any personal trade by an employee if the security is being considered
 for purchase or sale in a client account; there are open orders for the security on a trading
 desk; or the security appears on any AB restricted list;

&nbsp;&nbsp;&nbsp;&nbsp;b. Any short sale by an employee for a personal
 account if the security is being held long in AB - managed portfolios; and

&nbsp;&nbsp;&nbsp;&nbsp;c. Any personal trade by a portfolio manager
 or research analyst in a security that is subject to a blackout period as a result of client
 portfolio trading or recommendations to clients.

· Separate
 requirements and restrictions apply to Directors who are not employees of AB, as explained
 in further detail in the AB Personal Trading Policies and Procedures, Appendix A of this
 document.

This summary should not be considered a substitute for reading, understanding, and complying with the detailed restrictions and requirements that appear in the AB Personal Trading Policies and Procedures, included as Appendix A to the Code.

**8. Outside Directorships and Other Outside Activities and Interests**

Although activities outside of AB are not necessarily a conflict of interest, a conflict may exist depending upon your position within AB and AB's relationship with the particular activity in question. <u>Outside activities</u> may also create a potential conflict of interest if they cause an AB employee to choose between that interest and the interests of AB or any client of AB. AB recognizes that the guidelines in this Section are not applicable to directors of AB who do not also serve in management positions within AB.

&nbsp;&nbsp;**Important Note for Research Analysts:** *Notwithstanding the standards and prohibitions that follow in this section, any employee who acts in the capacity of a research analyst is prohibited from serving on any board of directors or trustees or in any other capacity with respect to any company, public or private, whose business is directly or indirectly related to the industry covered by that research analyst.*

**a. Board Member or Trustee**

&nbsp;&nbsp;&nbsp;&nbsp;i. AB employees are prohibited from serving on any board of directors
 or trustees or in any other management capacity of any unaffiliated public company. However,
 under certain limited circumstances, Compliance will consider exceptions to this prohibition
 where the employee has received prior written approval from both AB's Chief Executive
 Officer and their supervisor. Once the necessary business approvals have been obtained, the
 employee must submit an <u>Outside Business Activities Approval Form</u> for review
 and approval by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;ii. No AB employee shall serve on any board of directors or trustees
 or in any other management capacity of any private company (other than not-for-profit organizations,
 see below) without prior written approval from the employee's supervisor and Compliance
 Department via an <u>Outside Business Activities Approval Form.</u> This approval is also
 subject to review by, and may require the approval of, AB's Chief Executive Officer.
 The decision as to whether to grant such authorization will be based on a determination that
 such service would not be inconsistent with the interests of any client, as well as an analysis
 of the time commitment and potential personal liabilities and responsibilities associated
 with the outside affiliation.<sup>3</sup> Any AB employee who serves as a director, trustee
 or in any other management capacity of any private company must resign that position prior
 to the company becoming a publicly traded company.

<sup>3</sup> Such authorization requires an agreement on the part of the employee to not hold him or herself out as acting on behalf of AB (or any affiliate) and to use best efforts to ensure that AB's name (or that of any AB affiliated company) is not used in connection with the proposed affiliation (other than in a "bio" section), and in particular, activities relating to fundraising or to the advancement of a specific entity mission or agenda.

&nbsp;&nbsp;&nbsp;&nbsp;iii. Not-for-Profit Organizations: Generally, no approval is required
 to serve as a trustee/board member of not-for-profit organizations such as religious organizations,
 foundations, educational institutions, co-ops, private clubs etc., provided that (a) the
 organization has not issued, and does not have future plans to issue, publicly held securities,
 including debt obligations; and/or (b) the employee does not act in any investment-related
 advisory capacity (i.e., any direct or indirect role relating to investment advice or choosing
 investment advisers; serving on investment committee).<sup>4</sup> If the employee does act
 in such a capacity, or the organization has issued or plans to issue, public securities,
 the <u>Not-For-Profit Activities Disclosure Form</u> must be submitted and approved.

&nbsp;&nbsp;&nbsp;&nbsp;iv. This approval requirement applies regardless of whether an AB employee
 plans to serve as a director of an outside business organization (1) in a personal capacity
 or (2) as a representative of AB or of an entity within the AB Group holding a corporate
 board seat on the outside organization (e.g., where AB or its clients may have a significant
 but non-controlling equity interest in the outside company).

&nbsp;&nbsp;&nbsp;&nbsp;v. New employees with pre-existing relationships are required to resign
 from the boards of public companies and seek and obtain the required approvals to continue
 to serve on the boards of private companies.

**b. Other Affiliations**

AB discourages employees from committing to secondary employment, particularly if it poses any conflict in meeting the employee's ability to satisfactorily meet all job requirements and business needs. Before an AB employee accepts a second job, that employee must:

· Complete
and submit an <u>Outside Business Activities Approval Form</u>;

· Ensure
that AB's business takes priority over the secondary employment;

· Ensure
 that no conflict of interest exists between AB's business and the secondary employment
 (see also footnote 3); and

· Require
 no special accommodation for late arrivals, early departures, or other special requests associated
 with the secondary employment.

For employees associated with any of AB's registered broker-dealer subsidiaries, written approval of the Chief Compliance Officer for the subsidiary is also required.<sup>5</sup> New employees with pre-existing relationships are required to ensure that their affiliations conform to these restrictions and must obtain the requisite approvals. On a periodic basis, such employees will be required to confirm that the circumstances of the approved activities have not changed.

<sup>4</sup> Indeed, AB recognizes that its employees often engage in community service in their local communities and engage in a variety of charitable activities, and it commends such service. However, it is the duty of every AB employee to ensure that all outside activities, even charitable or pro bono activities, do not constitute a conflict of interest or are not otherwise inconsistent with employment by AB. Accordingly, although no approval is required, each employee must use his/her best efforts to ensure that the organization does not use the employee's affiliation with AllianceBernstein, including his/her corporate title, in any promotional (other than a "bio" section) or fundraising activities, or to advance a specific mission or agenda of the entity. Such positions also must be reported to the firm pursuant to other periodic requests for information (e.g., the AB 10-K questionnaire).

<sup>5</sup> In the case of AB subsidiaries that are holding companies for consolidated subgroups, unless otherwise specified by the holding company's Chief Executive Officer, this approval may be granted by the Chief Executive Officer or Chief Financial Officer of each subsidiary or business unit within such a consolidated subgroup.

**c. Outside Financial or Business Interests**

AB employees should be cautious with respect to personal investments that may lead to conflicts of interest or raise the appearance of a conflict. Conflicts of interest in this context may arise in cases where an AB employee, a member of his or her family, or a close personal acquaintance, holds a substantial interest in a company that has significant dealings with AB or any of its subsidiaries either on a recurring or "one-off" basis. For example, holding a substantial interest in a family-controlled or other privately-held company that does business with, or competes against, AB or any of its subsidiaries may give rise to a conflict of interest or the appearance of a conflict. In contrast, holding shares in a widely held public company that does business with AB from time to time may not raise the same types of concerns. Prior to making any such personal investments, AB employees must pre-clear the transaction, in accordance with the Personal Trading Policies and Procedures, attached as Appendix A of this Code, and should consult as appropriate with their supervisor, the Conflicts Officer, General Counsel, Chief Compliance Officer or other representative of the Legal and Compliance Department.

AB employees should also be cautious with respect to outside business interests that may create divided loyalties, divert substantial amounts of their time and/or compromise their independent judgment. If a conflict of interest situation arises, you should report it to your supervisor, the Conflicts Officer, General Counsel, Chief Compliance Officer and/or other representative of AB's Human Capital or Legal and Compliance Department. Business transactions that benefit relatives or close personal friends, such as awarding a service contract to them or a company in which they have a controlling or other significant interest, may also create a conflict of interest or the appearance of a conflict. AB employees must consult their supervisor and/or the Conflicts Officer, General Counsel, Chief Compliance Officer or other representative of AB's Human Capital or Legal and Compliance Department before entering into any such transaction. New employees that have outside financial or business interests (as described herein) should report them as required and bring them to the attention of their supervisor immediately.

**9. Gifts, Entertainment, and Inducements**

Business gifts and entertainment are designed to build goodwill and sound working relationships among business partners. However, under certain circumstances, gifts, entertainment, favors, benefits, and/or job offers may be or appear to be attempts to "purchase" favorable treatment. Accepting or offering such inducements could raise doubts about an AB employee's ability to make independent business judgments in our clients' or AB's best interests. For example, a problem would arise if (i) the receipt by an AB employee of a gift, entertainment or other inducement would compromise, or could be reasonably viewed as compromising, that individual's ability to make objective and fair business decisions on behalf of AB or its clients, or (ii) the offering by an AB employee of a gift, entertainment or other inducement appears to be an attempt to obtain business through improper means or to gain any special advantage in our business relationships through improper means.

These situations can arise in many different circumstances (including with current or prospective suppliers and clients) and AB employees should keep in mind that certain types of inducements may constitute illegal bribes, pay-offs or kickbacks. In particular, the rules of various securities regulators place specific constraints on the activities of persons involved in the sales and marketing of securities. AB has adopted the <u>Policy and Procedures for Giving and Receiving Gifts and Entertainment</u> to address these and other matters. AB employees must familiarize themselves with this policy and comply with its requirements, which include reporting the acceptance of most business meals, gifts and entertainment to the Compliance Department. A copy of this policy can be found on the Legal and Compliance Department intranet site and will be supplied by the Compliance Department upon request.

Each AB employee must use good judgment to ensure there is no violation of these principles. If you have any question or uncertainty about whether any gifts, entertainment or other types of inducements are appropriate, please contact your supervisor or a representative of AB's Legal and Compliance Department and/or the Conflicts Officer, as appropriate. If you feel uncomfortable utilizing the normal channels, issues may be brought to the attention of the Company Ombudsman, who is a neutral, independent, informal and confidential resource to assist employees with concerns about AB business matters that may implicate issues of ethics or questionable practices. Please see Section 25 for additional information on the Company Ombudsman.

**10. Compliance with Anti-Corruption Laws**

AB employees should be aware that AB strictly prohibits the acceptance, offer, payment or authorization, whether directly or via a third party, of any bribe, and any other form of corruption, whether involving a government official or an employee of a public or private commercial entity. Therefore, it is the responsibility of all AB employees to adhere to all applicable anti-corruption laws and regulations in the jurisdictions in which they do business, including the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, and similar international laws regulating payments to public and private sector individuals (collectively, the "Anti-Corruption Laws").

We expect all AB employees to refuse to make or accept questionable and/or improper payments. As a component of this commitment, no AB employee may give money, gifts, or anything else of value (which include providing jobs or internships) to any official or any employee of a governmental or commercial entity if doing so could reasonably be construed as an attempt to provide AB with an improper business advantage. In addition, any proposed payment or gift to a government official, including employees of government-owned or controlled enterprises (e.g., sovereign wealth and pension funds, public utilities, and national banks), must be reviewed in advance by a representative of the Legal and Compliance Department, even if such payment is common in the country of payment (see discussion of the Anti-Corruption Laws below and in the firm's <u>Anti-Bribery and Corruption Policy</u>). AB employees should be aware that they do not actually have to make the payment to violate AB's policy and the law — merely offering, promising or authorizing it will be considered a violation.

In order to ensure that AB fully complies with the requirements of the Anti-Corruption Laws, employees must be familiar with the firm's <u>Anti-Bribery and Corruption Policy.</u> Generally, the Anti-Corruption Laws make it illegal (with civil and criminal penalties) for AB, and its employees and agents, to provide anything of value to public or private sector employees, directly or indirectly, for the purpose of obtaining an improper business advantage (which can include improperly securing government licenses and permits). Accordingly, the use of AB funds or assets (or those of any third party) to make a payment directly or through another person or company for any illegal, improper and/or corrupt purpose is strictly prohibited.

It is often difficult to determine at what point a business courtesy extended to another person crosses the line into becoming excessive, and what ultimately could be considered a bribe. Therefore, no entertainment or gifts may be offered to, or travel or hotel expenses paid for, any public official, including employees of government-owned or controlled enterprises, under any circumstances, without the express prior written approval (e-mail correspondence is acceptable) of the General Counsel, Chief Compliance Officer, or their designees in the Legal and Compliance Department.

**11. Political Contributions/Activities**

**a. By or on behalf of AB**

Election laws in many jurisdictions generally prohibit political contributions by corporations to candidates. Many local laws also prohibit corporate contributions to local political campaigns. In accordance with these laws, AB does not make direct contributions to any candidates for national or local offices where applicable laws make such contributions illegal. In these cases, contributions to political campaigns must not be, nor appear to be, made with or reimbursed by AB assets or resources. AB assets and resources include (but are not limited to) AB facilities, personnel, office supplies, letterhead, telephones, electronic communication systems and fax machines. This means that AB office facilities may not be used to host receptions or other events for political candidates or parties which include any fund-raising activities or solicitations. In limited circumstances, AB office facilities may be used to host events for public office holders as a public service, but only where steps have been taken (such as not providing to the office holder a list of attendees) to avoid the facilitation of fund-raising or solicitations either during or after the event, and where the event has been pre-approved in writing by the General Counsel or Deputy General Counsel.

Please see the <u>Policy and Procedures for Giving and Receiving Gifts and Entertainment</u>, which can be found on the Legal and Compliance Department intranet site, for a discussion relating to political contributions suggested by clients.

Election laws in many jurisdictions allow corporations to establish and maintain political action or similar committees, which may lawfully make campaign contributions. AB or companies affiliated with AB may establish such committees or other mechanisms through which AB employees may make political contributions, if permitted under the laws of the jurisdictions in which they operate. Any questions about this policy should be directed to the General Counsel or Chief Compliance Officer.

**b. By Employees / Directors**

AB employees who hold or seek to hold political office must do so on their own time, whether through vacation, after work hours or on weekends. Additionally, the employee must complete and submit an <u>Outside Business Activities Approval Form</u> for review and approval to ensure that there are no conflicts of interest with AB business.

AB employees may make personal political contributions as they see fit in accordance with all applicable laws and the guidelines in the <u>Policy and Procedures for Giving and Receiving Gifts and Entertainment</u>, the <u>Pay-to-Play: Political Contributions Policy,</u> as well as the pre-clearance requirement as described below.

Certain employees involved with the offering or distribution of municipal fund securities (e.g., a "529 Plan") or acting as a director for certain subsidiaries must also adhere to the restrictions and reporting requirements of the Municipal Securities Rulemaking Board.

Several (U.S.) states and localities have enacted "pay-to-play" laws. Some of these laws could prohibit AB from entering into a government contract for a certain number of years if a covered employee makes or solicits a covered contribution. Other jurisdictions require AB to report contributions made by certain employees, without the accompanying ban on business. In certain jurisdictions, the laws also cover the activities of the spouse and dependent children of the covered person. In response to these laws, in addition to SEC Rule 206(4)-5, which also prohibits certain political contributions, AB has in place a pre-clearance requirement, under which all employees must pre-clear with the Compliance Department through StarCompliance, all personal political contributions (including those of their spouses and dependent children) made to, or solicited on behalf of, any (U.S.) federal, state or local candidate, political party, or political entity.

Similarly, members of the AB Board of Directors are covered by the Policy Regarding Pre-Clearance of Personal Political Contributions by AllianceBernstein Directors, which also requires that they pre-clear with the Compliance Department all personal political contributions (including those of their spouses and dependent children) made to, or solicited on behalf of, any U.S. federal, state or local candidate or political party.

**12. "Ethical Wall" Policy**

AB has established a policy entitled Insider Trading and Control of Material Non-Public Information ("<u>Ethical Wall Policy</u>"), a copy of which can be found on the Legal and Compliance Department intranet site. This policy was established to prevent the flow of material non-public information about a listed company or its securities from AB employees who receive such information in the course of their employment to those AB employees performing investment management activities. If "Ethical Walls" are in place, AB's investment management activities may continue despite the knowledge of material non-public information by other AB employees involved in different parts of AB's business. "Investment management activities" involve making, participating in, or obtaining information regarding purchases or sales of securities of public companies or making, or obtaining information about, recommendations with respect to purchases or sales of such securities. Given AB's extensive investment management activities, it is very important for AB employees to familiarize themselves with AB's Ethical Wall Policy and abide by it.

**13. Use of Client Relationships**

As discussed previously, AB owes fiduciary duties to each of our clients. These require that our actions with respect to client assets or vendor relationships be based solely on the clients' best interests and avoid any appearance of being based on our own self-interest. Therefore, we must avoid using client assets or relationships to inappropriately benefit AB.

Briefly, AB regularly acquires services directly for itself, and indirectly on behalf of its clients (e.g., brokerage, investment research, custody, administration, auditing, accounting, printing and legal services). Using the existence of these relationships to obtain discounts or favorable pricing on items purchased directly for AB or for clients other than those paying for the services may create conflicts of interest. Accordingly, business relationships maintained on behalf of our clients may not be used to leverage pricing for AB when acting for its own account unless all pricing discounts and arrangements are shared ratably with those clients whose existing relationships were used to negotiate the arrangement and the arrangement is otherwise appropriate under relevant legal/regulatory guidelines. For example, when negotiating printing services for the production of AB's Form 10-K and annual report, we may not ask the proposed vendor to consider the volume of printing business that they may get from AB on behalf of the investment funds we manage when proposing a price. On the other hand, vendor/service provider relationships with AB may be used to leverage pricing on behalf of AB's clients.

In summary, while efforts made to leverage our buying power are good business, efforts to obtain a benefit for AB as a result of vendor relationships that we structure or maintain on behalf of clients may create conflicts of interest, which should be escalated to your line manager and Compliance so that they can be reviewed and addressed.

**14. Corporate Opportunities and Resources**

AB employees owe a duty to AB to advance the firm's legitimate interests when the opportunity to do so arises and to use corporate resources exclusively for that purpose. Corporate opportunities and resources must not be taken or used for personal gain or promotion. AB employees are prohibited from:

· Taking
 for themselves personally opportunities that are discovered through the use of company property,
 information or their position;

· Using
 company property, information, resources, or their company position for personal gain or
 promotion;

· Creating
 personal websites related to the financial services industry or which promote themselves
 and their skills based on their responsibilities at AB;

· Using
 company property, information or their company position on personal websites or social media
 platforms (e.g. YouTube, Twitter, LinkedIn, Facebook, etc.) or other marketing channels
 in a way that is inconsistent with AB's <u>Use of Social Media Policy</u>; and

· Competing
with AB directly or indirectly.

Please also refer to the <u>Policy and Procedures for Giving and Receiving Gifts and Entertainment</u>, and its Appendix B, the Code of Conduct Regarding the Purchase of Products and Services on Behalf of AB and its Clients, which can be found on the Legal and Compliance Department intranet site.

AB directors also owe AB a duty of loyalty, which requires, among other things, that they may not misappropriate company opportunities or misuse company assets for their personal benefit.

**15. Antitrust and Fair Dealing**

AB believes that the welfare of consumers is best served by economic competition. Our policy is to compete vigorously, aggressively, and successfully in today's increasingly competitive business climate and to do so at all times in compliance with all applicable antitrust, competition and fair dealing laws in all the markets in which we operate. We seek to excel while operating honestly and ethically, never through taking unfair advantage of others. Each AB employee should endeavor to deal fairly with AB's customers, suppliers, competitors, and other AB employees. No one should take unfair advantage through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair dealing practices.

The antitrust laws of many jurisdictions are designed to preserve a competitive economy and promote fair and vigorous competition. We are all required to comply with these laws and regulations. AB employees involved in marketing, sales and purchasing, contracts or in discussions with competitors have a particular responsibility to ensure that they understand our standards and are familiar with applicable competition laws. Because these laws are complex and can vary from one jurisdiction to another, AB employees are urged to seek advice from the General Counsel, Chief Compliance Officer or Corporate Secretary if questions arise. Please also refer to the Policy and Procedures for Giving and Receiving Gifts and Entertainment, which can be found on the Legal and Compliance Department intranet site, for a discussion relating to some of these issues.

**16. Recordkeeping and Retention**

Properly maintaining and retaining company records is of the utmost importance. AB employees are responsible for ensuring that AB's business records are properly maintained and retained in accordance with applicable laws and regulations in the jurisdictions where it operates. AB Employees should familiarize themselves with these laws and regulations. Please see the Record Retention Policy on the Legal and Compliance intranet site for more information.

As AB onboards new electronic communications platforms, employees are required to comply with the *<u>Use of Electronic Communications</u>* policy. Additional information on AB's requirements around electronic communications can be found on the *<u>Electronic Communications</u>* section of the Compliance Manual.

**17. Improper Influence on Conduct of Audits**

AB employees, and persons acting under their direction, are prohibited from taking any action to coerce, manipulate, mislead, hinder, obstruct or fraudulently influence any external auditor, internal auditor or regulator engaged in the performance of an audit or review of AB's financial statements and/or procedures. AB employees are required to cooperate fully with any such audit or review.

The following is a non-exhaustive list of actions that might constitute improper influence:

· Offering
 or paying bribes or other financial incentives to an auditor, including offering future employment
 or contracts for audit or non-audit services;

· Knowingly
 providing an internal or external auditor or regulator with inaccurate or misleading data
 or information;

· Threatening
 to cancel or canceling existing non-audit or audit engagements if the auditor objects to
 the company's accounting;

· Seeking
 to have a partner or other team member removed from the audit engagement because such person
 objects to the company's accounting;

· Knowingly
altering, tampering or destroying company documents;

· Knowingly
withholding pertinent information; or

· Knowingly
providing incomplete information.

Under the (U.S.) Sarbanes Oxley Law, any false statement -- that is, any lie or attempt to deceive an investigator -- may result in criminal prosecution.

**18. Accuracy of Disclosure**

Securities and other laws impose public disclosure requirements on AB and require it to regularly file reports and financial information and make other submissions to various regulators and stock market authorities around the globe. Such reports and submissions must comply with all applicable legal requirements and may not contain misstatements or omit material facts.

AB employees who are directly or indirectly involved in preparing such reports and submissions, or who regularly communicate with the press, investors and analysts concerning AB, must ensure within the scope of the employee's job activities that such reports, submissions and communications are (i) full, fair, timely, accurate and understandable, and (ii) meet applicable legal requirements. This applies to all public disclosures, oral statements, visual presentations, press conferences and media calls concerning AB, its financial performance and similar matters. In addition, members of AB's Board, executive officers and AB employees who regularly communicate with analysts or actual or potential investors in AB securities are subject to the <u>AB Regulation FD Compliance Policy</u> copy of the policy can be found on the Legal and Compliance Department intranet site.

**19. Confidentiality**

Subject to Section 23, AB employees must maintain the confidentiality of sensitive non-public and other confidential information entrusted to them by AB or its clients and vendors and must not disclose such information to any persons except when disclosure is authorized by AB or mandated by regulation or law. However, disclosure may be made to (1) other AB employees who have a bona fide "need to know" in connection with their duties, (2) persons outside AB (such as attorneys, accountants or other advisers) who need to know in connection with a specific mandate or engagement from AB or who otherwise have a valid business or legal reason for receiving it and have executed appropriate confidentiality agreements, or (3) regulators pursuant to an appropriate written request (see Section 23).

Confidential information includes all non-public information that might be of use to competitors, or harmful to AB or our clients and vendors, if disclosed. The identity of certain clients may also be confidential. Intellectual property (such as confidential product information, trade secrets, patents, trademarks, and copyrights), business, marketing and service plans, databases, records, salary information, unpublished financial data and reports as well as information that joint venture partners, suppliers or customers have entrusted to us are also viewed as confidential information. Please note that the obligation to preserve confidential information continues even after employment with AB ends.

To safeguard confidential information, AB employees should observe at least the following procedures:

· Special
 confidentiality arrangements may be required for certain parties, including outside business
 associates and governmental agencies and trade associations, seeking access to confidential
 information;

· Papers
relating to non-public matters should be appropriately safeguarded;

· Appropriate
 controls for the reception and oversight of visitors to sensitive areas should be implemented
 and maintained;

· Document
 control procedures, such as numbering counterparts and recording their distribution, should
 be used where appropriate;

· If
 an AB employee is out of the office in connection with a material non-public transaction,
 staff members should use caution in disclosing the AB employee's location;

· Sensitive
 business conversations, whether in person or on the telephone, should be avoided in public
 places and care should be taken when using portable computers and similar devices in public
 places; and

· E-mail
 messages and attachments containing material non-public information should be treated with
 similar discretion (including encryption, if appropriate), and recipients should be made
 aware of the need to exercise similar discretion.

Nothing herein, or in any contractual confidentiality provision to which any employee is subject, prohibits employees from reporting possible violations of law or regulation to any governmental agency or entity, or self-regulatory authority, or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. Employees do not need AB's prior authorization to make any such reports or disclosures and are not required to notify AB that they have made such reports or disclosures.

Please see the <u>Privacy Policy</u> on the Legal and Compliance intranet site for more information.

**20. Protection and Proper Use of AB Assets**

AB employees have a responsibility to safeguard and make proper and efficient use of AB's property. Every AB employee also has an obligation to protect AB's property from loss, fraud, damage, misuse, theft, embezzlement or destruction. Acts of fraud, theft, loss, misuse, carelessness and waste of assets may have a direct impact on AB's profitability. Any situations or incidents that could lead to the theft, loss, fraudulent or other misuse or waste of AB property should be reported to your supervisor or a representative of AB's Human Capital or Legal and Compliance Department as soon as they come to an employee's attention. Should an employee feel uncomfortable utilizing the normal channels, issues may be brought to the attention of the Company Ombudsman, who is a neutral, independent, informal and confidential resource to assist employees with concerns about AB business matters that may implicate issues of ethics or questionable practices. Please see Section 25 for additional information on the Company Ombudsman.

**21. Policy on Intellectual Property**

**a. Overview**

Ideas, inventions, discoveries, and other forms of so-called "intellectual property" are becoming increasingly important to all businesses, including ours. Recently, financial services companies have been applying for and obtaining patents on their financial product offerings and "business methods" for both offensive and defensive purposes. For example, business method patents have been obtained for information processing systems, data gathering and processing systems, billing and collection systems, tax strategies, asset allocation strategies and various other financial systems and strategies. The primary goals of the AB policy on intellectual property are to preserve our ability to use our own proprietary business methods, protect our IP investments and reduce potential risks and liabilities.

**b. Employee Responsibilities**

· New
 Products and Methods. Employees must maintain detailed records and all work papers related
 to the development of new products and methods in a safe and secure location.

· Trademarks.
 Clearance must be obtained from the Legal and Compliance Department before any new word,
 phrase or slogan, which we consider proprietary and in need of trademark protection, is adopted
 or used in any written materials. To obtain clearance, the proposed word, phrase or slogan
 and a brief description of the products or services for which it is intended to be used should
 be communicated to the Legal and Compliance Department sufficiently well in advance of any
 actual use in order to permit any necessary clearance investigation.

**c. Company Policies and Practices**

· Ownership.
 Employees acknowledge that any discoveries, inventions, or improvements (collectively, "Inventions")
 made or conceived by them in connection with, and during the course of, their employment
 belong, and automatically are assigned, to AB. AB can keep any such Inventions as trade secrets
 or include them in patent applications, and Employees will assist AB in doing so. Employees
 agree to take any action requested by AB, including the execution of appropriate agreements
 and forms of assignment, to evidence the ownership by AB of any such Invention.

· Use
of Third-Party Materials. In performing one's work for, or on behalf of AB, Employees will not knowingly disclose or otherwise
make available or incorporate anything that is proprietary to a third party without obtaining appropriate permission.

· Potential
 Infringements. Any concern regarding copyright, trademark, or patent infringement should
 be immediately communicated to the Legal and Compliance Department. Questions of infringement
 by AB will be investigated and resolved as promptly as possible.

By certifying in accordance with Section 27 of this Code, the individual subject to this Code agrees to comply with AB's policies and practices related to intellectual property as described in this Section 21.

**22. Exceptions from the Code**

In addition to the exceptions contained within the specific provisions of the Code, the General Counsel, Chief Compliance Officer (or his or her designee) may, in very limited circumstances, grant other exceptions under any Section of this Code on a case-by-case basis. In these situations, the following may be required as deemed necessary considering the circumstances:

**a. Written Statement and Supporting Documentation**

The individual seeking the exception may need to furnish to the Chief Compliance Officer, or designee, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;i. A written statement detailing the request or efforts made to comply
 with the requirement from which the individual seeks an exception;

&nbsp;&nbsp;&nbsp;&nbsp;ii. A written statement containing a representation
 and warranty that (i) compliance with the requirement would impose a severe undue hardship
 on the individual and (ii) the exception would not, in any manner or degree, harm or
 defraud a client, violate the general principles herein or compromise the individual's
 or AB's fiduciary duty to any client; and/or

&nbsp;&nbsp;&nbsp;&nbsp;iii. Any supporting documentation that the Chief Compliance Officer
may require.

**b. Compliance Interview**

The Chief Compliance Officer (or designee) may conduct an interview with the individual or take such other steps deemed appropriate in order to determine whether granting the exception will not, in any manner or degree, harm or defraud a client, violate the general principles herein or compromise the individual's or AB's fiduciary duty to any client; and shall maintain all written statements and supporting documentation, as well as documentation of the basis for granting the exception.

**PLEASE NOTE:** To the extent required by law or NYSE rule, any waiver or amendment of this Code for AB's executive officers (including AB's Chief Executive Officer, Chief Financial Officer, and Principal Accounting Officer) or directors shall be made at the discretion of the Board of AllianceBernstein Corporation and promptly disclosed to the unitholders of AllianceBernstein Holding pursuant to Section 303A.10 of the NYSE Exchange Listed Company Manual.

**23. Regulatory Inquiries, Investigations and Litigation**

**a. Requests for Information**

Governmental agencies and regulatory organizations may from time to time conduct surveys or make inquiries that request information about AB, its customers or others that generally would be considered confidential or proprietary.

*All regulatory inquiries concerning AB are to be handled by the Chief Compliance Officer or General Counsel. Employees receiving such inquiries should refer such matters immediately to the Legal and Compliance Department.*

**b. Types of Inquiries**

Regulatory inquiries may be received by mail, e-mail, telephone or personal visit. In the case of a personal visit, demand may be made for the immediate production or inspection of documents. While any telephone or personal inquiry should be handled in a courteous manner, the caller or visitor should be informed that responses to such requests are the responsibility of AB's Legal and Compliance Department. Therefore, the visitor should be asked to wait briefly while a call is made to the Chief Compliance Officer or General Counsel for guidance on how to proceed. In the case of a telephone inquiry, the caller should be referred to the Chief Compliance Officer or General Counsel or informed that his/her call will be promptly returned. Letter or e-mail inquiries should be forwarded promptly to the Chief Compliance Officer or General Counsel, who will provide an appropriate response.

**c. Responding to Information Requests**

Subject to Section 23, under no circumstances should any documents or material be released to a regulator without prior approval of the Chief Compliance Officer or General Counsel. Likewise, no employee should have substantive discussions with any regulatory personnel without prior consultation with either of these individuals.

**d. Use of Outside Counsel**

It is the responsibility of the Chief Compliance Officer or General Counsel to retain and provide information to AB's outside counsel in those instances deemed appropriate and necessary.

**e. Regulatory Investigation**

Any employee that is notified that they are the subject of a regulatory investigation, whether in connection with his or her activities at AB or at a previous employer, must immediately notify the Chief Compliance Officer or General Counsel.

**f. Litigation**

Any receipt of service or other notification of a pending or threatened action against the firm should be brought to the immediate attention of the General Counsel or Chief Compliance Officer. These individuals also should be informed of any instance in which an employee is sued in a matter involving his/her activities on behalf of AB. Notice also should be given to either of these individuals upon receipt of a subpoena for information from AB relating to any matter in litigation or receipt of a garnishment lien or judgment against the firm or any of its clients or employees. The General Counsel or Chief Compliance Officer will determine the appropriate response.

**24. Compliance and Reporting of Misconduct / "Whistleblower" Protection**

No Code can address all specific situations. Accordingly, each AB employee is responsible for applying the principles set forth in this Code in a responsible fashion and with the exercise of good judgment and common sense. Whenever uncertainty arises, an AB employee should seek guidance from an appropriate supervisor or a representative of Human Capital or the Legal and Compliance Department before proceeding.

All AB employees should promptly report any practices or actions the employee believes to be inappropriate or inconsistent with any provisions of this Code. In addition, all employees must promptly report any actual violations of the Code to the General Counsel, the Chief Compliance Officer or a designee. Any person reporting a violation in good faith, or asserting any right provided by law or in exercising their duties as set forth in our policies, will be protected against reprisals. If you have information about Code or other AB policy violations or potentially illegal or unethical activity, visit the Legal & Compliance Loop site for further information or visit <u>https://secure.ethicspoint.com/domain/media/en/gui/44414/index.html.</u>

If you feel uncomfortable utilizing the formal channels, issues may be brought to the attention of the Company Ombudsman, who is a neutral, independent, informal and confidential resource to assist employees with concerns about AB business matters that may implicate issues of ethics or questionable practices. Please see Section 25 for additional information on the Company Ombudsman.

Nothing herein, or in any contractual confidentiality provision to which any employee is subject, prohibits employees from reporting possible violations of law or regulation to any governmental agency or entity, or self-regulatory authority, or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. Employees do not need AB's prior authorization to make any such reports or disclosures and are not required to notify AB that they have made such reports or disclosures.

**25. Company Ombudsman**

AB's Company Ombudsman provides a neutral, confidential, informal and independent communications channel where any AB employee can obtain assistance in surfacing and resolving work-related issues. The primary purpose of the Ombudsman is to help AB:

· Safeguard
its reputation and financial, human and other company assets;

· Maintain
an ethical and fiduciary culture;

· Demonstrate
and achieve its commitment to "doing the right thing;" and

· Comply
 with relevant provisions of the Sarbanes-Oxley Act of 2002, the U.S. Sentencing Guidelines,
 as well as AB's 2003 SEC Order, New York Stock Exchange Rule 303A.10 and other
 laws, regulations and policies.

The Ombudsman seeks to provide early warnings and to identify changes that will prevent malfeasance and workplace issues from becoming significant or recurring. The Ombudsman has a reporting relationship to the AB CEO, the Audit Committee of the Board of Directors of AllianceBernstein Corporation and independent directors of AB's U.S. mutual fund boards.

Any type of work-related issue may be brought to the Ombudsman, including potential or actual financial malfeasance, security matters, inappropriate business practices, compliance issues, unethical behavior, violations of law, health and safety issues, and employee relations issues. The Ombudsman supplements but does not replace existing formal channels for reporting work-related issues, such as Human Capital, Legal and Compliance, Internal Audit and line management.

**26. Sanctions**

Upon learning of a violation of this Code, any member of the AB Group, with the advice of the General Counsel, the Chief Compliance Officer and/or the AB Code of Ethics Oversight Committee, may impose such sanctions as such member deems appropriate, including, among other things, restitution, censure, suspension or termination of service. Persons subject to this Code who fail to comply with it may also be violating the U.S. federal securities laws or other federal, state or local laws within their particular jurisdictions.

**27. Annual Certifications**

Each person subject to this Code must certify at least annually to the Chief Compliance Officer that he or she has read and understands the Code. As part of these certifications, the employee confirms that they are (1) subject to and have complied with the Code's provisions, (2) disclosed or reported all personal securities transactions, conflicts of interests and other items required, and (3) understand and complied with all related policies referenced within this Code (e.g., electronic communications). The Chief Compliance Officer may require interim certifications for significant changes to the Code.

![](tm2522623d1_ex99-bp6img002.jpg)

**Personal Trading Policies and Procedures**

**Appendix A**

---

| | | |
|:---|:---|:---|
| **1. Overview** | **1. Overview** | **1** |
| &nbsp;&nbsp;&nbsp;a. | Introduction | 1 |
| &nbsp;&nbsp;&nbsp;b. | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;4. | "Client" | 1 |
| **2. Requirements and Restrictions – All Employees** | **2. Requirements and Restrictions – All Employees** | **5** |
| &nbsp;&nbsp;&nbsp;a. | General Standards | 5 |
| &nbsp;&nbsp;&nbsp;b. | Disclosure of Personal Accounts | 5 |
| &nbsp;&nbsp;&nbsp;c. | Designated Brokerage Account | 6 |
| &nbsp;&nbsp;&nbsp;d. | Pre-Clearance Requirement | 6 |
| &nbsp;&nbsp;&nbsp;e. | Limitation on the Number of Trades | 6 |
| &nbsp;&nbsp;&nbsp;f. | Short-Term Trading | 7 |
| &nbsp;&nbsp;&nbsp;g. | Short Sales | 7 |
| &nbsp;&nbsp;&nbsp;h. | Trading in AB Units and AB Funds | 8 |
| &nbsp;&nbsp;&nbsp;i. | Securities Being Considered for Purchase or Sale | 8 |
| &nbsp;&nbsp;&nbsp;j. | Restricted List | 9 |
| &nbsp;&nbsp;&nbsp;k. | Dissemination of Research Information | 9 |
| &nbsp;&nbsp;&nbsp;l. | Initial Public Offerings | 10 |
| &nbsp;&nbsp;&nbsp;m. | Limited Offerings/Private Placements | 10 |
| **3. Additional Restrictions–Portfolio Managers** | **3. Additional Restrictions–Portfolio Managers** | **11** |
| &nbsp;&nbsp;&nbsp;a. | Blackout Periods | 11 |
| &nbsp;&nbsp;&nbsp;b. | Actions During Blackout Periods | 11 |
| &nbsp;&nbsp;&nbsp;c. | Transactions Contrary to Client Positions | 11 |
| **4. Additional Restrictions–Research Analysts** | **4. Additional Restrictions–Research Analysts** | **11** |
| &nbsp;&nbsp;&nbsp;a. | Blackout Periods | 12 |
| &nbsp;&nbsp;&nbsp;b. | Actions During Blackout Periods | 12 |
| &nbsp;&nbsp;&nbsp;c. | Actions Contrary to Ratings | 12 |
| **5. Additional Restrictions–Buy-Side Equity Traders** | **5. Additional Restrictions–Buy-Side Equity Traders** | **12** |
| **6. Additional Restrictions–Alternate Investment Strategies Groups** | **6. Additional Restrictions–Alternate Investment Strategies Groups** | **13** |
| **7. Exceptions to the Personal Trading Policy** | **7. Exceptions to the Personal Trading Policy** | **13** |

---

---

| | | |
|:---|:---|:---|
| **8. Reporting Requirements** | **8. Reporting Requirements** | **13** |
| &nbsp;&nbsp;&nbsp;a. | Duplicate Confirmations and Account Statements | 13 |
| &nbsp;&nbsp;&nbsp;b. | Initial Holdings Reports by Employees | 13 |
| &nbsp;&nbsp;&nbsp;c. | Quarterly Reports by Employees–including Certain Funds and Limited Offerings | 14 |
| &nbsp;&nbsp;&nbsp;d. | Annual Certification by Employees with Managed Accounts | 14 |
| &nbsp;&nbsp;&nbsp;e. | Annual Holdings Reports by Employees | 15 |
| &nbsp;&nbsp;&nbsp;f. | Report and Certification of Adequacy to the Board of Directors of Fund Clients | 15 |
| &nbsp;&nbsp;&nbsp;g. | Report Representations | 15 |
| &nbsp;&nbsp;&nbsp;h. | Maintenance of Reports | 15 |
| **9. Reporting Requirements for Directors who are not Employees** | **9. Reporting Requirements for Directors who are not Employees** | **16** |
| &nbsp;&nbsp;&nbsp;a. | Outside Directors / Affiliated Outside Directors | 16 |

---

**APPENDIX A**

**AllianceBernstein L.P.**

<u>PERSONAL TRADING POLICIES AND PROCEDURES</u>

**1.** **Overview** 

**a.** **Introduction** 

AB recognizes the importance to its employees of being able to manage and develop their own and their dependents' financial resources through long-term investments and strategies. However, because of the potential conflicts of interest inherent in our business and our industry, AB has implemented certain standards and limitations designed to minimize these conflicts and help ensure that we focus on meeting our duties as a fiduciary for our clients. Employees should be aware that their ability to liquidate positions may be severely restricted under these policies, including during times of market volatility. Therefore, as a general matter, AB discourages personal investments by employees in individual securities and encourages personal investments in managed collective vehicles, such as mutual funds.

AB senior management believe it is important for employees to align their own personal interests with the interests of our clients. Consequently, employees are encouraged to invest in the mutual fund products and services offered by AB, where available and appropriate.

**Definitions.**

The following definitions apply for purposes of this Appendix A of the Code; however additional definitions are contained in the text itself. 1

&nbsp;&nbsp;&nbsp;&nbsp;1. "**AB Funds**" means any AB-sponsored, managed, or sub-advised
 fund registered under the Investment Company Act of 1940 or relevant regulations in other
 jurisdictions. For purposes of this policy, "AB Funds" are Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;2. "**Automatic Investment Plan**" refers to a plan that
 makes automatic purchases for the plan owner based on an agreed schedule and allocation.
 Dividend Reinvestment Plans, or DRIPs, are one type of "automatic investment plan".

Employees may be asked to submit additional documentation evidencing the automatic investment plan as part of AB's compliance monitoring.

&nbsp;&nbsp;&nbsp;&nbsp;3. "**Beneficial Ownership**" refers to an Employee's
 or their Dependent's ability to directly or indirectly profit or share in the profits
 of a security transaction. In general, the definition of "beneficial ownership"
 is interpreted in the same manner as the provisions set forth under Section 16 of the
 Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;4. **"Clien** t" means any person or entity, including
 an investment company, for which AB serves as investment manager or adviser.

<sup>1</sup> Due to the importance that AB places on promoting responsible personal trading, we have applied the definition of "access person," as used in Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, and related requirements to all AB employees and officers. We have drafted special provisions for directors of AB who are not also employees of AB.

&nbsp;&nbsp;&nbsp;&nbsp;5. "**Chief Compliance Officer**" refers to AllianceBernstein
 LP's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;6. "**Code of Ethics Oversight Committee**" refers to
 the committee of AB's senior officers that is responsible for monitoring compliance
 with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;7. "**Control**" has the meaning set forth in Section 2(a)(9) of
 the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;8. "**Dependent**" refers to any individual who resides
 within an <u>Employee's</u> household and relies on the Employee for financial support.
 While not exhaustive, examples include an Employee's spouse, domestic partner, parent,
 child, sibling or in-laws who share the same household as the Employee. Note that a "dependent"
 may spend a portion of this time away from the household (for example a child in college)
 but will still be considered a "dependent" if they rely on the Employee for any
 financial support.

&nbsp;&nbsp;&nbsp;&nbsp;9. "**Designated Broker**" refers to brokerage firms where
 AB receives automated data feeds for transactions and positions for <u>Personal Accounts</u>. 2
 3 The current list of "Designated Brokers" can be found <u>here</u>.

&nbsp;&nbsp;&nbsp;&nbsp;10. "**Director**" means any person who serves in the
 capacity of a director of AllianceBernstein Corporation. "Affiliated Outside Director"
 means any Director who is not an Employee (as defined below) but who is an employee of an
 entity affiliated with AB. "Outside Director" means any Director who is neither
 an Employee (as defined below) nor an employee of an entity affiliated with AB.

&nbsp;&nbsp;&nbsp;&nbsp;11. "**Employee**" refers to any person who is an employee
 or officer of AB, including part-time employees and consultants (acting in the capacity of
 a portfolio manager, trader or research analyst, or others at the discretion of the Compliance
 Department or their Business Unit) under the Control of AB.

&nbsp;&nbsp;&nbsp;&nbsp;12. "**Exempt Security**" refers to the following security
 types:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 issued by the Government of the United States, e.g. US Treasury bonds and US Savings bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· High
 quality money market or short-term debt instruments, including CDs, commercial paper, and
 repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 of money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Open-end
 mutual funds, excluding AB Funds and ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cryptocurrency
 and digital assets4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Other
 security types as determined by AB's Code of Ethics Compliance team.

&nbsp;&nbsp;&nbsp;&nbsp;13. **"Initial Public Offering"** means an offering of
 equity Securities registered under the Securities Act of 1933 (the "1933 Act"),
 the issuer of which, immediately before the registration, was not subject to the reporting
 requirements of Sections 13 or 15(d) of the Exchange Act, as well as similar offerings
 of Securities issued outside the United States.

<sup>2</sup> Exceptions may apply in certain non-U.S. locations. Please consult with your local compliance officer.

<sup>3</sup> Non-discretionary accounts at Sanford C. Bernstein & Co., LLC. may only be used for the following purposes: (a) Custody of securities and related activities (such as receiving and delivering positions, corporate actions, and subscribing to offerings commonly handled by operations such as State of Israel bonds, etc.); (b) Transacting in US Treasury securities; and (c) Transacting in AB products outside of a private client relationship (such as hedge funds and AB/SCB mutual funds). All equity and fixed income transactions (other than US Treasuries) are prohibited.

<sup>4</sup> Note that while cryptocurrency and other digital assets are not considered a security under the current definition, this is listed as an "exempt security" to help clarify for employees that cryptocurrency and digital assets are out of scope for the requirements under this policy.

&nbsp;&nbsp;&nbsp;&nbsp;14. **"Investment Personnel"** refers to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 Employee who acts in the capacity of a portfolio manager, research analyst or trader or any
 other capacity (such as an assistant to one of the foregoing) and in connection with his
 or her regular duties makes or participates in making, or is in a position to be aware of,
 recommendations regarding the purchase or sale of securities by a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 Employee who receives or has access to sell-side research paid for by AB or AB client assets
 (e.g. Soft-Dollar Commissions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 other Employee designated as such by the Legal and Compliance Department or their Business
 Unit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 natural person who Controls AB and who obtains information concerning recommendations made
 to a Client regarding the purchase or sale of securities by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;15. "**Limited Offering**" means an offering that is exempt
 from registration under the 1933 Act pursuant to Sections 4(2) or 4(6) thereof
 or pursuant to Rules 504, 505 or 506 under the 1933 Act, as well as similarly exempted
 offerings of Securities issued outside the United States. Investments in hedge funds are
 typically sold in a limited offering setting.

&nbsp;&nbsp;&nbsp;&nbsp;16. "**Managed Account**" is an account where the <u>Employee</u> or their <u>Dependent</u> has authorized a third-party to exercise investment discretion
 and control over the transactions and holdings in the account. Since neither the Employee
 nor their Dependent directs or approves the investments themselves and/or the timing of the
 investment for "managed accounts," these accounts are exempt from most of the
 requirements and restrictions found in Section 2 of this Policy, including the pre-clearance
 requirement. Please see Section 2 below for more details. "Managed accounts"
 that meet the definition of a <u>Personal Account</u> must be reported in StarCompliance.

When declaring a "managed account", Employees may be asked to provide additional account information so that Compliance can confirm that the account meets this definition.

Note that managed accounts are not required to be held with <u>Designated Brokers</u>, but employees will be required to submit account statements and trade confirmations if and when requested by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;17. "**Non-volitional Transaction**" is a transaction
 where the <u>Employee</u> or their <u>Dependent</u> does not have any influence or control
 over the trade and/or the timing of the trade. Examples of non-volitional trades are options
 being exercised or expiring on an Employee, sale of fractional shares when transferring assets
 from your current broker to a different one, and corporate actions where the employee does
 not have the ability to elect participation.

As part of AB's compliance monitoring, Employees may be asked to submit additional documentation evidencing that a transaction was non-volitional.

&nbsp;&nbsp;&nbsp;&nbsp;18. **"Personal Account"** refers to any account that
 meets the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Employee or a Dependent of the Employee has Beneficial Ownership of the account or has investment
 authority over any transactions and/or timing of the transactions in the account, even if
 they are not the beneficial owner of the account; AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 account has the ability to invest in Reportable Securities (defined below).

<u>Managed Accounts</u> that meet the above definition of a "personal account" must be disclosed.

Please note that most 401K accounts, HSA Investment accounts, and 529 Plans will not require reporting or pre-clearance of transactions since they typically only permit investments in a limited list of non-AB Funds; However, if they have the ability to invest in Reportable Securities including AB Funds, then these accounts would be considered "personal accounts" and should be reported as required by this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;19. "**Purchase or Sale of a Security**" includes, among
 other transactions, the writing or purchase of an option to sell a Security and any short
 sale of a Security.

&nbsp;&nbsp;&nbsp;&nbsp;20. "**Reportable Security** "**or** "**Security** "
 means any security that does not meet the definition of an <u>Exempt Security</u>.

*<u>IMPORTANT NOTES:</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exchange-Traded
 Funds ("ETFs") are "reportable securities," and therefore are subject
 to the governing rules, including the pre-clearance requirement. All ETFs require pre-clearance
 but will be subject to expedited approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct
 investment in Bitcoin or other crypto currencies are currently not covered under this definition
 of Security. However, as global regulators move closer to regulating these securities, the
 lack of prohibition and AB's position on pre-clearance and/or reporting, is subject
 to change.

&nbsp;&nbsp;&nbsp;&nbsp;21. A Security **is "Being Considered for Purchase or Sale** "
 when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An
 AB research analyst issues research information regarding initial coverage of, or changing
 a rating with respect to, a company or issuer. This applies to research from both the buy-side
 and sell-side analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 portfolio manager has indicated his or her intention to purchase or sell a Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An
 open order<sup>5</sup> in the Security exists on any buy-side trading desk.

*This is not an exhaustive list. At the discretion of the Legal and Compliance Department, a Security may be deemed "Being Considered for Purchase or Sale" even if none of the above events have occurred, particularly if a portfolio manager is contemplating the purchase or sale of that Security, as evidenced by written or digital communication or the manager's preparation of, or request for, research.*

&nbsp;&nbsp;&nbsp;&nbsp;22. "**Security held or to be acquired or sold**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 Security which, within the most recent 15 days (i) is or has been held by a Client in
 an AB-managed account or (ii) is being or has been considered by AB for purchase or
 sale for the Client; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 option to purchase or sell, and any Security convertible into or exchangeable for, a Security.

&nbsp;&nbsp;&nbsp;&nbsp;23. "**StarCompliance Code of Ethics application**" means
 the web-based application used to electronically pre-clear personal securities transactions
 and file many of the reports required herein. The application can be accessed via the AB
 network at: <u>https://alliance-ng.starcompliance.com.</u> 

<sup>5</sup> Defined as any client order on a buy-side trading desk which has not been completely executed.

**2. Requirements and Restrictions—All Employees**

The following the standards which must be observed by Employees:

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **General Standards** 

Employees have an obligation to conduct their personal investing activities and related Securities transactions lawfully and in a manner that avoids actual or potential conflicts between their own interests and the interests of AB and its clients. Employees must carefully consider the nature of their AB responsibilities - and the type of information that they might be deemed to possess in light of any particular securities transaction - before engaging in any investment-related activity or transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Material Nonpublic Information:** Employees in possession of material nonpublic information about
 or affecting securities, or their issuer, are prohibited from buying or selling such Securities,
 or advising any other person to buy or sell such securities. Similarly, they may not disclose
 such information to anyone without the permission of the General Counsel or Chief Compliance
 Officer. Please see <u>AB's Insider Trading Policies,</u> which can be found on the Legal
 and Compliance Department's intranet site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Short-Term Trading:** Employees are encouraged to adopt long-term investment strategies (see Section 2(f) for
 applicable holding and buy-back periods for individual securities). Similarly, purchases
 of shares of most mutual funds should be made for investment purposes. Employees are therefore
 prohibited from engaging in transactions in a mutual fund that are in violation of the fund's
 prospectus, including any applicable short-term trading or market-timing prohibitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Personal Responsibility:** It is the responsibility of each Employee to ensure that all securities
 transactions in Personal Accounts are made in strict compliance with the restrictions and
 procedures in the Code and this Appendix A and otherwise comply with all applicable legal
 and regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Affiliated Directors and Outside Directors:** The personal trading restrictions of Appendix A of the
 Code do not apply to any Affiliated Director or Outside Director, provided that at the time
 of the transaction, they have no actual knowledge that the Security involved is "Being
 Considered for Purchase or Sale." Affiliated Directors and Outside Directors, however,
 are subject to reporting requirements as described in Section 9 below.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Disclosure of Personal Accounts** 

Upon joining AB, all Employees must disclose their <u>Personal Accounts</u> to the Compliance Department within 10 business days of joining and take all necessary actions to close any accounts, other than <u>Managed Accounts</u>, held with Non-designated Brokers6 (see next section). It is each Employee's responsibility to ensure that their accounts are either linked to AB's broker feeds, if held at a Designated Broker, or to provide duplicate statements and trade confirmations upon request from Compliance. Do not assume that the broker-dealer will automatically arrange for this information to be set up and forwarded correctly.

New accounts opened by Employees after their initial disclosure should be disclosed immediately to Compliance. In general, pre-approval is not required to open the new account; however, Personal Accounts, except for Managed Accounts, should only be opened at a Designated Broker.

<sup>6</sup> Exceptions may apply in certain non-U.S. locations. Please consult with your local compliance officer.

&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Designated Brokerage Account<sup>7</sup>** 

Personal Accounts of an Employee, other than Managed Accounts, may only be held at a <u>Designated Broker</u>. Under limited circumstances, the Compliance Department may grant exceptions to this policy and approve the use of other broker-dealers or custodians (such as in the case of proprietary products that can only be held at specific firms). In addition, the Compliance Department may in the future modify this list.

&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Pre-Clearance Requirement** 

Employees and their Dependents may not purchase or sell, directly or indirectly, any <u>Reportable Security</u> in which they have (or after such transaction would have) <u>Beneficial Ownership</u> unless the Employee obtains the prior approval from the Compliance Department and, in the case of Investment Personnel, their manager or a designated approver. Pre-clearance requests and any approvals must be made prior to executing the transaction, through the use of the appropriate pre-clearance form, which can be accessed via the StarCompliance Code of Ethics application at <u>http://starcompliance.acml.com//.</u> These requests will document (a) the details of the proposed transaction and (b) representations as to compliance with the personal trading restrictions of this Code.

*Pre-Clearance requests are reviewed by team members in Nashville and may not be addressed until 8:00 a.m. Central time. Please note that trade requests submitted after 2:30 p.m. Central time will be placed on hold until the following day.*

The Legal and Compliance Department will maintain an electronic log of all pre-clearance requests and indicate the approval or denial of the request in the log.

PLEASE NOTE: When a Security is Being Considered for Purchase or Sale for a Client (see Section 2(i) below) or is being purchased or sold for a Client following the approval on the same day of a personal trading request form for the same Security, the Legal and Compliance Department is authorized to cancel the personal order if (a) it has not been executed and the order exceeds a market value of $50,000 or (b) the Legal and Compliance Department determines, after consulting with the trading desk and the appropriate business unit head (if available), that the order, based on market conditions, liquidity and other relevant factors, could have an adverse impact on a Client or on a Client's ability to purchase or sell the Security or other Securities of the issuer involved.

**<u>The following transactions are exempt from the pre-clearance requirement:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in a Managed Account,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 made pursuant to an Automatic Investment Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-volitional
 Transactions, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in AB Funds if through the ABI Employee Desk or through an employee's Voya- sponsored
 401K account (if not transacted via ABI or through Voya, pre-clearance is required).

&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Limitation on the Number of Trades** 

No more than an aggregate of twenty (20) transactions in <u>Reportable Securities may occur in an Employee's Personal Accounts during any rolling thirty-day period.</u>

**<u>Transactions excluded from the trade limit are:</u>**

Transactions in a <u>Managed Account</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 made pursuant to an Automatic Investment Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-volitional
 Transactions, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in AB Funds.

&nbsp;&nbsp;&nbsp;&nbsp;**f.** **Short-Term Trading** 

Employees must always conduct their personal trading activities lawfully, properly and responsibly, and are encouraged to adopt long-term investment strategies that are consistent with their financial resources and objectives. AB discourages short-term trading strategies, and Employees are cautioned that such strategies may inherently carry a higher risk of regulatory and other scrutiny. In any event, excessive or inappropriate trading that interferes with job performance, or compromises the duty that AB owes to its Clients will not be tolerated.

**Employees are subject to a mandatory holding period for all <u>Reportable Securities</u> of 60 days and a buy-back period of 30 days.** By regulation, employees of AB Japan Ltd. are subject to a 6-month hold. Under Danish regulation, the CEO of CPH Capital, AB's Danish entity, must comply with a 6-month holding period for securities, excluding funds. A first-in-first-out accounting methodology will be applied to a series of Securities purchases for determining compliance with this holding rule. As noted in Section 2(a)(ii), the applicable holding period for AB open-end funds is also 60 days.

**<u>Exceptions to the short-term trading rules (i.e., the 60-day hold and 30-day buy-back):</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 transactions in Personal Accounts of Dependents which are not directed by the Employee are
 subject to the mandatory holding and buy-back periods. However, after 30 calendar days, a
 sell transaction will be permitted for these Personal Accounts if necessary to minimize a
 loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in <u>Managed Accounts</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 made pursuant to an <u>Automatic Investment Plan</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-volitional
 Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sales
 of Securities held by the Employee or their Dependents prior to their employment with AB;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 in the publicly traded units of AB that were acquired in connection with a compensation plan
 may be sold within the 60-day holding period. However, units purchased on the open market
 must comply with the holding period requirements herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 received through an employee stock plan or compensation program by a Dependent may be sold
 within the 60-day holding period.

Trades made in violation of this section of the Code shall be unwound, or, if that is not practicable, all profits from the short-term trading will be disgorged.

&nbsp;&nbsp;&nbsp;&nbsp;**g.** **Short Sales** 

The Legal and Compliance Department will prohibit an Employee from engaging in any short sale of a Security in a Personal Account if, at the time of the transaction, any Client has a long position in such Security in an AB-managed portfolio (except that an Employee may engage in short sales against the box and covered call writing provided that these personal Securities transactions do not violate the prohibition against short- term trading).

&nbsp;&nbsp;&nbsp;&nbsp;**h.** **Trading in AB Units and AB Funds** 

During certain times of the year Employees may be prohibited from conducting transactions in the equity units of AB.

Additional restricted periods may be required for certain individuals and events, and the Legal and Compliance Department will announce when such additional restricted periods are in effect.

As AB Units and AB Funds are Reportable Securities, all are subject to the same pre-clearance process as other Reportable Securities, with certain additional Legal and Compliance Department approval required. See the *<u>Statement of Policy and Procedures Concerning Purchases and Sales of AB Units</u>* and the *<u>Statement of Policy and Procedures Concerning Purchases and Sales of AB Closed-End Mutual Funds</u>*<u>.</u> Employees are not permitted to transact in short sales of AB Units.

**Note that Employees are not permitted to establish automatic investment plans, including but not limited to dividend reinvestment plans (or DRIPs) for their AB units as it could result in purchases outside of the trading window.**

&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Securities Being Considered for Purchase or Sale** 

Subject to the exceptions below, Employees and their Dependents are prohibited from purchasing or selling a Security (or a derivative product), or engaging in any short sale of a Security, in a Personal Account if, at the time of the transaction, the <u>Security is Being Considered for Purchase or Sale</u> for a Client or is being purchased or sold for a Client.

**<u>This prohibition will not apply to the following:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in Managed Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 made pursuant to an Automatic Investment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-volitional
 Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 received as part of the Employee's or their Dependent's employer stock or compensation
 plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· De
 minimis transactions, defined as follows:

**<u>Fixed Income Securities</u>**

Any of the following Securities, if at the time of the transaction, the Employee has no actual knowledge that the Security is Being Considered for Purchase or Sale by a Client or that the Security is being purchased or sold by or for the Client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Fixed income securities transactions having a principal amount not
 exceeding $25,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Non-convertible debt securities and non-convertible preferred stocks
 which are rated by at least one nationally recognized statistical rating organization ("NRSRO")
 in one of the three highest investment grade rating categories.

**<u>Equity Securities</u>**

Any equity Security transaction, or series of related transactions, involving shares of common stock and excluding options, warrants, rights and other derivatives, provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any orders are entered after 10:00 a.m. and before 3:00 p.m. and
 are not designated as "market on open" or "market on close;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The aggregate value of the transactions does not exceed (1) $250,000,
 and (2) 0.1% of the daily trade volume of the security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Employee has no actual knowledge that the Security is Being Considered
 for Purchase or Sale by a Client or that the Security is being purchased or sold by or for
 the Client.

PLEASE NOTE: Even if a trade qualifies for a de minimis exception, it must be pre-cleared with the Legal and Compliance Department in advance of being placed.

&nbsp;&nbsp;&nbsp;&nbsp;**j.** **Restricted List** 

A Security may not be purchased or sold in a Personal Account if, at the time of the transaction, the Security appears on the AB Daily Restricted List and is restricted for Employee transactions. The Daily Restricted List is made available each business day to all Employees via <u>The Loop</u>.

&nbsp;&nbsp;&nbsp;&nbsp;**k.** **Dissemination of Research Information** 

An Employee may not buy or sell any Security for a Personal Account that is the subject of "significantly new" or "significantly changed" research during the period, commencing with the approval of the research and continuing for twenty-four hours subsequent to the first publication or release of the research. An Employee also may not buy or sell any Security on the basis of research that AB has not yet made public or released. The terms "significantly new" and "significantly changed" include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The initiation of coverage by an AB research analyst;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any change in a research rating or position by an AB analyst;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any other rating, view, opinion, or advice from an AB analyst, the issuance
 (or re-issuance) of which in the opinion of such research analyst, or his or her director
 of research, would be reasonably likely to have a material effect on the price of the security.

d. **<u>This prohibition will not apply to the following:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 made pursuant to an Automatic Investment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-volitional
 Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 received as part of the Employee's or their Dependent's employer stock or compensation
 plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· De
 minimis transactions, defined as follows:

**<u>Fixed Income Securities</u>**

***This exception does not apply to research issued by an affiliate of AB***. Any of the following Securities, if at the time of the transaction, the Employee has no actual knowledge that the Security is Being Considered for Purchase or Sale by a Client or that the Security is being purchased or sold by or for the Client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Fixed income securities transactions having a principal amount not
 exceeding $25,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Non-convertible debt securities and non-convertible preferred stocks
 which are rated by at least one nationally recognized statistical rating organization ("NRSRO")
 in one of the three highest investment grade rating categories.

**<u>Equity Securities</u>**

***This exception does not apply to research issued by an affiliate of AB.*** Any equity security transaction, or series of related transactions, involving shares of common stock and excluding options, warrants, rights and other derivatives, provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any orders are entered after 10:00 a.m. and before 3:00 p.m. and
 are not designated as "market on open" or "market on close";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The aggregate value of the transactions do not exceed (1) $250,000,
 and (3) 1% of the daily trade volume of the security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Employee has no actual knowledge that the Security is Being Considered
 for Purchase or Sale by a Client or that the Security is being purchased or sold by or for
 the Client.

PLEASE NOTE: Even if a trade qualifies for a de minimis exception, it must be pre-cleared with the Legal and Compliance Department in advance of being placed.

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

Employees or their Dependent whose Personal Accounts are covered under this Code (see Section 1(b)(14)) are not permitted to acquire for a Personal Account any equity Security issued in an Initial Public Offering.

&nbsp;&nbsp;&nbsp;&nbsp;**m.** **Limited Offerings/Private Placements** 

Employees and their Dependent whose Personal Accounts are covered under this Code (see Section 1(b)(14)), are not permitted to acquire any Security issued in any limited or private offering (please note that hedge funds are sold as limited or private offerings) without prior written approval and documentation for the basis for granting approval from the Chief Compliance Officer (or designee) and the Employee's manager or the manager's designee. The Chief Compliance Officer, in determining whether approval should be given, will take into account, among other factors, whether the investment opportunity should be reserved for a Client and whether the opportunity is being offered to the individual by virtue of his or her position with AB. Employees authorized to acquire Securities issued in a limited or private offering must disclose that investment when they play a part in any Client's subsequent consideration of an investment in the issuer. In such a case, the decision of AB to purchase Securities of that issuer for a Client will be subject to an independent review by Investment Personnel with no personal interest in such issuer.<sup>8</sup> Additional restrictions or disclosures may be required if there is a business relationship between the Employee or AB and the issuer of the offering. See also "Additional restrictions that apply to employees of the Private Alternatives Group (Section 6)".

**3.** **Additional Restrictions–Portfolio Managers** 

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all persons acting in the capacity of a Portfolio Manager of a Client account. For purposes of the restrictions in this section, a portfolio manager is defined as an Employee who has decision-making authority regarding specific securities to be traded for Client accounts, as well as such Employee's supervisor. Please see Section 6 for restrictions relating to the Alternative Investment Strategies Groups.

***General Prohibition:*** *No person acting in the capacity of a portfolio manager will be permitted to trade for a Personal Account, a Security that is an eligible portfolio investment in that manager's strategy (e.g., Large Cap Growth).*

*This prohibition does not apply to transactions directed by Dependents whose <u>Personal Accounts</u> are covered under this Code (see Section 1(b)(18)) provided that the Employee has no input into the investment decision. Nor does it apply to sales of securities held prior to the application of this restriction or employment with the firm. However, such transactions are subject to the following additional restrictions.*

**a.** **Blackout Periods** 

No person acting in the capacity of a portfolio manager will be permitted to trade a Security for a Personal Account within seven calendar days before and after any Client serviced in that manager's strategy (e.g., Large Cap Growth) trades in the same Security. If a portfolio manager engages in such a personal securities transaction during a blackout period, the Chief Compliance Officer may break the trade or, if the trade cannot be broken, the Chief Compliance Officer may direct that any profit realized on the trade be disgorged.

**b.** **Actions During Blackout Periods** 

No person acting in the capacity of a portfolio manager shall delay or accelerate a Client trade due to a previous purchase or sale of a Security in a Personal Account. In the event that a portfolio manager determines that it is in the best interest of a Client to buy or sell a Security for the account of the Client within seven days of the purchase or sale of the same Security in a Personal Account, the portfolio manager must contact the Chief Compliance Officer or their designee immediately, who may direct that the trade in the Personal Account be canceled, grant an exception or take other appropriate action.

**c.** **Transactions Contrary to Client Positions** 

No person acting in the capacity of a portfolio manager shall trade a Security in a Personal Account contrary to investment decisions made on behalf of a Client, unless the portfolio manager represents and warrants in the personal trading request form that (1) it is appropriate for the Client account to buy, sell or continue to hold that Security and (2) the decision to purchase or sell the Security for the Personal Account arises from the need to raise or invest cash or some other valid reason specified by the portfolio manager and approved by the Chief Compliance Officer or their designee and is not otherwise based on the portfolio manager's view of how the Security is likely to perform.

**4.** **Additional Restrictions–Research Analysts** 

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all persons acting in the capacity of a research analyst.

***General Prohibition:*** *No person acting in the capacity of research analyst will be permitted to trade for his or her Personal Account, any security of an issuer that is in the sector covered by such research analyst (i.e., an equity research analyst cannot trade in the fixed income securities of a covered issuer nor can a fixed income analyst trade in the equity securities of one). This prohibition does not apply to transactions directed by Dependents whose <u>Personal Accounts</u> are covered under this Code (see Section 1(b)(18)), provided that the employee has no input into the investment decision. Sales of securities held prior to the application of this restriction or employment with the firm are also considered exempt from this prohibition. However, such transactions are subject to the following additional restrictions.*

**a.** **Blackout Periods** 

No person acting as a research analyst shall trade a Security for a <u>Personal Account</u> within seven calendar days before and after making a change in a rating or other published view with respect to that Security. If a research analyst engages in such a personal securities transaction during a blackout period, the Chief Compliance Officer may break the trade or, if the trade cannot be broken, the Chief Compliance Officer may direct that any profit realized on the trade be disgorged.

**b.** **Actions During Blackout Periods** 

No person acting as a research analyst shall delay or accelerate a rating or other published view with respect to any Security because of a previous purchase or sale of a Security in such person's Personal Account. In the event that a research analyst determines that it is appropriate to make a change in a rating or other published view within seven days of the purchase or sale of the same Security in a Personal Account, the research analyst must contact the Chief Compliance Officer or their designee immediately, who may direct that the trade in the Personal Account be canceled, grant an exception or take other appropriate action.

**c.** **Actions Contrary to Ratings** 

No person acting as a research analyst shall trade a Security (to the extent such Security is included in the research analyst's research universe) contrary to an outstanding rating or a pending ratings change or traded by a research portfolio, unless (1) the research analyst represents and warrants in the personal trading request form that (as applicable) there is no reason to change the outstanding rating and (2) the research analyst's personal trade arises from the need to raise or invest cash, or some other valid reason specified by the research analyst and approved by the Chief Compliance Officer or their designee and is not otherwise based on the research analyst's view of how the security is likely to perform.

**5.** **Additional Restrictions–Buy-Side Equity Traders** 

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all persons acting in the capacity of Trader on any buy-side equity trading desk.

***General Prohibition****: Employees acting in the capacity of a buy-side equity trader are not permitted to trade for their personal account any security that is among the eligible portfolio investments traded on that Desk.*

*This prohibition does not apply to transactions directed by Dependents whose Personal Accounts are covered under this Code (see Section 1(b)(18)) provided that the employee has no input into the investment decision.*

<sup>8</sup> Any Employee who acquires (or any new Employee with a pre-existing position in) an interest in any private investment fund (including a "hedge fund") or any other Security that cannot be purchased and held in an account at a Designated Broker shall be exempt from the Designated Broker requirement as described in this Appendix A of the Code. The Legal and Compliance Department may require an explanation as to why such Security cannot be purchased and held in such manner. Transactions in these Securities nevertheless remain subject to all other requirements of this Code, including applicable private placement procedures, pre-clearance requirements and blackout-period trading restrictions.

*Nor does it apply to sales of securities held prior to the application of this restriction or employment with the firm. Such transactions are, of course, subject to all other Code provisions.*

**6.** **Additional Restrictions–Alternate Investment Strategies Groups** 

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all members of the firm's Alternative Investment Management Groups, including Private Alternatives and Private Credit Investors, as well as to the members of the Investment Policy Group and Board of Directors of Bernstein Alternative Investment Strategies, LLC.

***General Prohibition****: No member of the groups listed above will be permitted to directly invest in a privately offered fund or other investment product that is managed by an adviser other than AB and is within the scope of the current or contemplated funds or other products in which the Alternative Investment Management Groups may invest. All such investments must be submitted to the StarCompliance team for review and approval by their manager and the Compliance team.*

**7.** **Exceptions to the Personal Trading Policy** 

In addition to the exceptions contained within this policy, the Chief Compliance Officer or their designee may grant other exceptions on a case-by-case basis. Requests for exceptions will be reviewed for any potential conflicts and may require business review and approval before the request can be granted.

**8.** **Reporting Requirements** 

**a.** **Duplicate Confirmations and Account Statements** 

All Employees must direct their brokers to add their Personal Accounts to AllianceBernstein's automated data feeds, if the Account is held with a Designated Broker, on a timely basis. For accounts held at Non-Designated Brokers or not on an automated data feed, Employees are required to manually update transactions once executed and to provide trade confirmations and/or account statements to the Compliance Department upon request.

The Compliance Department will review such documents for Personal Accounts to ensure that AB's policies and procedures are being complied with and make additional inquiries as necessary. Access to duplicate confirmations and account statements will be restricted to those persons who are assigned to perform review functions, and all such materials will be kept confidential except as otherwise required by law.

**b.** **Initial Holdings Reports by Employees** 

All Employee must, within 10 calendar days of commencing of employment with AB, provide a signed and dated Initial Holdings Report to the Chief Compliance Officer. New employees will receive an electronic request to perform this task via the StarCompliance Code of Ethics application. Employees who cannot complete this via StarCompliance may provide an electronic version of this request. The report must contain the following information current as of a date not more than 45 days prior to the date of the report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reportable
 Securities (including private investments as well as any AB Funds) held in a Personal Account
 of the Employee or their Dependent, including the title and type of Security, and as applicable,
 the exchange ticker symbol or CUSIP number, number of shares and/or principal amount of each
 Security/fund beneficially owned. Note that Reportable Securities held in Managed Accounts
 do not need to be reported;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 name of any broker-dealer or financial institution with which the Employee or their Dependent maintains a Personal Account in which any Reportable
Securities are held for the Employee or Dependent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Details
 of any outside business affiliations.

Employees must then take all necessary actions to bring their accounts into compliance with the Designated Broker guidelines detailed in Section 2(c) of this Appendix.

**c.** **Quarterly Reports by Employees–including Certain Funds and Limited Offerings** 

Following each calendar quarter, the Legal and Compliance Department will issue to each Employee via the StarCompliance Code of Ethics application a Quarterly Transactions Certification containing all transactions in Reportable Securities in the Employee's Personal Accounts during the quarter based on information reported to AB by the Employees and their brokers. Non-volitional Transactions and transactions in Managed Accounts need not be included for purposes of this reporting requirement.

Within thirty (30) days following the end of each calendar quarter, every Employee must review the form, certify its accuracy, and as necessary make any changes to the pre-populated information.

For each such Security, the report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP
 number, interest rate and maturity date, number of shares, and principal amount of each Security
 involved; (2) the nature of the transaction (i.e., purchase or sale or any other type
 of acquisition or disposition); (3) the price of the Security at which the transaction
 was effected; (4) the name of the broker or other financial institution through which
 the transaction was effected; and (5) the date the Employee submits the report.

In addition, any new Personal Account established during the calendar quarter must be reported, in real time, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 name of the broker or other financial institution with which the account was established
 and (2) the date the account was established.

**d.** **Annual Certification by Employees with Managed Accounts** 

On an annual basis, by a date to be specified by the Compliance Department (typically August 15th), each Employee who has reported managed accounts in the StarCompliance Code of Ethics application must provide to the Chief Compliance Officer via the Star Compliance system a signed and dated certification. This certification confirms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 managed accounts have been disclosed by the Employee in the StarCompliance application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Employee had no influence or investment discretion as to the transactions or holdings of
 such accounts during the year.

**e.** **Annual Holdings Reports by Employees** 

On an annual basis, by a date to be specified by the Compliance Department (typically February 15th), each Employee must provide to the Chief Compliance Officer via the Star Compliance system a signed and dated Annual Holdings Report containing data current as of a date not more than forty five (45)days prior to the date of the submission.<sup>9</sup> The report must disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 Securities (including shares of mutual funds managed by AB and limited offerings), held in
 a Personal Account of the Employee, including the title and type of security, and as applicable
 the exchange ticker symbol or CUSIP number, number of shares and/or principal amount of each
 Security beneficially owned); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 name of any broker-dealer or financial institution with which the Employee maintains a Personal
 Account in which any Securities are held for the Employee.

In the event that AB already maintains a record of the required information via duplicate copies of broker trade confirmations and account statements received from the Employee's broker-dealer, an Employee may satisfy this requirement by (i) confirming in writing (which may include e-mail) the accuracy of the record on at least an annual basis and (ii) recording the date of the confirmation.

**f.** **Report and Certification of Adequacy to the Board of Directors of Fund Clients** 

On a periodic basis, but not less than annually, the Chief Compliance Officer shall prepare a written report to the management and the board of directors of each registered investment fund (other than a unit investment trust) in which AB acts as investment adviser setting forth the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 certification on behalf of AB that AB has adopted procedures reasonably necessary to prevent
 Employees and Directors from violating the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 summary of existing procedures concerning personal investing and any changes in procedures
 made during the past year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 description of any issues arising under the Code or procedures since the last report to the
 Board including, but not limited to, information about material violations of the Code or
 procedures and sanctions imposed in response to the material violations.

AB shall also submit any material changes to this Code to each Fund's Board at the next regular board meeting during the quarter following the change.

**g.** **Report Representations** 

Any Initial or Annual Holdings Report or Quarterly Transaction Report may contain a statement that the report is not to be construed as an admission by the person making the report that they have any direct or indirect Beneficial Ownership in the Security to which the report relates.

**h.** **Maintenance of Reports** 

The Chief Compliance Officer shall maintain the information required by this Section and such other records, if any, and for such time periods required by Rule 17j-1 under the Investment Company Act and Rules 204-2 and 204A-1 under the Advisers Act. All reports furnished pursuant to this Section will be kept confidential, subject to the rights of inspection and review by the General Counsel, the Chief Compliance Officer and his or her designees, the Code of Ethics Oversight Committee (or subcommittee thereof), the Securities and Exchange Commission and by other third parties pursuant to applicable laws and regulations.

<sup>9</sup> Employees who join the Firm after the annual process has commenced will submit their initial holdings report (see Section 7(b)) and complete their first Annual Holdings Report during the next annual cycle and thereafter.

**9.** **Reporting Requirements for Directors who are not Employees** 

All Affiliated Outside Directors (i.e., not Employees of AB, but employees of an AB affiliate) and Outside Directors (i.e., neither Employees of AB, nor of an AB affiliate) are subject to the specific reporting requirements of this Section 8 as described below. Directors who are Employees of AB, however, are subject to the full range of personal trading requirements, restrictions and reporting obligations outlined in Sections 1 through 7 of this Appendix A of the Code, as applicable. In addition, all Directors are expected to adhere to the fiduciary duties and high ethical standards described in the Code.

**a.** **Outside Directors / Affiliated Outside Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;i. **In general, pursuant to various regulatory rule exceptions and interpretations, no reporting is required of Outside Directors and Affiliated Outside Directors. However, if an Outside or Affiliated Outside Director knew, or in the ordinary course of fulfilling his or her official duties as a Director should have known**, that
 during the 15-day period immediately before or after the Outside or Affiliated Outside Director's
 transaction in a Security for a Personal Account, a Client bought or sold the Security, or
 the Client or AB considered buying or selling the Security, the following reporting would
 be required.

<u>Transaction Report</u>

In the event that a transaction report is required pursuant to the scenario in the preceding paragraph, other than for accounts over which the director had no influence or control, each outside director must within thirty (30) days following the end of each calendar quarter, provide to the Chief Compliance Officer, a signed and dated report disclosing all Securities transactions in any Personal Account. For each such Security, the report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP
 number, interest rate and maturity date, number of shares, and principal amount of each Security
 involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 nature of the transaction (i.e., purchase or sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 price of the Security at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 name of the broker or other financial institution through which the transaction was effected

## Ex-99.B(P)(7)

**Exhibit 99.B(p)(7)**

![](tm2522623d1_ex99-bxpx7img1.jpg)

Code of Ethics

Effective June 1, 2025

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| | |
|:---|:---|
| ![](tm2522623d1_ex99-bxpx7img2.jpg) | Code of Ethics |

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**Table of Contents**

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| | |
|:---|:---|
| Purpose and Scope | 3 |
| Applicability of this Code | 3 |
| Principles of this Code | 4 |
| Reportable Accounts and Holdings Reports | 4 |
| Pre-Clearance and Approval Requirements | 6 |
| Trading Restrictions and Prohibitions | 6 |
| Education, Certifications, and Reporting Requirements | 9 |
| Violations, Escalation, and Exceptions | 10 |
| Governance and Reporting | 10 |
| Related Policies | 11 |
| Records Retention | 11 |
| Appendices |  |
| Appendix A – Key Terms and Definitions | 12 |
| Appendix B - Guidance | 14 |

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GENERAL<sub>2</sub>

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|:---|:---|
| ![](tm2522623d1_ex99-bxpx7img2.jpg) | Code of Ethics |

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Purpose and Scope

Allspring Global Investments, including all global affiliates ("Allspring"), has adopted this Code of Ethics (the "Code") to establish standards of conduct and ethics and to outline requirements reasonably designed to prevent fraudulent, manipulative, or improper practices or transactions. This Code is maintained, administered, and enforced by the Allspring Chief Compliance Officer ("CCO"), and the Allspring Conduct and Ethics Team. Please contact the Allspring Conduct and Ethics Team at <u>Conduct@allspringglobal.com</u> with any questions or inquiries pertaining to this Code.

Capitalized terms are defined herein and in Appendix A - Key Terms and Definitions.

Applicability of this Code

Access Persons

This Code applies to all of Allspring's officers, directors, full-time or part-time employees, contingent workers who have been notified they are subject to the Code, and any other person designated by the Allspring Conduct and Ethics Team ("Access Persons").

Immediate Family Members and Beneficial Ownership

The requirements of this Code also apply to "Immediate Family Members," which include any person sharing the same household with an Access Person and any other person for which an Access Person has Beneficial Ownership of their accounts or securities.

In general, a person has Beneficial Ownership of an account or security if he or she, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest*<sup>1</sup>* in the account or security.

*Access Persons are presumed to have a pecuniary interest in securities held by Immediate Family Members. References to Access Persons hereinafter also includes their Immediate Family Members.*

Investment Persons

An "Investment Person" is any Access Person involved with making investment decisions, recommendations, or securities transactions, including portfolio managers, traders, and investment analysts of Allspring or any other Access Persons designated by the Allspring Conduct and Ethics Team to meet these criteria. In addition to complying with all the obligations of Access Persons, Investment Persons are also required to comply with additional provisions set forth within this Code, specifically with respect to blackout periods defined within the "Trading Restrictions and Prohibitions" section.

<sup>1</sup> "Pecuniary interest" has the same meaning as in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934. Generally, a pecuniary interest in the security means the opportunity, directly or indirectly to profit or share in any profit derived from a transaction in a security.

GENERAL<sub>3</sub>

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| | |
|:---|:---|
| ![](tm2522623d1_ex99-bxpx7img2.jpg) | Code of Ethics |

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Principles of this Code

Access Persons must always observe the highest standards of conduct and ethics. Access Persons must act professionally, exercise independent judgment, comply with all applicable laws and regulations, and adhere to Allspring's policies and procedures. Access Persons have a duty of care and loyalty to Allspring's clients<sup>2</sup> and must avoid actual or perceived conflicts of interest. Access Persons may never:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engage
 in any behavior or activities that place their personal interests above the interests of
 clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Take
 investment opportunities away from clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engage
 in any transaction, act, practice, or course of business that operates or would operate as
 a fraud or deceit upon any client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Make
 any untrue statement of a material fact, or omit to state a material fact, to mislead clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Use
 Allspring's proprietary information to benefit them personally, including the use of proprietary
 investment research, technology, or other information for personal gain; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engage
 in any personal activities, including personal securities transactions, private placements,
 outside activities, gifts and entertainment, political contributions, charitable contributions,
 or other activities, that do not comply with this Code or other relevant Allspring policies.

Reportable Accounts and Holdings Reports

Reportable Accounts Requirements

**Access Persons are responsible for disclosing all their Reportable Accounts in the FIS ECM system ("ECM")<sup>3</sup> no later than 10 calendar days after becoming an Access Person.** Reportable Accounts are those accounts in which an Access Person has direct or indirect Beneficial Ownership (including any accounts of Immediate Family Members) that can hold Reportable Securities (even if the account does not currently hold Reportable Securities).

The most common types of Reportable Securities are listed below. Please refer to Appendix A for a complete definition of Reportable Securities and Appendix B for examples and guidance.

&nbsp;&nbsp;&nbsp;&nbsp;· Stocks

&nbsp;&nbsp;&nbsp;&nbsp;· Corporate
 and municipal bonds

&nbsp;&nbsp;&nbsp;&nbsp;· Closed-end
 funds

&nbsp;&nbsp;&nbsp;&nbsp;· Exchange-Traded
 Funds ("ETFs")

&nbsp;&nbsp;&nbsp;&nbsp;· Options
 on Reportable Securities

&nbsp;&nbsp;&nbsp;&nbsp;· Any
 funds for which Allspring serves as an investment manager, sponsor, or adviser, including
 third party funds for which Allspring serves as sub-adviser (except for money market funds)
 ("Reportable Funds")

<sup>2</sup> The term "client" also includes any fund for which Allspring serves as an investment manager, adviser, or sub-adviser.

<sup>3</sup> FIS Employee Compliance Manager ("ECM"), formerly FIS Protegent Personal Trading Assistant ("PTA").

GENERAL<sub>4</sub>

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Examples of accounts that can hold Reportable Securities include the following:

&nbsp;&nbsp;&nbsp;&nbsp;· **Brokerage accounts**, including custodial and trust accounts.

&nbsp;&nbsp;&nbsp;&nbsp;· **External retirement accounts**, such as IRA, 401(k), and global equivalents, which are capable<sup>4</sup>
 of investing in Reportable Securities (including Reportable Funds).

&nbsp;&nbsp;&nbsp;&nbsp;· **Education Savings Accounts ("ESA")**, such as 529 Plans, Coverdell ESAs, or global equivalents,
 which are capable<sup>5</sup> of investing in Reportable Securities (including Reportable
 Funds).

&nbsp;&nbsp;&nbsp;&nbsp;· **Former Employee Benefit Accounts**, such as Health Savings Accounts
from a former employer, which are capable of investing in Reportable Securities (including Reportable Funds).

&nbsp;&nbsp;&nbsp;&nbsp;· **Allspring Employee Benefit Accounts,** as described below.

Please refer to Appendix B for examples and guidance.

Allspring Employee Benefit Accounts

Certain Allspring benefit accounts are Reportable Accounts because they are capable of investing in Reportable Securities. This includes:

&nbsp;&nbsp;&nbsp;&nbsp;· **Allspring 401(k) accounts,** which are capable of investing in Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;· **Allspring Health Savings Accounts ("HSA"),** which are capable of investing in Reportable
 Securities once the account has exceeded a minimum balance threshold. Note that an HSA account
 becomes a Reportable Account when the employee opens up the corresponding investment account
 through either Optum Bank or Betterment. At that time, a request to open a new account form
 must be completed in ECM. An Allspring HSA account that does not have the investment account
 opened is not considered a Reportable Account.

Approved Brokers

Access Persons may only maintain Reportable Accounts with an approved broker included on the Allspring Approved Broker List ("Approved Brokers"). Access Persons that have a Reportable Account with a non- Approved Broker must either close the account or transfer the account to an Approved Broker. This requirement is not applicable to Managed Accounts<sup>6</sup> or Allspring employee benefit accounts. This requirement is also not applicable to certain non-U.S. employees who reside in a jurisdiction where access to Approved Brokers is limited; non-U.S. employees must confirm applicability of this requirement with the Allspring Conduct and Ethics Team. Any exemptions to this requirement must be approved in writing by the Allspring Conduct and Ethics Team.

Please refer to the Conduct and Ethics page on Springboard to view the "Allspring Approved Broker List."

<sup>4</sup> An IRA account or a 401(k) account with a brokerage window would be a Reportable Account because it is capable of investing in Reportable Securities. A 401(k) account that offers only a selection of investable funds, all of which are not Reportable Funds, is not a Reportable Account; however, if a Reportable Fund is on or added to the investable menu, then the 401(k) account is a Reportable Account.

<sup>5</sup> Coverdell ESAs are Reportable Accounts because they are capable of investing in Reportable Securities. A 529 plan that offers only a selection of investable funds, all of which are not Reportable Funds, is not a Reportable Account; however, if a Reportable Fund is on or added to the investable menu, then the 529 plan is a Reportable Account.

<sup>6</sup> A "Managed Account" (also referred to as a discretionary account) is an account that is managed by a non-affiliated third party (broker-dealer, registered investment advisor, or other investment manager acting in a similar fiduciary capacity) who exercises sole investment discretion. Documentation to support a Managed Account includes an official discretionary letter from the non-affiliated third party which expressly states that the Access Person does not have any investment discretion over the account. Access Persons with Managed Accounts will also be required to complete an annual attestation confirming that they did not direct any investment decisions during the year.

GENERAL<sub>5</sub>

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Initial and Annual Holdings Reports

**Access Persons must provide a complete initial report of their holdings in Reportable Accounts in ECM no later than 10 calendar days after becoming an Access Person.** The initial holdings report must include information that is current as of a date no more than 45 days prior to becoming an Access Person. At least annually thereafter, Access Persons must provide a complete report of their holdings in Reportable Accounts which is current as of a date no more than 45 days prior to submission.

Opening and Closing Reportable Accounts

Access Persons must submit a New Account Request Form in ECM and receive approval prior to opening any new Reportable Account, which includes those of Immediate Family Members. Access Persons must notify the Allspring Conduct and Ethics Team upon closing any Reportable Accounts in a timely manner so that they may be removed from ECM. After closing an account, Access Persons must deliver a copy of the most recent account statement, showing no assets, to the Allspring Conduct and Ethics Team

Pre-Clearance and Approval Requirements

Pre-Clearance of Reportable Securities

Access Persons must pre-clear all personal transactions in Reportable Securities, except for open-end Reportable Funds and ETFs (excluding single-stock ETFs), for themselves and their Immediate Family Members, and receive approval via ECM prior to executing trades with their broker. Pre-clearance is not required for transactions in Managed Accounts and Automatic Investment Plans. Please refer to Appendix B for a complete list of Reportable Securities that require pre-clearance.

How to Pre-Clear Reportable Securities

Follow the steps below to pre-clear and receive approval via ECM:

&nbsp;&nbsp;&nbsp;&nbsp;1. **Request for approval:** Request
 pre-clearance approval in ECM by inputting all required information regarding the proposed
 transaction. Note that Access Persons may only request pre clearance for market orders or
 same day limit orders.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Wait for notification of approval:** Do not execute the trade until receiving an approval email from ECM. The approval email
 grants authorization to execute the trade, as requested, and is only effective until the
 close of business on the same trading day, provided that approvals for trading on a foreign
 market received after the market has closed are valid until the close of business on the
 next trading day. If the approved transaction is not executed within the approved timeframe,
 the pre-clearance process must be repeated.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Denials:** Pre-clearance requests
 that are denied must not be executed. The reasons for denying a trade may not be explained
 due to material non-public information ("MNPI") concerns.

Trading Restrictions and Prohibitions

Ban on Short-Term Trading Profits

Access Persons are not permitted to profit from short-term trading in their personal accounts. Short term trading is any buy and sell, or sell and buy, of the same Reportable Security within 60 calendar days. This prohibition applies even if the transactions occur in separate personal accounts and regardless of tax lots (i.e., the most recent previous transaction of the security will be considered against the subsequent transaction in that same security). This prohibition also applies to options on Reportable Securities. Additionally, any option transaction must have an expiration date that is at least 60 calendar days from the date of purchase or sale, and Access Persons may not exercise an option for profit within the 60-day period<sup>7</sup>.

<sup>7</sup> Note that multiple option contracts for the same underlying security must have expirations dates that comply with this rule when potential contract redemption(s) create short-term trading profits in the underlying security.

GENERAL<sub>6</sub>

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Exceptions to the short-term trading restriction may potentially be granted for certain rare cases (e.g., economic hardships, gifts of securities, or other specific circumstances) if it is determined that there is no misconduct. Exception requests must be approved by the Allspring Conduct and Ethics Team in advance of the trade and must include evidence of mitigating factors that strongly support the exception. The ban on short- term trading profits does not apply to transactions that involve:

&nbsp;&nbsp;&nbsp;&nbsp;· Reportable
 Securities that do not require pre-clearance (refer to Appendix B);

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in Managed Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;· Automated
 transactions pursuant to an Automatic Investment Plan that has been approved by the Allspring
 Conduct and Ethics Team; or

&nbsp;&nbsp;&nbsp;&nbsp;· Involuntary
 actions, such as vested deferred stock compensation, involuntary call of an option, or corporate
 actions.

60-Day Holding Period for Reportable Funds

Access Persons who purchase shares of Reportable Funds (which includes Allspring ETFs) are required to hold them for at least 60 calendar days, regardless of tax lots<sup>8</sup>. This 60-day holding period does not apply to Allspring money market funds or ultra-short funds.

Allspring Closed-End Funds

Access Persons may only purchase or sell shares of an Allspring closed-end fund during the 10 calendar days beginning on the next day after the release of dividend announcements to the public for such fund. In addition, Access Persons may be prohibited from transacting in Allspring closed-end funds (even during such trading windows) if the Allspring Conduct and Ethics Team determines that transactions must be restricted due to MNPI. Access Persons that are designated as insiders of an Allspring closed- end fund under Section 16 of the Securities Exchange Act of 1934 are required to submit SEC regulatory filings in connection with their transactions pursuant to the Allspring Funds Section 16 Procedures.

Allspring ETFs

Allspring ETFs are Reportable Funds, and therefore Reportable Securities, as defined within this Code. Allspring ETFs do not require pre-clearance but do require quarterly transaction reporting, in accordance with this Code.

If an Allspring ETF is trading at a premium or discount that is 2% or greater than the ETF's net asset value at end of day, then Access Persons are prohibited from personally transacting in that Allspring ETF. The Allspring Conduct and Ethics Team will notify Access Persons if the 2% threshold has been met, at which point personal trading in the affected ETF is prohibited. A subsequent notification will be sent once trading may resume.

<sup>8</sup> If applicable, Access Persons must additionally abide by any requirements regarding frequent purchases and redemptions of shares in accordance with a fund's prospectus.

GENERAL<sub>7</sub>

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Private Placements

Access Persons must obtain approval via ECM prior to any acquisition of securities in a Private Placement (i.e., a non-public offering). Access Persons must request pre-clearance approval via ECM by completing a Private Securities Transaction Request Form and inputting all required information. If approved, Access Persons must confirm that the transaction was completed, provide the final Private Placement agreement in ECM, and attest to the Private Placement on their next Quarterly Transaction Report certification (refer to the "Certifications and Reporting" section of this Code).

Access Persons must disclose to the Allspring Conduct and Ethics Team any investments in a Private Placement when they become aware of any potential conflicts of interest (e.g., Access Person's involvement in any subsequent consideration of an investment in the issuer by Allspring).

Initial Public Offerings

Access Persons are generally prohibited from purchasing shares in an Initial Public Offering ("IPO"). Exceptions may be granted in certain circumstances (e.g., if an Immediate Family Member is offered shares of his or her employer firm). Any investment by an Access Person in an IPO, or other limited offering, must receive written pre-approval by the Allspring Conduct and Ethics Team.

Investment Clubs

Access Persons are generally prohibited from participating in an Investment Club. Any requests to participate in an Investment Club must be submitted to the Allspring Conduct and Ethics Team for review and approval. If approved to participate in an Investment Club, the account(s) of that club would become applicable to this Code and its requirements.

Excessive Trading

Excessive trading, as determined by the Allspring Conduct and Ethics Team in its sole discretion, is not tolerated as it may interfere with job performance and the duty of loyalty and care to Allspring's clients. In general, Access Persons trading more than 60 times in a quarter should expect a notification regarding excessive trading<sup>9</sup>, including notice to their manager. Excessive trading is monitored and reported to senior management.

Insider Trading

Access Persons are prohibited from misusing or inappropriately disclosing confidential information, including MNPI. Access Persons may not use MNPI for personal gain, for the benefit of Allspring, or for the benefit of our clients. While in possession of MNPI, you may not trade, or recommend trading, for any securities or funds on the basis of that information. Engaging in insider trading is a violation of global laws and regulations and is a breach of this Code. Access Persons that come into possession of MNPI must immediately notify the Allspring Conduct and Ethics Team and must additionally comply with the Allspring Information Barrier Policy.

Restricted Securities List

Allspring maintains a "Restricted List" that includes individual securities and issuers for which one or more persons at Allspring may hold price sensitive information. Any pre-clearance requests to trade in a security on the Restricted List will be denied. The Restricted List is not distributed to employees; it is maintained and updated periodically in ECM by the Allspring Conduct and Ethics Team. Please refer to the Allspring Information Barrier Policy.

<sup>9</sup> Access Persons should notify the Allspring Conduct and Ethics Team if they anticipate executing a one-time rebalance that will exceed 60 transactions. In general, such cases will not be considered excessive trading.

GENERAL<sub>8</sub>

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Blackout Periods for Investment Persons

Subject to the de minimis exception, Investment Persons (and their Immediate Family Members) are prohibited from executing personal securities transactions during certain blackout periods.

**Blackout Period**

Investment Persons are prohibited from transacting in Reportable Securities during the 7 calendar days immediately preceding and immediately following the date of the same trade in a client account where there is a perceived or actual conflict of interest (e.g., the Investment Person services the account or has access to sensitive information related to the account).

Personal securities transactions executed during the blackout period will be investigated for conflicts of interest and any violations identified may be subject to sanctions (please refer to the Conduct Framework on Springboard's Conduct and Ethics page).

**De Minimis Exception**

Transactions by Investment Persons that meet the de minimis exception will generally be approved unless they are restricted for another reason (e.g., Ban on Short-Term Trading Profits, Restricted List, etc.). A transaction in a security (either a single transaction or multiple transactions in the same security within 7 calendar days not exceeding 250 shares in the aggregate) qualifies for the de minimis exception if the security has a market capitalization exceeding $10 billion.

Education, Certifications, and Reporting Requirements

Education

Access Persons are required to complete training on the Code within 45 days of hire date and then annually thereafter.

Certifications and Reporting

Access Persons must complete initial, quarterly, and annual certifications and reporting in ECM.

&nbsp;&nbsp;&nbsp;&nbsp;· **Code of Ethics Certification**: Access Persons are required to certify
in writing upon hire date, and annually thereafter, that they have received and understand this Code. Additionally, all Access Persons
must provide a written acknowledgement of their receipt and understanding of any material amendment to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;· **Quarterly Transactions Reports:** Access Persons are required to report all personal securities transactions
 of Reportable Securities within 30 calendar days of each calendar quarter end. Access Persons
 must certify that they have reported all Reportable Accounts and that the personal securities
 transactions reported within these accounts are complete, accurate, and in compliance with
 this Code. Transactions of Managed Accounts are not subject to Quarterly Transactions Reporting.
 Self-directed transactions<sup>10</sup> of Reportable Funds within Allspring 401(k) accounts
 require reporting; however, transactions initiated by the 401(k)-plan advisor (e.g., when
 Access Persons have enrolled in the discretionary managed accounts program) do not require
 reporting.

<sup>10</sup> Excluding payroll contributions (or company matches).

GENERAL<sub>9</sub>

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&nbsp;&nbsp;&nbsp;&nbsp;· **Initial and Annual Holdings Reports:** As noted under the Reportable
Accounts and Holdings Reports section, Access Persons are required to report initial (upon becoming an Access Person) and annual holdings
reports (within 30 calendar days of calendar year end). Access Persons must certify that they have reported all holdings of Reportable
Accounts and that the holdings reported within these accounts are complete, accurate, and current as of a date no more than 45 days prior
to submission.

Violations, Escalation, and Exceptions

Violations

Access Persons must promptly report any violations of this Code to the Allspring Conduct and Ethics Team. The Allspring Conduct and Ethics Team is responsible for investigating any actual or suspected violation of this Code and reporting the results to the Chief Compliance Officer. Access Persons that have violated this Code will be sanctioned depending on the severity of the infraction. The Allspring Conduct and Ethics Team, in its sole discretion, may issue any sanctions deemed appropriate to address the infraction, subject to applicable law. This may include: a written notice, additional training, deduction from wages/compensation and/or disgorgement of profit, restriction or suspension of certain personal and/or business activities, heightened monitoring or supervision, termination of employment, referral to civil or criminal authorities, or any other remedies necessary to address the violation.

Please refer to the Conduct Framework on Springboard's Conduct and Ethics page.

Escalation

Access Persons are expected to report any concerns regarding unethical behavior or misconduct to the CCO upon identification. This includes any actual or suspected violations of this Code or other Allspring policies or any non-compliance with applicable laws and regulations. Access Persons may refer to the Complaints and Whistleblower Management Policy for information on how to report a concern anonymously. No retaliation may be taken against any person for providing information in good faith about such violations or concerns.

All questions and inquiries regarding this Code or any assistance with ECM should be communicated to <u>Conduct@allspringglobal.com.</u>

Exceptions

The Allspring Conduct and Ethics Team may grant certain exceptions to this Code. Exception requests must be submitted to <u>Conduct@allspringglobal.com</u> with rationale to justify the request. Any exceptions to this Code must be approved in writing by the Allspring Conduct and Ethics Team and are reported to the Allspring Conduct and Ethics Committee.

Governance and Reporting

The Code is reviewed and approved by the Allspring Conduct and Ethics Committee at least annually. The Allspring Conduct and Ethics Committee receives periodic reporting in relation to adherence to the requirements associated with this Code.

GENERAL<sub>10</sub>

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Related Policies

Complaints and Whistleblower Management Policy

Allspring promotes a culture where Access Persons are comfortable speaking up and are encouraged to raise questions and concerns without fear of retaliation. Access Persons may raise any concerns of misconduct in accordance with the Complaints and Whistleblower Management Policy.

Conflicts of Interest Policy

As outlined within the Principles of the Code, Access Persons must never engage in any behavior or activities that place their personal interests above the interests of clients and must always follow the Conflicts of Interest Policy.

Global Fraud Risk Management Policy

As outlined within the Principles of the Code, Access Persons must never engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any client. Access Persons must always follow the Global Fraud Risk Management Policy to report actual or suspected fraud.

Information Barrier Policy

As outlined with this Code, Access Persons are prohibited from misusing or inappropriately disclosing confidential information, including MNPI. Access Persons that come into possession of MNPI must comply with the Allspring Information Barrier Policy.

Standards of Professional Conduct

This Code establishes standards of business conduct and ethics; and must be considered in connection with Allspring's Standards of Professional Conduct, which describes the responsibility of acting in a professional manner and contributing to a work environment free from harassment and violence.

Records Retention

Records associated with the implementation and execution of this Code are required to be maintained in line with applicable rules and regulations as outlined in the Records Management Policy. The Retention Schedule records associated with this Policy must be maintained and accessible for 7 years.

GENERAL<sub>11</sub>

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Appendix A – Key Terms and Definitions

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| | |
|:---|:---|
| &nbsp;&nbsp;TERM | DEFINITION |
| &nbsp;&nbsp; <br> Access Person | All of Allspring's officers, directors, full-time or part-time employees, contingent workers that have been notified they are subject to the Code, and any other person designated by the Allspring Conduct and Ethics Team. |
| &nbsp;&nbsp; <br> Approved Broker | A broker that is included on the Allspring Approved Broker List. These are brokers that provide automated holdings and transactions reporting into ECM through an electronic feed. Subject to the exceptions set forth in the Code, Access Persons and their Immediate Family Members may only maintain personal accounts with Approved Brokers. |
| &nbsp;&nbsp; <br> Automatic Investment Plan | A program that allows a person to purchase or sell Reportable Securities, automatically and on a regular basis in accordance with a pre-determined schedule and allocation, without any further action by the person. |
| &nbsp;&nbsp; <br>Beneficial Ownership | In general, a person has Beneficial Ownership of an account or security if they, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the account or security. "Pecuniary interest" has the same meaning as in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934. Generally, a pecuniary interest in the security means the opportunity, directly or indirectly to profit or share in any profit derived from a transaction in a security. *Access Persons are presumed to have a pecuniary interest in securities held by Immediate Family Members.* |
| &nbsp;&nbsp; <br> ECM | FIS Employee Compliance Manager ("ECM"), formerly FIS Protegent Personal Trading Assistant ("PTA"), is the technology vendor used by Allspring to monitor employees' personal activities, including personal securities transactions, private placements, outside activities, gifts and entertainment, political contributions, and other activities. |
| &nbsp;&nbsp; <br> Immediate Family Member | Any person sharing the same household with an Access Person (including spouses or domestic partners, children (including those who may be temporarily living away for college/boarding school), grandchildren, siblings, parents, grandparents, relatives-in-law, step relative, adoptive relative, legal guardian), or any other person for which an Access Person has "Beneficial Ownership" of their accounts or securities. |
| &nbsp;&nbsp; <br> Investment Person | Any Access Person involved with making investment decisions, recommendations, or securities transactions, including portfolio managers, traders, and investment analysts of Allspring or any other Access Persons designated by the Allspring Conduct and Ethics Team to meet these criteria. |
| &nbsp;&nbsp;Managed Account / Discretionary Account | An account that is managed by a non-affiliated third party (broker-dealer, registered investment advisor, or other investment manager acting in a similar fiduciary capacity) who exercises sole investment discretion. |
| &nbsp;&nbsp; <br> Private Placement | A non-public security offering. This includes offerings exempt from registration under Section 4(2) or 4(6) of the Securities Act of 1933, as amended, or Rule 504, Rule 505, or Rule 506 thereunder. |
| &nbsp;&nbsp; <br> Reportable Account | Any account in which an Access Person has direct or indirect Beneficial Ownership (including any accounts of Immediate Family Members) that can hold Reportable Securities (even if the account does not currently hold Reportable Securities). Refer to Appendix B for additional guidance. |

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GENERAL<sub>12</sub>

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| | |
|:---|:---|
| &nbsp;&nbsp; <br> Reportable Fund | Any funds for which Allspring serves as an investment manager, sponsor, or adviser, including third party funds for which Allspring serves as sub-adviser (except for money market funds). This has the same meaning as in rule 204A-1 of the Investment<br> Advisors Act of 1940. |
|  | Any security as defined in section 202(a)(18) of the Investment Advisers Act of 1940 and section 2(a)(36) of the Investment Company Act of 1940, except that it does not include: |

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| | | |
|:---|:---|:---|
|  | i. | Direct obligations of the U.S. Government; |
| Reportable Security | ii. | Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; |
|  | iii. | Shares issued by money market funds; |
|  | iv. | Shares issued by open-end funds other than Reportable Funds; and |
| | v. | Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Reportable Funds. |

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GENERAL<sub>13</sub>

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Appendix B - Guidance

The below tables include non-exhaustive lists to be used for reference. Please contact the Allspring Conduct and Ethics Team (<u>Conduct@allspringglobal.com)</u> for additional guidance.

Reportable Accounts

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| | |
|:---|:---|
| &nbsp;&nbsp;ACCOUNT | REPORTABLE <br> ACCOUNT? |
| &nbsp;&nbsp;Brokerage accounts (including IRA, GIA, ISA, SIPP, custodial, and trust accounts) | Yes |
| &nbsp;&nbsp;Managed Accounts and Automatic Investment Plans | Yes |
| &nbsp;&nbsp;Allspring 401(k) plans | Yes |
| &nbsp;&nbsp;Education/junior savings accounts that can invest in Reportable Securities (e.g., ESA, Junior ISA) | Yes |
| &nbsp;&nbsp;Health Savings Account ("HSA") that can invest in Reportable Securities | Yes |
| &nbsp;&nbsp;Employee stock purchase or ownership plans ("ESPP" or "ESOP") | Yes |
| &nbsp;&nbsp;External (non-Allspring) 401(k) plans that can invest in Reportable Funds | Yes |
| &nbsp;&nbsp;External (non-Allspring) 401(k) plan that cannot hold Reportable Funds | No |
| &nbsp;&nbsp;Cash management accounts that cannot buy or sell Reportable Securities (e.g., Cash ISA) | No |
| &nbsp;&nbsp;Cryptocurrency accounts | No |

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Reportable Securities and Pre-Clearance

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;SECURITY | REPORTABLE SECURITY? | PRE-CLEAR? |
| &nbsp;&nbsp;Stocks (common, preferred, rights and warrants) | Yes | Yes |
| &nbsp;&nbsp;Bonds (corporate, municipal, convertible and notes) | Yes | Yes |
| &nbsp;&nbsp;Closed-end funds (also referred to as investment trusts) | Yes | Yes |
| &nbsp;&nbsp;Options on Reportable Securities | Yes | Yes |
| &nbsp;&nbsp;Open-end Reportable Funds (except for money market funds) | Yes | No |
| &nbsp;&nbsp;Allspring ETFs | Yes | No |
| &nbsp;&nbsp;Non-Allspring ETFs (excluding single-stock ETFs) and options on ETFs | Yes | No |
| &nbsp;&nbsp;Single-stock ETFs | Yes | Yes |
| &nbsp;&nbsp;Private placements (i.e., non-public or limited offering) | Yes | Yes |
| &nbsp;&nbsp;Direct obligations of the U.S. Government (e.g., U.S. Treasuries) | No | No |
| &nbsp;&nbsp; Money market instruments - bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality short-term debt instruments (including highly rated direct obligations of sovereign governments, such as U.K. Treasuries) | <br> No | <br> No |
| &nbsp;&nbsp;Money market funds | No | No |
| &nbsp;&nbsp;Open-end mutual funds (that are not Reportable Funds) | No | No |
| &nbsp;&nbsp;Commodities | No | No |
| &nbsp;&nbsp;Foreign currencies, including futures | No | No |
| &nbsp;&nbsp;Cryptocurrencies | No | No |

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GENERAL<sub>14</sub>

## Ex-99.B(P)(8)

**Exhibit 99.B(p)(8)**

Code of Ethics

This Code of Ethics has been adopted by Ares Management LLC and its related investment advisers ("**Ares**" or the "**Firm**") not only to fulfill technical compliance with applicable regulatory Code of Ethics Rules, including Section 204A and Rule 204A-1 under the Investment Advisers Act of 1940 (the "**Advisers Act**"), and Rule 17j-1 under the Investment Company Act of 1940 (the "**1940 Act**"), but also to prevent or mitigate actual or apparent conflicts of interest between the activities of Covered Persons and their Covered Family Members and the interests of Ares and its Clients and Investors.

**Covered Person** means:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 director, officer, or employee of Ares, including "access persons" as defined
 under Rule 204(a)-1 of the Advisers Act and Rule 17(j)-1 under the 1940 Act. All
 Ares employees are generally designated Covered Persons effective their first date of employment.

&nbsp;&nbsp;&nbsp;&nbsp;· any
 other person who has been designated a Covered Person by the Chief Compliance Officer ()"**CCO** ")
 or designee. Designation as Covered Persons for non-employee consultants and other temporary
 workers are evaluated on a case-by-case basis and at the discretion of the CCO or designee.
 Temporary employees and consultants will generally be considered Covered Persons after three
 consecutive months of service to Ares if they have access to Ares' internal network.

Directors of Ares Management Corporation and funds managed by Ares who do not have any material relationship with Ares that would interfere with the exercise of independent judgment in carrying out director responsibilities are not subject to the requirements of this Code of Ethics and are, therefore, excluded from the definition of Covered Persons for purposes of complying with it.

**Covered Family Member** is i) your spouse or domestic partner; ii) minor children of you and your spouse or domestic partner; iii) immediate family member living in the same household; iv) any person whose financial affairs you control; v) any person for whom you provide discretionary investment advice/decisions; vi) any person who is financially dependent upon the employee; or vii) any partnership, corporation, or other entity in which you a) exercise control or b) serve as a general partner, trustee, custodian, or in a similar capacity. If you have any questions whether an individual is considered a Covered Family Member, please contact Compliance.

**Client** refers to Ares' advisory clients, which are comprised of various pooled investment vehicles, including public and private investment funds, single investor funds, co-investment vehicles, joint ventures, CLOs, CDOs and other structured investment vehicles, special purpose vehicles, alternative investment vehicles, feeder vehicles (collectively, "**Funds**"), and other separately managed accounts and institutional clients.

**Investor** refers to any current, prospective or former investor in a Client and any representatives of the same.

**Policies**

The Code of Ethics is comprised of the below policies:

&nbsp;&nbsp;&nbsp;&nbsp;· Personal
 Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Political
 Contributions Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Outside
 Business Activity Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Gifts
 and Entertainment Policy

**General Standards**

Covered Persons must certify in writing that they have read, understand, and will comply with this Code of Ethics upon becoming a Covered Person and must, at least annually thereafter, acknowledge being subject to the Code of Ethics and attest to continued compliance.

Covered Persons and their Covered Family Members are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;· engaging,
 directly or indirectly, in any business investment in a manner detrimental to any Client

&nbsp;&nbsp;&nbsp;&nbsp;· taking
 any actions or making any decisions that are inconsistent with fiduciary duties, honesty,
 and good faith toward Ares and its Clients, or that violate federal securities laws or any
 other applicable law, rule, or regulation

&nbsp;&nbsp;&nbsp;&nbsp;· using
 confidential information gained through their connection to Ares in a manner detrimental
 to any Client

Before recommending or authorizing the purchase, sale, or any other action, of a Security by or for a Client, Covered Persons must disclose to the CCO or designee on behalf of themselves and any Covered Family Members:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 beneficial interest in the Security held by the Covered Person or a Covered Family Member

&nbsp;&nbsp;&nbsp;&nbsp;· any
 interest a Covered Person or Covered Family Member has, or intends to acquire, in any third-party
 account in which the Security is held

&nbsp;&nbsp;&nbsp;&nbsp;· any
 Beneficial Interest in any other Security that may benefit the Covered Person or Covered
 Family Member from the proposed transaction

&nbsp;&nbsp;&nbsp;&nbsp;· any
 interest in, or business relationship with, the issuer of the Security by a Covered Person
 or Covered Family Member

**Confidentiality**

All information submitted as required by this Code of Ethics will be treated as confidential and intended solely for internal use unless Ares is required to disclose it to a regulatory or governmental agency.

Ares Global Ethics and Compliance Manual — June 2025 — Page 1

**Review of Certifications/Reports and Information; Sanctions**

The CCO or designee will oversee the review of all reports/certifications for any potential breaches of the Code of Ethics. If an actual or potential breach is detected, the Covered Person will first be offered an opportunity to supply additional explanatory information or material. If Compliance determines that a breach has occurred, the Company may impose appropriate sanction(s), such as the issuance of a warning or memorandum, reporting to senior management of the Firm, mandatory training, a ban on personal trading, disgorgement of profits, a suspension (with or without pay), or termination of employment.

Ares Global Ethics and Compliance Manual — June 2025 — Page 2

Personal Trading Policy

Covered Persons must place the interest of Ares Clients above their own personal interests. This Personal Trading Policy establishes standards of business conduct related to personal securities transactions, holdings, and related accounts.

**Covered Person** means:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 director, officer, or employee of Ares, including "access persons" as defined
 under Rule 204(a)-1 of the Advisers Act and Rule 17(j)-1 under the 1940 Act. All
 Ares employees are generally designated Covered Persons effective their first date of employment.

&nbsp;&nbsp;&nbsp;&nbsp;· any
 other person who has been designated a Covered Person by the Chief Compliance Officer ()"**CCO** ")
 or designee. Designation as Covered Persons for non-employee consultants and other temporary
 workers are evaluated on a case-by-case basis and at the discretion of the CCO or designee.
 Temporary employees and consultants will generally be considered Covered Persons after three
 consecutive months of service to Ares if they have access to Ares' internal network.

Directors of Ares Management Corporation and funds managed by Ares who do not have any material relationship with Ares that would interfere with the exercise of independent judgment in carrying out director responsibilities are not subject to the requirements of this Code of Ethics and are, therefore, excluded from the definition of Covered Persons for purposes of complying with it.

**Covered Family Member** is i) your spouse, domestic partner or other spousal-equivalent; ii) minor children of you and your spouse, domestic partner or other spousal-equivalent;; iii) immediate family member living in the same household; iv) any person whose financial affairs you control; v) any person for whom you provide discretionary investment advice/decisions; vi) financially dependent upon the employee; or vii) any partnership, corporation, or other entity in which you a) exercise control or b) serve as a general partner, trustee, custodian, or in a similar capacity. If you have any questions whether an individual is considered a Covered Family Member, please contact Compliance.

**Client** refers to Ares' advisory clients, which are comprised of various pooled investment vehicles, including public and private investment funds, single investor funds, co-investment vehicles, joint ventures, CLOs, CDOs and other structured investment vehicles, special purpose vehicles, alternative investment vehicles, feeder vehicles (collectively, "**Funds**"), and other separately managed accounts and institutional clients.

**Security** means any note, share, treasury share, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing, and includes, without limitation: (i) equity securities; (ii) shares of or interests in mutual funds, certain exchange-traded funds (ETFs) and unit investment trusts; (iii) derivative instruments or other structured products; (iv) securities issued in private placements; (v) debt/fixed income securities; and (vi) limited partnership and limited liability company interests.

**Covered Security** means any Security other than a Non-Reportable Security.

A **Single-Name Security** is any Covered Security that provides equity or debt exposure to an individual publicly traded company. Single-Name Securities includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 of individual companies (common, preferred, ADRs, GDRs, IDRs, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;· Exchange
 traded funds ("ETFs") and similar instruments that track Single-Name Securities

&nbsp;&nbsp;&nbsp;&nbsp;· Corporate
 bonds

&nbsp;&nbsp;&nbsp;&nbsp;· Convertible
 bonds

&nbsp;&nbsp;&nbsp;&nbsp;· Rights

&nbsp;&nbsp;&nbsp;&nbsp;· Warrants

&nbsp;&nbsp;&nbsp;&nbsp;· Bank
 debt

&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Development Company ("BDC")

&nbsp;&nbsp;&nbsp;&nbsp;· Real
 Estate Investment Trust ("REIT")

&nbsp;&nbsp;&nbsp;&nbsp;· Special
 Purpose Acquisition Company ("SPAC")

&nbsp;&nbsp;&nbsp;&nbsp;· Structured
 Products (e.g., CLOs, MBS, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;· Initial
 Public Offerings

&nbsp;&nbsp;&nbsp;&nbsp;· Any
 derivative in which the underlying/referenced security is a Single-Name Security

**Non-Reportable Securities** are:

&nbsp;&nbsp;&nbsp;&nbsp;· direct
 obligations of the U.S. Government

&nbsp;&nbsp;&nbsp;&nbsp;· bank
 certificates of deposit, bankers' acceptances, commercial paper, and high-quality short-term
 debt instruments, such as repurchase agreements

&nbsp;&nbsp;&nbsp;&nbsp;· shares
 issued by open-end investment companies registered under the Investment Company Act of 1940,
 unit investment trusts or under a comparable regulatory regime, <u>other than those</u> that
 are advised by, sub-advised by, or otherwise affiliated with Ares

&nbsp;&nbsp;&nbsp;&nbsp;· shares
 issued by money market funds

&nbsp;&nbsp;&nbsp;&nbsp;· currencies,
 digital currencies or commodities

&nbsp;&nbsp;&nbsp;&nbsp;· investments
 in 529 college savings plans

&nbsp;&nbsp;&nbsp;&nbsp;· interests
 in Ares-sponsored private investment vehicles; these would be reportable except that Ares
 maintains the investor lists and transaction records for these investments (note: this does
 not include <u>Ares-Related Securities</u>)

Ares Global Ethics and Compliance Manual — June 2025 — Page 3

**Private** **Placement** means a capital raising event that involves the sale of Securities directly to a private investor, rather than as part of a public offering, and includes any offering that is exempt from registration under the Securities Act of 1933, as amended, including, without limitation, pursuant to Section 4(a)(2) (or Rules 504, 505, 506 promulgated thereunder). Includes but is not limited to hedge funds, private equity funds, investment partnerships, fund of funds, Initial Coin Offerings, legal entities raising capital, and private REITs.

**Beneficial Interest** in a Security refers to a direct or indirect pecuniary interest. A Covered Person can have a Beneficial Interest in a Security in cases where sole or shared voting or investment power exists by reason of any contract, arrangement, understanding or relationship, even if the Security is held by another person.

**Covered Account** means any account(s) maintained with any broker, dealer, bank or other financial institution that holds or may hold any Covered Securities in which a Covered Person and/or Covered Family Members have a Beneficial Interest.

**Managed Account** means an account managed by an unaffiliated and strictly autonomous investment manager or third-party and over which a Covered Person or Covered Family Member has no direct or indirect influence or control.

**Ares-Related Security** means any publicly traded Security issued by Ares Management Corporation (including NYSE: ARES), or any Fund (including closed-end funds) advised by, sub-advised by, or otherwise affiliated with Ares. A list of <u>Ares-Related Securities</u> is maintained on the Ares intranet.

**Restrictions on Securities Trades**

**Single-Name Security Ban**

Covered Persons and Covered Family Members are prohibited from establishing new positions (long and short) in Single-Name Securities. This restriction is subject to the following exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;· Transaction
 in Ares-Related Securities. See Ares-Related Securities section below for more information.

&nbsp;&nbsp;&nbsp;&nbsp;· Covered
 Family Member participation in an employee stock purchase plan, or receipt of equity incentive
 awards as part of compensation package and the vesting of such award (e.g. RSUs).

**Ares-Related Securities**

All transactions, including trading plans for future transactions (i.e., 10b5-1s and dividend re-investment plans (DRIPs)), in Ares-Related Securities must be pre-approved through the Compliance portal and are subject to the applicable Insider Trading Policy (or similar Policy) of each entity. Requests to establish or terminate DRIPs on Ares-Related securities will only be processed with pre-approval and within open trading windows. Executive Officers are not permitted to enter into DRIPs on ARES. Voluntary transactions in Ares-Related Securities are subject to a minimum 30-day holding period (e.g., cannot buy and then sell or sell and then buy).

Charitable donations and gifts, including donations to donor advised funds, of any Ares-Related Securities must be pre-approved through the Compliance portal and will only be approved during an open trading window, if applicable.

Ares-Related Securities received traded the quarterly exchange process is approved by Legal and not subject to the pre-approval and reporting requirements outlined in the Personal Trading Policy.

**Blackout Period**

Covered Persons and their Covered Family Members are generally prohibited from trading any Covered Security of an issuer if there is a pending order in a Covered Security of that issuer or within five (5) trading days of the last trade in such issuer's securities on behalf of any Client. Thus, if the Firm executes a Client trade on Monday, the blackout period (T+4) begins, and Covered Persons and their Covered Family Members would not be approved to trade until the fifth trading day after such Client trade date. This restriction is subject to the following exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;· there
 is no blackout period applied to Securities for which pre-approval is not required.

&nbsp;&nbsp;&nbsp;&nbsp;· the
 blackout period may be shortened to two (2) trading days (T+1 following a Client trade
 in the issuer) for issuers that meet a certain market capitalization threshold, as determined
 from time to time by the CCO or designee.

**Pre-Clearing Securities Transactions**

Except as expressly permitted by this Code of Ethics, Covered Persons must have written pre-approval for any transactions in a Covered Security, unless covered under the Pre-Approval Exceptions section below, before completing the transaction, including, without limitation, voluntary transactions in a Private Placement (initial investments, add-on-investments and redemptions).

The CCO or designee has full discretion over the approval process, and in certain circumstances (often related to protecting Ares and preserving confidential information, such as the nature or its trading or restricted issues), the reason for denial of a pre-approval request or revocation of approval may not be disclosed. Generally, the CCO or designee will deny a pre-approval request or revoke an approval for a requested personal securities transaction if it has the potential to:

&nbsp;&nbsp;&nbsp;&nbsp;· appear
 as improper conduct

&nbsp;&nbsp;&nbsp;&nbsp;· conflict
 with a transaction for a Client

&nbsp;&nbsp;&nbsp;&nbsp;· violate
 a confidentiality agreement or informational wall/barrier(s)

&nbsp;&nbsp;&nbsp;&nbsp;· involve
 an issuer on our Restricted List

&nbsp;&nbsp;&nbsp;&nbsp;· compromise
 Ares' high ethical standards

**Pre-Approval** **Procedures**

Before undertaking any transactions in a Covered Security on behalf of a Covered Person or Covered Family Member, a pre-approval requests must be submitted through the Compliance portal.

Ares Global Ethics and Compliance Manual — June 2025 — Page 4

**Approval Window**

Pre-approval for a transaction is generally valid for two (2) business days following the date of approval, meaning it expires at the end of the second trading day after the day it was approved. The only exceptions are Private Placements (for which approvals are valid until the closing of the offering) and any other exceptions specified by the CCO or designee.

If pre-approval expires prior to the execution of a transaction, a new pre-approval request must be submitted through the Compliance portal prior to the next execution. "Limit," "stop-loss," "good-until-cancelled," or "standing" orders must be fully executed before the pre-approval expires or a new pre-approval request must be submitted and approved for continued execution of such orders.

**Pre-Approval Exceptions**

Pre-approval is **not required** for any of the following but transactions are still reportable:

&nbsp;&nbsp;&nbsp;&nbsp;· exchange-traded
 funds ()"**ETFs**") or exchange traded notes ()"**ETNs** "), excluding
 Single-Name Securities, for which the underlying performance is based on a particular market
 index or a portfolio of assets, and in publicly traded closed-end funds ()"**CEFs** "),
 except for any <u>Ares-Related Security</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· municipal
 Securities or auction rate preferred Securities ()"**ARPS** ")

&nbsp;&nbsp;&nbsp;&nbsp;· sovereign
 debt Securities

&nbsp;&nbsp;&nbsp;&nbsp;· Securities
 over which a Covered Person or Covered Family Member has no direct or indirect influence
 or control (such as transactions in a Managed Account)

&nbsp;&nbsp;&nbsp;&nbsp;· automatic
 investment plan, automatic rebalancing plan, dividend reinvestment plan, or other program
 with a predetermined schedule and allocation, provided either that the program is generally
 available to shareholders or investors in the issuer or that the initial investment in a
 Security through the plan is approved in advance by Compliance

&nbsp;&nbsp;&nbsp;&nbsp;· acquisitions
 of Securities through stock dividends, dividend reinvestments, stock splits, reverse stock
 splits, mergers, consolidations, spin-offs, and other similar corporate reorganizations or
 distributions generally applicable to all holders of the same class of Securities

&nbsp;&nbsp;&nbsp;&nbsp;· other
 non-volitional events (e.g., exercise or assignment of an option contract at expiration (as
 opposed to the exercise or closing of an option contract prior to expiration, which requires
 pre-approval) or sales of involuntary factional shares related to an account transfer/ACAT)

&nbsp;&nbsp;&nbsp;&nbsp;· automatic
 acquisition or disposition of an employer's Securities through the employer's
 401(k) plan, employee stock purchase plan, personal pension plan, ISA or other
 similar program

&nbsp;&nbsp;&nbsp;&nbsp;· purchases
 resulting from an exercise of rights issued pro rata to all holders of a class of Securities,
 to the extent these rights were acquired from the issuer, and the sales of such rights

&nbsp;&nbsp;&nbsp;&nbsp;· the
 exercise of a conversion or redemption right, or similar transactions with the issuer of
 a Security under the terms of the Security

&nbsp;&nbsp;&nbsp;&nbsp;· sales
 conducted in an investment account specifically designated for charitable giving (i.e., where
 proceeds from sales of securities transferred to the account are donated to various charitable
 organizations) of which the Covered Person has no discretionary authority

**Gifting Securities**

Gifts of Covered Securities must properly be pre-approved, as applicable, and reported in the Compliance Portal.

<u>Giving</u>: The gifting (including donations to donor advised funds/charitable giving accounts and donations to non-profits) of a Covered Security by you or your Covered Family Member is considered a sale transaction. As such, the pre-approval and disclosure requirements outlined in this policy apply. Once pre-approval is received, the gift must be initiated within the approval window.

<u>Receiving</u>: Pre-approval is not required for the receipt of Covered Securities as long as the donor is not an Ares business partner and the Security was selected at the full discretion of the donor.

**Certifications and Reporting**

Covered Persons must submit various certifications and reports through the Compliance portal or as otherwise directed by Compliance. These certifications and reports must also include Covered Family Members' information.

**Initial Certifications**

Covered Persons must complete and submit an Initial Disclosure Certification within ten (10) calendar days of being deemed a Covered Person. The certification requires, among other things, disclosure of certain Covered Account and Covered Securities holdings. The Covered Accounts and Covered Securities information reported in this certification must be dated within 45 days prior to the Covered Person being deemed a Covered Person. Failure to submit these certifications by the stated deadline will result in a prohibition from engaging in any personal securities transactions that require pre-approval until the certifications are submitted. Other sanctions may be applied as well.

**Quarterly Certifications**

Within 30 days of the end of each calendar quarter, unless on a leave of absence or other exception granted by the CCO or designee, Covered Persons must complete and submit a Quarterly Transaction Certification and a Quarterly Covered Account Certification. The Quarterly Transaction Certification requires disclosure of all Covered Securities transactions made by Covered Persons or their Covered Family Members during the quarter. Compliance may require additional certifications.

**Annual Holdings Report**

Within 30 days of each calendar year end, Covered Persons must complete an Annual Certification to report all Covered Securities held by them or their Covered Family Members as of the end of such calendar year. Covered Securities held in Managed Accounts are exempt from this reporting requirement.

Ares Global Ethics and Compliance Manual — June 2025 — Page 5

**Account Reporting**

All new Covered Accounts opened by Covered Persons and/or their Covered Family Members must be reported promptly through the Compliance portal and reported in the relevant certifications discussed above. Upon request by Compliance, Covered Persons must provide any required authorization to the broker to provide transactions and holdings information to Ares. Covered Persons and their Covered Family Members are prohibited from making any transactions that require pre-approval in a Covered Account unless such account has been reported through the Compliance portal.

U.S.-based Covered Persons must maintain Covered Accounts, for themselves and their Covered Family Members, with an Approved Broker. The <u>List of Approved Brokers</u> is maintained on the Ares intranet.

New U.S.-based Covered Persons must close Covered Accounts with a non-Approved Broker within 90 days from the date on which they become a Covered Person.

**Duplicate Account Information and Electronic Monitoring**

Covered Persons must ensure that transaction confirmations and account statements for Covered Accounts are promptly reported to Compliance. Such information may be forwarded directly to Compliance by the financial institutions where the accounts are maintained. If the financial institution does not or cannot directly provide transaction activity and holdings information on a regular basis, the Covered Person is responsible for promptly providing such trade confirmations and statements to Compliance.

**Exceptions from Reporting Requirements**

Securities holdings or transactions made in Managed Accounts are exempt from the reporting requirements. To qualify for these reporting exceptions, Covered Persons must provide Compliance with a copy of the investment management or advisory agreement evidencing the discretionary nature of the Managed Account. If such agreement is not available, the investment manager must otherwise attest or provide confirmation directly to Compliance that the Covered Person and/or their Covered Family Members cannot directly or indirectly influence the trading or timing of Securities transactions in the account(s).

At the discretion of Compliance, Covered Persons may be required to complete periodic certifications to represent that they do not have the ability to influence or control trading in a Managed Account and that they will not attempt to do so. Covered Persons may also be required to inform their investment manager of Securities that are restricted. Any changes to the discretionary nature of a Managed Account must be promptly reported to Compliance.

**Disclaimer of Beneficial Interest**

For any personal Securities holdings information required to be reported in relation to any Covered Family Members' securities holdings, Covered Persons may at any time deliver to the CCO or designee a statement that the submission of any such personal securities information does not constitute an acknowledgment that the Covered Person has any direct or indirect Beneficial Interest in any Securities about which information has been provided.

Ares Global Ethics and Compliance Manual — June 2025 — Page 6

Political Contributions Policy

Ares has adopted this Political Contributions Policy in accordance with the U.S. Securities and Exchange Commission's Pay-to-Play rule and seeks to avoid the perception that the Firm or its employees (directly or indirectly through family members living in your household) seek to influence the award of business to the Firm through Political Contributions.

Investment advisers that seek to influence the award of advisory contracts by public pension plans by making political contributions to, or soliciting them for, those officials who are in a position to influence the awards, compromise their fiduciary obligations to the public pension plans they advise and defraud prospective clients.

As Ares maintain relations in both the private and public sectors and does business with state and local governments and government entities, certain Political Contributions can result in Ares being disqualified from doing business with certain government entities and consequently unable to receive compensation for managing certain funds for a minimum period of two years.

**Covered Person** means:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 director, officer, or employee of Ares, including "access persons" as defined
 under Rule 204(a)-1 of the Advisers Act and Rule 17(j)-1 under the 1940 Act. All
 Ares employees are generally designated Covered Persons effective their first date of employment.

&nbsp;&nbsp;&nbsp;&nbsp;· any
 other person who has been designated a Covered Person by the Chief Compliance Officer ()"**CCO** ")
 or designee. Designation as Covered Persons for non-employee consultants and other temporary
 workers are evaluated on a case-by-case basis and at the discretion of the CCO or designee.
 Temporary employees and consultants will generally be considered Covered Persons after three
 consecutive months of service to Ares if they have access to Ares' internal network.

Directors of Ares Management Corporation and funds managed by Ares who do not have any material relationship with Ares that would interfere with the exercise of independent judgment in carrying out director responsibilities, are not subject to the requirements of this Code of Ethics and are, therefore, excluded from the definition of Covered Persons for purposes of complying with it.

**Political Contributions** are any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Contribution
 of anything of value, including money, to a candidate of an applicable local, state or federal
 election, politically active non-profit organization (e.g., 501(c)(4) or 527 entity),
 political action committee ("PAC"), independent-expenditure committee (e.g. a
 "Super PAC"), joint fundraising committee ("JFC"), political party,
 or any other political committee or organization;

&nbsp;&nbsp;&nbsp;&nbsp;· Hosting
 fundraising or other events for a political incumbent, candidate, or organization;

&nbsp;&nbsp;&nbsp;&nbsp;· Making
 a charitable contribution or soliciting or coordinating a contribution on behalf, or at the
 direction or request of, a political incumbent, candidate or organization;

&nbsp;&nbsp;&nbsp;&nbsp;· Non-monetary
 or in-kind contributions such as providing a venue, equipment or personnel in furtherance
 of political activity, volunteering or attending a fundraiser;

&nbsp;&nbsp;&nbsp;&nbsp;· Issuing
 endorsements that will be used in solicitation or other volunteer or fundraising activities;

&nbsp;&nbsp;&nbsp;&nbsp;· Payment
 of debt incurred in connection with an election for federal, state or local office; or

&nbsp;&nbsp;&nbsp;&nbsp;· Anything
 of value including a subscription, loan, advance, or deposit of money made for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the
 purpose of influencing an election or other decision-making function

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o payment
 of debt incurred in connection with an election

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o transition
 or inaugural expenses of a successful candidate of an election

**Prohibited Political Contributions**

All Covered Persons, and family members living in their household, are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;· Directly
 or indirectly making, soliciting, or coordinating any monetary or in-kind Political Contributions
 to any U.S. state or local candidate or incumbent (including one who is a candidate for federal
 office)

&nbsp;&nbsp;&nbsp;&nbsp;· making
 any Political Contributions on Ares' behalf

**Pre-Approval Requirements**

All Political Contributions made by Covered Persons, or family members living in their household, require pre-approval from Compliance before such contribution is made.

All requests should be submitted for review and pre-approval through the Compliance portal. Please note that submitting a pre-approval request does not equate to affirmative approval and, in certain circumstances, requests may be denied.

In addition to being subject to pre-approval requirements as noted above, all Political Contributions must be reported promptly through the Compliance portal once made.

Ares Global Ethics and Compliance Manual — June 2025 — Page 7

Outside Business Activity Policy

The proper management of conflicts of interest is critical to the business and reputation of Ares Management LLC and its related investment advisers ("**Ares**" or the "**Firm**"). Due to the nature of its business, a variety of situations may arise in which the interests of a Client may conflict with those of Ares, Ares' Covered Persons, Related Parties, or other Clients. This Outside Business Activity Policy is designed to detect, minimize and manage actual or potential conflicts of interests.

Covered Persons are required to promptly report any situation or transaction involving an actual or potential conflict of interest to the Chief Compliance Officer ("**CCO**") or designee. Any conflict that is harmful to the interests or reputation of Ares or its Clients must be mitigated. Where the possibility exists for a conflict to result in negative consequences to a Client's interests, Ares will attempt to mitigate the potential conflict and/or make appropriate disclosure to such Client.

**Client** refers to Ares' advisory clients, which are comprised of various pooled investment vehicles, including public and private investment funds, single investor funds, co-investment vehicles, joint ventures, CLOs, CDOs and other structured investment vehicles, special purpose vehicles, alternative investment vehicles, feeder vehicles (collectively, "**Funds**"), and other separately managed accounts and institutional clients.

**Covered Family Member** is i) your spouse, domestic partner or other spousal-equivalent; ii) minor children of you and your spouse, domestic partner or other spousal-equivalent; iii) immediate family member living in the same household; iv) any person whose financial affairs you control; v) any person for whom you provide discretionary investment advice/decisions; vi) any person financially dependent upon the employee; or vii) any partnership, corporation, or other entity in which you a) exercise control or b) serve as a general partner, trustee, custodian, or in a similar capacity. If you have any questions whether an individual is considered a Covered Family Member, please contact Compliance.

**Outside Business Activities**

Covered Persons who engage in approved outside business activities (personal or Ares-related) are responsible for promptly reporting any changes to an approved activity to Compliance and to their direct supervisor.

**Pre-Approval Requirements**

Covered Persons are prohibited from engaging in any employment, business, or investment activities outside of Ares that might divide their loyalty or create an actual or perceived conflict of interest.

Covered Persons must obtain prior written approval from both their direct supervisor and the CCO or designee for outside business activities. Such approval, if granted, may be subject to restrictions, qualification and/or reporting to the Head of the Covered Person's business unit and is revocable at any time. Examples of activities requiring prior written approval include:

&nbsp;&nbsp;&nbsp;&nbsp;· full-
 or part-time service as an officer, director, partner, manager, consultant, trustee, advisory
 board member, or employee of another business organization (including acting as a director
 of a publicly traded company)

&nbsp;&nbsp;&nbsp;&nbsp;· service
 on a creditors committee for a business

&nbsp;&nbsp;&nbsp;&nbsp;· any
 agreement to be employed, or to accept directly or indirectly compensation in any form (such
 as a commission, salary, fee, bonus, contingent compensation, etc.)

All pre-approval requests must be submitted through the Compliance portal.

Your request may be denied, and employees may be required to relinquish existing positions if it is concluded that doing so is in the best interest of Ares or its clients.

No approval is required to serve as a director of an organization that is exclusively charitable, civic, religious, or fraternal and is recognized as tax exempt, except in cases where such positions involve investment decision-making or recommendations or would be compensated.

Covered Persons are prohibited from engaging in outside business activities with third-party research providers (e.g., expert networks).

**Ares-Related Positions**

Serving as an officer, director, board observer, investment committee member, or other representative of an Ares portfolio company or other Ares-related position requires approval from the Head of the Covered Person's business unit and notice to Legal and Compliance, but pre-approval by the CCO or designee is not required.

**Conflicts Involving Covered Family Members**

If a Covered Person becomes aware of any situation in which an actual or potential conflict of interest exists regarding a Covered Family Member (for instance, if a Covered Family Member is a potential business partner), such relationship must be promptly reported to Compliance.

If a Covered Family Member serves or is appointed to serve as a director of a publicly traded company, such directorship must also be promptly reported to Compliance.

Ares Global Ethics and Compliance Manual — June 2025 — Page 8

**Involvement with Competitors**

**Except with the approval of the CCO and General Counsel, Covered Persons are not permitted to serve as an officer, director, partner, manager, consultant, trustee, advisory board member, employee, or other representative of a competitor of Ares. This extends to having any substantial interest in or business relationship with such a competitor.**

**Interest in Transactions or Portfolio Positions**

Covered Persons must disclose to Compliance any personal or family interest in any transaction by Ares on behalf of a Client. For example, if a Covered Person becomes aware that a transaction being considered or undertaken by Ares may benefit, directly or indirectly, the Covered Person or a Covered Family Member, such possibility must be promptly disclosed to Compliance.

**Loans**

Covered Persons are prohibited from knowingly borrowing from, or becoming indebted to, any person, business, or company that has business dealings or a relationship with Ares, except with respect to customary personal loans (e.g., home mortgage loans, automobile loans, lines of credit) on the same terms as are available generally, unless the arrangement is approved by the CCO, General Counsel or designee. Covered Persons may not use Ares' name, position in a particular market, or goodwill to receive any benefit in loan transactions without the prior express written consent of the CCO, General Counsel or designee.

**Diversion of Business or Investment Opportunities**

Covered Persons are prohibited from acquiring, or deriving personal gain or profit from, any business or investment opportunity that comes to their attention as a result of their association with Ares and in which the Covered Person knows Ares or a Client might reasonably be expected to participate or have an interest, without first disclosing in writing all relevant facts to Ares, offering the opportunity to Ares, and receiving specific authorization from the CCO or designee.

Ares Global Ethics and Compliance Manual — June 2025 — Page 9

Gifts and Entertainment Policy

Ares Management LLC and its related investment advisers (together, "**Ares**" or the "**Firm**") recognize that exchanging business gifts and entertainment can promote goodwill, strengthen business relationships, and is customary throughout most of the world; however, no matter how well-intentioned the exchange may be, the potential for such activities to create an appearance of bribery, corruption, or a conflict of interest exists, which may result in lost business opportunities and revenue, reputational risk, and civil or criminal liability for Ares and/or the individuals involved. In order to mitigate these potential risks, Ares has adopted this Gifts and Entertainment Policy, which sets forth the standards of practice to help Covered Persons make the right decisions when providing or accepting gifts, entertainment, or anything of value while conducting Ares business.

If you have questions as to the appropriateness of any gift, entertainment or charitable contribution, please contact a member of Compliance.

**Covered Person** means:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 director, officer, or employee of Ares, including "access persons" as defined
 under Rule 204(a)-1 of the Advisers Act and Rule 17(j)-1 under the 1940 Act. All
 Ares employees are generally designated Covered Persons effective their first date of employment.

&nbsp;&nbsp;&nbsp;&nbsp;· any
 other person who has been designated a Covered Person by the Chief Compliance Officer ()"**CCO** ")
 or designee. Designation as Covered Persons for non-employee consultants and other temporary
 workers are evaluated on a case-by-case basis and at the discretion of the CCO or designee.
 Temporary employees and consultants will generally be considered Covered Persons after three
 consecutive months of service to Ares if they have access to Ares' internal network.

**Business Partner** is any current or potential Client, Investor, vendor, counterparty, FINRA member or Ares portfolio company – essentially, anyone with whom the Covered Person is conducting or is considering conducting Ares' business.

**Business Entertainment** is any event, including any sporting or social activity, attended by a Business Partner and any Ares Covered Person, in company with each other, that takes place within a business context or that has or could be seen as having a material business dimension. This includes travel or lodging related to such event.

**Business Gift** is a gift directly or indirectly given to or received from a Business Partner and any Ares Covered Person that takes place within a business context or that has or could be seen as having a material business dimension. For gifts involving any individual with whom there is both a personal and business relationship, please contact a member of Compliance in advance for a determination of whether the gift qualifies as a Business Gift or a personal gift.

**Business Meal** is any event attended by a Business Partner and any Ares Covered Person that takes place within a business context or that has or could be seen as having a material business dimension, that includes any meal, snacks and/or beverages only.

**Corporate Event** is any Business Entertainment hosted by Ares that includes participants from more than five (5) external organizations. **Client** refers to Ares' advisory clients, which are comprised of various pooled investment vehicles, including public and private investment funds, single investor funds, co-investment vehicles, joint ventures, CLOs, CDOs and other structured investment vehicles, special purpose vehicles, alternative investment vehicles, feeder vehicles (collectively, "**Funds**"), and other separately managed accounts and institutional clients.

**Investor** refers to any current, prospective or former investor in a Client and any representatives of the same.

**Public Official** is any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· a
 U.S. public pension fund, or any elected or appointed trustee, fiduciary, or other official
 whose official duties involve responsibility for such fund

&nbsp;&nbsp;&nbsp;&nbsp;· an
 officer, employee, or agent of a government, quasi-government entity or public international
 organization

&nbsp;&nbsp;&nbsp;&nbsp;· an
 officer, employee, or agent of an entity owned or controlled by a government, such as a sovereign
 wealth fund, government-owned bank, state utility, or other state-owned enterprise

&nbsp;&nbsp;&nbsp;&nbsp;· an
 entity owned by a government, or "other state-owned enterprise" means an entity
 that is both controlled by, and functions as, a government, whether the entity has monopoly
 over the function it carries out, serves the public at large, is viewed as having a governmental
 function and whether the government subsidizes the services provided by the entity.

&nbsp;&nbsp;&nbsp;&nbsp;· a
 political party, or any official of the same

&nbsp;&nbsp;&nbsp;&nbsp;· a
 candidate for political office

&nbsp;&nbsp;&nbsp;&nbsp;· a
 third party acting on behalf of a government official

&nbsp;&nbsp;&nbsp;&nbsp;· an
 officer, employee, or agent of an organization that has been designated as a "public
 international organization" under the International Organizations Immunities Act or
 by Executive Order of the President of the United States (e.g., the International Monetary
 Fund). A list of designated "public international organizations" can be found <u>here</u>.

**Business Gifts, Business Entertainment and Business Meals**

Business courtesies, such as giving or receiving small tokens of appreciation, participating in business meals and providing or receiving of occasional social events are permitted so long as the giving or receiving of such Business Gift or Business Entertainment is not expected or perceived to improperly influence the recipient or to impair the ability of the recipient to be completely disinterested when making business judgments. In addition, in some jurisdictions, the giving and receiving of such Business Gifts or Business Entertainment must be designed to enhance the quality of Ares' services to Clients.

Ares Global Ethics and Compliance Manual — June 2025 — Page 10

**Business Gifts**

A Business Gift may be in a form of various business courtesies such as gratuity, reward, service, benefit, favor, discount, or anything else of value directly or indirectly given to or received from a Business Partner. In order to avoid the appearance of making business decisions based on the giving and receiving of Business Gifts, Ares has adopted the following approval and reporting requirements.

For gifts involving any individual with whom there is both a personal and business relationship, please contact Compliance in advance for a determination of whether this Gifts and Entertainment Policy applies.

Covered Persons are prohibited from the following:

&nbsp;&nbsp;&nbsp;&nbsp;· giving
 or receiving Business Gifts of cash, cash equivalents (e.g. gift cards, gift certificates)
 or Securities

&nbsp;&nbsp;&nbsp;&nbsp;· soliciting
 Business Gifts or favors of any kind that might create an actual or perceived conflict of
 interest or impropriety

&nbsp;&nbsp;&nbsp;&nbsp;· giving
 any gifts to anyone employed by a local, state, or federal regulator or self-regulatory organization
 in the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;· receiving
 or providing any discount, favors or service from any company in which a Client is invested
 or has control if such benefit is greater than those available to the employees of the company
 unless otherwise approved by Compliance (such as small samples of a portfolio company's
 products or company discounts)

**Compliance Pre-Approval of Business Gifts**

The following Business Gifts require pre-approval from Compliance <u>before</u> such Business Gift can be given:

&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Gifts to be  ***given*** in excess of  ***US$100/UK£100 or local market equivalent to in aggregate per calendar year per Business Partner*** 

&nbsp;&nbsp;&nbsp;&nbsp;· gifts,
 paid sponsorships, contributions (including charitable contributions), or anything of value
 to be  ***given or made*** at the request of, or for the benefit of,  ***any Public Official or any employee, agent or an intermediary acting on their behalf regardless of value*** 

The following Business Gifts require approval from Compliance <u>upon receipt</u>:

&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Gifts  ***received*** in excess of  ***US$100/UK£100 or local market equivalent to in aggregate per calendar year per Business Partner*** 

All requests should be submitted for review and pre-approval through the Compliance portal. Submitting a pre-approval or an approval request does not indicate automatic approval as requests may at times be denied, and the gift may need to be forfeited, returned or donated to charity. Therefore, Covered Persons should not open, consume, or use any Business Gift until approval has been granted.

**Reporting of Business Gifts**

***All Business Gifts received, regardless of dollar value, should be promptly reported*** through the Compliance portal. All Business Gifts given, regardless of value, should be procured using Ares Corporate Amex where possible, and all expenses should be submitted through Concur in keeping with Ares' ***<u>Travel & Expense Policy</u>***.

The following Business Gifts are ***exempt*** from the pre-approval and reporting requirements:

&nbsp;&nbsp;&nbsp;&nbsp;· Ares
 promotional items of nominal value, such as items that display the Ares logo and are worth
 no more than US$100/UK£100 or local market equivalent

&nbsp;&nbsp;&nbsp;&nbsp;· items
 commemorating a business transaction, such as paperweights or plaques and are worth no more
 than US$100/UK£100 or local market equivalent

&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Gifts that are given to a group and whose value is no more than US$100/UK£100 or local
 market equivalent per group member

&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Gifts of minimal value, such as pens, notepads, or modest desk ornaments

**Business Entertainment and Business Meals**

Business Entertainment or Business Meals must be reasonable and appropriate for the business occasion and not so frequent, extravagant, or legally or morally questionable that they create an appearance of impropriety.

For purposes of clarity, if you are attending an event, a Business Partner must be present at the event for the event to be deemed Business Entertainment. If a Business Partner is not present at such event, the invitation to the event would be deemed a Business Gift and thus subject to the Business Gift monetary limitations, and approval and reporting requirements discussed above. Likewise, if Ares is offering event tickets to a Business Partner, an Ares Covered Person must attend the event for the event to be deemed to be Business Entertainment and not a Business Gift.

If you are invited to receive Business Entertainment and your invitation extends to guest(s) (including, but not limited to, a spouse, domestic partner or child), this would be considered a Business Gift and subject to the policy requirements.

Soliciting Business Entertainment, Business Meals or favors of any kind that might create an actual or perceived conflict of interest or impropriety is strictly prohibited.

**Compliance Pre-Approval of Business Entertainment and Business Meals**

The following Business Entertainment and Business Meals require pre-approval from Compliance, and in some cases, manager or Head of the Covered Person's business unit <u>before</u> such entertainment or meal can be accepted or given.

&nbsp;&nbsp;&nbsp;&nbsp;· expenses
 or payments to be incurred on behalf of any  ***Public Official regardless of value*** 

&nbsp;&nbsp;&nbsp;&nbsp;· Business
 Entertainment and Business Meals to be  ***given or received*** and valued over  ***US$500/UK£500 or local market equivalent per person per event and inclusive of any personal guests for all other Business Partners*** 

&nbsp;&nbsp;&nbsp;&nbsp;· Corporate
 Events, regardless of value per person

Ares Global Ethics and Compliance Manual — June 2025 — Page 11

All requests should be submitted for review and pre-approval through the Compliance portal.

If a Covered Person is not able to obtain pre-approval, particularly with regard to the receiving of Business Entertainment or Business Meals, the Covered Person must still submit a pre-approval request promptly upon receipt of any such Business Entertainment or Business Meal.

**Reporting of Business Entertainment and Business Meals**

Business Entertainment and Business Meals ***received*** valued over ***US$100/UK£100 or local market equivalent per person per event***, should be promptly reported through the Compliance portal.

All Business Entertainment and Business Meals given, regardless of dollar value, should be procured using Ares Corporate Amex where possible, and all expenses should be submitted through Concur in accordance with Ares' ***<u>Travel & Expense Policy</u>***.

**Charitable Contributions**

A charitable contribution is any payment or other support given to a charitable organization or to an entity organized to provide a public benefit. Charitable contributions must be:

&nbsp;&nbsp;&nbsp;&nbsp;· Reasonable
 in nature and amount

&nbsp;&nbsp;&nbsp;&nbsp;· Permissible
 under all applicable laws and regulations

&nbsp;&nbsp;&nbsp;&nbsp;· Given
 openly with no appearance of an improper purpose or without expecting anything in return

Covered Persons are strictly prohibited from soliciting contributions or favors of any kind that might create an actual or perceived conflict of interest or impropriety.

**Compliance Pre-Approval of Charitable Contributions**

Charitable contributions ***made*** on behalf of Ares over ***US$100/UK£100 or local market equivalent*** requires pre-approval from the Head of the Covered Person's business unit and Compliance.

Charitable contributions, sponsorships or participation in any fundraiser or other charitable event requested by a Business Partner require Compliance approval <u>before</u> such contributions can be committed or made.

Requests should be submitted for review and pre-approval through the Compliance portal. Please note that submitting a pre-approval request does not indicate automatic approval and in certain circumstances, requests may be denied.

Ares Global Ethics and Compliance Manual — June 2025 — Page 12

## Ex-99.B(P)(9)

**Exhibit 99.B(p)(9)**

![](tm2522623d1_ex99bp9img001.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **Code of Ethics at a Glance** | 2.0 |
| **Definitions** | 3.0 |
| **Fiduciary Duty to Clients and Related Principles** | 6.0 |
| **Covered Persons Under the Code of Ethics** | 7.0 |
| **Disclosure and Certification Requirements** | 7.0 |
| &nbsp;&nbsp;&nbsp;Initial Disclosure of Accounts, Holdings and Certifications | 8.0 |
| &nbsp;&nbsp;&nbsp;Annual Disclosure of Accounts, Holdings and Certifications | 8.0 |
| &nbsp;&nbsp;&nbsp;Quarterly Transaction Disclosures | 9.0 |
| **Conducting Personal Securities Transactions** | 10.0 |
| &nbsp;&nbsp;&nbsp;Code of Ethics Reporting and Preclearance Chart | 12.0 |
| &nbsp;&nbsp;&nbsp;Preclearance Exemptions for Certain Security Types | 14.0 |
| &nbsp;&nbsp;&nbsp;Exemptions for Certain Associates | 16.0 |
| &nbsp;&nbsp;&nbsp;Blackout Period for Investment Persons | 16.0 |
| **Special Provisions Applicable to Transactions in APAM Securities** | 16.0 |
| &nbsp;&nbsp;&nbsp;APAM Blackout Periods | 16.0 |
| &nbsp;&nbsp;&nbsp;Transactions in APAM Securities Should Be Reported to Compliance within 24 Hours | 17.0 |
| &nbsp;&nbsp;&nbsp;Short Sales of APAM Securities Prohibited | 17.0 |
| &nbsp;&nbsp;&nbsp;Hedging of APAM Securities Prohibited | 17.0 |
| &nbsp;&nbsp;&nbsp;Restrictions on Holding APAM Securities in Margin Accounts | 17.0 |
| &nbsp;&nbsp;&nbsp;Risks of Holding APAM Securities in Discretionary Accounts | 17.0 |
| &nbsp;&nbsp;&nbsp;Restrictions on Pledging of APAM Securities | 18.0 |
| &nbsp;&nbsp;&nbsp;Transfer of APAM Securities between Brokerage Accounts | 18.0 |
| &nbsp;&nbsp;&nbsp;Additional Restrictions and Obligations Applicable to APAM's Executive Officers | 18.0 |
| &nbsp;&nbsp;&nbsp;Preclearance and Blackout Period Exemption for Approved 10b5-1 Plan | 18.0 |
| **Prohibited and Restricted Activities** | 19.0 |
| &nbsp;&nbsp;&nbsp;Insider Trading Prohibited | 19.0 |
| &nbsp;&nbsp;&nbsp;Restrictions on Communication of Non-public Information | 21.0 |
| &nbsp;&nbsp;&nbsp;Transactions in Securities on Applicable Restricted List(s) Prohibited | 21.0 |
| &nbsp;&nbsp;&nbsp;Restrictions on Certain Transactions with Clients | 21.0 |
| &nbsp;&nbsp;&nbsp;Approval Required for Participation in Initial Public Offerings | 22.0 |
| &nbsp;&nbsp;&nbsp;Approval Required for Participation in Private Placements | 22.0 |
| &nbsp;&nbsp;&nbsp;Limitations on Investments in Publicly Traded Companies | 23.0 |
| &nbsp;&nbsp;&nbsp;Front Running Prohibited | 23.0 |
| &nbsp;&nbsp;&nbsp;Spread Betting Prohibited | 24.0 |
| &nbsp;&nbsp;&nbsp;Excessive Short-Term Securities Trading in Non-Exempt Securities Is Prohibited | 24.0 |
| &nbsp;&nbsp;&nbsp;High-Risk Trading Activities | 24.0 |
| &nbsp;&nbsp;&nbsp;Personal Securities Transactions with Certain Brokers or Dealers Prohibited | 24.0 |
| **Other Code Requirements** | 25.0 |
| &nbsp;&nbsp;&nbsp;Amendments to the Code | 25.0 |
| &nbsp;&nbsp;&nbsp;Regulatory Conduct Disclosure | 25.0 |
| &nbsp;&nbsp;&nbsp;Changes in Immediate Family Member Employment | 25.0 |
| &nbsp;&nbsp;&nbsp;Service as a Board Director, Board Member, Manager, Managing Member or Trustee | 25.0 |
| &nbsp;&nbsp;&nbsp;Outside Financial Interests and Outside Business Activities | 25.0 |
| **Requirement to Preserve Confidentiality** | 26.0 |
| **Enforcement of the Code and Consequences for Failure to Comply** | 27.0 |
| **Individual Exemptions** | 27.0 |

---

**Other Relevant Policies**

Although not formally part of this Code, Artisan Partners and its affiliates maintain a number of policies and procedures governing associate conduct. These include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;o Artisan
 Partners Policy on Gifts & Business Entertainment

&nbsp;&nbsp;&nbsp;&nbsp;o Artisan
 Partners Pay to Play Policy

&nbsp;&nbsp;&nbsp;&nbsp;o The
 APAM Code of Business Conduct

&nbsp;&nbsp;&nbsp;&nbsp;o The
 APAM and Artisan Partners Funds Whistleblower Policies

&nbsp;&nbsp;&nbsp;&nbsp;o The
 Artisan Partners Information Barrier Policy

These policies and procedures may be accessed through the Artisan Partners Policy Portal

**Quick Access Guide**

■ <u>Definitions</u> 

■ <u>Reporting and Preclearance Chart</u> 

■ FIS
 ECM Application

■ APAM
 Blackout Period Calendar

Code of Ethics and Insider Trading Policy<br> 1

Code of Ethics at a Glance

The Artisan Partners Code of Ethics and Insider Trading Policy (the "Code") applies to you as a Covered Person of Artisan Partners. The Code governs your personal securities transactions, as well as those of your Immediate Family Members, as described in greater detail below. The Code has been designed to ensure compliance with the applicable federal securities laws and to protect the interests of our Clients. Abiding by the letter and the spirit of its terms is essential to your continued and future success at Artisan Partners.

**Key Provisions of the Code**

<u>Associates are required to:</u>

■ <u>Behave consistently with Artisan Partners' fiduciary obligations by putting Client interests first</u> 

■ <u>Comply with applicable law, including the federal securities laws</u> 

■ <u>Periodically review and then acknowledge that you understand and have complied with the Code</u> 

■ <u>Preclear and disclose your personal securities transactions and those of your Immediate Family Members</u> 

&nbsp;&nbsp;&nbsp;&nbsp;o <u>Disclose all covered accounts and all holdings in covered securities</u> 

&nbsp;&nbsp;&nbsp;&nbsp;o <u>Preclear and disclose transactions in covered securities</u> 

&nbsp;&nbsp;&nbsp;&nbsp;o Obtain
 Compliance approval <u>before</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ <u>Investing in private securities and IPOs or</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ <u>Acquiring more than 5% of a public company.</u> 

■ <u>Report all transactions in APAM securities to Compliance within 24 hours</u> 

■ <u>Preclear and report certain outside activities, such as serving on the board of a business organization</u> 

■ <u>Report potential Code errors or exceptions under the Code to Compliance</u> 

<u>Prohibitions include but are not limited to the following:</u>

■ <u>Insider Trading</u> 

■ <u>Communication of non-public information in violation of a duty of confidentiality</u> 

■ <u>Front-running Client trades, or taking inappropriate advantage of Client information</u> 

■ <u>Personal securities transactions conducted through undisclosed brokerage or investment accounts</u> 

■ <u>Transactions in restricted securities, including APAM stock, during a blackout period</u> 

■ <u>Certain other APAM transactions, including: short sales, hedging and pledging on margin</u> 

■ <u>Transactions with Clients, except as approved by Compliance</u> 

Code of Ethics and Insider Trading Policy<br> 2

---

| | |
|:---|:---|
| &nbsp;&nbsp;Definitions | &nbsp;&nbsp;Definitions |
| &nbsp;&nbsp;Beneficial Interest or Ownership | &nbsp;&nbsp;Your or your Immediate Family member's direct or indirect opportunity to profit or share in any profit derived from a transaction in a security. In general, the definition of "beneficial ownership" under section 16 of the Securities Exchange Act of 1934 will be applied to determine if you have a beneficial interest in a security. |
| &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Person(s) designated by Artisan Partners Limited Partnership, Artisan Partners UK LLP, Artisan Partners Funds and/or Artisan Partners Distributors to fill the role for each entity. References to the Chief Compliance Officer also include, for any function, any person designated by the Chief Compliance Officer as having responsibility for that function subject to the Chief Compliance Officer's supervision.<br>Reports relating to the Personal Securities Transactions of the Chief Compliance Officer shall be delivered to another member of the Compliance Team or to the Chief Legal Officer of the firm. The Chief Compliance Officer or another person to whom authority to approve Personal Securities Transactions has been granted under the Code may not approve his or her own Personal Securities Transactions; such transactions must be approved by someone else with such authority. |
| &nbsp;&nbsp;Chief Legal Officer | &nbsp;&nbsp;Person as is designated by Artisan Partners Asset Management. References to the Chief Legal Officer also include, for any function, any person designated by the Chief Legal Officer as having responsibility for that function and subject to the Chief Legal Officer's supervision. |
| &nbsp;&nbsp;Control | &nbsp;&nbsp;You have "Control" or "Investment Control" over a security or an account if you have, directly or indirectly, the ability to engage in a transaction in the security/account or the ability to direct that a transaction occur in a security/account. You may be deemed to have investment control over a security even if you do not have a beneficial interest in the security. Examples of investment control include a person acting as an executor or personal representative of an estate or a person who has investment discretion, but does not include accounts you manage in connection with your Artisan Partners employment. |

---

Code of Ethics and Insider Trading Policy<br> 3

---

| | |
|:---|:---|
| &nbsp;&nbsp;Covered Person | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ officers, employees, and partners of Artisan Partners Asset Management Inc. (APAM) and its affiliates including, without limitation, Artisan Partners Limited Partnership (Artisan US), Artisan Partners UK LLP (APUK), Artisan Partners Hong Kong Limited, Artisan Partners Asia-Pacific PTE, Ltd., Artisan Partners Australia Pty Ltd, APEL Financial Distribution Services Limited (AP Europe), and Artisan Partners Distributors LLC (collectively Artisan Partners);<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ interested directors of Artisan Partners Funds, Inc. (Artisan Funds) and Artisan Partners Global Funds plc (Artisan Global Funds) who are not otherwise subject to another code of ethics adopted by Artisan Funds or Artisan Global Funds; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ certain persons identified by Compliance who are under contract with and regularly working on the premises of Artisan Partners (such as a temporary employee, independent contractor, or consultant).  |
| &nbsp;&nbsp;Discretionary Account | &nbsp;&nbsp;An account of any Covered Person, held either alone or with others, over which a person (such as an investment adviser or trustee) who is not the Covered Person or an Immediate Family Member exercises investment discretion. |
| &nbsp;&nbsp;Exempt Securities | &nbsp;&nbsp;Securities that have been identified as exempt from reporting by Artisan Partners. Exempt Securities are:<br>(i) securities that are direct obligations of the U.S. government (e.g., treasury bills, treasury notes and treasury bonds);<br>(ii) shares of U.S. open-end mutual funds that are not Clients;<br>(iii) interests in certain unit trusts, open-ended investment companies, and unit-linked life and pension interests held through the APUK or AP Europe pension plans to the extent these securities have been identified as exempt from reporting by the Compliance team;<br>(iv) bank certificates of deposit, banker's acceptances, repurchase agreements or commercial paper; and<br>(v) commodities and commodity futures.  |
| &nbsp;&nbsp;Federal Securities Laws | &nbsp;&nbsp;"Federal Securities Laws" means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission under any of these statutes, the Bank Secrecy Act as it applies to mutual funds, and any rules adopted thereunder by the Securities and Exchange Commission or the Department of the Treasury. |

---

Code of Ethics and Insider Trading Policy<br> 4

---

| | |
|:---|:---|
| &nbsp;&nbsp;Immediate Family Members | &nbsp;&nbsp;Includes all family members who share the same household, including but not limited to, a domestic partner, spouse, son, or daughter (including a legally adopted child, foster child or child who is a tax dependent), stepson or stepdaughter, son-in-law, daughter-in-law, parent, grandparent, stepfather or stepmother, mother-in-law or father-in-law, and siblings or siblings-in-law, or any descendants of any of the foregoing persons. For the avoidance of doubt, dependent children living part of the year away at school (e.g. boarding secondary school or undergraduate college or university), are considered household members. |
| &nbsp;&nbsp;Investment Person | &nbsp;&nbsp;Covered Person who is a portfolio manager, analyst, research associate, research assistant, trader, or any other Covered Person in a similar capacity who provides information, research analysis, or advice with respect to the purchase or sale of securities. |
| &nbsp;&nbsp;Non-exempt Securities | &nbsp;&nbsp;Any security type not specifically defined as an Exempt Security. |
| &nbsp;&nbsp;Personal Securities Transaction | &nbsp;&nbsp;A transaction in a reportable security (including the "gifting" of a security) in which the Covered Person has beneficial interest or over which the Covered Person has Investment Control. |
| &nbsp;&nbsp;Private Placement | &nbsp;&nbsp;Offering of securities in which the issuer relies on an exemption from the registration provisions of the U.S. federal securities laws or comparable non-U. S. regulatory scheme, and usually involves a limited number of sophisticated investors and a restriction on resale of the securities. Examples are private investments in public equity securities (PIPES), hedge funds, private funds, "crowdfunding" investments, private funds, private partnerships or limited liability companies, Initial Coin Offerings, offerings of security tokens and similar investments or transactions. |
| &nbsp;&nbsp;Reportable Accounts | &nbsp;&nbsp;Any brokerage or other investment account in which you or an Immediate Family Member have a Beneficial Interest or Investment Control and which holds or could hold a security subject to reporting under the Code. |

---

Code of Ethics and Insider Trading Policy<br> 5

Fiduciary Duty to Clients and Related Principles

Artisan Partners owes a fiduciary duty to Artisan Partners' clients ("Clients"). This duty requires Artisan Partners and each Covered Person to seek to avoid or mitigate any conflict, or the appearance of a conflict, between the interests of a Client and the interests of Artisan Partners or a Covered Person.

Covered Persons must at all times adhere to the following standards of conduct:

■ *Clients Come First* —The interests of Clients must always come first, as Clients deserve
 Artisan Partners' undivided loyalty and unbiased effort. All Covered Persons must recognize
 and respect the interests of Clients, particularly with regard to their personal investment
 activities and any potential conflict with Client interests that may arise in connection
 with such activities. Covered Persons must not conduct a personal securities transaction
 in a manner that interferes with Client transactions. Covered Persons must not take inappropriate
 advantage of their positions and access to information that comes with such positions. Covered
 Persons should not seek to influence Client investments based on personal interests.

**APAM Code of Business Conduct**

All associates must:

■ Act
 with integrity, including being honest and candid, while maintaining the confidentiality
 of information where required or consistent with the Company's policies;

■ Observe
 both the form and spirit of laws, rules, regulations, accounting standards and Company policies;
 and

■ Adhere
 to a high standard of professional ethics.

Code of Ethics and Insider Trading Policy<br> 6

■ *Compliance with Applicable Law* —Covered Persons must comply with all applicable laws and regulations,
 including the Federal Securities Laws and the applicable laws of any country in which Artisan
 Partners operates.

■ *Observe the Spirit of the Code* —Artisan Partners expects that Covered Persons will comply
 with not only the letter but also the spirit of the Code and strive to avoid even the appearance
 of impropriety. Covered Persons should promptly notify Compliance if there is any reason
 to believe that an error or exception under the Code has occurred or is about to occur.

Covered Persons Under the Code of Ethics

Except as specifically noted, each Covered Person is subject to the requirements of the Code.

Certain employees or contractors of Artisan Partners may be specifically identified by Compliance as Exempt Persons based on the nature of that person's role and access to information (e.g., temporary consultants without access to Client or non-public trading and holdings information). An Exempt Person will be specifically notified of their exempt status by Compliance.

Exempt Persons are exempt from certain provisions of the Code, but are required to adhere to the following Code requirements: Standards of Business Conduct, Restrictions on Communications of Non-public Information, Insider Trading Policy and the Requirement to Confidentiality.

**Am I required to report accounts over which neither I nor an Immediate Family Member exercise investment control, such as a blind trust or managed account?**

Yes, you should report to us known accounts over which you or your Immediate Family Member are beneficial owners, even if you exercise no direct or indirect influence or control over it. Compliance may determine that reporting of securities transactions is not required if you affirm that you have no direct or influence on investment decisions and have no knowledge of proposed transactions in the account.

Disclosure and Certification Requirements

As a Covered Person, you are subject to a variety of disclosure and certification requirements as noted below.

Covered Persons are required to maintain brokerage and investment accounts with firms that provide an electronic data feed. Covered Persons have 90 days from date of hire to move any accounts that do not offer an electronic data feed to a firm that offers an electronic data feed. Investment accounts for Covered Persons hired and established prior to the date of this Code are grandfathered into this electronic data feed requirement, but any new accounts established after the date of this Code must be maintained with firms that provide an electronic data feed. At the discretion of Compliance, Covered Persons may be permitted to maintain accounts with brokerage firms that do not offer an electronic data feed.

Code of Ethics and Insider Trading Policy<br> 7

Initial Disclosure of Accounts, Holdings and Certifications

No later than 10 days after hire or of otherwise becoming a Covered Person, you must:

■ **Disclose Your Reportable Accounts** —identify to Artisan Partners each of your Reportable Accounts.

■ **Disclose Your Holdings** — disclose all your personal holdings of securities that are Non-exempt
 Securities. All the information you report must be no more than 45 days old. Artisan Partners
 Funds, Artisan Partners Global Funds, Artisan Partners collective investment trusts, Artisan
 Partners private funds and other funds that are Clients of Artisan Partners are Non-exempt
 Securities and are required to be reported.

■ **Complete Certain Other Forms and Certifications, including but not limited to, the following**:

&nbsp;&nbsp;&nbsp;&nbsp;o an
 acknowledgement of receipt of this Code, the APAM Code of Business Code, and each other policy
 that Artisan Partners asks you to acknowledge;

&nbsp;&nbsp;&nbsp;&nbsp;o disclosures
 regarding your outside business activity;

&nbsp;&nbsp;&nbsp;&nbsp;o disclosures
 regarding your Immediate Family Members, including if an Immediate Family Member is employed
 by an investment adviser or securities broker-dealer or is employed by any company that he
 or she knows does business, or is actively seeking to do business, with Artisan Partners;
 and

&nbsp;&nbsp;&nbsp;&nbsp;o a
 regulatory conduct disclosure questionnaire.

Annual Disclosure of Accounts, Holdings and Certifications

On an annual basis, Covered Persons are required to disclose to Compliance: (i) each Reportable Account; and (ii) Non-exempt Securities. Such information should be in the form requested by Compliance and must be current as of a date no more than 45 days before the report is submitted.

Covered Persons need not provide annual disclosures regarding the following types of securities:

■ Holdings
 of Exempt Securities.

■ Securities
 held directly in an Artisan Partners Funds, Artisan Partners Global Funds, Artisan collective
 investment trust and Artisan Private Funds account because records for these accounts are
 maintained in Artisan Partners' systems. You must disclose your interest in the account
 itself.

**How do I submit my initial disclosure forms and certifications?**

Initial disclosure forms and certifications are generally submitted electronically through FIS Employee Compliance Manager (ECM). Artisan Partners Associates may access ECM through the following link: FIS ECM. For questions or assistance, please call the Code of Ethics hotline.

Covered Persons are also required to complete other forms and certifications annually, including but not limited to, the following:

■ an
 acknowledgement of receipt of this Code, the APAM Code of Business Conduct, and each other
 policy that Artisan Partners asks you to acknowledge;

■ disclosures
 regarding your outside business activity;

■ disclosures
 regarding your Immediate Family Members, including if an Immediate Family Member is employed
 by an investment adviser or securities broker-dealer or is employed by any company that he
 or she knows does business, or is actively seeking to do business, with Artisan Partners;
 and a regulatory conduct disclosure questionnaire.

Code of Ethics and Insider Trading Policy<br> 8

Quarterly Transaction Disclosures

Covered Persons must disclose all Personal Securities Transactions during a calendar quarter to Compliance no later than thirty days after the end of the quarter. The disclosure must contain all information required in the form requested by Compliance, including name of the broker, as-of date of the transaction, nature of the trade (e.g., purchase or sell), and as applicable, the ticker or CUSIP, interest rate, maturity date, number of shares, and principal amount of each Non-exempt Security.

**Am I required to provide a quarterly report if my broker provides duplicate statements?**

No. In most cases, confirmations or statements are sufficient and separate quarterly reports are not required.

To the extent possible, this disclosure should be in the form of (i) duplicate confirmations or duplicate statements delivered directly to Artisan Partners by the broker or (ii) transactional data provided by the broker through a confirmed electronic feed.

In the event the broker or custodian does not furnish duplicates or an electronic feed, or for a Covered Person that is a temporary employee whose anticipated period of continuous employment will not exceed four months, the Covered Person may be permitted, at the discretion of Compliance, to submit copies in the form requested by Compliance.

Covered Persons need not provide quarterly disclosures regarding the following security and transaction types:

■ Transactions
 in Exempt Securities

■ Automatic
 Investment Plans (AIP). Automatic securities transactions, other than transactions in securities
 issued by APAM, in which regular periodic purchases (or withdrawals) are made in (or from)
 an investment account on a predetermined schedule and allocation. An automatic investment
 plan includes an issuer's dividend reinvestment plan (DRP) and the automatic reinvestment
 of dividends or income occurring in an investment account. Note the following:

&nbsp;&nbsp;&nbsp;&nbsp;o Establishment
 of such an AIP and sales of securities acquired through an AIP must be precleared,

&nbsp;&nbsp;&nbsp;&nbsp;o Reportable
 securities transactions conducted through an AIP are exempt from quarterly transaction reporting
 but must be included in initial and annual holdings reporting.

Code of Ethics and Insider Trading Policy<br> 9

■ Artisan
 Partners Funds, Artisan Partners Global Funds, Artisan Partners collective investment trusts
 and Artisan Partners private fund accounts held directly with the product's administrator
 or custodian.

**Am I required to report new brokerage and investment accounts?**

Yes, notify Compliance promptly (generally within 30 days of calendar quarter end) of the opening of a new brokerage or investment account for yourself or Immediate Family Members. Do not assume your broker will proactively link the account or send duplicate statements. New brokerage or investment accounts must be opened with a feed broker. A list of "Brokers with Feeds" can be found on PTA in the Documents section.

If an application form asks if you are associated with a broker-dealer or FINRA member firm, choose "yes". Contact Compliance if an authorization letter from Artisan Partners is required to open the account.

Conducting Personal Securities Transactions

Personal Securities Transactions must be executed only through brokerage or other accounts that have been identified to Compliance.

Except as provided below, all Personal Securities Transactions must be cleared in advance by Compliance. When in doubt as to whether a particular transaction requires preclearance, you should preclear the transaction or seek clarification from Compliance before placing a trade. No Covered Person may preclear his/her own Personal Securities Transaction, or engage, directly or indirectly in any transaction on the basis of material non-public information. In the case of certain transactions in APAM securities, Compliance will seek preclearance of the transaction from the Chief Legal Officer.

Personal Securities Transactions of a Covered Person are generally cleared if:

■ <u>the security is not on an applicable restricted list;</u> 

■ there
 is no related order pending in that security;

■ the
 preclearance request otherwise complies with other relevant provisions of the Code; and

■ the
 proposed transaction is not during a Blackout Period, as discussed below.

Notwithstanding the above, Compliance may approve a Personal Securities Transaction in circumstances in which it has determined there is no conflict even though a related order is present.

A related order is any order for the same or similar security (or an option on or warrant for that security) that is pending in an Artisan Partners' trade order management system on behalf of a Client. Preclearance requests may also be denied at the sole discretion of the Compliance team even if the conditions described above apply.

If a precleared transaction is not executed by the end of the second business day following the date on which preclearance is granted, the preclearance will expire and the request must be made again, unless otherwise notified by Compliance.

Code of Ethics and Insider Trading Policy<br> 10

The "gifting" of securities by a Covered Person is considered a Personal Securities Transaction of the Covered Person and is subject to preclearance as described above. For non-APAM securities, approval for gifting will typically be given unless the security is on an applicable restricted list.

**How do I preclear a Personal Securities Transaction?**

■ Access
 FIS Employee Compliance Manager (ECM)

■ Enter
 the details of the proposed transaction and submit the request. Each security must be entered
 separately.

■ Don't
 execute the trade until you receive a subsequent ECM-generated approval e-mail for each individual
 preclearance request.

■ Check
 the details of your approval and make sure your order is for the same security and direction
 as the approval you received.

■ Only
 execute your trade during the approval window (the day of approval plus the following two
 business days unless otherwise notified by Compliance).

Code of Ethics and Insider Trading Policy<br> 11

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Code of Ethics Reporting and Preclearance Chart<br>Investment persons may have additional team-specific reporting and preclearance requirements. Contact the Code of Ethics Team regarding security types not named below or with any questions. | &nbsp;&nbsp;Code of Ethics Reporting and Preclearance Chart<br>Investment persons may have additional team-specific reporting and preclearance requirements. Contact the Code of Ethics Team regarding security types not named below or with any questions. | &nbsp;&nbsp;Code of Ethics Reporting and Preclearance Chart<br>Investment persons may have additional team-specific reporting and preclearance requirements. Contact the Code of Ethics Team regarding security types not named below or with any questions. |
| &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Reportable** | &nbsp;&nbsp;**Preclearance Required** |
| &nbsp;&nbsp;**Pooled Vehicles** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Funds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Global Funds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Artisan private funds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Artisan collective investment trusts | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Artisan client sub-advised funds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. mutual funds not noted above | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. registered funds<sup>1</sup> | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Single stock ETFs, ETNs, and ETPs | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;Index ETFs | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedge funds, private equity funds, venture capital funds and other nonaffiliated private funds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;**Equities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;APAM securities | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;Common, preferred, and convertible stock | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;IPOs | &nbsp;&nbsp;Yes, Contact Compliance | &nbsp;&nbsp;Yes, Contact Compliance |
| &nbsp;&nbsp;&nbsp;&nbsp;Private investments, private placements | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Artisan employer stock/fund/options | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;**Fixed Income/Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal securities | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government agency issues | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |

---

Code of Ethics and Insider Trading Policy<br> 12

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Reportable** | &nbsp;&nbsp;**Preclearance Required** |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct obligations of the U.S. Government (i.e., T-bills, T-notes, T-bonds, Treasury Strips) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Options** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Options on non-exempt securities | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;Options on exempt securities except index ETFs | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Options on index ETFs | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Options on commodities | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Options on currency | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Additional Activities and Security Types** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Automatic investment plan (AIP) initiation on a Non-exempt Security | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;Discretionary or managed account securities trades | &nbsp;&nbsp;Contact Compliance<sup>2</sup> | &nbsp;&nbsp;No<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;529 plans (no Artisan Partners advised or sub-advised funds held) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;529 plans (Artisan Partners advised or sub-advised funds held) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;**Index-Linked Structured Products** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Index-linked structured products (as defined below)<sup>4</sup> | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Crypto Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cryptocurrency (Bitcoin, Ethereum, etc.) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Cryptocurrency ETFs (e.g. BTC, IBIT and ETH) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Other crypto assets (fractionalized or tokenized digital assets,, unit trusts, initial coin offerings, etc.)<sup>5</sup> | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Commodities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodities | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Futures** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Security futures | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |

---

Code of Ethics and Insider Trading Policy<br> 13

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Reportable** | &nbsp;&nbsp;**Preclearance Required** |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency futures | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity futures | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Currencies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currencies<sup>6</sup> | &nbsp;&nbsp;No | &nbsp;&nbsp;No |

---

<sup>1</sup> Non-US registered funds are professionally managed pooled investment vehicles that are registered in a country outside the US and are typically only available to non-U.S. citizens.

<sup>2</sup>A copy of the discretionary managed account agreement or a letter from your adviser (on the firm's letterhead) indicating that the firm's has full discretionary authority to execute trades in the account/s will be required.

<sup>3</sup>The preclearance exemption for discretionary accounts is based upon the Covered Person not directing any investments in the account nor having knowledge of any transaction prior to execution.

<sup>4</sup>Structured products or derivative instruments (e.g. an equity-linked note) in which the reference asset is an index or is otherwise an asset listed in this table that does not require preclearance. Contact Compliance with product-specific questions.

<sup>5</sup>Regulators are sorting out the status of crypto currencies, tokens and other crypto assets and it is currently uncertain whether certain of those assets are considered securities. Crypto currency vehicles deemed to be securities require reporting, including initial coin offerings, fractionalized or tokenized digital assets, and vehicles designed to track the performance of a crypto currency. Preclearance and reporting is not currently required for transactions conducted directly in crypto currencies such as Bitcoin and Ethereum. If you are transacting in a crypto asset and you are uncertain whether it would be considered a security, we encourage you to contact the Compliance team for guidance in determining reporting requirements.

<sup>6</sup>Investment personnel may require portfolio manager approval of currency transactions in non-developed markets.

Preclearance Exemptions for Certain Security Types

You are not required to preclear securities in any of the following types of transactions (even if the security itself is not exempt from preclearance):

■ Purchases
 and sales of securities that are non-volitional on the part of the Covered Person or Immediate
 Family Member, including:

&nbsp;&nbsp;&nbsp;&nbsp;o purchases
 or sales upon the exercise of puts or calls written by such person where the purchase or
 sale is effected based on the terms of the option and without action by the Covered Person
 or his or her agent (note: the writing of the option must be precleared); and

&nbsp;&nbsp;&nbsp;&nbsp;o acquisitions
 or dispositions of securities through stock splits, reverse stock splits, mergers, consolidations,
 spin-offs, or other similar corporate reorganizations or distributions generally applicable
 to all holders of the same class of securities.

Code of Ethics and Insider Trading Policy<br> 14

■ A
 transaction in a Discretionary Account if the Covered Person:

&nbsp;&nbsp;&nbsp;&nbsp;o has
 previously identified the Discretionary Account to Compliance;

&nbsp;&nbsp;&nbsp;&nbsp;o will
 not directly nor indirectly influence or control any particular transaction in the account;

&nbsp;&nbsp;&nbsp;&nbsp;o has
 affirmed that he or she will not know of proposed transactions in that account until after
 they are executed; and

&nbsp;&nbsp;&nbsp;&nbsp;o does
 not, in fact, know of the proposed transactions in that account until after the transaction
 has been executed.

■ Sales
 as a result of a tender offer made available generally to all shareholders of the issuer.

■ Transactions
 in securities held for the benefit of a Covered Person in an employee benefit plan account
 maintained by the Covered Person's prior employer in order to facilitate a transfer
 of the account to the Covered Person's Artisan Partners' 401(k) plan account
 or a rollover of the account to an IRA or other retirement account.

■ Purchases
 affected upon the 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 issuer, and sales of such
 rights so acquired.

■ Transactions
 in Artisan Partners Funds, Artisan Partners Global Funds, Artisan collective investment trusts
 or Artisan private funds accounts directly held with the product's respective administrator
 or custodian.

■ Under
 certain circumstances involving instances in which an Immediate Family Member receives or
 is offered an opportunity to acquire an equity interest in that person's employer or
 an affiliate as the result of a bona fide employment relationship and not because of a Covered
 Person's relationship with Artisan Partners or Clients. The following principles apply:

&nbsp;&nbsp;&nbsp;&nbsp;o Transactions
 that are initiated by the employer of the Immediate Family Member (for example, provided
 as part of the Immediate Family Member's compensation) are exempt from preclearance.

&nbsp;&nbsp;&nbsp;&nbsp;o Transactions
 that are initiated by the Immediate Family Member must be precleared in advance.

&nbsp;&nbsp;&nbsp;&nbsp;o Even
 if an Immediate Family Member's acquisition of a security was exempt from preclearance,
 preclearance will be required for any sale of the security initiated by the Immediate Family
 Member.

**Do I need to preclear a transaction in a Discretionary Account if I acquire prior knowledge on a "one-off" basis?**

Yes, contact Compliance directly to complete the preclearance request. The preclearance exemption for Discretionary Accounts is based upon the Covered Person not having actual knowledge of any transaction until after that transaction is executed. Therefore, if a Covered Person becomes aware of any transaction in a discretionary account before it is executed, the person must seek preclearance of that transaction (if preclearance of the transaction would otherwise be required).

Code of Ethics and Insider Trading Policy<br> 15

Exemptions for Certain Associates

Associates on leave may be exempted from preclearance requirements at the discretion of the Compliance team with reference to the facts and circumstances surrounding the leave, including access to firm systems. An associate on leave will be contacted directly by the Compliance team to discuss the associate's preclearance responsibilities.

Blackout Period for Investment Persons

For a preclearance request from an Investment Person, the Compliance team may contact a portfolio manager, or their designee, of the corresponding strategy for which the Investment Person works, (or may otherwise utilize information provided by such portfolio manager or designee), to determine if a transaction in the security subject to the proposed Personal Securities Transaction is actively under consideration for the strategy.

If a portfolio manager requests preclearance of a Personal Securities Transaction, Compliance may contact another portfolio manager, or a designee, for the strategy or may otherwise utilize information provided by the portfolio manager or designee, to determine if a transaction in the security is actively under consideration for the strategy. For each proposed trade, the person responsible for reviewing such trade will be provided with information necessary to determine whether the trade may be approved consistent with the Code (e.g., title of the security, nature of the transaction, approximate number of shares involved in the transaction).

An Investment Person may not purchase or sell a security when the proposed transaction would conflict with trading activity under consideration for a Client whose account is managed in an investment strategy for which such Investment Person provides research, trading or portfolio management services. The existence of such a "Blackout Period" will generally be determined in reference to information available through the firm's order management systems, or in consultation with portfolio management as described above.

Special Provisions Applicable to Transactions in APAM Securities

APAM Blackout Periods

All Covered Persons will be subject to a Quarterly Blackout Period during which time no transactions in APAM securities may be effected. The Quarterly Blackout Period will begin on the first day of each fiscal quarter for all Covered Persons except APAM Designees (as defined below). The Quarterly Blackout period will begin on the 15<sup>th</sup> day of the last month of the preceding fiscal quarter for APAM's executive officers and certain other associates designated by the Chief Legal Officer (the "APAM Designees"). The Quarterly Blackout Period will continue until the opening of regular session trading on the New York Stock Exchange on the second trading day after the day on which APAM releases its earnings for that fiscal period. The Chief Legal Officer may modify the dates on which the Quarterly Blackout Period begins and ends with respect to a specific quarter for either all or some portion of Covered Persons, in their discretion.

**How do I know whether I am considered an APAM Designee?**

The Legal or Compliance team will notify all associates who are APAM designees.

You can also contact the Code of Ethics hotline with any questions.

Code of Ethics and Insider Trading Policy<br> 16

The Chief Legal Officer may designate additional blackout periods, or Special Blackout Periods, and may determine which associates are subject to a Special Blackout Period, in each case in their discretion from time to time. Covered Persons that are subject to a Special Blackout Period will be notified. No Covered Person subject to a Special Blackout Period may disclose to any other person that any Special Blackout Period has been designated.

No transaction in APAM securities by a Covered Person, even if it has been precleared, may be effected during a Firmwide Blackout Period absent a waiver from the Chief Legal Officer. Waivers may be granted to specified Covered Persons on an ad hoc basis or made applicable to all Covered Persons as a blanket waiver.

Transactions in APAM Securities Should Be Reported to Compliance within 24 Hours

Personal Securities Transactions in APAM securities should be reported to Compliance within 24 hours.

Short Sales of APAM Securities Prohibited

Covered Persons may not, directly or indirectly, sell any APAM equity security short (that is, sell an APAM equity security when the Covered Person does not own it), or sell short against the box (that is, sell an APAM equity security when the Covered Person owns the security sold but does not deliver it).

Hedging of APAM Securities Prohibited

Covered Persons may not hedge their exposure to the economic consequences of ownership of APAM securities. For the avoidance of doubt, ownership of equity interests in a subsidiary or affiliate of Artisan Partners is not prohibited by the Code.

Restrictions on Holding APAM Securities in Margin Accounts

APAM securities may only be held in a margin account with the prior approval of the Chief Legal Officer, who may place additional restrictions on the holding.

Risks of Holding APAM Securities in Discretionary Accounts

The special Code requirements applicable to transactions in APAM securities apply to all accounts, even if APAM securities are held in Discretionary Accounts. A financial advisor managing a Discretionary Account cannot trade APAM securities on behalf of a Covered Person during a Blackout Period.

As a result, and in order to minimize the risk of Code violations, Covered Persons are strongly discouraged from holding APAM securities in a Discretionary Account.

**How do I make sure my APAM transactions are reported to Compliance within 24 hours?**

For accounts established at Schwab through Human Capital in the context of an equity award, the Compliance team generally receives direct electronic trade confirmations that satisfy the 24-hour notification requirement.

For all other accounts, the notification process depends on whether or not your broker has provided Compliance with an electronic feed of trade confirmations. If your broker has provided such a feed, you may generally rely on the confirmation to satisfy the notification requirement. If not, you must notify Compliance.

Code of Ethics and Insider Trading Policy<br> 17

Restrictions on Pledging of APAM Securities

Covered Persons may not pledge APAM securities when they are aware of material non-public information or otherwise are not permitted to trade in APAM securities.

Transfer of APAM Securities between Brokerage Accounts

In order to facilitate monitoring of transactions in APAM securities, Covered Persons should notify Compliance of their intent to transfer APAM securities from one brokerage account to another prior to initiating any such transfer. Details of the receiving account and the securities to be transferred can be provided to the Compliance team via e-mail to DL – Code of Ethics.

Additional Restrictions and Obligations Applicable to APAM's Executive Officers

APAM's executive officers for purposes of Section 16 of the Securities Exchange Act of 1934 are subject to additional requirements, including the obligation to promptly report certain transactions in APAM's securities to the SEC. These officers are also subject to the "short-swing profit" provisions of Section 16(b), pursuant to which any profit realized from a purchase and sale, or sale and purchase, of any equity securities of APAM within a six-month period may be subject to clawback by Artisan Partners, unless an exemption applies.

Preclearance and Blackout Period Exemption for Approved 10b5-1 Plan

Preclearance and Blackout Periods for APAM Securities do not apply to transactions executed pursuant to a pre-existing written plan, contract or instruction under Rule 10b5-1 (an "Approved 10b5-1 Plan") that:

■ has
 been reviewed and approved by the Chief Legal Officer at least ten days in advance of being
 entered into (or, if revised or amended, the revisions or amendments have been reviewed and
 approved by the Chief Legal Officer at least ten days in advance of being entered into);

■ provides
 that no trades may occur thereunder until the expiration of the applicable cooling-off period
 as specified in Rule 10b5-1(c)(ii)(B), and no trades occur until after that time. The
 required cooling-off period will apply to the entry into a new 10b5-1 plan and any revision
 or modification of a 10b5-1 plan;

■ was
 entered into in good faith by a Covered Person, and not as part of a plan or scheme to evade
 the prohibitions of Rule 10b5-1, at a time when such person was not in possession of
 material non-public information about APAM and, if the Covered Person is a director or officer,
 the 10b5-1 plan must include representations by the Covered Person certifying to that effect;
 and;

■ either:
 (i) gives a third party the discretionary authority to execute purchases and sales of
 securities of APAM, outside the control of the Covered Person, so long as the third party
 does not possess any material non-public information about APAM; or (ii) explicitly
 specifies the security or securities to be purchased or sold, the number of shares, the prices
 and/or dates of transactions, or other formula(s) describing such transactions;

■ is
 the only outstanding Approved 10b5-1 Plan entered into by the Covered Person (subject to
 the exceptions set out in Rule 10b5-1(c)(ii)(D)).

Please contact the Chief Legal Officer if you are considering entering into, modifying or terminating a 10b5-1 plan or have any questions regarding Rule 10b5-1 plans.

Code of Ethics and Insider Trading Policy<br> 18

Prohibited and Restricted Activities

Insider Trading Prohibited

You may not engage, directly or indirectly, in any transaction (either a Personal Securities Transaction or a transaction for a Client) involving the purchase or sale of any security, including any security issued by APAM, on the basis of "material," "non-public" information. Please note that regulators have prosecuted individuals on a theory of "shadow trading", which could include trading in the securities of one company (Company A) on the basis of non-public information that is specific to another company (Company B), but where the non-public information about Company B is material to the price of Company A's securities. This could be as a result of the companies being competitors in the same industry or linked economically in some other way (e.g. supplier and manufacturer).

**Are there any special considerations to keep in mind with respect to insider trading laws outside the U.S.?**

Yes. You should keep in mind that insider trading laws vary from country to country, and that local authorities can and do assert their jurisdiction over particular transactions regardless of where a buyer or seller of securities resides. Transactions in a U.K. listed security, for example, can be the basis for an action against a U.S. resident who trades on the basis of material non-public information.

Information is "material" if there is a substantial likelihood that a reasonable investor would consider it important in deciding whether to buy, hold or sell a security. Any information that could reasonably be expected to affect the price of the security is material. Material information can be positive or negative. Material information is not limited to facts but may also include projections and forecasts. Examples of potentially material information include, without limitation:

■ Quarterly
 and year-end earnings and significant changes in financial performance, outlook, or liquidity
 (including, in the case of APAM, levels of or changes in assets under management, cash flows
 and pipeline information);

■ Changes
 in debt ratings;

■ Projections
 that significantly differ from external expectations;

■ Stock
 splits, public or private securities offerings, or changes in dividend policies or amounts;

■ Significant
 developments involving corporate relationships;

■ Proposals,
 plans or agreements, even if preliminary in nature, of a pending or proposed merger, acquisition,
 divestiture, recapitalization, strategic alliance, licensing arrangement or purchase or sale
 of substantial assets;

■ Actual
 or threatened major litigation or developments relating to the resolution of such litigation;

■ Events
 having a significant regulatory effect or involving significant regulatory intervention;

■ Events
 that may result in the creation of a significant reserve or write-off or other significant
 adjustment to a company's financial statements; and

Code of Ethics and Insider Trading Policy<br> 19

■ Significant
 changes in senior management.

■ Non-public
 information" is information that is not generally known or available to the public.
 The fact that information has been disclosed to a few members of the public does not make
 it public for insider trading purposes. Information becomes "public" when (i) it
 is disclosed in a way designed to achieve broad dissemination to the investing public generally,
 without favoring any special person or group, and (ii) there has been adequate time
 for the public to digest that information. Examples of broad dissemination include press
 releases, filings with the Securities and Exchange Commission and meetings, conference calls
 or webcasts that are open to the public. Non-public information may include, for example:

■ Information
 available to a select group of analysts or brokers or institutional investors;

■ Undisclosed
 facts that are the subject of rumors, even if the rumors are widely circulated;

■ Information
 that has been entrusted to a company or a person on a confidential basis until a public announcement
 of the information has been made and enough time has elapsed for the market to respond to
 a public announcement; or

■ Information
 obtained from alternative data sources (e.g., social media, credit card providers, geolocation
 services) under certain circumstances, particularly when there are questions around ownership
 rights in or consent with respect to use of the information.

■ Confidential
 information obtained from expert networks services that provide access to industry specialists,
 corporate executives, vendors, suppliers, physicians, consultants or analysts.

**What should I do if I inadvertently receive material non-public information?**

If you think that you might have inadvertently received material, non-public information from any source, you should take the following steps:

■ Report
 the information immediately to the Chief Legal Officer or to another attorney in Legal.

■ Do
 not purchase or sell any securities potentially impacted by the information on behalf of
 yourself or others, including Clients, until Artisan Partners has made a determination as
 to the need for trading restrictions.

■ Do
 not communicate the information inside or outside Artisan Partners (even to your manager)
 other than to the Chief Legal Officer or to another attorney in the Legal Department.

■ After review of the issue, Artisan Partners
will determine whether any trading restrictions apply and what action, if any, the firm should take.

Trading during a tender offer represents a particular concern in the law of insider trading. Each Covered Person should exercise particular caution if they become aware of non-public information relating to a tender offer.

Artisan Partners does not currently utilize "value-add" investors as part of its business strategy; however, certain clients or investors in a fund sponsored by Artisan Partners may have material non-public information from time to time. In addition, directors of APAM and funds sponsored by Artisan Partners, principals or portfolio managers at other asset management firms, investment bankers, institutional investors, investment analysts, consultants, corporate executives, key persons or clients whose accounts are managed by Artisan Partners may be in possession of material non-public information regarding one or more public companies. Each Covered Person should avoid discussing non-public information about any such company with these persons. If a Covered Person should become aware of potentially material, non-public information regarding any such company, he or she should advise the Chief Legal Officer or another attorney in Legal.

Code of Ethics and Insider Trading Policy<br> 20

Restrictions on Communication of Non-public Information

Under certain circumstances, Artisan Partners associates may receive non-public information concerning a current or potential investment opportunity. Such information may be subject to a confidentiality agreement and is also subject to the Artisan Partners' Information Barrier Policy.

No Covered/Exempt Person may communicate non-public information to others in violation of the law, any firm policy, or any duty of confidentiality owed to a third-party. Conversations containing such information, if appropriate at all, should be conducted in private. The "tipping" of material, non-public information to a third-party in violation of a duty of confidentiality raises special issues under the insider-trading laws, and is expressly prohibited under this Code. Simply recommending someone buy, sell or hold a security based on material non-public information could be considered "tipping".

Access to paper or electronic files containing non-public information should be restricted, including by maintenance of such materials in locked cabinets or through the use of passwords or other security devices for electronic data.

**How do I know if a particular company is included on an Artisan Partners Restricted List(s)?**

Compliance does not publish the contents of the Restricted List(s) because, under certain circumstances, the inclusion of a particular name could itself convey material non-public information. You should preclear all of your Personal Securities Transactions as required under the Code. Compliance uses the preclearance process to ensure that requests to trade securities of issuers on an applicable Restricted List are denied.

Transactions in Securities on Applicable Restricted List(s) Prohibited

From time to time, associates in the Company may come into possession of material non-public information about a particular company. The Compliance team may include each of these companies on one or more "restricted lists," and impose restrictions on transactions involving securities of those companies in Client accounts and in the personal accounts of Covered Persons. The applicability of these restrictions may be firmwide, or may be limited to certain parts of the firm, taking into account the existence of our Information Barrier Policy. Covered Persons are prohibited from knowingly engaging in any transactions for their personal accounts or for the accounts of others, including Clients, that would be inconsistent with these restrictions.

Restrictions on Certain Transactions with Clients

No Covered Person should knowingly purchase from or sell to any Client any security or other property except securities issued by that Client, or except as approved by Compliance. This section does not prohibit purchases of Client products or services that are available to the general public.

Code of Ethics and Insider Trading Policy<br> 21

Approval Required for Participation in Initial Public Offerings

No Covered Person is allowed to acquire any security in an initial public offering, except with the prior written approval of Compliance, based on a determination that: (i) the acquisition is consistent with applicable regulatory requirements, does not conflict with the purposes of the Code or its underlying policies, or the interests of Artisan Partners or its Clients; and (ii) the opportunity to acquire the security has been made available to the person for reasons other than the person's relationship with Artisan Partners or its Clients. Such circumstances might include, for example:

■ an
 opportunity to acquire securities of an insurance company converting from a mutual ownership
 structure to a stockholder ownership structure, if the person's ownership of an insurance
 policy issued by that company conveys that opportunity;

■ an
 opportunity resulting from the person's pre-existing ownership of an interest in the
 IPO company or an investor in the IPO company; or

■ an
 opportunity made available to the person's Immediate Family Members sharing the same
 household, in circumstances permitting Compliance reasonably to determine that the opportunity
 is not being made available indirectly because of the person's relationship with Artisan
 Partners or its Clients (for example, because of the Immediate Family Member's employment).

Approval Required for Participation in Private Placements

Private Placements require express written prior approval of Compliance. Covered Persons may invest in private funds sponsored by Artisan Partners through the regular subscription process and need not seek separate prior approval from the Compliance team.

In deciding whether that approval should be granted, Compliance may consider a number of relevant factors including, but not limited to:

■ whether
 the investment opportunity should be reserved for Clients;

Code of Ethics and Insider Trading Policy<br> 22

■ whether
 the opportunity has been offered because of the person's relationship with Artisan
 Partners or its Clients;

■ whether
 the investment is in a pooled vehicle or an operating company;

■ the
 size of the proposed investment in relation to the total offering and in relation to the
 total equity ownership of the entity in which the Covered Person seeks to invest;

■ the
 rights to be granted to the Covered Person as a result of the investment;

■ the
 amount of business involvement the Covered Person would have after the investment has been
 made; and

■ the
 degree to which the Covered Person may be deemed to have control over the entity after the
 investment has been made.

**My spouse's employer has offered him/her a stake in their company, and the company is private. Is prior written approval required?**

The requirement to obtain written approval prior to the acquisition of a private placement does not apply to the acquisition by a Covered Person's Immediate Family Member of an ownership interest in that person's employer or an affiliate of the employer, provided that the acquisition is non-volitional and is the result of that person's bona fide employment relationship and is not a result of a Covered Person's relationship with Artisan Partners or Clients.

Any volitional acquisitions, such as participation in an employer's stock purchase plan, require prior approval by Compliance. All acquisitions require disclosure as part of the quarterly reporting process and the ownership interest should be disclosed as part of the initial and annual holdings reports. Subsequent dispositions of the interest are subject to preclearance.

Investment by a Covered Person in a private fund that is not managed by Artisan, requires prior approval by Compliance before making a commitment to the private fund. Further approval is not required each time a private fund draws on capital where the Covered Person's commitment was previously approved. Additional commitments by a Covered Person must be approved prior to making the additional commitment. A non-volitional sale of a Covered Person's investment in such a private fund (e.g., a sale due to a fund divestiture or liquidation) is not subject to prior approval. Volitional redemptions or sales by a Covered Person from a private fund are subject to prior approval by Compliance.

Most private investments are **not** subject to quarterly transactions reporting; however, all private investments **are** subject to annual holdings reporting requirements.

Limitations on Investments in Publicly Traded Companies

No Covered Person may knowingly own more than 5% of a public company's outstanding shares without prior written approval from Compliance.

Front Running Prohibited

Covered Persons are prohibited from inappropriately using proprietary or confidential information obtained while associated with Artisan Partners for their personal benefit. For example, no Covered Person may engage in a Personal Securities Transaction in a security based on advance knowledge that Artisan Partners is effecting or will be effecting a purchase or sale of the security on behalf of a Client.

Code of Ethics and Insider Trading Policy<br> 23

This prohibition will not affect the execution of transactions for the account of a Client in which one or more Covered Persons has an economic interest (such as, for example, where a Covered Person owns shares of an Artisan Fund), which may be executed by Artisan Partners' traders in accordance with the Artisan Partners' trading practices.

Spread Betting Prohibited

Covered Persons are prohibited from engaging in spread betting transactions based on securities that are subject to pre-clearance or prohibited under the Code.

Excessive Short-Term Securities Trading in Non-Exempt Securities Is Prohibited

Covered Persons are prohibited from engaging in the excessive short-term trading of Non-exempt Securities. The purchase and sale, or sale and purchase, of the same (or equivalent) securities within 30 calendar days are generally regarded as short-term trading. Preclearance requests in Non-exempt Securities that constitute short-term trading resulting in a profit will generally be denied by the Compliance team.

Covered Persons are also strongly discouraged from engaging in the excessive short-term trading of certain Exempt Securities that are not intended for short-term trading or as otherwise deemed inappropriate by Compliance. Transactions that constitute such short-term trading may be subject to redemption fees by the issuer, escalation to management, additional Code training, permanent or temporary limitations or prohibitions on Personal Securities Transactions.

High-Risk Trading Activities

Certain high-risk trading activities, if used in the management of a Covered Person's personal trading portfolio, are risky not only because of the nature of the securities transactions themselves, but also because of the potential that action necessary to close out the transactions may become prohibited during the duration of the transactions. Examples of such activities include short sales of common stock and trading in derivative instruments (including options).

Covered Persons engage in such trading activities at their own risk. If Artisan Partners becomes aware of material, non-public information about the issuer of the underlying securities, or if preclearance of the closing transaction is denied, Artisan Partners personnel may find themselves "frozen" in a position. Artisan Partners will not bear any losses in personal accounts as a result of implementation of this policy.

Personal Securities Transactions with Certain Brokers or Dealers Prohibited

In order to comply with certain state regulations, Covered Persons are restricted from executing any Personal Securities Transactions with the institutional trading desks of any broker or dealer with whom Artisan Partners conducts business for its Clients.

Code of Ethics and Insider Trading Policy<br> 24

Other Code Requirements

Amendments to the Code

Each time a Covered Person receives a copy of the Code, including any amendment, he or she is required to acknowledge receipt.

Regulatory Conduct Disclosure

Covered Persons have an ongoing obligation to promptly report to Compliance if anything occurs which would change any previously reported responses relating to the Covered Associates' regulatory conduct disclosures.

Changes in Immediate Family Member Employment

Covered Persons have an ongoing obligation to promptly report to Compliance if an Immediate Family Member is employed by an investment adviser, a securities broker-dealer or an otherwise regulated financial services company (or associated with as an owner, proprietor, partner, officer, director, board member, agent or otherwise) or any company that does business with or is seeking to do business with Artisan Partners, Artisan Partners Funds or Artisan Partners Distributors.

Service as a Board Director, Board Member, Manager, Managing Member or Trustee

No Covered Person may serve as a member of the board of directors or trustees, an officer, a manager or a managing member or in a similar capacity exercising control of any business organization (including an advisory board) without the prior written approval of Compliance, unless the organization is a civic or charitable organization or an organization owned or controlled by a member of the Covered Person's family.

If a Covered Person is serving as a board member, officer, manager, managing member or in a similar control capacity of any organization, the Covered Person should be mindful of his or her responsibilities under the Code and his or her agreements with Artisan Partners, and should seek to avoid any appearance of impropriety. In particular, Covered Persons are reminded of their obligations not to misuse confidential information belonging to Artisan Partners or any Client. A Covered Person serving as a board member, officer, manager or managing member of an organization or in a similar control capacity is encouraged not to participate in any activity on behalf of the organization that could create an appearance of impropriety.

In some circumstances, the service of a Covered Person as a board member of an organization or an executor, conservator or trustee for an estate, conservatorship or personal trust, could result in Artisan Partners being deemed to have custody of the assets of that entity, if it were a Client. Because Artisan Partners does not accept custody of Client assets, if Artisan Partners would be deemed to have custody because of the relationship of a Covered Person to the organization, the Covered Person may be required to give up his or her position as a condition of Artisan Partners accepting an engagement to provide advisory services.

Outside Financial Interests and Outside Business Activities

Covered Persons should avoid outside financial interests or outside business activities that may give rise to conflicts of interest with Clients or Artisan Partners or that may create divided loyalties, divert substantial amounts of their time, and/or compromise their independent judgment.

Code of Ethics and Insider Trading Policy<br> 25

Prior to association with Artisan Partners, newly hired Covered Persons are required to disclose to Artisan Partners any outside financial interests or outside business activities that may present such a conflict of interest. Thereafter, Covered Persons must obtain Compliance approval prior to acquiring any such interests or engaging in any such activities. Covered Persons seeking such approval should contact the Compliance team or an attorney in the Legal Department.

Covered Persons are prohibited from providing consulting services to non-Artisan entities for pay or on a voluntary basis, such as those offered through expert networks, without seeking prior approval from the Compliance team.

**What are some examples of outside interests that may give rise to a conflict?**

Examples of outside interests or activities that may give rise to a conflict of interest include where a Covered Person holds a substantial interest in a company that has dealings with Artisan Partners either on a recurring or "one-off" basis, or where a Covered Person has an employment relationship or position with a potential Client or vendor of Artisan Partners.

Requirement to Preserve Confidentiality

Each Covered/Exempt Person is required to keep confidential any information concerning Artisan Partners or its Clients that is not generally known to the public that is learned during the term of his or her employment or association with Artisan Partners, including, but not limited to, the following:

■ the
 investment strategies, processes, analyses, databases, and techniques relating to capital
 allocation, stock selection and trading used by the investment team or other investment professionals
 employed by Artisan Partners;

■ the
 identity of and all information concerning Clients and shareholders of Clients;

■ information
 prohibited from disclosure by a Client's policy on release of portfolio holdings or
 similar policy; and

■ all
 other information that is determined by Artisan Partners or a Client to be confidential and
 proprietary and that is identified as such prior to or at the time of its disclosure to the
 Covered/Exempt Person.

No Covered/Exempt Person is allowed to use confidential information for his or her own personal benefit or for the benefit of any third party, or directly or indirectly disclose such information, except to other associates of Artisan Partners, its affiliated businesses and third parties to whom disclosure is made pursuant to the performance of his or her duties as an associate of Artisan Partners or as otherwise may be required by law. In addition, nothing in this Code or any other Artisan Partners' policy limits a Covered/Exempt Person's ability to lawfully report a violation of applicable laws or regulations to an appropriate regulatory authority or otherwise communicate with an applicable regulatory authority in a manner protected by, and consistent with, the laws applicable to the Covered/Exempt Person.

This obligation of confidentiality is in addition to any other Artisan Partners' policies relating to confidentiality and confidentiality agreements with Artisan Partners to which a Covered/Exempt Person is a party.

Code of Ethics and Insider Trading Policy<br> 26

Enforcement of the Code and Consequences for Failure to Comply

Compliance is responsible for promptly investigating all reports of possible errors or exceptions under this Code. Compliance with this Code is a condition of employment or association with Artisan Partners, status as a registered representative of Artisan Distributors, and retention of any position you hold with any funds sponsored by Artisan Partners. Taking into consideration all relevant circumstances, Artisan Partners will determine what action is appropriate for any error under or breach of the provisions of the Code. Possible actions include escalation to management, letter of warning, additional Code training, reversal or unwinding of trades, letters of sanction, disgorgement of profits, suspension or termination of employment, impact to a Covered Person's compensation, removal from office, or permanent or temporary limitations or prohibitions on Personal Securities Transactions more extensive than those generally applicable under the Code. Exceptions under the Code may be subject to Client reporting obligations. In addition, Artisan Partners may report conduct believed to violate the law or regulations applicable to Artisan Partners or the Covered Person to the appropriate regulatory authorities.

Individual Exemptions

There may be circumstances from time to time in which the application of this Code produces unfair or undesirable results or in which a proposed transaction is not inconsistent with the purposes of the Code. Therefore, the Chief Compliance Officer or a designee may grant an exemption from any provision of this Code, provided that the person granting the exemption based his or her determination to do so on the ground that the exempted transaction is not inconsistent with the purposes of this Code or any law or regulation applicable to Artisan Partners, and documents that determination in writing.

Code of Ethics and Insider Trading Policy<br> 27

## Ex-99.B(P)(10)

**Exhibit 99.B(p)(10)** 

**AXIOM INVESTORS LLC<br> CODE OF ETHICS**

***<u>INTRODUCTION</u>***

This Code of Ethics (the "Code") is based on the principle that you, as officers and employees of Axiom Investors LLC ("Axiom"), owe a fiduciary duty to, among others, the Clients (as defined herein) of Axiom. Axiom is a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and as such, Axiom and its employees are subject to the requirements of the Advisers Act with respect to Axiom's clients. The purpose of this Code is to provide procedures consistent with the requirements of Rule 17j-1 ("Rule 17j-1") under the Investment Company Act of 1940, as amended (the "1940 Act"), and Rule 204A-1 under the Advisers Act.

The Code applies to all employees, members, managers, and officers (collectively, "employees") of Axiom. Axiom shall provide a copy of this Code (and any subsequent amendments) to every employee.<sup>1</sup> Employees must avoid activities, interests and relationships that might interfere with making decisions in the best interests of Clients. As required by Rule 204A-1, employees must comply with all applicable federal securities laws, including the 1940 Act, the Advisers Act, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the Sarbanes-Oxley Act of 2002, Title V of the Gramm-Leach-Bliley Act, and rules adopted by the Securities and Exchange Commission ("SEC") under any of the foregoing, the Bank Secrecy Act as it applies to mutual funds and investment advisers, and any related rules adopted by the SEC or the Department of the Treasury, as well as all other policies of Axiom and all other laws relating to Axiom and its business. As used in this Code, all references to "you" shall mean all employees of Axiom.

As a general principle, it is imperative to avoid any situation that might compromise, or call into question, the exercise of fully independent judgment by employees in the interests of our Clients. As fiduciaries, employees must at all times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Place the interests of Clients first. In other words, as a fiduciary you must avoid serving your own personal interests ahead of the interests of our Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Conduct all personal securities transactions in full compliance with this Code. Personal securities transactions should comply with both the letter and spirit of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Avoid taking inappropriate advantage of your position or take actions that could otherwise call into question the exercise of your independent judgment.

<sup>1</sup> Although Rule 204A-1 generally requires that certain provisions of an adviser's Code of Ethics apply to "Access Persons" or "Supervised Persons," Axiom takes a more conservative approach and subjects all employees to its Code of Ethics.

***<u>Definitions</u>***

For purposes of this Code, the following definitions apply:

"Automatic Investment Plan" is a program in which regular purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

"Beneficial Ownership" means having or sharing the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities. For purposes of this Code, an officer or employee will be deemed to have a "Beneficial Ownership" interest in securities held in any account maintained by or for: 1) any member of an officer's or employee's Immediate Family sharing the same household; 2) any individuals who live in the officers' or employees' household and over whose purchases, sales or trading activities the officer or employee exercises control or investment discretion; 3) any persons for whom the officer or employee provides financial support and either (a) whose financial affairs the officer or employee controls, or (b) for whom the officer or employee provides discretionary advisory services with respect to such person's ownership of securities; (4) any trust or other arrangement which names the officer or employee as a beneficiary remainderman; and (5) any partnership, corporation or other entity in which the officer or employee has a 25% or greater beneficial interest, or in which the officer or employee exercises, either individually or together with others, effective Control.

"Chief Compliance Officer" shall mean the chief compliance officer of Axiom for purposes of Rule 206(4)-7 of the Advisers Act, currently, Denise M. Zambardi.

"Client" means any client of Axiom, including any private investment fund for which Axiom acts as general partner, manager or investment adviser.

"Control" shall have the meaning set forth in Section 2(a)(9) of the 1940 Act. Section 2(a)(9) provides that "control" means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with the company.

"ETF" means all exchange traded funds available in the United States and any equivalent securities available in non-US jurisdictions, including any Single-Stock ETF.

"Exempt Security" means any: (1) direct obligation of the Government of the United States, including all state and municipal obligations; (2) bankers' acceptance, bank certificate of deposit, commercial paper, bank repurchase agreement and other high quality short-term debt instrument; (3) shares issued by registered open-end mutual funds (including money-market funds) and unit investment trusts, in each case provided they are not Reportable Funds or ETFs (as such terms are defined herein); and (4) Securities in an account over which you do not have any direct or indirect influence or Control (note that there is a presumption that you can exert some measure of influence or control over accounts held by members of your immediate family sharing the same household, but this presumption may be rebutted by convincing evidence acceptable to the Chief Compliance Officer in accordance with this Code);

"Immediate Family" means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, daughter-in-law, son-in-law, brother-in-law, sister-in-law, and includes any adoptive relationship.

"ComplySci" means ComplySci Platform, a web-based compliance software used by Axiom.

"Reportable Fund" is any investment company registered under the 1940 Act (including an ETF) for which Axiom serves as an investment adviser or sub-adviser or any registered investment company whose investment adviser or principal underwriter controls, is controlled by or is under common control with Axiom. A list of all Reportable Funds is maintained by the Chief Compliance Officer.

"Security" means any note, stock, treasury stock, share of any Reportable Fund, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put call, straddle, option, future, swap, derivative contract or other financial instrument or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option or privilege entered into on a national securities exchange relating to foreign currency, or in general, any interest or instrument commonly known as a security, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing. For the avoidance of doubt, the term "Security" as used in this Code includes all ETFs.

"Single-Stock ETF" means an exchange traded product that provides leveraged, inverse, or other exposure to one single security.

"Third Party Managed Account" is an account in which an Axiom employee has Beneficial Ownership and as to which (i) pursuant to an agreement and in actual practice, an investment adviser or broker (who is not an employee or affiliate of Axiom) has full discretionary authority to purchase and sell Securities without prior notification to, discussion with or consent of the accountholder or his/her representatives (including the Axiom employee); and (ii) with respect to which communications with the adviser or broker are limited to confirmations and account statements, fee discussions, and other communications and discussions that do not relate to purchases or sales of specific Securities.

***<u>TRADING AND OTHER RESTRICTIONS</u>***

***<u>Pre-clearance Procedure</u>***

*Required Pre-clearance*. Generally, you may not engage, or permit any other person or entity to engage, in any purchase or sale of a Security in which you have, or by reason of the transaction will acquire, Beneficial Ownership (as defined above) unless you submit a pre-clearance request via ComplySci and receive a response approving the requested transaction.

Pre-clearance is required for all Securities transactions unless an exception is specifically identified in this Code. Examples of transactions that require pre-clearance include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities transactions within full service or discount brokerage accounts,
self-directed IRAs, 401(k) plan brokerage windows and any other trading or investment accounts unless the assets involved are specifically
exempt under this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities
transactions within advisory accounts managed by a financial advisor or broker who has investment discretion but to whom you directly or indirectly
suggest transactions in specific Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investments in private placements or IPOs, whether offered within the United
States or internationally (as further described below).

*\*Exceptions to Preclearance Requirement*. A pre-clearance request is not required with respect to the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
transaction in Exempt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any transaction in U.S. closed-end or open-end registered investment companies
or ETFs/ETNs, except for any Single-Stock (company) ETF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
transaction in publicly traded corporate bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any transaction in Securities issued by your spouse's employer or a
related issuer pursuant to an employee stock ownership plan (ESOP) or similar investment program that your spouse is required or eligible
to participate in by virtue of employment (including investments in private funds or related offerings sponsored by the employer), <u>provided</u> that you have given the CCO advance notice and information regarding the investment plan or program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any transaction in Securities within a Third
Party Managed Account where you have given full investment discretion and provided an annual Certification to the CCO (as described below);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any purchase of Securities pursuant to an Automatic Investment Plan, provided
that you comply with the Automatic Investment Plan Protocol (as defined below).

"Automatic Investment Plan Protocol" refers to the following conditions which must be satisfied on a continuing basis to permit your participation in an Automatic Investment Plan: 1) prior to the first purchase of Securities pursuant to an Automatic Investment Plan, submit to Compliance copies of the documents provided to you by your financial advisor or brokerage firm describing the terms, conditions, trading frequency, and the number and name of the Securities to be purchased by means of the Automatic Investment Plan (if no such documents exist, prepare and submit a description of the Automatic Investment Plan, describing the terms, conditions, trading frequency, and the number and name and ticker symbol of the Securities to be purchased); 2) prior to any trading conducted pursuant to a change in the Automatic Investment Plan, submit a detailed description of the changes in the conditions, trading frequency, and Securities to be purchased; and 3) promptly notify Compliance upon any termination of the Automatic Investment Plan. In each case, all trading and transaction reports shall be submitted in the ordinary course via ComplySci or, if your brokerage account does not support ComplySci, by e-mailing such documents to <u>compliancegroup@axiom-investors.com</u>.

*Special Requirements for Third Party Managed Accounts*. To rely on the pre-clearance exemption for a Third Party Managed Account an employee must annually (i) submit a Certification to the Chief Compliance Officer via ComplySci or via hard copy certification form and (ii) ensure that the accountholder and his/her representatives (including the employee) do not directly or indirectly suggest transactions in specific Securities to the adviser or broker, or otherwise exercise any discretion over account transactions. If the accountholder or his/her representatives engage in discussions of specific investments in Securities the account will no longer qualify as a Third Party Managed Account.

*Pre-Clearance - Standing Restrictions.* Pre-clearance requests will not be granted for proposed purchases or sales of Securities in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Blackout Period</u>. Pre-clearance requests
for trading in a Security will not be approved if (i) any Client account has transacted in that Security on the two prior trading
days; or (ii) there is a pending buy or sell order in the same Security on behalf a Client at the time the request is reviewed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Active Consideration:</u> Pre-clearance requests
will also not be approved if the Chief Compliance Officer determines that the Security is currently being actively considered for imminent
purchase or sale in a Client account (even if there are no pending buy or sell orders in the same Security on behalf a Client at the time
the request is being reviewed.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Trading Delay:</u> Any pre-cleared purchase
or sale must be executed on the same day that approval is granted. A delay in trade timing requires submission of a new pre-clearance
request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Holding Period</u>: Any acquisition of Securities
that requires pre-clearance under this Code is generally subject to a minimum holding period of 90 calendar days (see "*Holding Period - Pre-Cleared Securities*" below.)

*CCO-Approved Alternative Pre-Clearance.* Axiom acknowledges that in rare and limited circumstances, the specific processes, restrictions and requirements of the preclearance procedures established above and elsewhere in this Code (including the use of the ComplySci software) may be impractical or otherwise unnecessary with respect to investment in Securities made by Axiom personnel. Accordingly, the Chief Compliance Officer may, on a case-by-case basis and in his or her discretion, implement alternative preclearance, reporting and recordkeeping procedures. All such alternative pre-clearance procedures and related records shall be documented in writing and maintained by the Chief Compliance Officer consistent with the Company's records retention policy.

***<u>Initial Public Offerings</u>***

You may not acquire Beneficial Ownership of any Security in an initial public offering (IPO), other than Exempt Securities, unless approval has been received from the Chief Compliance Officer.

*Purpose/Factors for Preclearance*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A primary purpose requiring preclearance of IPO
investments is to prevent an Axiom employee from investing in IPO Securities in circumstances that could disadvantage Axiom or its Clients
(for example, if the investment opportunity should be reserved for Axiom Clients.) An additional goal is to prevent employees from being
subject to efforts to curry favor by those who seek to do business with Axiom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Factors taken into account by the Chief Compliance
Officer when considering approval will include: (i) whether or not the proposed IPO investment relates directly or indirectly to
existing or potential investments made in Client accounts; (ii) whether or not individuals involved in the IPO (including the issuers,
broker, underwriter, placement agent, promoter, fellow investors and affiliates of the foregoing) have prior or existing business relationships
with Axiom; and (iii) whether the employee believes that the such individuals involved in the IPO may expect to have a future business
relationship with Axiom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Although Axiom is not directly subject to FINRA
Rules governing IPOs, employees should be aware that FINRA Rules 5130 and Rule 5131 establish restrictions on IPOs of equity
securities ("new issues") that limit the ability of "restricted persons" to acquire a beneficial interest in the
 "new issue," unless certain exceptions apply (including a 10% *de minimis* exemption). Principals and portfolio managers
of investment advisory firms like Axiom are typically considered "restricted persons" and will generally be asked to respond
to questions regarding their status under these FINRA rules.

***<u>Private Placements</u>***

You may not acquire Beneficial Ownership of any Securities (other than Exempt Securities or Securities acquired pursuant to an Automatic Investment Plan or other investment program exempt from pre-clearance) in a private placement, unless approval has been received from the Chief Compliance Officer.

*Purpose/Factors for Preclearance*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A primary purpose requiring preclearance of transactions
in private placements is to prevent an Axiom employee from investing in private placement Securities in circumstances that could disadvantage
Axiom or its Clients (for example, if the investment opportunity should be reserved for Axiom Clients.) An additional goal is to prevent
employees from being subject to efforts to curry favor by those who seek to do business with Axiom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Factors
taken into account by the Chief Compliance Officer when considering approval will include: (i) whether
or not the proposed investment relates directly or indirectly to existing or potential investments made in Client accounts; (ii) whether
or not individuals involved in the offering (including the issuers, broker, underwriter, placement agent, promoter, fellow investors and
affiliates of the foregoing) have prior or existing business relationships with Axiom; and (iii) whether the employee believes that
the such individuals involved in the offering may expect to have a future business relationship with Axiom.

***<u>Cryptocurrencies and Digital Assets</u>***

Axiom does not presently trade or invest in any asset that is issued and transferred using distributed ledger or blockchain technology, including, but not limited to, virtual currencies, cryptocurrencies, digital "coins" or "tokens" (each, a "Digital Asset") in any client or proprietary accounts. Given these circumstances, and in light of the lack of regulatory guidance regarding whether many popular Digital Assets are considered to be commodity interests, securities or other property under US federal securities laws, Digital Assets are currently not subject to the pre-clearance and reporting requirements outlined in this Code. However, Axiom does require all employees who purchase or sell a Digital Asset that is publicly determined by the SEC to be a "Security", to report the transaction in the employee's quarterly transaction and annual holdings reports. In addition, Axiom employees must refrain from participating in Digital Asset "securities" offerings or trading venues that expressly prohibit participation by U.S. persons.

Employees should be aware that certain Digital Assets may in the future be restricted and require pre-clearance and reporting (e.g., if Axiom begins to trade cryptocurrencies or other Digital Assets for client accounts.)

***<u>Use of Broker-Dealer for Transactions</u>***

You may not engage, and you may not permit any other persons or entity to engage in any purchase or sale of a publicly traded Security (other than Exempt Securities or Securities acquired pursuant to gift or inheritance or an Automatic Investment Plan) of which you have, or by reason of the transaction will acquire, Beneficial Ownership, except through a registered broker- dealer.

Additionally, unless otherwise approved by Compliance each new broker-dealer through which you purchase or sell Securities must participate in ComplySci's live information feed program and must be set up to automatically send transaction data to Axiom. If you would be materially harmed by moving your trading activity from a broker-dealer that does not participate in ComplySci's live information feed program to a broker-dealer that does participate in ComplySci's live information feed program, the Chief Compliance Officer may waive such requirement.

***<u>Holding Period - Pre-Cleared Securities</u>***

*90 Day Minimum Holding Period.* Axiom believes short-term personal trading by its employees can raise compliance and potential conflicts of interest issues. Accordingly, you may not both purchase and sell a Security in a transaction that requires pre-clearance within 90 calendar days, beginning on the day of the initial transaction (the "Holding Period"). The Holding Period will be applied on a "Last-In, First-Out" basis, or according to other procedures as implemented by the Compliance Department.

*Exceptions from Holding Period.* Transactions in Exempt Securities (defined above) <u>do not</u> require pre-clearance under this Code, and are not subject to the Holding Period. The Chief Compliance Officer or a designee may also choose to review and waive the Holding Period on a case-by-case basis.

***<u>Reporting Requirements; Review</u>***

*Applicability of Reporting Requirements*. Generally, all Securities are subject to the reporting requirements under the Code except Exempt Securities. The term "Exempt Securities" is defined on page 2 of this Code, and includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct
obligations of the Government of the United States or other sovereign entity, including all state, provincial, and municipal obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bankers'
acceptance, bank certificate of deposit, commercial paper, bank repurchase agreement and other high quality short-term debt instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
issued by registered open-end mutual funds and unit investment trusts that are **not** ETFs and **not** Reportable Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
Securities acquired in an account over which you do not have any direct or indirect influence or Control.

*Initial Holdings Reports*. Within ten (10) calendar days of becoming an employee of Axiom you must file a report, which must be current as of a date no more than forty-five (45) calendar days prior to the date the report was submitted, with Axiom that lists the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>List of Broker-Dealers and Banks</u>. The name of each broker, dealer or bank with whom you maintained an account in which
you held direct or indirect Beneficial Ownership of any Securities (including Exempt Securities) as of the date of your employment with
Axiom; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Identifying Details of Securities</u>. The title, number of shares and principal amount of each Security (other than an Exempt Security) which you had
any direct or indirect Beneficial Ownership when you became an employee.

*Annual Holdings Reports*. Within thirty (30) calendar days after the end of a calendar year, you must file a report, which must be current as of a date no more than forty-five (45) calendar days prior to the date the report was submitted, with Axiom that lists the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>List of Broker-Dealers and Banks</u>. The
name of each broker, dealer or bank with whom you maintained an account in which you held direct or indirect Beneficial Ownership of any
Securities (including Exempt Securities) as of the end of the calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Identifying Details of Securities</u>. The
title, number of shares and principal amount of each Security (other than an Exempt Security) in which you had any direct or indirect
Beneficial Ownership as of the end of the calendar year (your final brokerage statement for the year can be accepted for this requirement
if it contains all of the appropriate details).

In lieu of providing an Annual Holdings Report, you may provide to Axiom, within thirty (30) calendar days after the end of a calendar year, account statements for the period ending December 31, for each brokerage account in which you held a direct or indirect Beneficial Ownership of any Securities (including Exempt Securities). Brokerage accounts that participate in ComplySci's live information feed program and have been set up to automatically send transaction data to Axiom, are deemed to meet this requirement.

*Quarterly Transaction Reports*. You must cause each broker-dealer who maintains an account for any Securities (other than an account containing only Exempt Securities or through which you engage only in purchases pursuant to an Automatic Investment Plan) in which you have Beneficial Ownership to provide Axiom with quarterly broker-dealer statements listing all transactions in Securities (other than Exempt Securities or Securities acquired pursuant to an Automatic Investment Plan) during the quarter. If your brokerage account participates in ComplySci's live information feed program and has been set up to automatically send transaction data to Axiom then this requirement is deemed to be satisfied. These statements must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Effecting Broker-Dealer or Bank</u>. The name
of the broker, dealer or bank through which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Identifying Details of Securities and Transactions</u>.
The date of the transaction, the title, exchange ticker symbol or CUSIP number, interest rate and maturity date (if applicable), the number
of shares and the principal amount of each Security involved, the nature of the transaction (i.e., purchase, sale, etc.) and the
price of the Security at which the transaction was effected; and

You must provide these statements within thirty (30) calendar days after the end of the quarter. These statements should be sent directly by such broker-dealer to the Chief Compliance Officer or the Director of Compliance.

In addition, with respect to accounts established during the quarter in which Securities in which you have Beneficial Ownership were held during the quarter, you must provide the name of each broker, dealer or bank with whom you established the account, and the date the account was established (other than an account containing only Exempt Securities or through which you engage only in purchases pursuant to an Automatic Investment Plan).

***<u>COMPLIANCE</u>***

***<u>Chief Compliance Officer</u>***

The Chief Compliance Officer or such other person as may be designated by Andrew Jacobson will have primary responsibility for enforcing the Code, including review of personal securities transaction reports required under the Code. The review shall include an assessment of whether the employee has adhered to the Code, including required pre-clearance procedures, but should also compare the trading to any restricted lists (if applicable); assess whether the employee is trading for his or her own account in the same securities he or she is trading for Clients, and if so whether the Clients are receiving terms as favorable as those received by the employee; periodically analyze the employee's trading for patterns that may indicate potential abuse, including short-term trading activity; investigate any substantial disparities between the performance achieved for the employee's accounts and the performance achieved by the employee's Client accounts; and investigate any substantial disparities between the percentage of trades that are profitable when the employee trades for his or her own account and the percentage that are profitable when he or she places trades for Clients.

Edward Azimi, the Chief Operating Officer, shall have responsibility for these review requirements with respect to personal securities transactions of the Chief Compliance Officer.

The Chief Compliance Officer will be responsible for providing periodic training to employees of Axiom regarding the principles and procedures of the Code and is available to answer questions or supply information related to the Code.

***<u>Certificate of Compliance</u>***

You are required to certify upon commencement of your employment and annually thereafter, that you have received a copy of the Code and all amendments thereto and have read and understand this Code and recognize that you are subject to it, which includes an obligation to comply with this Code, other policies of Axiom and federal securities laws and other laws relating to Axiom and its business. Each annual certificate will also state that you have complied with the requirements of this Code, other policies of Axiom and federal securities laws and other laws relating to Axiom and its business during the prior year, and that you have disclosed, reported, or caused to be reported all transactions during the prior year in Securities (other than Exempt Securities) of which you had or acquired Beneficial Ownership and all violations or suspected violations (by you or any other person) of this Code, other policies of Axiom and federal securities laws and other laws relating to Axiom and its business. You must also certify annually that your most recent broker-dealer statements are complete and accurate as to your holdings pursuant to the reporting requirements under the Code. A certification of accounts will be electronically distributed via ComplySci with the Code.

***<u>Reporting Violations</u>***

Employees must promptly report to the Chief Compliance Officer all actual or suspected violations of this Code, of other policies of Axiom and of federal securities laws or other laws relating to Axiom and its business. If you do not receive a reasonably prompt and satisfactory response from the Chief Compliance Officer (or if you need to report a violation or suspected violation effected by the Chief Compliance Officer), you must report the violation or suspected violation to the Chief Operating Officer.

***<u>Remedial Actions</u>***

If you violate this Code, other policies of Axiom and of federal securities laws or other laws relating to Axiom and its business, you are subject to various possible penalties to be imposed by Axiom, which may include, but are not limited to, disgorgement of profits, imposition of substantial fines, demotion, suspension or termination.

***<u>Recordkeeping Requirements</u>***

The following shall be maintained in Axiom's offices for a five (5) year period in an easily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Code as currently in effect and each code of ethics in effect at any time in the prior five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each record of a violation of the Code and any action taken as a result of such violation, each such record
to be maintained for at least five years after the end of the fiscal year in which such violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Each report filed in accordance with the Code and all related documentation (including all Certificates
of Compliance and duplicate confirmations and periodic statements), each such report and all related information to be maintained for
at least five years after the end of the fiscal year in which the report is made or the information provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A list of all persons who are currently, or have within the past five years, been required to report personal
securities transactions in accordance with the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A list of the names of each person designated from time to time by Axiom to receive and review reports
of purchases and sales of Securities and to otherwise administer the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Each pre-clearance request and any pre-clearance authorization and a record of the reasons supporting
each such authorization, any such request and authorization to be maintained for at least five years after the end of the fiscal year
in which such authorization was granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. A record of any request for an exemption to requirements imposed
pursuant to the Code and a record of any decision
to grant an exemption along with the reasons supporting the decision, each such record to be maintained for at least five years after
the end of the fiscal year in which such exemption was granted.

Updated: [September 2024]

**<u>Axiom Investors LLC</u>**

**<u>Code of Ethics and Compliance<br> Program</u>**

**<u>Initial Employment and<br> Annual Certificate of<br> Compliance</u>**

I,_____________________________ , certify that I have received a copy of the Code of Ethics and all amendments thereto (the "Code of Ethics"), and have read and have full understanding of the Code of Ethics. I hereby certify that I will comply and have complied during the past year with the Code of Ethics, all other policies of Axiom and all federal securities laws and other laws relating to Axiom and its business. In furtherance of my obligation to comply with the Code of Ethics, I have reported to the Chief Compliance Officer all actual or suspected violations known to me of this Code, of other policies of Axiom and of federal securities laws or other laws relating to Axiom and its business.

In furtherance of my obligation to comply with Axiom's compliance program and Code of Ethics, I have arranged to have the required broker-dealer statements sent directly (via paper statements or electronic feed to ComplySci) to the Chief Compliance Officer or the Director of Compliance of Axiom and that the latest statement(s) from the date below is (are) complete and accurate as to my holdings that are required to be reported under the Code of Ethics.

I also certify that my account list in ComplySci, or alternatively, all accounts as submitted via my hard copy Brokerage Accounts Certification form, is a list of all of the accounts with any broker, dealer, bank or similar entity that maintains an account for any Securities in which I have Beneficial Ownership including any Third Party Managed Account (as such capitalized terms are defined in the Code of Ethics).

---

| | |
|:---|:---|
| <u>Signed</u> | Dated |

---

**<u>Exhibit 1 to Axiom Investors LLC<br> Code of Ethics<br> Initial Employment and Annual<br> Certificate of Compliance</u>**

**<u>Brokerage Accounts Certification</u>**

**Information is current as of______________________ , 20__, which is not more than 45 days prior to the date set forth below.**

---

| | | |
|:---|:---|:---|
| **Name of Broker/Dealer/Bank** | **Account Title** | **Account Number** |

---

I confirm that this list fully discloses all accounts for Securities in which I have Beneficial Ownership, and I understand that I am presumed to have Beneficial Ownership in accounts of Immediate Family members living in the same household, and certain other accounts as detailed in the Code of Ethics.

Date:

Signature

Name:

*Use additional sheets if necessary.*

**<u>Certification for Third Party Managed Accounts</u>**

I hereby certify that I have read and understand the requirements of the Axiom Code of Ethics (the "Code") regarding pre-clearance requirements for transactions in Securities. I understand that transactions in Securities within the Third Party Managed Account(s) identified below will be exempt from the pre-clearance requirements of the Code only if:

&nbsp;&nbsp;&nbsp;&nbsp;· pursuant to an agreement and in actual practice, the investment adviser or
broker of each Third Party Managed Account (who may not be an employee or affiliate of Axiom) has full discretionary authority to purchase
and sell Securities without prior notification to, discussion with or consent of the accountholder or his/her representatives; and

&nbsp;&nbsp;&nbsp;&nbsp;· neither
the accountholder nor his/her representatives, directly or indirectly, suggest or otherwise consult or communicate with the investment adviser or broker
concerning transactions in specific Securities.

I understand that the Code does not prohibit receipt of periodic (after the fact) reports or statements of any Third Party Managed Account or information for preparation of tax returns or from holding periodic discussions with the investment adviser or broker explaining account activity solely for the purposes of describing investment objectives and risk profiles generally or evaluating the past performance, or for any purpose other than to discuss specific Securities or issuers.

I hereby certify that the conditions set forth above are satisfied with respect to each Third Party Managed Account identified below, and that neither I nor any other accountholder will have any communications with the investment adviser or broker relating directly or indirectly to any Security currently held or to be held by the account (except for receiving the reporting information specifically permitted by the last sentence of the preceding paragraph).

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name of Investment Adviser <br> or Broker: | &nbsp;&nbsp;Name of Investment Adviser <br> or Broker: | |
| &nbsp;&nbsp;Accountholder: | &nbsp;&nbsp;Accountholder: | |
| &nbsp;&nbsp;Account Number: | &nbsp;&nbsp;Account Number: | |
| &nbsp;&nbsp;Relationship to Investment Adviser or Broker (e.g. Independent Professional, friend, relative) | &nbsp;&nbsp;Relationship to Investment Adviser or Broker (e.g. Independent Professional, friend, relative) | |
| | <u>Signed</u> | Dated |

---

## Ex-99.B(P)(11)

**Exhibit 99.B(p)(11)** 

**III.** **CODE OF ETHICS**

The Firm has adopted the policies and procedures (as they may be amended from time to time, the "Policies") set forth in this policies and procedures manual (the "Manual") and implemented a compliance program intended to ensure that all Supervised Persons of the Firm obey the law and conduct themselves ethically.

The Firm, as registered investment advisers with the SEC and as investment managers or sub-advisers to BDCs and/or the Registered Funds, has adopted this code of ethics ("Code of Ethics") as required by Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act, respectively, to set forth standards of business conduct that the Firm expects of persons employed by, and working with the Firm and others designated by the Chief Compliance Officer. The Firm, as an investment adviser, has a fiduciary duty to act in the best interest of its Clients. The Firm's reputation for integrity, honesty and openness is essential to its continued business success.

All Firm personnel are required to comply with applicable Federal Securities Laws and report violations of the rules set out in the Code of Ethics promptly to the Compliance Team. The Compliance Team shall provide Supervised Persons with a copy of this Code of Ethics which is contained in the Firm's Manual and any amendments. Supervised Persons are expected to read and understand all requirements and procedures of the Code of Ethics. In fact, upon initial receipt of the Code of Ethics, Supervised Persons will be required to provide a certification acknowledging their receipt of the Code of Ethics and certifying that they have read and understand the Code and agree to abide by its provisions. Upon receipt of any amendments and on an annual basis, all Supervised Persons must acknowledge receipt of the updated Code of Ethics and certify that they continue to abide by the Code's provisions. Such certifications may be provided to Supervised Persons through StarCompliance.

We expect our Supervised Persons to put the interest of Clients first and foremost in their business dealings and day-to-day activities. Each Supervised Person is expected to conduct himself or herself in accordance with such standards at all times, and to deal honestly and fairly with all persons with whom he or she has contact. It is generally improper for the Firm or persons covered by the Code of Ethics to (i) use for their own benefit (or the benefit of anyone other than a Client) information about the Firm's trading or investment recommendations for a Client or (ii) take advantage of investment opportunities that would otherwise be available for a Client.

If Supervised Persons have any doubt or uncertainty about how to react to a particular circumstance or concern, they should contact the Compliance Team. Please **<u>do not</u>** guess at the answer.

Additionally, Supervised Persons should be aware that the Firm expects all persons covered by the Code of Ethics to comply with the spirit of the Code of Ethics, as well as the specific rules contained in the Code of Ethics. Technical compliance with the requirements set forth in this Code of Ethics and the Manual will not insulate Supervised Persons from scrutiny for any actions that create the appearance of a violation. Supervised Persons should also be aware that violations of either the letter or the spirit of the Policies in this Code of Ethics and the Manual will be treated with the utmost seriousness and may result in penalties being imposed at the discretion of the Firm, including but not limited to cancellation of an offending trade (with any resulting loss charged to the Supervised Person and any profits forfeited to the Firm, a charity or our Clients), imposition of penalties or fines, reduction of a Supervised Person's compensation, a letter of censure or reprimand, referrals to regulatory and self-regulatory bodies, suspension, substantial changes in duties and responsibilities, suspension and dismissal, or any combination of the foregoing. Violations may also result in civil or criminal proceedings and penalties. In addition, the Firm may, in its sole and absolute discretion, suspend or revoke a Supervised Person's personal trading privileges. Supervised Persons may also be placed on paid or unpaid leave pending any investigation into whether these policies and procedures have been violated.

Improper trading activity can constitute a violation of the Code of Ethics. Supervised Persons can also violate the Code of Ethics by failing to file required reports, or by making inaccurate or misleading reports or statements concerning trading activity or securities accounts. Supervised Persons' conduct can violate the Code of Ethics even if neither any Client nor the Firm is harmed by their conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Definitions**

All capitalized terms used in this Code of Ethics have the meanings set forth in this Code of Ethics and below. Supervised Persons should note that some of these terms (such as "beneficial interest") are sometimes used in other contexts, not related to codes of ethics, where they have different meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **"Automatic Investment Plan"**

The term "Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **"Cryptocurrency"**

The term "Cryptocurrency" means any virtual or digital representation of value, token or other asset in which encryption techniques are used to regulate the generation of such asset and to verify the transfer of the asset, whether or not such asset is characterized as a security under Federal Securities Laws. Such term includes "crypto assets," "digital assets," "digital currencies," "tokens," "virtual currency," and other decentralized finance assets (i.e., Bitcoin and Ethereum). Indirect interests in Cryptocurrency through cryptocurrency-related entities (e.g., entities deriving a substantial amount of revenue therefrom) or funds investing primarily in cryptocurrency (e.g., private funds or ETFs) are not included in this definition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **"Client"**

The term "Client" means any person or entity that the Firm provides investment advisory services to, including the Funds, any BDCs, the REIT, the Registered Funds, and any separately managed accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. "Direct or Indirect Influence or Control" includes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Suggesting
to anyone that a particular purchase or sale be made for the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Directing anyone to make any particular purchase
or sale of investments for the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consulting with anyone to make any particular
allocation of investments to be made in the account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Discussing
account holdings.

**NOTE:** Discussions about broad asset allocations that would not reasonably be expected to result in the purchase or sale of a particular security and discussions in which a trustee or third-party discretionary manager simply summarizes, describes or explains account activity to an access person would not indicate "direct or indirect influence or control."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. "Discretionary Account"**

The term "Discretionary Account" means any trust or account over which a Supervised Person (or members of their Family/Household) does not exercise any Direct or Indirect Influence or Control, as explained in more detail below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. "Family/Household" includes:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A Supervised Person's spouse or domestic
partner (unless they do not live in the same household as the Supervised Person and he or she does not contribute in any way to their
support);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A Supervised
Person's children under the age of 18;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A Supervised Person's children who are
18 or older (unless they do not live in the same household as the Supervised Person and the Supervised Person do not contribute in any
way to their support); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any of these people who live in a Supervised
Person's household: a Supervised Person's stepchildren, grandchildren, parents, stepparents, grandparents, brothers, sisters,
parents-in-law, sons-in-law, daughters-in-law, brothers-in-law and sisters-in-law, including adoptive relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. "Federal Securities Laws"**

The term "Federal Securities Laws" means the Securities Act of 1933, as amended (the "Securities Act"), the Exchange Act, the Sarbanes-Oxley Act of 2002, the Investment Company Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act, as amended, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. "Funds"**

The term "Fund" means private investment partnerships, investment companies or the foreign investment vehicles advised by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. "Initial Coin Offering"**

The term "Initial Coin Offering" means an offering of a digital asset conducted for the purpose of raising funds for a new venture or project wherein investors obtain interests (in the form of virtual coins or digital tokens) in exchange for legal tender or another established cryptocurrency. The term includes all such offerings, whether or not the venture or project considers the digital asset to be a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. "Initial Public Offering"**

The term "Initial Public Offering" (or "IPO") means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. "Personal Account"**

The term "Personal Account" refers to any account (including any custody account, safekeeping account and any account maintained by an entity that may act as a broker or principal) in which a Supervised Person has any direct or indirect beneficial interest, including personal accounts and trusts for the benefit of such persons. Thus, the term "Personal Accounts" also includes among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Trusts for which the Supervised Person acts as trustee, executor or custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Accounts of or for the benefit of the Supervised Person's Family/Household; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Accounts of or for the benefit of a person who receives material financial support from the Supervised Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. "Private Placement or Limited Offering"**

The term "Private Placement or Limited Offering" means an offering of securities that is exempt from registration under the Securities Act pursuant to Sections 4(a)(2) or 4(a)(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Personal Securities Transaction Reporting Obligations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Scope and Purpose**

These policies and procedures apply to the personal investment activities of all Supervised Persons.

The purpose of this policy is to summarize the values, principles, and business practices that guide the Firm's business conduct and to establish a set of principles and specific requirements to guide Supervised Persons regarding the conduct required of them when managing their personal investments.

These policies, procedures and requirements apply to all Personal Accounts and Discretionary Accounts of each Supervised Person. The Firm requires that the Compliance Team, under the ultimate direction and control of the Chief Compliance Officer, regularly monitor all trading activity in each Supervised Person's Personal Accounts and Discretionary Accounts. The Compliance Team will undertake to conduct the review and monitoring on a strictly confidential and carefully controlled basis (except to the extent disclosure is required under the Advisers Act or other applicable laws or regulations or any court order or other legal process).

It is a condition of all Supervised Persons' employment or association with the Firm that they disclose all of their Personal Accounts and Discretionary Accounts to the Firm. This includes Personal Accounts and Discretionary Accounts of a Supervised Person and his/her Family/Household members.

Each Supervised Person must comply with the requirements described herein, including the disclosure and reporting requirements, even if he/she has no holdings, transactions or accounts to list in any reports required under this policy.

Compliance with the Firm's reporting requirements does not relieve any Supervised Person of any of their other obligations under this Code of Ethics, including but not limited to the requirement that they seek pre-clearance of and obtain the approval for all securities transactions in any Personal Accounts of the Supervised Person and his/her Family/Household members, except as set forth in Subsection 5 (Exceptions to the Preclearance Requirement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Statement of Principles**

All Supervised Persons are required to conduct themselves in a lawful, honest, and ethical manner at all times in their business practices and to maintain an environment that fosters fairness, respect, and integrity.

The interests of the Firm's Clients at all times are and must be treated as paramount, and must always have priority over the personal interests of any Supervised Person.

Information concerning the securities<sup>7</sup>, holdings, operations, financial circumstances, and business activities of the Firm's Clients, as well as the identity of certain Clients, is confidential and Supervised Persons are required to safeguard this information.

The personal investment activities of Supervised Persons must be conducted in a manner (i) to avoid actual or potential conflicts of interest with the Firm and the Firm's Clients, (ii) to at all times be in full compliance will all applicable laws, rules and regulations, and (iii) to at all times avoid exposing such Supervised Persons, the Firm, or the Firm's Clients to any reputational risk, appearance of impropriety, unwanted attention, or any other adverse consequences.

<sup>7</sup> For purposes of this Policy, the term "securities" is broadly interpreted and construed by the Firm, and includes but is not limited to debt instruments such as loans, derivative securities and instruments such as futures, options and swaps, and all other assets in which the Firm invests on behalf of its Clients.

The Firm recognizes the importance to Supervised Persons of managing their own financial resources. However, because of the potential conflicts of interest inherent in its business, the Firm has implemented this policy with regard to personal investments of Supervised Persons. This policy is designed to minimize these conflicts and help ensure that the Firm at all times focuses on and fully performs its duties as a fiduciary to its Clients.

To the extent a Supervised Person learns of an investment opportunity, directly or indirectly, because of his or her position with the Firm, the Supervised Person must always give complete priority and preference to the interests of the Clients, and generally must refrain from pursuing such investment opportunity in any Personal Accounts.

Transactions in a security may not be executed in any Personal Accounts regardless of quantity, if the Supervised Person has access to information regarding, or knowledge or even a presumed knowledge of, Client activity in such security, including proposed activity and recommendations.

Supervised Persons should be aware that their ability to invest in certain securities and to liquidate all or any portion of those positions may be severely restricted under this policy, including but not limited to during times of market volatility. Therefore, as a general matter, the Firm encourages Supervised Persons to exercise caution when investing in securities, particularly in situations where a Supervised Person wishes to invest in securities likely to be held by the Clients in the future or with respect to which the Firm or any Client may have a business or other relationship. Supervised Persons are generally prohibited from purchasing any security held by a Client and, in the event a Client purchases a security held by a Supervised Person, the Supervised Person shall be prohibited from purchasing more of such security; however, such Supervised Person may sell his or her position in such security during such time that any Client holds the security; provided, that such Supervised Person has received approval of his/her pre-clearance request to sell such security and such security is sold in its entirety at such time.

The Firm does not mandate any specific holding period for securities in Supervised Person's Personal Accounts and Discretionary Accounts. Notwithstanding the foregoing, the Firm does not permit Supervised Persons to engage in a pattern of securities transactions that is so excessively frequent that it would potentially impact the Supervised Person's ability to carry out their assigned duties and responsibilities for the Firm and its Clients, that it would increase the possibility of potential conflicts, that would create an appearance of impropriety, or otherwise would violate any Firm policy, including, but not limited to, this policy.

The Firm does not permit Supervised Persons to engage in transactions prohibited by Franklin Templeton's policies and procedures, including but not limited to engaging in transactions in securities subject to blackout periods thereunder.

Supervised Persons generally are prohibited from engaging or participating in any activity that has the potential to cause harm to a Client. Examples of prohibited activities include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Making investment decisions, changes in research
or ratings, and trading decisions other than exclusively for the benefit of, and in the best interest of, the Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Taking, delaying, or omitting to take any action
with respect to any research recommendation, report or rating, or any investment or trading decision for a Client in order to avoid economic
injury to themselves or anyone other than the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchasing or selling a security on the basis
of knowledge of a possible transaction by or for a Client with the intent of personally profiting from, or avoiding a loss with respect
to, personal holdings in the same or related securities, including but not limited to, front-running a Client, trading ahead of a Client,
trading parallel to a Client, or trading opposite of or against the interests of a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Revealing to any other person (except in the
normal course of the Supervised Person's duties on behalf of the Firm) any information regarding securities transactions by the
Firm or any Client or the consideration by the Firm or any Client of any such securities transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engaging in any act, practice, or course of business
that operates or would operate as a fraud or deceit on the Firm, any Client, or any third-party or engaging in any manipulative practice
with respect to the Firm, any Client, or any third-party.

Engaging in any act, practice, or course of business that operates or would operate as a fraud or deceit on the Firm, any Client, or any third-party or engaging in any manipulative practice with respect to the Firm, any Client, or any third-party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Accounts and Transactions Covered by the Policy**

This policy covers both Personal Accounts and Discretionary Accounts and, therefore, includes accounts and transactions in which Supervised Persons have or share investment control and/or in which Supervised Persons have direct or indirect pecuniary interests or economic ownership or interests. Generally, a pecuniary interest means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction. Supervised Persons are presumed to have a pecuniary interest in securities held by members of their Family/Household. This includes Personal Accounts that do not trade in the securities covered by these policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **The Pre-Clearance Requirement**

Supervised Persons must obtain pre-clearance from the Compliance Team through StarCompliance before buying or selling any security in his/her Personal Account or the Personal Accounts of his/her Family/Household members, except as set forth in Subsection 5 (Exceptions to the Preclearance Requirement) below.

Prior to requesting pre-clearance for a securities transaction, Supervised Persons must attest to the following in the Star Compliance system:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· They
have read and they understand this policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· They are not in possession of non-public information
(whether or not material) regarding the security or instrument for which they are submitting the pre-clearance request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To their best knowledge, neither the Firm nor
any of its affiliates are in possession of non-public information (whether or not material) regarding the security or instrument for which
they are submitting the pre-clearance request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· They are not aware of any current or pending
transaction by any Client in the security or instrument for which they are submitting the pre-clearance request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· They are not considering the purchase, sale,
or recommendation of the security or instrument for which they are submitting the pre-clearance request for any Client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If their pre-clearance request is denied, they
will not execute any transaction in the security or instrument (unless approved in writing pursuant to a subsequent pre-clearance request).

Approved pre-clearance requests through StarCompliance are valid for only for the remainder of the trading day on the day which they are granted and only for the specific security for which they are granted. The end of the trading day is considered to be the end of the first trading day after approval is granted in the relevant market or on the relevant trading exchange in the local time zone where the Supervised Person is located.

For example, if a Supervised Person wishes to effect another transaction in the same security on the next business day after the Compliance Team's grant of approval of the pre-clearance request, or a different security of the same issuer on the same business day of the Compliance Team's grant of approval of the pre-clearance request, the Supervised Person must again seek and receive approval from the Compliance Team via a new pre-clearance request through StarCompliance prior to engaging in the subsequent transaction.

It should never be assumed that the Compliance Team will approve a transaction. Further, it should not be expected that the Compliance Team will explain a denial of a pre-clearance request.

For the avoidance of doubt, this pre-clearance requirement applies to <u>all securities</u> (other than Exempt Securities), including but not limited to securities issued by Franklin Templeton and its affiliates, including the Firm, as well as securities issued by entities managed by Franklin Templeton (or its affiliates) and/or issued by entities managed by the Firm (and/or its affiliates), respectively – such as, by way of illustration, all private funds, investment companies, REITS, BDCs and other pooled investment vehicles.

While pre-clearance of Supervised Persons' transactions is a cornerstone of the Firm's compliance efforts, pre-clearance cannot detect all inappropriate or potentially improper transactions, including those transactions where the intent conflicts with the principles of this policy. Thus, the fact that a Supervised Person may receive pre-clearance for proposed transaction received will not constitute a defense against a charge of violating this policy or any applicable securities laws, rules, or regulations.

In order to protect the interests of the Firm and its Clients, all Supervised Persons are reminded to at all times use sound judgment and care to avoid not only a violation of the terms of this policy, but also to at all times avoid any conduct that would create even the appearance of impropriety or even the appearance of a violation of the terms of this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Exceptions to the Pre-Clearance Requirement**

***Transactions in Exempt Securities***

Transactions in the following securities are exempt from the pre-clearance requirement set forth above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cryptocurrencies, provided that Supervised Persons
may not enter into transactions for Cryptocurrencies offered through an Initial Coin Offering without pre-clearance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· direct obligations of the government of the United
States or any political subdivision thereof (i.e., treasury bills, treasury bonds, municipal bonds, and other similar instruments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· bankers' acceptances, bank certificates
of deposit, commercial paper, and high-quality short-term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares
issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares issued by United States registered open-end
funds (i.e., open-end mutual funds and exchange traded funds (ETFs)) that are broad-based index or similar funds; provided that such funds
are not Clients of the Firm or an affiliate of the Firm and such fund's investment adviser and/or principal underwriter is not controlled
or under common with the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares issued by unit investment trusts that
are invested exclusively in one or more open-end funds that are broad-based index or similar funds); provided that such funds are not
Clients of the Firm or an affiliate of the Firm and such fund's investment adviser and/or principal underwriter is not controlled
or under common with the Firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· interests in certain qualified tuition programs
established pursuant to Section 529 of the of the Internal Revenue Code of 1986, as amended.

***Certain Transactions Directed by Independent, Professional Third-Parties in Discretionary Accounts***

Transactions in Discretionary Accounts are exempt from the pre-clearance requirement set forth above, provided they are approved by the Firm, reported to the Firm, and managed by an independent, professional third-party in accordance with this policy.

To be exempt from the pre-clearance requirement, the Discretionary Account must be managed in accordance with the following restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Neither the Supervised Person nor any members
of such Supervised Person's Family/Household may have any direct or indirect influence or control of the Discretionary Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Such Discretionary Account must be managed by
an independent (i.e., no familial or personal relationship to the Supervised Person and no affiliation with the Firm) professional third-party
investment manager or investment adviser without the advance knowledge, input, or consent of the account holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Such Discretionary Account must be restricted
from purchasing Initial Public Offerings, Initial Coin Offerings, and Limited Offerings, either in the agreement governing the Discretionary
Account or a separate certification of the investment manager or investment adviser.

Notwithstanding the foregoing, a Supervised Person (or any members of such Supervised Person's Family/Household) may discuss general policy matters with his or her Discretionary Account manager such as, for example, such person's tolerance for investment risk, overall defensive or aggressive postures, asset allocation by broad categories, tax matters such as tolerance for gains and losses, and cash disbursement requirements for taxes or otherwise. A Discretionary Account manager may not consult with a Supervised Person (or any members of such Supervised Person's Family/Household), and such person may not provide instructions to his or her Discretionary Account manager, with respect to any specific buy, sell, or hold decisions at any time. Such impermissible instructions include suggesting purchases or sales of investments to the Discretionary Account manager, directing purchases or sales of investments by the Discretionary Account manager, or consulting with the Discretionary Account manager as to the particular allocation of investments to be made in the account.

If a Supervised Person (or any members of such Supervised Person's Family/Household) has a Discretionary Account, such Supervised Person must complete the Discretionary Account Certification, available through StarCompliance, no later than thirty (30) calendar days after such Supervised Person joins the Firm and annually thereafter. If a Supervised Person (or any members of such Supervised Person's Family/Household) opens a Discretionary Account after such Supervised Person joins the Firm, such Supervised Person must complete the Discretionary Account Certification no later than thirty (30) calendar days after such Discretionary Account is opened. In addition, such Supervised Person must provide the Compliance Team with a copy of the agreement governing the Discretionary Account and obtain or facilitate the Firm's obtaining of a certification from such Discretionary Account's third-party manager.

Unless otherwise waived by the Chief Compliance Officer, until the requirements set forth in this section are complied with by a Supervised Person with regards to any of his or her accounts, such accounts will not be treated as Discretionary Accounts and will instead be treated as Personal Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Reporting Requirements**

All Supervised Persons must complete the required initial certification through StarCompliance no later than ten (10) calendar days after the date the person is notified by the Compliance Team of the requirement to do so. In addition, no later than thirty (30) calendar days after the end of each calendar quarter and each calendar year-end, all Supervised Persons must report all transactions in securities covered by this policy in StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Insider Trading Policies**

Insider trading, or trading while in possession of material non-public information, is against the law and penalties are severe, both for individuals involved in such unlawful conduct and their employers. The penalties include, but are not limited to, civil and/or criminal liability, and can result in not only irrevocable damage to a Supervised Person's career, but also, in extreme cases, substantial fines and/or imprisonment. No Supervised Person may affect any transactions, either personally or on behalf of a Client, while in possession of material non-public information with respect to that transaction, or in any way communicate material non-public information to any person outside of the Firm unless expressly authorized to do so by the Compliance Team. For additional information, refer to Section XIV (Policy on Confidential and Other Non-Public Information and Personal Securities Transactions). In addition to this policy, Supervised Persons are required at all times to abide by the applicable policies and procedures prescribed in the Code of Ethics, the policies contained in the Firm's employee handbooks (as applicable), and various other policies adopted by the Firm from time to time with respect to the use and treatment of material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Administration of the Policy, Waivers and Reporting Obligations**

Questions regarding this policy and its requirements should be directed to the Compliance Team. Administration of this policy is the responsibility of the Compliance Team, under the ultimate direction and control of the Chief Compliance Officer. As noted herein, the Firm uses StarCompliance, a third-party compliance service provider, to manage the oversight of personal investments.

A Supervised Person that violates this policy will be sanctioned in a manner that the Firm, in its sole discretion, determines to be appropriate. Such sanctions can range from warnings to disgorgement of trading profits to personal trading suspensions, and even the termination of employment of Supervised Persons and the reporting by the Firm of improper conduct to law enforcement and regulatory authorities.

The Chief Compliance Officer may, in his or her discretion, waive compliance by any Supervised Person with the provisions of this policy, if he or she finds that such a waiver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is necessary to alleviate undue hardship or in
view of unforeseen circumstances or is otherwise appropriate under all the relevant facts and circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· will
not be inconsistent with the purposes and objectives of this policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· will
not adversely affect the interests of the Clients or the interests of Firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· will not result in a transaction or conduct that
would violate provisions of applicable laws or regulations.

Any such waiver can only be provided in writing by the Chief Compliance Officer (or his or her designee for such purpose).

Supervised Persons are required to report violations of this policy, whether by themselves or by others, to the Compliance Team. The Firm is dedicated to providing Supervised Persons with the means and opportunity to report violations of this policy, or any other instances of wrongdoing, or any other concerns Supervised Persons may have regarding this policy or any other Firm matter. The Firm does not allow retaliation against any Supervised Person who has reported a possible or actual violation of this policy in good faith.

## Ex-99.B(P)(13)

**Exhibit 99.B(p)(13)**

![](tm2522623d1_ex99-bxpx13img1.jpg)

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|:---|:---|
| Code of Ethics | ![](tm2522623d1_ex99-bxpx13img2.jpg) |

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**Table of Contents**

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|:---|:---|
| 1. Introduction | 2 |
| 2. Standards of Business Conduct | 2 |
| 3. Violations | 2 |
| 4. Staff Activities | 3 |
| 5. Staff Personal Trading | 3 |
| 6. Gifts | 6 |
| 7. Outside Business Activities | 7 |
| 8. Anti-Bribery | 8 |

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|:---|:---|
| Code of Ethics | ![](tm2522623d1_ex99-bxpx13img2.jpg) |

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Introduction

The Code of Ethics, in conjunction with the Compliance Manual, sets forth policies and procedures to assist the Access Persons of Brickwood Asset Management LLP ("Brickwood" or the "Firm") in complying with their fiduciary duty to the Firm's clients.

An Access Person is defined as any supervised person of the Firm who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· has access
to non-public information regarding clients' purchase or sale of securities or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is
 involved in making securities decisions or recommendations to clients or has access to such
 decisions and recommendations that are not public.

The Firm takes the position that all staff involved in the day to day business of the Firm are Access Persons**.**

The Code of Ethics sets out the standards of conduct expected of the Firm's staff and details policies and procedures addressing certain potential conflicts of interest.

Staff are responsible for reading, understanding and consenting to comply with the Code of Ethics. Any questions regarding the policies set out below should be directed to the Compliance Officer (also known as the Chief Compliance Officer).

Brickwood requires each member of staff to provide written acknowledgement of receipt of the Code of Ethics upon joining the Firm and annually thereafter. An additional acknowledgement may be required upon material amendments to the Firm's policies and procedures.

The importance of compliance with this Code of Ethics cannot be overemphasized. Failure to comply may result in fines, censures and other sanctions against Brickwood and/or staff of the Firm. A member of staff found not to be in compliance with the Code of Ethics will be subject to disciplinary measures up to and including termination.

Any staff member who has or obtains knowledge of information that constitutes a violation of the Code of Ethics must promptly notify the Compliance Officer. The Firm discloses certain aspects of its Code of Ethics on the Form ADV.

Standards of Business Conduct

Brickwood is a "fiduciary" to the Firm's clients and has a fundamental obligation to act in their best interests. Staff should not engage in any activity that may represent a conflict of interest to any client and are expected to take reasonable steps to fulfil the Firm's fiduciary obligation on an ongoing basis.

Violations

Staff are required to follow the policies of the Firm and all applicable federal securities laws. Violations of the Code of Ethics, the Compliance Manual, or securities regulations must be promptly reported to the Compliance Officer. Violations may result in severe penalties to the Firm and the individuals involved, including potential civil or criminal penalties.

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| | |
|:---|:---|
| Code of Ethics | ![](tm2522623d1_ex99-bxpx13img2.jpg) |

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Staff Activities

To fulfil the Firm's regulatory obligations the Firm must fully understand any activities of its staff that might give rise to a conflict or a potential conflict with the Firm's clients. To that end, Brickwood has established policies and procedures regarding the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Staff
personal trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gifts
and entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Outside
business activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Political
contributions.

All activities of the Compliance Officer that require preclearance will be approved by Claudia Ripley, CEO.

Staff Personal Trading

This Policy covers all accounts holding reportable securities in which a staff member has a direct or indirect beneficial ownership and includes any accounts maintained by of for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 staff member's spouse or domestic partner (unless a valid separation/divorce decree
 has been obtained);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The staff
member's immediate family1 members living in the staff member's household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any person
to whom the staff member contributes material financial support; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 individual or entity for which the staff member exercises a controlling interest or discretionary
 investment authority.

A staff member is deemed to have beneficial ownership if the staff member has or shares a direct or indirect opportunity to profit or share in any profit derived from the account.

Together the accounts referred to above are considered "covered accounts".

REPORTABLE SECURITIES

The term reportable securities includes all traditionally traded instruments as defined in Section 202(a)(18) of the Advisers Act, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct
obligations of the U.S., such as 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 money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 of open-end funds or collective investment schemes that are not affiliated, advised or sub-advised
 by the Firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 issued by unit investment trusts that are invested exclusively in one or more open-end funds,
 none of which are advised or sub-advised by the Firm.

The SEC has taken the position that Exchange Traded Funds are reportable securities and as such must be reported pursuant to these procedures.

Immediate family includes any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and shall include adoptive relationships.

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|:---|:---|
| Code of Ethics | ![](tm2522623d1_ex99-bxpx13img2.jpg) |

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PRE-APPROVAL REQUIREMENTS

Staff must obtain pre-approval from the Compliance Officer prior to undertaking any transactions in any reportable securities, including initial public offerings.

Staff members must also obtain pre-approval to participate in any limited offering or private investment.

It is the Firms' policy that requests by Partners and fund managers of Brickwood to deal in direct reportable securities will not be approved. They are allowed to sell any existing holdings in reportable securities. The exception to this rule is that partners are allowed to request permission to deal in any open-ended fund managed by Brickwood.

In all transactions involving securities exempt from pre-approval, staff should conform to the spirit of the Code of Ethics and avoid any activity which might appear to conflict with the interests of the Firm or its clients.

Trade requests must contain the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Financial
instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Buy or
sell request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Approximate
trade volume or value of transaction.

The requested transaction must be executed within 24 hours of the approval. The Compliance Officer maintains all requests and approvals on file.

Staff are discouraged from frequent or excessive trading or trading in highly speculative securities or other instruments. Such trading activities are more likely to give rise to conflicts or perceived conflicts and to detract from the Firm's client investment focus. Trading on the basis of actual or possible material non-public information i.e. inside information is strictly prohibited, as set out in the Firm's Compliance Manual. The Firm encourages staff to adopt a medium to long-term investment strategy, as opposed to a short-term trading strategy.

Holding Periods

All employee acquisitions must be retained for a minimum period of 90 calendar days prior to any subsequent sale. Any disposal within a shorter period must specifically be approved by the Compliance Officer. This permission, if granted, will only occur in exceptional circumstances.

Third Party Managed Accounts

Pre-approval is not required for transactions in accounts managed by a professional adviser and over which the staff member exercises no discretion. While third party managed accounts must be approved by the Compliance Officer, the securities maintained by such accounts do not need to be reported on annual or quarterly holdings reports (see below).

In order for the Compliance Officer to confirm that an account is solely managed by a third party the staff member and professional adviser will provide an initial and periodic representations confirming the terms of the arrangement. The Compliance Officer reserves the right to, on a sample basis, request reports on transactions and/or holdings of third party managed accounts.

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PERSONAL ACCOUNT REPORTING – INITIAL AND ANNUAL HOLDINGS REPORT

Staff must submit to the Compliance Officer an initial holdings report of all securities and private investments at the commencement of employment.

The initial report must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Be submitted
no later than 10 days after becoming a member of staff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Be current
and include information accurate within 45 days of the report date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Contain
the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 title and type of security and, as applicable, the exchange ticker symbol or CUSIP number,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Number
 of shares, and principal amount of each reportable security in each covered account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The name
of any broker, dealer or bank in which a covered account is maintained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The date
the staff member submits the holdings report.

The Compliance Officer has the responsibility to ensure receipt of all holdings reports. The Compliance Officer reviews such reports to determine that staff trades are consistent with the Firm's policies and do not otherwise indicate improper trading activities.

PERSONAL ACCOUNT REPORTING – QUARTERLY TRANSACTION REPORTS

In addition to holdings reports, every member of staff must submit a quarterly transaction report to the Compliance Officer.

The report must include all securities transactions that were undertaken, including the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP
 number, interest rate and maturity date, number of shares, and principal amount of each reportable
 security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The price
of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The date
the Access Person submits the report.

Each staff member must submit the quarterly transaction report no later than 30 days after each calendar quarter, regardless of whether the staff member undertook any transactions during the quarter.

The Compliance Officer reviews such reports to confirm that staff trades are consistent with the Firm's policies and do not otherwise indicate improper trading activities.

Quarterly transaction reports are not required regarding transactions undertaken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 an account over which the staff member has no direct or indirect influence or control, such
 as a third party managed account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pursuant
 to an automatic investment plan (Note: The establishment of an automatic investment plan
 must be pre-cleared); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Due
 to the reinvestment of cash dividends resulting from securities already owned under a dividend
 reinvestment program.

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EXEMPTIONS

Any member of staff seeking an exemption from these reporting requirements for a specific account must do so in writing to the Compliance Officer. In the unlikely case an exemption is granted the Compliance Officer reserves the right to periodically request holdings and/or transaction reports for the exempted account.

RESTRICTED LIST

The Compliance team maintains a list of securities that may not be traded by Brickwood or personally by staff (the "Restricted List"). A security may be placed on the Restricted List for a variety of reasons including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The security
is currently in a client portfolio and personal trading may present a conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Firm
is in possession of material non-public information i.e. inside information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Firm is party to terms of a nondisclosure or other agreement that restricts trading in the
 security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trading
a security not held in a client portfolio that may present a conflict of interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Compliance
team has determined it necessary to do so.

The Compliance team is responsible for maintaining the Restricted List and periodically reviewing trading records to confirm that no trading in Restricted List securities has occurred.

Gifts

Staff should always conduct themselves in such a manner as to avoid the appearance of a potential conflict. Staff should not, directly or indirectly, offer or accept a gift of more than a nominal value from any person or company in relation to their employment with Brickwood. Even gifts of nominal value may raise special concerns for persons associated with pension plan sponsors, including state, municipal and other governmental plans. Any gifts to persons known to be affiliated with such plans must be pre-approved in writing by the Compliance Officer.

A "gift" is anything of value, given or received, where there is no business communication involved in its enjoyment. Examples of gifts include, but are not limited to, tickets to events, lodging and travel expenses, golf clubs, wine, prizes received from raffles or drawings, and perishable items such as food. It may also include other items given in recognition of a life event such as a wedding, anniversary or birthday. The offering or receipt of cash gifts or cash equivalents, such as gift cards, is strictly prohibited.

Gifts should only be offered or accepted when they are clearly reasonable under the relationship's circumstances. Staff should only accept gifts if there is a true belief that there is no attempt to influence the staff member's judgment, and the gift does not bring feelings of indebtedness or obligation.

All members of staff are required to obtain pre-approval from the Compliance Officer for any gifts offered or received that is likely to be valued over the amount of £100.

Employees may not accept gifts, either individually or in the aggregate from a business contact over any twelve-month period, having a value greater than £250. Gifts from multiple business contacts working for the same organisation must be aggregated for purposes of calculating these thresholds. In the event a gift is received above this value it must be immediately reported to the Compliance Officer who will determine whether or not the gift needs to be returned or donated to charity.

**All political donations are strictly prohibited.** Giving gifts to government officials (including, but not limited to, employees of sovereign wealth funds) or their family members is strictly prohibited**.**

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When making charitable donations in a business context the spirit of this policy must be observed, that is the charitable donation must be for charitable purposes and not designed to induce any party to do business. All charitable donations require the prior approval of the Board.

All members of staff are required to obtain pre-approval from the Compliance Officer for any entertainment offered or received that is likely to be valued over the amount of £250 per head. If the expected cost per head was less than £250 but after the event the estimated cost per head was greater than £250, a report must be submitted to the Chief Compliance Officer showing the estimated cost of the entertainment. and the reason prior approval was not sought.

Where a business contact or multiple business contacts working for the same organisation have provided entertainment in excess of £500 per calendar year to an employee, the Chief Compliance Officer must be consulted before any further entertainment from the business contact is accepted. Please also refer to Brickwood Gifts, Entertainment and Anti-bribery policy for additional information.

Outside Business Activities

While Brickwood encourages staff to participate in and provide leadership to community, charitable, and professional activities, prior to engaging in any outside business activity, staff members must obtain written approval from the Compliance Officer. This includes all positions, especially if such activities are appointments as a director, officer, outside employment and/or offer compensation.

Generally, staff may not serve as an executive officer or director or trustee of any business entity with which the Firm conducts business or in whose securities the Firm may invest. Any exceptions will be approved by the Compliance Officer. Staff must disclose to the Firm in writing all benefits, including monetary compensation, that they receive for outside business activities. The Compliance team maintains records of all outside business activities and their approval.

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Anti-Bribery

It is the Firm's policy that no member of staff may provide anything of value to a government official or candidate for office, whether domestic or foreign, in the hopes of securing an improper advantage in the furtherance of business relationships or the obtainment of investment advisory contracts. Any staff member found in violation of the Firm's anti-bribery policy will be subject to disciplinary action, up to and including termination.

THE FCPA

The U.S. Foreign Corrupt Practices Act of 1977, as amended ("FCPA"), makes it illegal for members of staff to make payments or provide anything of value to foreign government officials to assist the Firm in obtaining or retaining business. The FCPA applies to any officer or employee of a foreign government and to those acting on the foreign government's behalf. Thus, the act covers corrupt payments to low-ranking employees and high-level officials alike. Giving gifts to government officials (including, but not limited to, employees of sovereign wealth funds) or their family members is strictly prohibited.

POLITICAL CONTRIBUTIONS

Rule 206(4)-5 of the Advisers Act (the "pay-to-play rule") prohibits the Firm from providing advisory services for compensation to a government client for two years after the Firm or its staff contribute to certain elected officials or candidates. This generally includes contributions made by a staff member's spouse, domestic partner, minor children and any other immediate family members sharing the staff member's household.

Pay-to-play refers to arrangements by which an investment adviser directs political contributions to a candidate who has the ability, either directly or through appointment, to influence the investment adviser selection process to manage a government account. The SEC prohibits investments advisers from engaging in pay-to-play activities.

Brickwood requires that all political contributions be made in compliance with the pay-to-play rule. This includes contributions to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a candidate
for state or local political office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 candidate running for federal office who currently holds a state or local political officer;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 political party or political action committee ("PAC")2 that may contribute to
 such campaigns.

Contribution is broadly defined and means anything of value, which includes, but is not limited to payments, gifts, loans, paid participation in fundraisers (e.g. tickets to a dinner), and transition expenses.

The pay-to-play rule requires an investment adviser to look back two years at the political contributions of certain new members of staff. For those who will be involved in the solicitation of clients and investors of the Firm, the look back is two years. For certain other members of staff, not involved in soliciting clients or investors, the look back required by the SEC is a shorter period of six months.

Brickwood has taken the position that upon joining the Firm, all staff will complete a political contributions disclosure form based on the more stringent requirement of two years.

**All political donations and/or contributions are strictly prohibited.**

A PAC is a group formed (as by an industry or an issue-oriented organization) to raise and contribute money to the campaigns of candidates likely to advance the group's interests.

## Ex-99.B(P)(14)

**Exhibit 99.B(p)(14)**

**<u>CODE OF ETHICS (PERSONAL TRADING) & <br> INSIDER TRADING</u>**

**<u>CODE OF ETHICS - PERSONAL TRADING BY BRIGADE CAPITAL AND ITS PERSONNEL</u>**

**(1)**  **<u>Introduction</u>** 

High ethical standards are essential for the success of Brigade Capital to maintain the confidence of its Advisory Clients. Brigade Capital's long-term business interests are best served by adherence to the principle that its Advisory Clients' interests come first. Brigade Capital has a fiduciary duty to its Advisory Clients, which requires individuals associated with Brigade Capital to act solely for the benefit of the Advisory Clients. Potential conflicts of interest may arise in connection with the personal trading activities of individuals associated with investment advisory firms. In recognition of Brigade Capital's fiduciary obligations to the Advisory Clients and Brigade Capital's desire to maintain its high ethical standards, Brigade Capital has adopted this Code of Ethics which it reasonably believes complies with the requirements of Rule 204A-1 under the Advisers Act and the Access Person reporting and preclearance requirements of Rule 17j-1 under the Investment Company Act, containing provisions designed to: (i) prevent improper personal trading by Access Persons; (ii) prevent improper use of confidential and material, non-public information about securities recommendations made by Brigade Capital or securities holdings of the Advisory Clients; (iii) identify conflicts of interest; and (iv) provide a means to resolve any actual or potential conflict in favor of the Advisory Client.

Brigade Capital's goal is to allow its Access Persons to engage in *certain, limited* personal securities transactions while protecting Brigade Capital, its Advisory Clients and its Access Persons from the conflicts that could result from a violation of the securities laws or from real or apparent conflicts of interest. While it is impossible to define all situations that might pose such a risk, this Code of Ethics is designed to address those circumstances where such risks are likely to arise. It is the personal responsibility of every employee to avoid any conduct that could create a conflict, or even the appearance of a conflict, with the Advisory Clients, or do anything which could damage or erode the trust the Advisory Clients place on Brigade Capital and its Access Persons.

**Adherence to the Code of Ethics and the related restrictions on personal investing is considered a basic condition of employment for employees and Access Persons of Brigade Capital. If there is any doubt as to the propriety of any activity, employees should consult with the Chief Compliance Officer or his designee.** The Chief Compliance Officer is charged with the administration and distribution of this Code of Ethics, has general compliance responsibility for Brigade Capital, and may offer guidance on securities laws and acceptable practices, as the same may change from time to time. The Chief Compliance Officer may rely upon the advice of outside legal counsel or outside compliance consultants.

Interns will be considered "Access Persons" for purposes of the Code of Ethics.

**Access Persons must acknowledge receipt and understanding of this Code of Ethics on an annual basis.** Such acknowledgement will generally be completed via ComplianceAlpha.

**(2)**  **<u>Applicability of Code of Ethics</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  **<u>Personal Accounts of Access Persons.</u>** This Code of
Ethics applies to all Personal Accounts of all Access Persons where "Reportable
Securities" (as defined in **Section 3(d)** of this Code of Ethics below) are held and includes any account in which
an Access Person has any direct or indirect beneficial ownership. A Personal Account also includes an account maintained by or for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An Access Person's spouse (other than a legally separated
or divorced spouse of the Access Person), domestic partner and minor children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any individuals who live in the Access Person's household
and over whose purchases, sales, or other trading activities the Access Person exercises control or investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any persons to whom the Access Person provides primary financial
support, and either (i) whose financial affairs the Access Person controls, or (ii) for whom the Access Person provides discretionary
advisory services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any trust or other arrangement which names the Access Person
as a beneficiary or remainderman; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any partnership, corporation, or other entity of which the
Access Person is a director, officer or general partner or in which the Access Person has a 25% or greater beneficial interest, or in
which the Access Person owns a controlling interest or exercises effective control; provided, however, that the accounts of the Advisory
Clients managed by Brigade Capital are not deemed to be Personal Accounts of an Access Person.

**Upon becoming an Access Person, the Access Person must disclose all Personal Accounts to Brigade Capital's Chief Compliance Officer through ComplianceAlpha.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Access Person as Trustee. A Personal Account does not include any account for which an Access Person serves as trustee of a trust for the benefit of (i) a person to whom the Access Person does not provide primary financial support, or (ii) an independent third party.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>Personal Accounts of Other Access Persons. A Personal Account of an Access Person that is managed by another Access Person is considered to be a Personal Account only of the Access Person who has a Beneficial Ownership in the Personal Account. The account is considered to be a client account with respect to the Access Person managing the Personal Account.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  **<u>Solicitors/Consultants. Non-employee Solicitors or consultants are not subject to this Code of Ethics unless the relevant Solicitor or consultant, as part of his/her duties on behalf of Brigade Capital, (i) makes or participates in the making of investment recommendations for the Advisory Clients, or (ii) obtains information on recommended investments for the Advisory Clients.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  **<u>Client Accounts. A client account includes any account managed by Brigade Capital which is not a Personal Account.</u>** 

**(3)**  **<u>Restrictions on Personal Investing Activities</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>: It is the responsibility of each Access Person
to ensure that a particular securities transaction being considered for his/her Personal
Account is not subject to a restriction contained in this Code of Ethics or otherwise prohibited by any applicable laws. Personal securities
transactions for Access Persons may be affected only in accordance with the provisions of this Code of Ethics. It should be noted that
the Chief Compliance Officer may grant exceptions to certain of the trading restrictions described in this Code of Ethics. Such exceptions
will be documented and only be permitted if there is no material conflict of interest with the Advisory Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Restriction on Excessive Trading</u>. Access Persons shall
not engage in "day trading" or any type of "excessive" trading that would be contrary to the best interests of
Brigade Capital's Advisory Clients and Investors. For these purposes, Access Persons shall not engage in more than thirty (30)
reportable transactions<sup>1</sup> (e.g., buys and sells) across all of his/her Personal Accounts during a particular calendar quarter.
Such trading restriction is subject to limited exceptions for extenuating circumstances (e.g., financial hardship), as determined in
the sole discretion of the Chief Compliance Officer, the Chief Operating Officer & General Counsel and the Managing Member.
All trading is subject to the review of the Chief Compliance Officer or his designee on at least a quarterly basis.

1 This does not limit the number of lots in which a reportable transaction can be executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Prohibition of Trading with or against Advisory Clients</u>:
It should be noted that the Chief Compliance Officer does not generally intend to permit Access Persons to execute transactions in the
types of securities that the Advisory Clients typically invest in. The Advisory Clients typically hold securities of domestic and international
leveraged companies, debt or debt-like obligations rated below investment grade by one or more of the major rating agencies, or securities
trading at yields comparable to the high yield market and high yield issuers. It should be noted, however, that Access Persons may be
permitted to invest in exchange-traded or open-ended funds that invest in the debt markets, subject to the pre-clearance requirements
described in **Paragraph (f)** below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>General Permissible Securities Transactions ("Permissible Securities")</u>: Access Persons will generally be permitted to engage in *certain, limited* personal securities transactions
(certain of which require pre-clearance) in the following Permissible Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Permissible Securities that **Do Not Require Pre-Clearance**</u> :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Government debt obligations of the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Bankers' acceptances, bank certificates of deposit, commercial
paper and high quality short term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Shares issued by <u>open-end</u> funds (excluding exchange traded funds) that are registered under the
Investment Company Act of 1940 (or equivalent European registered open-ended funds), as amended, *provided* that such funds are NOT
registered funds managed by Brigade Capital or registered funds whose adviser or principal underwriter controls, is controlled by, or
is under common control with, Brigade Capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Shares issued by unit investment trusts that are invested exclusively in one or more registered open-end
funds; *provided* that such funds are NOT advised by Brigade Capital or an affiliate and such fund's adviser or principal underwriter
is not controlled by or under common control with Brigade Capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Cryptocurrencies\* (as defined below).

<u>\*Cryptocurrencies</u>: This includes any virtual or digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank (e.g., Bitcoin, Litecoin, Ethereum, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. <u>Permissible Securities that **Require Pre-Clearance**</u> ("Reportable Securities"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Shares issued by <u>closed-end</u> funds that are registered under the Investment Company Act of 1940,
as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Shares issued by <u>open-end</u> funds that are registered under the Investment Company Act of 1940, as
amended, <u>IF</u> they are managed by Brigade Capital, or their adviser or principal underwriter controls, is controlled by, or
is under common control with, Brigade Capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Shares issued by unit investment trusts that are invested exclusively in one or more registered open-end
funds, <u>IF</u> such funds are advised by Brigade Capital or an affiliate, or such fund's
adviser or principal underwriter is controlled by or under common control with Brigade Capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Shares issued by exchange traded funds or "ETFs" including
open-end ETFs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Securities of business development companies or "BDCs";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Securities of Real Estate Investment Trusts or "REITs";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Non-distressed municipal bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Securities in limited offerings (which include investments in
hedge funds, private equity funds, SPAC sponsors and the Advisory Clients);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Options, Contract for Differences (CFDs) and Spread Bets on Permissible
Securities except for Legacy Positions (as defined below), or on commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Legacy Positions\* (as defined below);

<u>\*Legacy Positions</u>: In the event that an Access Person already owns a security (a "Legacy Position") that does not fall under the other categories of the Permissible Securities (as detailed above), the Access Person may not add to such Legacy Position, but may only close out or cover such securities, subject to the pre-clearance and reporting requirements and other restrictions that are applicable to Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Options and ETFs related to cryptocurrencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Initial Coin Offerings ("ICOs"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Securities of special purpose acquisition companies or "SPACs".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Holdings List, Restricted List and Watch List</u>: Each Access Person is strictly prohibited from trading
in the securities of issuers that are included on the Holdings List, Restricted List and Watch List. Issuers on the Holdings List include
the issuers of securities that the Advisory Clients have held in the past seven (7) calendar days and the issuers of securities that
the Advisory Clients currently hold. Issuers on the Restricted List include the issuers of securities about which Brigade Capital has
come into contact with material non-public or certain confidential information. Issuers on the Watch List generally include open orders
on Brigade Capitals allocation blotter that are not already on the Holdings List. It should be noted that the Chief Compliance Officer
has the discretion to add any other issuers to the Holdings List, Restricted List and Watch List as he deems appropriate. The current
Holdings List, Restricted List and Watch List are available on Brigade Capital's intranet and ComplianceAlpha. In the event that
an Access Person owns a security prior to the issuer of such security being added to the Holdings List, or the Watch List, Access Persons
are not allowed to add to the position; however, they may close out or cover such securities as long as the Advisory Clients have not
traded in such securities or plan to trade in such securities within seven (7) calendar days and all other personal trading requirements
have been met. To the extent that an Access Person owns a security of an issuer prior to that issuer being added to the Restricted List,
the Access Person may not conduct transactions in such security until the issuer is no longer on the Restricted List.

Notwithstanding the foregoing, such trading prohibitions shall *<u>not</u>* apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Permissible Securities that do not require pre-clearance (as listed
above in **Section 3(d)(I)**) of the same or affiliated issuer that the Advisory Clients held in the past seven (7) calendar
days, currently hold or intend on holding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) securities issued by a subsidiary of an issuer that the Advisory
Clients held in the past seven (7) calendar days, currently hold or intend on holding, although the Chief Compliance Officer still
retains the authority to deny any such pre-clearance requests if believed to be in the best interests of Advisory Clients.

*For Example:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· JPMorgan
Chase & Co. (ticker: JPM) is put on the Holdings List; however, an Access Person may be permitted to trade an open-ended
mutual fund (i.e., a Permissible Security that does not require pre-clearance) managed or sponsored by JPM and/or its affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Blackstone
Group L.P. (ticker: BX) is put on the Watch List; however, an Access Person may be permitted to trade Permissible Securities issued
by investment funds managed or sponsored by BX and/or its affiliate; and

As detailed below, all security transactions in Reportable Securities (as defined above in **Section 3(d)(II)**) are subject to pre-clearance requirements and other restrictions described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Pre-clearance of Transactions in Personal Account</u>: Prior to trading a Reportable Security (as defined
above in **Section 3(d)(II)**), an Access Person must obtain the prior written approval of (i) the Chief Compliance Officer,
(ii) the Compliance Officer – UK/Europe, (iii) the Chief Operating Officer & General Counsel, or (iv) the
Associate General Counsel or the (v) the Associate, Compliance (each an "Authorized Approver"). It should be noted that
this includes, but is not limited to, investments in limited offerings (which include private or restricted offerings). An Authorized
Approver submitting his/her own pre-clearance request must obtain such pre-approval from an alternate Authorized Approver. For the avoidance
of doubt, an Authorized Approver may not pre-clear his/her own personal transactions.

Requests for pre-clearance generally must be submitted via ComplianceAlpha. If the trade requests meet certain criteria (e.g. the Reportable Security is not on the Restricted List, the Holding List and does not violate rules with respect to excessive personal trading), it will be automatically approved by ComplianceAlpha. Other requests will be reviewed by the relevant Compliance personnel and approved or rejected as necessary. Any approval given under this paragraph will remain in effect for 24 <u>business day hours</u>, except for pre-approvals given for transactions in limited offerings, which may be in effect for a longer period as noted in the respective pre-approval. In the case of transactions in the Funds, pre-approvals are made via the subscription agreement, additional contribution forms or withdrawal/redemption request forms for the respective Fund. In consideration of the fact that the Funds require significant advance notice for processing purposes, pre-clearance approvals provided via the Funds' subscription agreements, additional contribution forms or withdrawal/redemption request forms are in effect from the date they are acknowledged as received by Brigade Capital and/or the Administrator through the date the subscription, contribution or withdrawal/redemption is effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Holding Period</u>: To the extent that an Access Person was granted approval to purchase a
 particular Reportable Security, such Access Person must generally hold the Reportable Security for sixty (60) days before selling
 such Reportable Security, subject to the approval of two of the Authorized Approvers. Further, Access Persons that hold Reportable
 Securities upon employment with Brigade Capital will be subject to the sixty (60) day holding period which commences on their
 employment start date with Brigade Capital; provided, however, this requirement will not apply to the extent such Access Person
 demonstrates to the Chief Compliance Officer that the Reportable Security was held sixty (60) days prior to such date. However, it
 should be noted that, from time to time, certain exceptions to the sixty (60) day holding
period may be granted for Access Persons by the Chief Compliance Officer, the Chief Operating Officer & General Counsel and the
Managing Member. Prior to granting an exception, the Chief Compliance Officer will review the trade to determine whether it presents a
conflict of interest for any Advisory Client and will deny the application if a conflict of interest is present. The conflict of interest
review and exceptions will be documented by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Short Sales</u>: An Access Person shall not engage in any short sale of a security if, at the time
of the transaction, any Advisory Client account managed by Brigade Capital has a long position in such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Shadow Trading</u>: An Access Person shall not engage in "shadow trading", i.e., using
confidential information about one issuer to trade the securities of another issuer on the basis that the market prices of the two securities
are reasonably likely to be positively or negatively correlated when the information becomes public.

**(4)**  **<u>Reporting Requirements</u>** 

All Access Persons are required to submit to the Chief Compliance Officer (subject to the applicable provisions of **Section 5 below**) the following reports via ComplianceAlpha:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Holdings Report</u> – Access Persons are required to provide the Chief Compliance Officer
with an Initial Holdings Report via ComplianceAlpha within ten (10) days of becoming an Access Person, which includes the following
information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All of the Access Person's current securities holdings with
the following content for each Reportable Security (as defined above in **Section 3(d)(II)**) that the Access Person has any
direct or indirect Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**·** title
 and type of Reportable Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**·** ticker
 symbol or CUSIP number (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**·** number
 of shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**·** principal
amount of each Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The name of any broker, dealer or bank with which the Access Person
maintains an account in which any Reportable Securities are held.

Information contained in Initial Holding Reports must be current as of a date no more than forty-five (45) days prior to the date the person becomes an Access Person of Brigade Capital. The report must be dated the day the Access Person submits it. Access Persons generally must submit their Initial Holdings Reports via ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Annual Holdings Report</u> – Subject to the applicable provisions of **Section 5** below,
Access Persons must also provide at least one Annual Holdings Report of all current Reportable Securities holdings during each twelve
(12) month period (the "Annual Holdings Certification Date"). For purposes of this Code of Ethics, the Annual Holdings Certification
Date is October 31. From a content perspective, each such Annual Holdings Report must comply with the requirements of **Section 4(a)(i)-(ii) above**.
Access Persons generally must submit their Annual Holdings Reports via ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Quarterly Transaction Reports</u> – Subject to the applicable
provisions of **Section 5** below, Access Persons must also provide quarterly securities transaction reports for each transaction
in a Reportable Security (as defined above in **Section 3(d)(II)**) that the Access Person has any direct or indirect Beneficial Ownership of (each a "Quarterly
Transaction Report"). Such Quarterly Transaction Reports must meet the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Content Requirements – Quarterly Transaction Reports must
include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· date
 of transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· title
 of Reportable Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ticker
 symbol or CUSIP number of Reportable Security (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· interest
 rate or maturity rate (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· number
 of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· principal
 amount of Reportable Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· nature
 of transaction (i.e., purchase or sale);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· price
 of Reportable Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· name
 of broker, dealer or bank through which the transaction was effected; and

· date
 upon which the Access Person submitted the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Timing Requirements – Subject to **Section 5(c)**, Access Persons must submit a Quarterly Transaction Report no later
than the next month end after the end of each quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Quarterly Transaction Reports requirement generally will be
fulfilled by employees attesting to the accuracy of the past quarter's transactions set forth in their ComplianceAlpha accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>"Non-Discretionary" Personal Accounts/Personal Accounts Managed by a Third Party</u> – As explained below in **Section 5**, the reporting and pre-clearance requirements
do not apply to any transaction executed, or holding maintained in Personal Accounts over which an Access Person has no direct or any
influence or control (e.g., the Access Person has delegated investment discretion over such account to a third party) (a "Non-Discretionary/Managed
Account"). However, Access Persons with Non-Discretionary/Managed Accounts will be required to provide the Chief Compliance Officer
with the following information via Compliance Alpha:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 notification via ComplianceAlpha within ten (10) days of opening a Non-Discretionary/Managed
 Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An
 initial attestation from the broker for the Non-Discretionary/Managed Account within thirty
 (30) days of the date the account is opened. In addition, Access Persons must obtain this
 attestation for all Non-Discretionary/Managed Accounts in existence as of the date of this
 Manual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An
 annual confirmation from the broker via negative consent that the Access Person has no direct
 influence or control over the relevant accounts. The Chief Compliance Officer or his designee
 will send the initial version of the certification to the broker and if there are no changes,
 no response will be required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An
 annual attestation to be completed via ComplianceAlpha for any Non-Discretionary/Managed
 Account.

**(5)**  **<u>Exceptions from Reporting Requirements/Alternative to Quarterly Transaction Reports</u>** 

This **Section 5** sets forth exceptions from the reporting requirements of this Code of Ethics. All other requirements will continue to apply to any holding or transaction exempted from reporting pursuant to this **Section 5**. Accordingly, the following transactions will be exempt only from the reporting requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Initial, Annual or Quarterly Transaction Report is required to be filed by an Access Person with respect
to securities held in any Personal Account over which the Access Person has (or had) no direct or indirect influence or control. However,
Access Persons must provide certain details and complete the applicable forms related to such Non-Discretionary/Managed Account(s), as
explained in **Section 4(d)** above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Quarterly Transaction Reports are not required to be submitted with respect to any transactions effected
pursuant to an automatic investment plan (although holdings need to be included on Initial and Annual Holdings Reports);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Quarterly Transaction Reports are not required if the report would duplicate information contained in
broker trade confirm or account statements that an Access Person has already provided to the Chief Compliance Officer (including, for
the avoidance of doubt, information in the Access Person's ComplianceAlpha account); provided, that such broker trade confirm or
account statements are provided to the Chief Compliance Officer no later than the next month end after the end of the applicable calendar
quarter. This paragraph has no effect on an Access Person's responsibility related to the submission of Initial and Annual Holdings
Reports.

Access Persons that would like to avail themselves of this exception in **Section 5(c)** should ensure that the content of such broker confirms or account statements meet the content required for Quarterly Transaction Review Reports set forth above in **Section 4(c)** under the heading "Quarterly Transaction Reports."

**(6)**  **<u>Protection of Confidential Information About Securities / Investment Recommendations</u>** 

In addition to other provisions of this Code of Ethics and Brigade Capital's Manual (including the Insider Trading Procedures which are detailed in this Manual), Access Persons should note that Brigade Capital has a duty to safeguard confidential information (including material, non-public information) about securities/investment recommendations provided to (or made on behalf of) Advisory Clients. As such, Access Persons should not share such information outside of Brigade Capital. Notwithstanding the foregoing, Access Persons and Brigade Capital may provide such information to persons or entities providing services to Brigade Capital or its Advisory Clients, where such information is required to effectively provide the services in question. Examples of such service providers are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· brokers;

· accountants
or accounting support service firms;

· custodians;

· transfer
agents;

· bankers;

· compliance
consultants; and

· lawyers.

If there are any questions about the sharing of confidential information related to securities/investment recommendations made by Brigade Capital, please see the Chief Compliance Officer.

**(7)**  **<u>Oversight of Code of Ethics</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Reporting.</u> Any situation that may involve a conflict of interest or other possible violation of
this Code of Ethics must be promptly reported to the Chief Compliance Officer who must report it to the executive management of Brigade
Capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Review of Transactions.</u> Each Access Person's transactions in his/her Personal Accounts will be
reviewed on a regular basis and compared to transactions entered into by Brigade Capital for its Advisory Clients. Any transactions that
are believed to be a violation of this Code of Ethics will be reported promptly to the Chief Compliance Officer who must report them to
the executive management of Brigade Capital. Any noted violations shall be properly documented for Brigade Capital's compliance
files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sanctions.</u> The executive management of Brigade Capital, with advice of outside legal counsel, at
its discretion, shall consider reports made to management and upon determining that a violation of this Code of Ethics has occurred, may
impose such sanctions or remedial action management deems appropriate or to the extent required by law (as may be advised by outside legal
counsel or other advisors). These sanctions may include, among other things, disgorgement of profits, fines, suspension or termination
of employment with Brigade Capital, or criminal or civil penalties.

**(8)**  **<u>Compliance with Federal Securities Law</u>** 

All employees are required to comply with applicable Federal Securities Laws. Failure to adhere to Federal Securities Laws could expose an employee to sanctions imposed by Brigade Capital, the SEC or law enforcement officials. These sanctions may include, among others, disgorgement of profits, suspension or termination of employment by Brigade Capital, or criminal or civil penalties. If there is any doubt as to whether a Federal Securities Law applies, employees should consult the Chief Compliance Officer.

**(9)**  **<u>Confidentiality</u>** 

All reports of securities transactions and any other information filed pursuant to this Code of Ethics shall be treated as confidential to the extent permitted by law.

## Ex-99.B(P)(15)

**Exhibit 99.(b)(p)(15)**

**<u>CODE OF ETHICS</u>**

**CAUSEWAY CAPITAL MANAGEMENT TRUST**

and

**CAUSEWAY CAPITAL MANAGEMENT LLC**

**I. <u>INTRODUCTION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Standards of Conduct</u>. This Code of Ethics has been adopted by the Trust and the Adviser in compliance with Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act. Capitalized terms used in this Code are defined in Appendix 1 to this Code. All Appendixes referred to herein are attached to and are a part of this Code.

This Code is based on the principles that the trustees, managers, officers, and employees of the Trust and the Adviser have a fiduciary duty to the Trust and that the board of managers, officers, and employees of the Adviser or its parent holding company also have a fiduciary duty to the Adviser's other clients. Fiduciaries owe their clients duties of loyalty, honesty, good faith and fair dealing. As fiduciaries, Covered Persons must at all times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.</u> <u>Place the interests of the Funds and Private Accounts first</u>. Covered Persons must scrupulously avoid serving their own personal interests ahead of the interests of the Funds and Private Accounts. Covered Persons may not induce or cause a Fund or Private Account to take action, or not to take action, for personal benefit, rather than for the benefit of the Fund or Private Account. For example, a Covered Person would violate this Code by causing a Fund or Private Account to purchase a Security he or she owned for the purpose of increasing the price of that Security or by Market Timing Funds or Private Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.</u> <u>Avoid taking inappropriate advantage of their positions</u>. Covered Persons may not, for example, use their knowledge of portfolio transactions to profit by the market effect of such transactions. Receipt of investment opportunities, perquisites, or gifts from persons seeking business with the Trust or the Adviser could call into question the exercise of a Covered Person's independent judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.</u> <u>Conduct all personal Securities Transactions in full compliance with this Code including the reporting requirements</u>. All personal Securities Transactions must be conducted consistent with this Code and in such a manner as to avoid actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility. Doubtful situations should be brought to the attention of the Compliance Officer (or a designee) and resolved in favor of the Funds and Private Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>4.</u> <u>Comply with all applicable federal securities laws</u>. Covered Persons must comply with all applicable federal securities laws. It is prohibited for a Covered Person, in connection with the purchase or sale, directly or indirectly, by the person of a Security held or to be acquired by a Fund or Private Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To employ any device, scheme or artifice to defraud a Fund or Private Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To make any untrue statement of a material fact to a Fund or Private Account or omit to state a material fact necessary in order to
make the statements made to a Fund or Private Account, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To engage in any act, practice or course of business that operates or would operate as a fraud or deceit on a Fund or Private Account;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To engage in any manipulative practice with respect to a Fund or Private Account.

This Code does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not act as a shield from liability for personal trading or other conduct that violates a fiduciary duty to Fund shareholders or Private Account clients. Access Persons and Investment Personnel should bring to the attention of the Compliance Officer (or a designee) any known circumstances or situations that may create an actual, potential or perceived conflict of interest.

**Violations of the Code must be reported promptly to the Compliance Officer. Failure to comply with the Code may result in sanctions, including termination of employment.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Appendixes to the Code</u>. The Appendixes to this Code are attached to and are a part of the Code. The Appendixes include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u> (Appendix 1),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Contact Persons</u> (Appendix 2),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Certification of Compliance with Code of Ethics</u> (Appendix 3 and 3-I),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Personal Securities Holdings and Accounts Disclosure Form</u> (Appendix 3-A)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Form Letter to Broker, Dealer or Bank</u> (Appendix 4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Report of Securities Transactions</u> (Appendix 5)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Initial Public Offering / Private Placement Clearance Form</u> (Appendix 6)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Application of the Code to Independent Fund Trustees</u>. The following provisions do not apply to Independent Fund Trustees and their Immediate Families.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Personal Securities Transactions (Section II)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Initial, Quarterly and Annual Holdings Reporting Requirements (Section III.A)

**II. <u>PERSONAL SECURITIES TRANSACTIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Prohibited Transactions</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;1. <u>Prohibited Securities Transactions</u>. The following Securities Transactions are prohibited and will not be authorized by the Compliance Officer (or a designee) absent exceptional circumstances. The prohibitions apply only to the categories of persons specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Pending Buy or Sell Orders (Investment Personnel and Access Persons)</u>. Any purchase or sale of Securities (except Funds) by Investment Personnel or Access Persons on any day during which any Fund or Private Account has a pending "buy" or "sell" order in the same Security (or Equivalent Security) until that order is executed or withdrawn. This prohibition applies whether the Securities Transaction is in the same direction (e.g., two purchases) or the opposite direction (a purchase and sale) as the transaction of the Fund or Private Account. See exemption in Section II.B.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Seven-Day Blackout (Investment Personnel and Access Persons)</u>. Purchases or sales of Securities (except Funds and registered open-end investment companies that are not ETFs) by Investment Personnel or Access Persons within seven calendar days before and after a purchase or sale of the same Securities (or Equivalent Securities) by any Fund or Private Account. For example, if a Fund or Private Account trades a Security on day one, day eight is the first day any Investment Personnel or Access Persons may trade that Security (or Equivalent Security) for an account in which he or she has a beneficial interest. This prohibition applies whether the Securities Transaction is in the same direction or the opposite direction as the transaction of the Fund or Private Account. This prohibition also does not apply where a personal trade follows or precedes a Fund or Private Account trade to purchase or sell a basket of securities to invest cash or raise cash (<u>e.g</u>., program trades or cash equitization trades). Investment Personnel and Access Persons may not cause a Fund or Private Account to refrain from trading in order to avoid the application of this prohibition. See exemption in Section II.B.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Intention to Buy or Sell for a Fund or Private Account (Investment Personnel and Access Persons)</u>. Purchases or sales of Securities (except Funds) by an Access Person or Investment Person at a time when that Access Person or Investment Person intends, or knows of another's intention, to purchase or sell that Security (or an Equivalent Security) on behalf of a Fund or Private Account. This prohibition also applies whether the Securities Transaction is in the same direction or the opposite direction as the transaction of the Fund or Private Account. This prohibition does not apply with respect to Fund or Private Account trades to purchase or sell a basket of securities to invest cash or raise cash (<u>e.g.</u>, program trades or cash equitization trades).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Sixty Day Short-Term Trading Profit Restriction (Investment Personnel and Access Persons)</u>. Investment Personnel are prohibited from profiting from any purchase and sale, or sale and purchase, of a Security or Equivalent Security within sixty calendar days. All Access Persons are prohibited from profiting from any purchase and sale, or sale and purchase, of a Fund or Private Account within sixty calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Restricted List (Investment Personnel and Access Persons)</u>. Investment Personnel and Access Persons are prohibited from purchases or sales of Securities on the Adviser's Restricted List, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Holdings Restriction (Investment Personnel and Access Persons)</u>. Investment Personnel and Access Persons are prohibited from purchasing Securities or Equivalent Securities (except Funds and ETFs) currently held or sold short by any Fund or Private Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Excessive Trading (Investment Personnel and Access Persons)</u>. Excessive trading is strongly discouraged. Excessive trading means trading with a frequency that potentially imposes an administrative burden on the Compliance department, interferes with regular job duties, or adversely affects clients, as determined by the Compliance Officer in his or her discretion. In general, any Access Person requesting preclearance for more than 10 Securities Transactions in a month should expect additional scrutiny regarding his or her trades. The Compliance Officer or a designee monitors trading activity, and may report such activity to Adviser management and/or limit the number of Securities Transactions by an Access Person during a given period. Notwithstanding the foregoing, this rule does not apply to Securities Transactions in an account that is managed by a broker or adviser with discretionary authority over the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Always Prohibited Securities Transactions</u>. The following Securities Transactions for Funds or Private Accounts are prohibited for all Access Persons and Investment Persons and will not be authorized under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Inside Information</u>. Any transaction in a Security while in possession of material nonpublic information regarding the Security or the issuer of the Security. For more detailed information, see the Adviser's Insider Trading Policy in its Compliance Policies and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Market Manipulation</u>. Transactions intended to raise, lower, or maintain the price of any Security or to create a false appearance of active trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Others</u>. Any other transactions deemed by the Compliance Officer (or a designee) to involve a conflict of interest, possible diversions of a corporate opportunity, an appearance of impropriety, or an administrative burden, or determined by the Compliance Officer (or designee) in his or her discretion to be prohibited for any other reason. For example, Access Persons and Investment Personnel should not execute Securities Transactions for their own account with the same individual employee at a broker-dealer firm that Causeway uses for trading for Funds and Private Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Initial Public Offerings (Investment Personnel and Access Persons)</u>. Any purchase of Securities by Investment Personnel or Access Persons in an initial public offering (other than a new offering of a registered open-end investment company) or purchase of cryptocurrency tokens or Initial Coin Offerings (which may be analogous to IPOs) is only permitted if the Compliance Officer grants permission in advance after considering, among other facts, whether the investment opportunity should be reserved for a Fund or Private Account and whether the opportunity is being offered to the person by virtue of the person's position as an Investment Person or Access Person. If authorized, the Compliance Officer will maintain a record of the reasons for such authorization (see Appendix 6).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Private Placements (Investment Personnel and Access Persons)</u>. Acquisition of Beneficial Interests in Securities in a Private Placement by Investment Personnel or Access Persons is only permitted if the Compliance Officer (or a designee) grants permission in advance after considering, among other facts, whether the investment opportunity should be reserved for a Fund or Private Account and whether the opportunity is being offered to the person by virtue of the person's position as an Investment Person or Access Person. If a Private Placement transaction is permitted, the Compliance Officer will maintain a record of the reasons for such approval (see Appendix 6). Investment Personnel who have acquired securities in a Private Placement are required to disclose that investment to the Compliance Officer when they play a part in any subsequent consideration of an investment in the issuer by a Fund or Private Account, and the decision to purchase securities of the issuer by a Fund or Private Account must be independently authorized by a Portfolio Manager with no personal interest in the issuer.

B. <u>Exemptions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The following Securities Transactions are exempt from the restrictions set forth in Section II.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Mutual Funds/CITs</u>. Securities issued by any registered open-end investment companies or collective investment trusts (excluding Funds, mutual fund clients and collective investment trusts for which the Adviser serves as investment adviser or subadviser and ETFs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>No Knowledge</u>. Securities Transactions where neither the Access Person nor Investment Person nor an Immediate Family member knows of the transaction before it is completed (for example, Securities Transactions effected for an Access Person or Investment Person by a trustee of a blind trust or by an automated or "robo" adviser without Access Person or Investment Person input or approval, or discretionary trades involving an investment partnership or investment club in which the Access Person or Investment Person is neither consulted nor advised of the trade before it is executed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Certain Corporate Actions</u>. Any acquisition of Securities through stock dividends, dividend reinvestments, stock splits, reverse stock splits, mergers, consolidations, spin-offs, or 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Rights</u>. Any acquisition of Securities through the exercise of rights issued by an issuer <u>pro rata</u> to all holders of a class of its Securities, to the extent the rights were acquired in the issue;

&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. <u>Charities and Inheritances</u>. Any disposition of Securities (or Equivalent Securities) donated or transferred to charitable or similar organizations, or any acquisition of Securities (or Equivalent Securities) through inheritance or similar estate transfer processes. This exception does not apply to a donation where the Access Person or Investment Person knows that the recipient will immediately sell the Securities (or Equivalent Securities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Miscellaneous</u>. Any transaction in the following: (1) bankers' acceptances, (2) bank certificates of deposit, (3) commercial paper, (4) high quality short-term debt, including repurchase agreements, (5) Securities that are direct obligations of the U.S. Government, (6) municipal bonds, and (7) other Securities as may from time to time be designated in writing by the Compliance Officer on the grounds that the risk of abuse is minimal or non-existent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Personal Transactions in Securities that also are being purchased, sold or held by a Fund or Private Account are exempt from the prohibitions of Sections II.A.1. a and b if the Investment Person or Access Person does not, in connection with his or her regular functions or duties, make, participate in, or obtain information regarding the purchase or sale of Securities by that Fund or Private Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Application to Commodities, Futures, Options on Futures and Options on Broad-Based Indexes</u>. Commodities, futures (including currency futures and futures on securities comprising part of a broad-based, publicly traded market based index of stocks, but not including futures on single securities) and options on futures and options on broad-based indexes are not subject to the prohibited transaction provisions of Section II.A., but are subject to the Code's transaction reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Application to Currencies and Cryptocurrencies</u>. Currencies, such as US Dollars or euros, are not Securities and are not subject to the Code. Similarly, cryptocurrencies, such as Bitcoin, which are a virtual or digital representation of value, are not Securities and are not subject to the Code. However, purchases of cryptocurrency tokens and ICOs are subject to preclearance, and, depending on the instrument, derivatives on tokens are subject to preclearance.

**III. <u>REPORTING AND PRECLEARANCE REQUIREMENTS</u>**

A. <u>Reporting and Preclearance Requirements for Access Persons and Investment Personnel</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Preclearance Procedures</u>. Access Persons and Investment Persons must obtain approval from the Compliance Officer prior to entering into any Securities Transactions (including IPOs and Private Placements) or purchases or sales of cryptocurrency tokens or ICOs (which are subject to the same procedures as Securities Transactions below), except that preclearance is not required for the exempt Securities Transactions set forth in Section II.B or for Securities Transactions in Funds or federal Thrift Savings Plan funds. An Access Person's or Investment Person's first failure to preclear a Securities Transaction within a five year period will not be considered a violation and will receive a warning, unless the Securities Transaction involves a violation of the prohibitions of Section II.A. Access Persons and Investment Persons may preclear Securities Transactions only where they have a present intent to transact in the Security.

To preclear a Securities Transaction, an Access Person or Investment Person shall communicate his or her request to the Compliance Officer, either through the automated preclearance system or a manual process, and provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Issuer name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Type of security (stock, bond, note, etc.); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Nature of transaction (purchase or sale).

Approval of a Securities Transaction, once given, is effective only for two business days or until the employee discovers that the information provided at the time the transaction was approved is no longer accurate, whichever is shorter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Initial Holdings and Accounts Report</u>. Every Access Person and Investment Person must submit within 10 calendar days of becoming an Access Person or Investment Person an Initial Holdings and Accounts Report (see Appendix 3-A) to the Compliance Officer listing all Securities accounts and Securities that he or she holds in such accounts in which that Access Person or Investment Person (or Immediate Family member) has a Beneficial Interest. The information in the Initial Holdings and Accounts Report must be current as of a date not more than 45 calendar days prior to the date the person becomes an Access Person or Investment Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Quarterly Reporting Requirements</u>. Every Access Person and Investment Person (and Immediate Family member) must arrange for the Compliance Officer or a designee to receive directly from any broker, dealer, or bank that effects any Securities Transaction, duplicate copies of each confirmation for each such transaction and periodic statements for each brokerage account in which such Access Person or Investment Person (and Immediate Family member) has a Beneficial Interest. Attached hereto as Appendix 4 is a form of letter that may be used to request such documents from such entities. All copies must be received no later than 30 calendar days after the end of the calendar quarter. Each confirmation or statement must disclose the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the title (and exchange ticker symbol or CUSIP number, interest rate and maturity date, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the number of shares and principal amount;

&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) the nature of the transaction (<u>e.g.</u>, purchase or sale);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) the price of the Security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) the name of the broker, dealer or bank through which the trade was effected.

If an Access Person or Investment Person (or Immediate Family member) is not able to arrange for duplicate confirmations and periodic statements to be sent that contain the information required above, or if a transaction is consummated without an intermediary, he or she must submit a quarterly transaction report (see Appendix 5) within 30 calendar days after the completion of each calendar quarter to the Compliance Officer or a designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Every Access Person or Investment Person who establishes a Securities account during the quarter in which that Access Person or Investment Person (or Immediate Family member) has a Beneficial Interest must submit an Account Report (see Appendix 5) to the Compliance Officer or a designee. This report must be submitted to the Compliance Officer or a designee within 30 calendar days after the completion of each calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Annual Holdings and Accounts Report</u>. Every Access Person and Investment Person must annually submit an Annual Holdings and Accounts Report (see Appendix 3-A) listing all Securities accounts and Securities in which that Access Person or Investment Person (or Immediate Family member) has a Beneficial Interest. The information in the Annual Holdings Report must be current as of a date no more than 45 calendar days before the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. An Access Person or Investment Person is not required to report Securities accounts that may only hold open-end mutual funds (except ETFs) or collective investment trusts; however, an Access Person or Investment Person is required to report Securities accounts that are permitted to hold other Securities or ETFs even if the Securities account does not currently hold other Securities or ETFs.

B. <u>Reporting Requirements for Independent Fund Trustees</u>

Each Independent Fund Trustee (and his or her Immediate Family) must report to the Compliance Officer or a designee any trade in a Security by any account in which the Independent Fund Trustee has any Beneficial Interest if the Independent Fund Trustee knew or, in the ordinary course of fulfilling his or her duty as a Trustee of the Trust, should have known that during the 15-calendar day period immediately preceding or after the date of the transaction in a Security by the Trustee such Security (or an Equivalent Security) was or would be purchased or sold by a Fund or such purchase or sale by a Fund was or would be considered by the Fund, except with respect to purchases or sales of a basket of securities to invest cash or raise cash (<u>e.g.</u>, program trades or cash equitization trades). Independent Fund Trustees who need to report such transactions should refer to the procedures outlined in Section III.A.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Exemptions, Disclaimers and Availability of Reports</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;1. <u>Exemptions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Securities Transaction involving the following circumstances or Securities is exempt from the reporting requirements discussed above: (1) neither the Access Person or Investment Person nor an Immediate Family member had any direct or indirect influence or control over the transaction; (2) Securities directly issued by the U.S. Government; (3) bankers' acceptances; (4) bank certificates of deposit; (5) commercial paper; (6) high quality short-term debt instruments, including repurchase agreements; and (7) shares issued by open-end mutual funds or collective investment trusts (excluding Funds, mutual fund and collective investment trust clients for which the Adviser serves as investment adviser or subadviser and ETFs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An Access Person or Investment Person shall not be required to make a transaction report under Section III.A. to the extent that information in the report would duplicate information recorded by the Adviser pursuant to Rule 204-2(a)(13) of the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to transactions effected pursuant to an Automatic Investment Plan, Access Persons and Investment Persons need not make quarterly transaction reports under Section III.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Disclaimers</u>. Any report of a Securities Transaction for the benefit of a person other than the individual in whose account the transaction is placed may contain a statement that the report should not be construed as an admission by the person making the report that he or she has any direct or indirect beneficial ownership in the Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Availability of Reports</u>. All information supplied pursuant to this Code may be made available for inspection to the Board of Trustees of the Trust, the management of the Adviser, the Compliance Officer, any party to which any investigation is referred by any of the foregoing, the SEC, any self-regulatory organization of which the Adviser is a member, any state securities commission or regulator, and any attorney or agent of the foregoing or of the Trust. Information supplied pursuant to this Code may also be maintained by a third-party vendor engaged by the Adviser to facilitate administration of the Code, provided the vendor has agreed to maintain the confidentiality of such information.

**IV. <u>FIDUCIARY DUTIES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Confidentiality</u>. Covered Persons are prohibited from revealing information relating to the investment intentions or activities of the Funds or Private Accounts except to persons whose responsibilities require knowledge of the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Corporate Opportunities</u>. Access Persons and Investment Persons may not take personal advantage of any opportunity properly belonging to the Funds or Private Accounts. This includes, but is not limited to, acquiring Securities for one's own account that would otherwise be acquired for a Fund or Private Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Undue Influence</u>. Covered Persons may not cause or attempt to cause any Fund or Private Account to purchase, sell or hold any Security in a manner calculated to create any personal benefit to the Covered Person. If a Covered Person (or Immediate Family member) stands to benefit materially from an investment decision for a Fund or Private Account which the Covered Person is recommending or participating in, the Covered Person must disclose to those persons with authority to make investment decisions for the Fund or Private Account (or, if the Covered Person in question is a person with authority to make investment decisions for the Fund or Private Account, to the Compliance Officer) any Beneficial Interest that the Covered Person (or Immediate Family member) has in that Security or an Equivalent Security, or in the issuer thereof, where the decision could create a material benefit to the Covered Person (or Immediate Family member) or the appearance of impropriety. The person to whom the Covered Person reports the interest, in consultation with the Compliance Officer, must determine whether or not the Covered Person will be restricted in making investment decisions.

**V. <u>COMPLIANCE WITH THIS CODE OF ETHICS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Compliance Officer Review</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;1. <u>Monitoring of Personal Securities Transactions</u>. The Compliance Officer or a designee will review personal Securities Transactions and holdings reports made pursuant to Section 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;2. <u>Investigating Violations of the Code</u>. The Compliance Officer will investigate any suspected violation of the Code and report the results of each investigation to the Chief Operating Officer of the Adviser. The Chief Operating Officer together with the Compliance Officer will review the results of any investigation of any reported or suspected violation of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Annual Reports</u>. At least annually, the Compliance Officer must furnish to the Trust's Board of Trustees, and the Board of Trustees must consider, a written report that (1) describes any issues arising under this Code or procedures since the last report to the Board of Trustees, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations, and (2) certifies that the Fund and the Adviser have adopted procedures reasonably necessary to prevent Covered Persons from violating the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Remedies</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;1. <u>Sanctions</u>. If the Compliance Officer and the Chief Operating Officer of the Adviser determine that a Covered Person has committed a violation of the Code following a report of the Compliance Officer, the Compliance Officer and the Chief Operating Officer of the Adviser may impose sanctions and take other actions as they deem appropriate, including a letter of caution, suspension of personal trading rights, suspension of employment (with or without compensation), fine, civil referral to the SEC, criminal referral, and termination of the employment of the violator for cause. Absent exceptional circumstances, an Access Person's first violation of the Code within a five year period would result in a 30- calendar day suspension of personal trading privileges, a second violation within a five year period would result in a 90- calendar day suspension of personal trading privileges, and a third violation within a five year period would result in a 2-year suspension of trading privileges. For these purposes, violations would be measured from the date the violation occurred and include, for accumulation purposes, past violations. A suspension of trading privileges would generally entail a prohibition from purchasing Securities, but would not prohibit purchases of registered open-end investment companies or collective investment trusts and would not prohibit sales of Securities or purchases of Securities to cover short positions.

The Compliance Officer and the Chief Operating Officer of the Adviser also may require the Covered Person to reverse the trade(s) in question and forfeit any profit or absorb any loss derived therefrom. The amount of profit shall be calculated by the Compliance Officer and the Chief Operating Officer of the Adviser. Such profit and any other monetary fine imposed hereunder shall be paid by the Covered Person to the Adviser and forwarded by the Adviser to a charitable organization selected by the Compliance Officer and the Chief Operating Officer of the Adviser. The Compliance Officer and the Chief Operating Officer of the Adviser may not review his or her own transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Sole Authority</u>. The Compliance Officer and the Chief Operating Officer of the Adviser have sole authority, subject to the review set forth in Section V.B.1 above, to determine the remedy for any violation of the Code, including appropriate disposition of any monies forfeited pursuant to this provision. Failure to promptly abide by a directive to reverse a trade or forfeit profits may result in the imposition of additional sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Exceptions to the Code</u>. Exceptions to the Code will rarely, if ever, be granted. The Compliance Officer may grant exceptions to the requirements of the Code on a case by case basis if the Compliance Officer finds that the proposed conduct involves negligible opportunity for abuse, or upon a showing by the employee that he or she would suffer extreme financial hardship should an exception not be granted. Should the subject of the exception request involve a Securities Transaction, a change in the employee's investment objectives, tax strategies, or special new investment opportunities would not constitute acceptable reasons for an exception. Any exceptions granted must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Compliance Certification</u>. The Adviser shall provide each Covered Person with a copy of the Code of Ethics and any amendments. Each Access Person and Investment Person shall certify that he or she has received, read and understands the Code and any amendments by executing the Certification of Compliance with the Code of Ethics form (see Appendix 3). In addition, on an annual basis, all Access Persons and Investment Persons will be required to re-certify on such form (see Appendix 3) that they have read and understand the Code and any amendments, that they have complied with the requirements of the Code, and that they have reported all Securities Transactions required to be disclosed or reported pursuant to the requirements of the Code. Independent Fund Trustees and members of the board of managers of the Adviser's parent holding company should complete Appendix 3-I only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Inquiries Regarding the Code</u>. The Compliance Officer will answer any questions about the Code or any other compliance-related matters.

DATED: April 25, 2005

REVISED: November 1, 2005; January 30, 2006; January 28, 2008; February 1, 2010; August 2, 2010; August 10, 2010; July 1, 2013; June 30, 2015; June 30, 2016; December 29, 2017; June 29, 2018; June 3, 2019; June 30, 2020; October 1, 2020; June 30, 2021; June 30, 2022; December 30, 2022; June 30, 2025

**Appendix 1**

**DEFINITIONS**

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended.

"<u>Access Person</u>" means any officer, general partner or Advisory Person of the Trust, the Adviser, or Causeway (Shanghai) Information Consulting Co., Ltd.; provided, that the employees of SEI Investments Global Funds Services and its affiliates (collectively, "SEI") shall not be deemed to be "Access Persons" as their trading activity is covered by the Code of Ethics adopted by SEI in compliance with Rule 17j-1 under the 1940 Act. Unless otherwise determined by the Compliance Officer in writing, Independent Fund Trustees and members of the board of managers of the Adviser's parent holding company who are not Advisory Persons are deemed not to be Access Persons under this Code on the grounds that they do not have regular access to information or recommendations regarding the purchase or sale of Securities by Funds or Private Accounts and the risk of abuse is deemed minimal.

"<u>Adviser</u>" means Causeway Capital Management LLC.

"<u>Advisers Act</u>" means the Investment Advisers Act of 1940, as amended.

"<u>Advisory Person</u>" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any trustee, member of the board of managers of the Adviser's parent holding company, or officer, general partner or employee of the Adviser, Causeway (Shanghai) Information Consulting Co., Ltd., or the Trust (or of any company in a Control relationship with any of such companies) who, in connection with his or her regular functions or duties, makes, participates in, or obtains or has access to information regarding the purchase or sale of Securities by, or the nonpublic portfolio holdings of, the Funds or Private Accounts, or has access to or whose functions relate to the making of any recommendations with respect to such purchases or sales, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any natural person in a Control relationship to the Trust or the Adviser who obtains information concerning recommendations made to the Funds or Private Accounts with respect to the purchase or sale of Securities by the Funds or Private Accounts.

"<u>Automatic Investment Plan</u>" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

"<u>Beneficial Interest</u>" means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to profit, or share in any profit derived from, a transaction in the subject Securities. A Covered Person is deemed to have a Beneficial Interest in Securities owned by members of his or her Immediate Family. Common examples of Beneficial Interest include joint accounts, spousal accounts, UTMA accounts, partnerships, trusts and controlling interests in corporations. Any uncertainty as to whether a Covered Person has a Beneficial Interest in a Security should be brought to the attention of the Compliance Officer. Such questions will be resolved in accordance with, and this definition shall be subject to, the definition of "beneficial owner" found in Rules 16a-1(a)(2) and (5) promulgated under the Securities Exchange Act of 1934.

"<u>Code</u>" means this Code of Ethics, as it may be amended from time to time.

i

"<u>Compliance Officer</u>" means the Chief Compliance Officer of the Adviser and the Trust and the persons holding the titles designated in Appendix 2, as such Appendix shall be amended from time to time.

"<u>Control</u>" shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.

"<u>Covered Person</u>" means any Access Person, Investment Person, Independent Fund Trustee, member of the board of managers of the Adviser's parent holding company, or member, officer or employee of the Adviser, Causeway (Shanghai) Information Consulting Co., Ltd., or the Adviser's parent holding company (or of any company in a Control relationship with any of such companies).

"<u>Equivalent Security</u>" means any Security issued by the same entity as the issuer of a subject Security, including options, rights, stock appreciation rights, warrants, preferred stock, restricted stock, phantom stock, futures on single securities, bonds, and other obligations of that company or security otherwise convertible into that security. Options on securities and futures on single securities are included even if, technically, they are issued by the Options Clearing Corporation, a futures clearing authority, or a similar entity.

"<u>ETF</u>" means exchange-traded fund.

"<u>Fund</u>" means a portfolio of the Trust.

"<u>Immediate Family</u>" of a person means any of the following persons who reside in the same household as such person:

---

| | | |
|:---|:---|:---|
| child | grandparent | son-in-law |
| stepchild | spouse | daughter-in-law |
| grandchild | sibling | brother-in-law |
| parent | mother-in-law | sister-in-law |

---

stepparent father-in-law

Immediate Family includes adoptive relationships and any other relationship (whether or not recognized by law) which the Compliance Officer determines could lead to the possible conflicts of interest, diversions of corporate opportunity, or appearances of impropriety which this Code is intended to prevent.

"<u>Independent Fund Trustee</u>" means a trustee of the Trust who is not an "interested person" as that term is defined in Section 2(a)(19) of the 1940 Act.

"<u>Initial Coin Offering</u>" or "ICO", which may also be referred to as a "token" offering, is similar to an IPO and used to raise capital, often providing the buyer certain rights once issued.

"<u>Initial Public Offering</u>" or "IPO" is an offering of securities registered under the Securities Act of 1933 by an issuer who immediately before the registration of such securities was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934.

"<u>Investment Personnel</u>" and "<u>Investment Person</u>" mean (1) employees of the Adviser, Causeway (Shanghai) Information Consulting Co., Ltd., or the Trust (or of any company in a Control relationship with any of such companies) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of Securities, or (2) any natural person who Controls the Adviser or the Trust and who obtains information concerning recommendations made to the Funds or Private Accounts regarding the purchase and sale of Securities by the Funds or Private Accounts. References to Investment Personnel include without limitation Portfolio Managers.

ii

"<u>Market Timing</u>" means transactions deemed by the Compliance Officer to constitute the short-term buying and selling of shares of Funds or Private Accounts to exploit pricing inefficiencies.

"<u>Portfolio Manager</u>" means a person who has or shares principal day-to-day responsibility for managing the portfolio of a Fund or Private Account.

"<u>Private Account</u>" means the portion of a portfolio of a private client or mutual fund client for which the Adviser serves as investment adviser or subadviser.

"<u>Private Placement</u>" means a limited offering exempt from registration pursuant to Rules 504, 505 or 506 or under Section 4(2) or 4(6) of the Securities Act of 1933.

"<u>Restricted List</u>" means the list of companies maintained by the Compliance Officer about which the Adviser or its affiliates potentially possess material nonpublic information.

"<u>SEC</u>" means the Securities and Exchange Commission.

"<u>Security</u>" means a security as defined in Section 2(a)(36) of the 1940 Act or Section 202(a)(18) of the Advisers Act, including, but not limited to, stock, notes, bonds, debentures, and other evidences of indebtedness (including loan participations and assignments), limited partnership interests, investment contracts, and all derivative instruments of the foregoing, such as options and warrants. "Security" does not include futures and options on futures (except for single security futures and options on futures), but the purchase and sale of such instruments are nevertheless subject to the reporting requirements of the Code. "Security" also does not include currencies or cryptocurrencies, but the purchase and sale of ICOs and tokens are nevertheless subject to the reporting requirements of the Code.

"<u>Securities Transaction"</u> means a purchase or sale of Securities in which a person (or Immediate Family member of such person) has or acquires a Beneficial Interest.

"<u>Trust</u>" means Causeway Capital Management Trust, an investment company registered under the 1940 Act for which the Adviser serves as investment adviser.

iii

**Appendix 2**

**CONTACT PERSONS**

COMPLIANCE OFFICERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Chief Compliance Officer<br> 2. Senior Compliance Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Senior Compliance Associate

No Compliance Officer is permitted to preclear or review his/her own transactions or reports under this Code.

**Appendix 3**

**CERTIFICATION OF COMPLIANCE WITH CODE OF ETHICS**

I acknowledge that I have received the Code of Ethics dated December 30, 2022, and certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have read the Code of Ethics and any amendments and I understand that it applies to me and to all accounts in which I or a member of my Immediate Family has any Beneficial Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In accordance with Section III.A of the Code of Ethics, I will report or have reported all Securities Transactions in which I have, or a member of my Immediate Family has, a Beneficial Interest, except for transactions exempt from reporting under Section III.C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I have listed on Appendix 3-A of this form all accounts and securities in which I have, or any member of my Immediate Family has, any Beneficial Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I will comply or have complied with the Code of Ethics in all other respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I agree to disgorge and forfeit any profits on prohibited transactions in accordance with the requirements of the Code of Ethics.

Access Person's/Investment Person's Signature <br>Print Name

Date:

**Appendix 3-A**

**PERSONAL SECURITIES HOLDINGS and ACCOUNTS DISCLOSURE FORM** <br> (for use as an Initial or Annual Holdings and Accounts Report)

Pursuant to Section III.A.1 or III.A.3 of the Code of Ethics, please list all Securities accounts and, if not included in a listed Securities account, all Securities in which you (or your Immediate Family member) have a Beneficial Interest. You do not need to list those Securities that are exempt pursuant to Section III.C.

Is this an Initial or Annual Report?

Name of Access Person/Investment Person:

Name of Account Holder(s):

Relationship to Access Person/Investment Person:

**<u>SECURITIES ACCOUNTS:</u>**

◻ N/A - Neither I nor an Immediate Family member has a Beneficial Interest in any Securities Account. ◻ Listed below are my reportable securities accounts:

<u>Account Number Name of Broker/Dealer/Bank</u>

(Attach separate sheets as necessary)

**<u>SECURITIES HOLDINGS:</u>**

◻ N/A - All Securities are held in the Securities Accounts listed above.

◻ The below Securities are held outside of the Securities Accounts listed above:

(Attach separate sheets as necessary)

I certify that this Report constitutes all the Securities accounts and Securities that must be reported pursuant to this Code.

Access Person/Investment Person Signature

Print Name Date

**Appendix 3-I**

**CERTIFICATION OF COMPLIANCE WITH CODE OF ETHICS<br> (Independent Fund Trustees<br> and<br> members of the board of managers of the Adviser's parent holding company)**

I acknowledge that I have received the Code of Ethics dated December 30, 2022, and certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have read the Code of Ethics and any amendments, and I understand that it applies to me and to all accounts in which I or a member of my Immediate Family has any Beneficial Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I will report or have reported all Securities Transactions required to be reported under Section III.B of the Code in which I have, or a member of my Immediate Family has, a Beneficial Interest (Independent Fund Trustees only).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I will comply or have complied with applicable provisions of the Code of Ethics in all other respects.

Signature <br>Print Name

Date:

**Appendix 4**

**Form of Letter to Broker, Dealer or Bank**

<br>Subject: Account #

Dear :

Causeway Capital Management LLC ("Adviser"), my employer, is a registered investment adviser. In connection with the Code of Ethics adopted by the Adviser, I am required to request that you send duplicate confirmations of individual transactions as well as duplicate periodic statements for the referenced account to my employer. Please note that the confirmations and/or periodic statements must disclose the following information:

1) date of the transaction;

2) the title of the security (including exchange ticker symbol or CUSIP number, interest rate and maturity date, as applicable);

3) the number of shares and principal amount;

4) the nature of the transaction (*e.g*., purchase or sale);

5) the price of the security; and

6) the name of the firm effecting the trade.

If you are unable to provide this information, please let me know immediately. Otherwise, please address the confirmations and statements directly to:

Your cooperation is most appreciated. If you have any questions regarding these requests, please contact me or the Adviser's Chief Compliance Officer/General Counsel, Kurt J. Decko at (310) 231-6100.

Sincerely, <br>

**Appendix 5**

**REPORT OF SECURITY TRANSACTIONS FOR QUARTER ENDED<u> </u>**

<u>Investment Persons and Access Persons:</u> You do not need to report transactions in 1) direct obligations of the U.S. Government, 2) bankers' acceptances, bank CDs, commercial paper, high quality short-term debt instruments, including repurchase agreements, 3) shares of an open-end investment company or collective investment trust(excluding Funds, mutual fund and collective investment trust clients for which the Adviser serves as investment adviser or subadviser and ETFs), 4) transactions for which you had no direct or indirect influence or control; and 5) transactions effected pursuant to an Automatic Investment Plan.

<u>Independent Fund Trustees</u>: If you are an Independent Fund Trustee, then you only need to report a transaction if you, at the time of that transaction, knew or, in the ordinary course of fulfilling your official duties as a Trustee to the Trust, should have known that, during the 15-calendar day period immediately before or after your transaction in a Security:

1) a Fund purchased or sold such Security or

2) a Fund or the Adviser considered purchasing or selling such Security.

Note that purchases or sales of a basket of securities by a Fund to invest cash or raise cash (<u>e.g.</u>, program trades or cash equitization trades) do not trigger a reporting obligation.

Disclose all Securities Transactions for the period covered by this report:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Title of <br> Security\* | Number <br> Shares | Date of <br> Transaction | Price at <br> Which <br> Effected | Principal <br> Amount | Bought <br> or Sold | Name of<br> Broker/Dealer/Bank |

---

\* Please disclose the interest rate or maturity date and exchange ticker symbol or CUSIP number, as applicable.

Did you establish any securities accounts during the period covered by this report? ___ Yes ___ No

If Yes, please complete the following:

---

| | | |
|:---|:---|:---|
| Name of Broker | Date of <br> Account Opening | Account Number |

---

____ The above is a record of every Securities Transaction or account opened which I had, or in which I acquired, any direct or indirect Beneficial Interest during the period indicated above.

---

| | |
|:---|:---|
| ____ | I certify that the Compliance Officer has received confirmations or account statements pertaining to all Securities Transactions executed that disclose the information required above, and has received notice of any accounts opened, during the period covered by this report. |
| ____ | I have nothing to report for the period covered by this report. |

---

Date:   Signature:  

**Appendix 6**

**INITIAL PUBLIC OFFERING / PRIVATE PLACEMENT**

**CLEARANCE FORM**

(for the use of the Compliance Officer only)

The Code for the Trust and the Adviser prohibits any acquisition of Securities in an Initial Public Offering (other than shares of open-end investment companies) and Private Placement by any Investment Person or Access Person unless permitted by the Compliance Officer. In these instances, a record of the rationale supporting the approval of such transactions must be completed and retained for a period of five years after the end of the fiscal year in which approval is granted. This form should be used for such recordkeeping purposes; the Compliance Officer's signature on an appropriate preclearance form for such securities also shall suffice for record keeping purposes.

Name:

Date of Request

Name of IPO / Private Placement:

Date of Offering:

Number of Shares/Interests

Price:

Name of Broker/Dealer/Bank

___ I have cleared the IPO / Private Placement transaction described above.<br>Reasons supporting the decision to approve the above transaction:

---

| |
|:---|
| Name of Compliance Officer |
| Signature of Compliance Officer |
| Date |

---

## Ex-99.B(P)(16)

**Exhibit 99.B(p)(16)**

![](tm2522623d1_ex99-bxpx16img02.jpg)

![](tm2522623d1_ex99-bxpx16img03.jpg)

This Code of Ethics ("Code") sets out the minimum standards of performance and conduct for employees of Colchester Global Investors Limited and its affiliates (together "Colchester"). Its purpose is to promote honest and ethical conduct and to ensure compliance not only with all legal and regulatory requirements, but with current best practices in the investment management industry as well. The Code is approved each year by Colchester's Board of Directors, and each Colchester employee must attest that they have read the Code and agree to comply with its provisions at all times. The Code is sent to all Colchester separate account clients annually, and to prospects, consultants and fund investors upon request.

**1. Values**

The values that underlie Colchester's business are as follows:

*<u>Focus</u>*. Investment professionals require a focused and stable environment in order to be consistently effective in their work. Colchester views employee ownership and control as one of the best ways of avoiding the uncertainties that can threaten focus and stability. Many Colchester employees own shares in the business, and Colchester believes that its ownership structure aligns employees' interests with those of its clients. Portfolio managers may also invest in Colchester's funds.

*<u>Integrity and Trust</u>*. Colchester works for its clients (and their beneficiaries) and clients' interests take precedence over any other interests at Colchester. Colchester treats its clients fairly.

*<u>Perspective</u>*. Colchester, in both its investments and its business outlook does not permit short term expediency to outweigh medium term benefits.

*<u>Service</u>*. Colchester aims to provide accurate reporting, timely information and efficient administration.

*<u>Humility.</u>* Colchester strives to build and nurture an environment where employees are encouraged to behave with humility and respect for others.

*<u>Teamwork and devolved leadership.</u>* Creating and maintaining an environment where everyone can contribute to the success of the Company is part of Colchester's ethos. Different skills and perspectives are valued, and Colchester recognises that employees work better as a diverse team who all support each other.

*<u>Innovation and constant improvement.</u>* Colchester focuses on its core expertise whilst doing everything it can to be the most capable, knowledgeable and leading company in its field.

**2. Regulatory Status**

Colchester is authorised by or registered with a number of regulators across the globe:

· In
 the United Kingdom, Colchester Global Investors Limited is authorised and regulated by the
 Financial Conduct Authority ("FCA") under the Financial Services and Markets
 Act 2000 ("FSMA").

· In
 the United States, Colchester Global Investors Limited is registered as an investment adviser
 with the Securities and Exchange Commission ("SEC").

· In
 the Bahamas, Colchester Global Investors Limited is registered with the Securities Commission
 of The Bahamas, as the investment manager for an investment fund licensed as a Smart Fund
 model 003, in accordance with the provisions of the Investment Funds Act, 2019.

Colchester Global Investors \| October 2024 1

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· In
 Ireland, Colchester Global Investors (Dublin) Management Limited is authorised and regulated
 by the Central Bank of Ireland ("CBI") as a UCITS management company together
 with MiFID top up authorisation in respect of Individual Portfolio Management services.

· In
 Germany, Colchester Global Investors (Dublin) Management Limited, German Branch is established
 as a branch of Colchester Global Investors (Dublin) Management Limited and is supervised
 by the Federal Financial Supervisory Authority (BaFin).

· In
 Spain, Colchester Global Investors (Dublin) Management Limited, Sucursal en España
 is established as a branch of Colchester Global Investors (Dublin) Management Limited and
 is supervised by the Comisión Nacional del Mercado de Valores ("CNMV").

· In
 Singapore, Colchester Global Investors (Singapore) Pte. Ltd is registered with the Monetary
 Authority of Singapore ("MAS") under the Securities and Futures Act 2001.

· In
 Korea, Colchester Global Investors (Singapore) Pte. Ltd also holds an offshore discretionary
 investment management services licence issued by the Financial Services Commission of Korea.

· In
 South Africa, Colchester Global Investors (Singapore) Pte. Ltd is registered as a Financial
 Services Provider with the Financial Services Conduct Authority ("FSCA").

· In
 Brunei, Colchester Global Investors (Singapore) Pte Ltd does not hold a Capital Markets Services
 License for the provision of investment advice and is required to apply for temporary exemptions
 in respect of itself and MCS staff intending to visit Brunei for each prospective/existing
 client visit.

· In
 Dubai, Colchester Global Investors Middle East Limited is regulated by the Dubai Financial
 Services Authority ("DFSA") under the laws of the Dubai International Financial
 Centre ("DIFC").

· In
 Australia, neither Colchester Global Investors Limited nor Colchester Global Investors (Singapore)
 Pte. Ltd holds an Australian financial services licence for the provision of financial services,
 and both are exempt from the requirement to hold an Australian financial services licence
 under the Corporations Act 2001 (Cwlth) in respect of the financial services provided to
 wholesale clients in Australia. Both companies are however registered as foreign companies
 in Australia in connection with the services provided to Australian wholesale clients.

· Colchester
 Global Investors Inc. is a corporation established in the State of Delaware. It is not regulated.

**3. Commercial Policies**

**General Scope of Colchester's Business**

Colchester deals directly only with professional clients, or as permitted by relevant regulations. Colchester does not engage directly with retail investors.

<u>Discretionary Clients</u> - Colchester does not deal as principal in transactions for discretionary clients, but as agent on behalf of clients. All transactions entered into on behalf of such clients are traded with counterparties that are independent of Colchester.

<u>Separate Account Client Assets</u> - Colchester does not hold client money or assets or operate any client bank accounts, nor is it authorised to do so. Third party custodians, who are chosen by the client, always hold Colchester's separate account client assets. These custodians handle all documents of title and certificates for financial instruments belonging to clients. Custodians may, on occasion, loan client assets to third parties if such transactions are permitted under the relevant custodian agreement. Colchester does not initiate any such securities lending. Income earned from such transactions is payable to the client's account. Colchester may transfer or pledge client assets as collateral to meet margin requirements. Colchester does not borrow to leverage, unless specifically requested by clients.

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<u>Commingled Fund Assets</u> – Colchester operates various commingled funds and a UCITS ("Funds"), the assets of which are held by custodians. Colchester does not lend Fund assets to third parties. However, Colchester may transfer or pledge assets in these Funds to meet margin requirements. The Funds do not borrow to leverage.

**Marketing**

Colchester's marketing activities include the promotion of its services to institutional investors either directly or through suitable consultants or distributors, and through responses to proposal requests. Colchester maintains corporate websites that provide descriptions of the firm and its services including its UCITS, Australian and New Zealand funds.

**Soft Commissions**

Colchester does not share, directly or indirectly, in any of the revenues generated by client account or Fund brokerage transactions. Furthermore, Colchester does not receive "soft-dollar" benefits from, or pay "soft-dollar" commissions to, counterparties.

**Prohibited Transactions**

Colchester is not permitted to engage in the following activities (this list is non-exhaustive):

· Custody activities;

· Advising any retail client;

· Holding client money;

· Corporate finance or brokerage activities;

· Sponsoring of public offerings of securities;

· Acting for any person in connection with take overs, mergers or substantial acquisitions
 of shares.

**Compliance with regulatory requirements**

Colchester's policy is to comply at all times with the principles, rules and regulations applicable to its business. Colchester's conduct is restricted to activities and jurisdictions for which it is authorised by the FCA, SEC, FSCA, MAS, DFSA, CBI, CNMV, BaFin and other applicable regulatory authorities (the "Regulatory Authorities"). In other jurisdictions, Colchester complies with relevant local regulation. Observing high standards of conduct in all aspects of its business is of the utmost importance to Colchester, and the firm therefore complies with the 'Principles' as laid down by the FCA (and equivalent in other jurisdictions), and all employees attest to compliance with the relevant Conduct Rules annually. In addition to adhering to these Principles, Colchester complies with the requirements of Regulatory Authorities to provide, maintain and periodically verify information.

Colchester respects the scope of the authorisations the Regulatory Authorities have granted it. Accordingly, Colchester will not expand its business activities beyond this scope without permission, if applicable, from such Regulatory Authorities.

**Privacy and Confidentiality**

Colchester is committed to maintaining the confidentiality, integrity and security of confidential information provided by current, past and potential clients. Confidential information may be obtained in a number of ways, such as during the pre-investment period or from ongoing communications between Colchester and its clients. Unless it is publicly available, Colchester treats all such information as confidential, applying the same standard of care it does in dealing with the firm's internal confidential information.

Colchester Global Investors \| October 2024 3

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Colchester protects confidential information from unauthorised access or use in a number of ways:

· By
 ensuring its systems are secure through the use of a next-generation anti-virus and endpoint
 detection and response system, multi-factor authentication, passwords, managed firewalls,
 email and web filtering, encryption technologies and other mechanisms;

· By
 establishing physical and procedural safeguards (an Information Security & Cyber
 Security Policy is available to clients on request);

· By
 imposing strict policies regarding client confidentiality, as more fully set out below.

Each new employee must agree, by signing a confidentiality undertaking, that during their employment with Colchester or at any time thereafter, they will not disclose to any person or any other firm, any information concerning the affairs of Colchester, its associates or clients, the disclosure of which may damage the interests of Colchester or its clients or which is of a confidential nature, unless that employee has the written permission of the Group Chief Executive Officer or Global Head of Compliance.

All employees should be aware that nothing in Colchester's confidentiality policy prohibits them from reporting possible violations of any law or regulation to any governmental agency or entity or making other disclosures that are protected under the whistleblower provisions of the UK, or any other applicable law or regulation. No prior authorisation is required of anyone at Colchester to make such reports or disclosures, and no employee is required to notify anyone at Colchester that they have made such reports or disclosures. Retaliation of any kind for making such reports or disclosures, regardless of whether they are found to be valid, is expressly prohibited unless it is proven that the employee has knowingly made a false or misleading disclosure.

All documents obtained or generated by Colchester or its employees in their work for Colchester (both originals and copies) that contain confidential information, are Colchester's sole property. Upon termination of employment for any reason, or upon Colchester's request at any time, employees must promptly return all copies of such material. During employment with Colchester and at all times thereafter, no employee may remove or cause to be removed from Colchester's premises any confidential information, except in furtherance of their duties as an employee or, where relevant, in accordance with Colchester's Business Continuity and Disaster Recovery Plan.

**4. Conflicts of Interest**

Colchester discloses the general nature and/or sources of potential conflicts of interest to its clients before undertaking business for such clients, and periodically thereafter for existing clients. These are set out below.

Colchester takes all reasonable steps to identify, manage and prevent these conflicts of interest having an adverse effect on the interests of its clients.

Colchester Global Investors \| October 2024 4

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**a) Material Interests**

Colchester may engage in certain transactions that have the potential to present either direct or indirect conflicts of interest between clients. For example, potential conflicts may arise because:

· Colchester
 provides investment management services to other clients, and may therefore act as agent
 for one client in transactions in which it is also acting as agent for other clients;

· A
 director (or employee) of Colchester may be a director of an entity such as one of the Funds
 whose securities are held by clients;

· Colchester,
 or a director (or employee) of Colchester, may have some interest in an entity such as one
 of the Funds whose securities are held by clients.

All of these areas of potential conflict are managed through the maintenance of policies and procedures, supplemented by internal and external monitoring.

**b) Performance Fees**

Colchester may enter into performance fee arrangements with clients. Theoretically, this type of fee arrangement provides an incentive for an investment manager to favour an account or accounts that pay performance fees over those that do not. Colchester does not believe its performance fee arrangements disadvantage any of its clients, and takes all reasonable steps to ensure the fair and equitable allocation of investment opportunities amongst its clients without regard to fee arrangements. Accordingly, Colchester has procedures and monitoring processes in place to ensure that transactions for all accounts are dealt with on the same basis. A register of performance fee bearing client accounts is maintained.

**c) Sustainability Risks**

In identifying the types of conflicts of interest, the existence of which may damage the interests of clients, Colchester considers those types of conflicts of interest that may arise as a result of the integration of sustainability risks in its processes, systems and internal controls as well as the development of ESG or "green" products.

**d) Valuation of Securities**

Colchester may on occasion be required to determine an appropriate valuation source for certain hard-to-price securities held in client portfolios. As Colchester is paid a fee which is a percentage of the net asset value of portfolios, a conflict could arise whereby Colchester is paid a higher fee if the valuation of those securities is higher. To address this potential conflict, Colchester operates a Valuation Committee whose membership includes representatives from Operations, Compliance, Risk and Dealing (but excluding Investment Management). The objective of the Valuation Committee is to ensure accuracy, transparency and consistency in Colchester's adopted valuation sources whilst confirming there are no conflicts of interest when standard valuation sources are not used.

**e) Insurance**

Colchester arranges its insurance through a major insurance broker. This broker operates a separate investment consulting division that may recommend its clients to invest through Colchester. Insurance brokers, as regulated businesses, have information barriers in place between their insurance and consulting divisions. Colchester however takes care to operate an impartial process when selecting its insurance broker with no representation or influence from Marketing or other client facing personnel. The renewal process is undertaken by Colchester's Finance department.

**f) Investment Research**

Where required by regulation, Colchester pays for investment research at rates which it deems to be representative of the value of that investment research to its investment process and for the benefit of its clients. These costs are borne by Colchester and not passed on to clients. Execution venue decisions are made by a dedicated dealing team, which operates independently from the investment management team which selects and receives the investment research.

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**g) Remuneration**

All senior investment professionals have an ownership interest in Colchester and receive competitive base salaries. Bonuses are tied to the overall profitability of Colchester, and the majority of income before compensation is distributed to those active in the business. Bonus and total compensation levels are reviewed and set annually based on contribution. For the investment staff, no set performance criteria or algorithms are used, but rather an overall assessment of work quality and commitment is made during the remuneration process.

**h) Personal Account Dealing**

The rules and procedures contained in this section apply to all personal dealings in "Reportable Securities" in which "Supervised Persons" (all permanent employees and any temporary or contract workers engaged by Colchester) and their Connected Persons have a "Beneficial Interest". Beneficial Interest means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to profit, or share in any profit derived from, a transaction in the subject security.

Reportable Securities includes formal or informal offers to buy and sell listed or unlisted securities such as shares, bonds (including treasury bills), exchange-traded funds, cryptocurrencies (other than Bitcoin and Ethereum), cryptocurrency derivatives, taking up a rights issue, participating in an Initial Public Offering (IPO) or limited offering, exercising conversion or subscription rights, or buying, selling, exercising or assigning an option.

Reportable Securities do not include:

· Money
 Market instruments;

· Foreign
 Exchange (spot and forward);

· Open
 ended funds including Mutual Funds/Unit Trusts/UCITS/UK UCITS;

· Investment
 Trusts, if the Trust is solely invested in Mutual Funds;

· Bitcoin
 and Ethereum (except cryptocurrency derivatives);

· Managed
 accounts, automatic investment plans or family trusts holding reportable securities where
 a Supervised Person is a beneficiary but has no direct or indirect influence or control over
 the decisions made to purchase or sell reportable securities therein.

A Connected Person of a Supervised Person can be any of the following:

· Their spouse or civil partner;

· Their dependent child or stepchild;

· Their other relatives sharing the same household; or

· Any person with whom a Supervised Person has close links.

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<u>Restrictions on personal transactions</u>

The following prohibitions apply to personal account dealing in Reportable Securities by Supervised Persons:

· No
 Supervised Person may deal or effect personal transactions in Reportable Securities unless
 they have signed an undertaking to comply with the provisions of Colchester's Compliance
 Manual and this Code of Ethics;

· No
 Supervised Person may deal for their own account with any of Colchester's clients,
 unless the client is themselves an "Authorised Person" (under the Financial Services
 and Markets Act 2000);

· No
 Supervised Person may deal, nor seek permission to deal, if they are aware that such dealing
 may have a direct adverse impact on, or divert the Supervised Person's attention from
 or impair the performance of their duties in relation to, Colchester, its associates, a client
 or a colleague – information regarding the volume and nature of trading may be provided
 by Compliance to a Supervised Person's Business Head;

· No
 Supervised Person may knowingly deal on their own account or on behalf of Colchester with
 a person who is an employee of another firm who is trying to evade their personal dealing
 rules or insider trading regulations;

· No
 Supervised Person may advise or cause another person to deal in contravention of any of these
 rules or any insider trading regulations; and

· No
 Supervised Person may sell a Reportable Security which has been held for fewer than 35 calendar
 days.

<u>Approval for Personal Transactions</u>

Supervised Persons (and their Connected Persons) may only undertake a personal transaction in Reportable Securities if the Supervised Person has sought prior written approval from the Global Head of Compliance or their designate for the transaction under these procedures. Consent will generally be given where the Global Head of Compliance (or designate) is satisfied that the proposed transaction:

· Falls
 outside Colchester's current investment programme;

· Does
 not present a conflict with Colchester's or any client's interests;

· Does
 not involve securities in which trading is restricted;

· If
 a sale, the security has been held for at least 35 calendar days, unless the Supervised Person
 or Connected Person can demonstrate emergency and unforeseen personal reasons for selling
 within the 35 day window, which have been evidenced to the Global Head of Compliance and
 approved by the Group Chief Executive Officer.

If approval is granted, the trade must be executed within the specified approval window (24 hours unless agreed otherwise in writing) after which the approval will lapse and the Supervised Person will need to seek re-approval. After executing the transaction, a copy of the contract note must be sent to Compliance.

Supervised persons are encouraged to adhere to the best practice principle that all personal security dealing should be for long-term investment purposes rather than short-term trading profits.

<u>Initial and Annual Disclosure Requirements</u>

All new Supervised Persons are required to provide Compliance with details of Reportable Securities held no later than 10 calendar days after they begin employment with Colchester.

On an annual basis, all Supervised Persons are required to sign a declaration that they have complied with the Code of Ethics (including these Personal Account Dealing Rules) over the period since their initial/last declaration. Where Reportable Securities are held, annual holdings reports are required as at 31 December, and these should be submitted to Compliance within 45 days of the year end.

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The Global Head of Compliance reserves the right to additionally request quarterly reports from Supervised Persons and their Connected Persons.

**i) Gifts, Hospitality, Sponsorship and Political Contributions**

Giving to or receiving gifts or other items of value from persons doing business or seeking to do business with Colchester may call into question the independence of that person's judgment. Accordingly, Colchester has set limitations on this type of conduct. These limitations also apply to networking events/hospitality with external industry contacts where there may not be a clear connection with seeking to gain business, but where there still remains the potential for a perceived conflict of interest. For the avoidance of doubt, independent non-executive directors of Colchester's Funds are considered external third-party service providers.

The offering, promise, acceptance or giving of gifts and hospitality in exchange for any business advantage is unacceptable. Gifts to government or public officials are prohibited however reasonable hospitality is permitted. The giving or receiving of cash gifts and cash equivalents (e.g. gift vouchers, pre-paid cards, crypto assets), of whatever value, is prohibited. Extraordinary or extravagant gifts and hospitality are not permitted and must be declined or returned. Invitations to major sporting or entertainment events must be considered carefully. Offers of payment for accommodation and travel from third parties must be declined, and similarly should also not be offered to third parties. Compliance will seek confirmation in all cases that there is a business element to all hospitality received or given, and that there is supporting evidence that the gift or hospitality is designed to enhance the quality of service to the client or to show courtesy to esteemed clients and prospective clients and is in the client's best interest.

Any Compliance review of gifts and hospitality will take account of jurisdictional differences in prices when considering what may be excessive on one jurisdiction versus another, even where this spending is within permitted limits. For example, £100 will buy only a modest meal for two in London, whereas is will buy considerably more in parts of South America where it may be more likely to be considered lavish. Repetitive gifts and hospitality to or from the same person or company without justifiable explanation may lead to limitations being imposed by Compliance on future gifts and hospitality to or from that person or company. Care should be taken to ensure that there is no discussion which may constitute 'Investment Research' unless a fee for that research has been agreed in advance.

Any potential breaches of this gifts and hospitality policy will be investigated by Compliance and, if it is determined to be a compliance breach of the Code of Ethics, will be reported to the Business Risk Committee and Board.

All monetary values specified in this policy are in £ Sterling or the equivalent in other currencies.

<u>Attendance at external events</u>

If there is no business need to attend an external event, such as a business conference, then employees may, with the prior consent of their line manager, do so in a personal capacity, in their own time and at their own cost.

<u>Accepting Gifts and Hospitality</u>

The acceptance of gifts and hospitality by employees in excess of £40 per person must be reported to Compliance as soon as possible after receipt.

Gifts and hospitality whose approximate value is no more than £100 per person may be accepted without prior compliance approval, but is still reportable to Compliance as soon as possible after receipt, unless below the de minimis £40 per person.

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All gifts and hospitality received with a value over £100 per person requires prior approval of the Global Head of Compliance or their designate. In the event that it only becomes apparent after the event that the value of the gift or hospitality is over £100 per person, post approval should be requested from the Global Head of Compliance or their designate together with an appropriate explanation, as soon as possible after receipt.

Hospitality received requires the host to be present; if not, the expenditure is a gift.

Such restrictions on accepting gifts and hospitality are consistent with Colchester's recognition that the receipt of gifts or hospitality could compromise an employee's duty to act in the best interests of all clients or be interpreted as bribery.

<u>Giving of Gifts and Providing Hospitality</u>

Employees and persons associated with Colchester (i.e. individuals or firms who perform services for or on behalf of the firm) may provide reasonable hospitality to clients/prospective clients, counterparties, third party service providers (this includes Independent Non-Executive Directors) and other external industry contacts, provided that both the employee and recipient are present and there is a business purpose for the entertainment.

Any expenditure on gifts and hospitality in excess of £40 per person requires notification to the Compliance department as soon as practicable after the expense has been incurred.

Any expenditure on gifts and hospitality in excess of £100 per person including business meals and sponsorship of dinners/ conferences etc, requires prior approval by the Global Head of Compliance or their designate. In the event that it only becomes apparent after the event that the value of the gift or hospitality is over £100 per person, post approval should be requested from the Global Head of Compliance or their designate, together with an appropriate explanation, as soon as possible after receipt. Compliance will take account of jurisdictional differences in prices when considering what may be excessive on one jurisdiction versus another. Repetitive gifts and hospitality given to the same person or company without justifiable explanation may lead to limitations being imposed by Compliance on future gifts and hospitality Colchester is able to provide to that person or company.

Any gift or hospitality expenditure must be clearly identified in expense claims or credit card statements and the employee must provide the date, description and name(s) of the recipient(s) of the gift or hospitality. Such restrictions on giving gifts and hospitality are consistent with Colchester's recognition that any transaction that could be interpreted as bribery or the provision of gifts and hospitality to attain any business advantage will not be tolerated.

Information relating to reportable Gift & Hospitality activity may be provided by Compliance to line managers and/or Business Heads for oversight.

<u>Sponsorship</u>

This involves the payment of money by Colchester in order to secure the marketing and promotion of its name, products, services or image, for example industry awards packages or collaboration with professional industry bodies. Sponsorship may also include the provision of services or goods for the same in return. Sponsorship or contributions must not be related to a business deal and must provide real or measurable benefits to Colchester such as increased publicity or visible brand enhancement. Any compensation in monetary form will only be given to an organisation and not to an individual.

All sponsorship, regardless of value, is subject to pre-approval of the Global Head of Compliance or their designate, such approval being conditional upon an evaluation of any potential conflict of interest or a potential breach of relevant inducement rules. This Compliance pre-approval is in addition to Business Head approval and Group CEO approval (where the cost is deemed to be material) and should be obtained prior to entering into any sponsorship agreement.

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Other examples of sponsorship include supporting a conference, seminar or other non-charitable event.

<u>Policy on Gifts and Entertainment for ERISA Clients</u>

The Employee Retirement Income Security Act of 1974 ("ERISA") prohibits accepting fees, kickbacks, gifts, loans, money or anything of value given with the intent of influencing decision-making with respect to any employee benefit plan. Accepting or offering gifts, entertainment or other items may be viewed as influencing decision-making and is therefore unlawful under ERISA. Many public employee benefit plans are subject to similar restrictions.

<u>Political Contributions</u>

All non-US political contributions by employees in excess of £250 must be reported to Global Head of Compliance prior to being made. Non-US political contributions equal to or less than £250 should be reported to the Global Head of Compliance within 10 days of being made.

Any political contributions or fundraising activity made by employees, their spouses or dependent children to US politicians, candidates, political parties, government officials, exploratory committees, candidate committees, political committees, or party committees must be pre-cleared with the Head of Compliance (London) / US Chief Compliance Officer to ensure no conflict of interest exists with Colchester's clients or prospective clients.

<u>Charitable Contributions</u>

Any proposed charitable contribution to charities headquartered in the US to be made by employees, their spouses and/ or dependent children, which would result in their total contribution to such charity exceeding £1 million (US$2 million) (in aggregate) in the last 12 months or exceeding £5 million (US$10 million) in the last 60 rolling calendar months (e.g., the last five years) must be pre-cleared with the Head of Compliance (London) prior to being made.

**j) Outside Business Activities**

Colchester's duties to its clients require Colchester's employees to devote their professional attention to client interests above their own and those of other organisations. Accordingly, employees may not engage in any of the following outside business activities without prior written consent as set out below:

· Be
 engaged in any other business;

· Be
 employed or compensated by any other person for business-related activities;

· Serve
 as an employee of another organisation (other than an affiliate of Colchester);

· Serve
 as a general partner, managing member or in similar capacity with limited or general partnerships,
 LLCs or private funds (other than those managed by Colchester);

· Engage
 in personal investment transactions to the extent that it diverts the employee's attention
 from or impairs the performance of his or her duties in relation to the business of Colchester
 and its clients;

· Have
 any direct or indirect financial interest or investment in any dealer, broker or other current
 or prospective supplier of goods or services from which the employee might benefit or appear
 to benefit materially; or

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· Serve on the board of directors (or in any similar capacity) of another company.

If an employee joins a working group, forum or a project of an investment management industry body or trade association, in furtherance of or in connection with their duties as an employee, this does not constitute an outside business activity.

Should an executive director of Colchester Global Investors Limited wish to engage in an outside business activity in an organisation with a predominantly commercial objective which is not part of the group with which such director is currently engaged, they must first obtain written consent from the Board.

Other employees who wish to engage in an outside business activity must first obtain written consent from the Global Head of Compliance. The Global Head of Compliance will consider if the outside business interest poses a potential conflict of interest and, if so, whether the potential conflict can be effectively managed/mitigated. Additionally, the Global Head of Compliance may check the outside business activity with the Group Chief Executive Officer and may inform the employee's line manager and HR. Any outside business activities relating to investment management activities or involving a client or prospective client require approval and consent from the Colchester Global Investors Limited Board.

On an annual basis, employees are required to sign a declaration that there have been no changes to their outside business interests over the period since their initial/last declaration. Compliance maintains a register of outside business activities and seeks information on non-executive directors board directorships on an annual basis.

**5. Inside Information**

As an institutional investment manager, Colchester and its investment personnel have investment discretion over large amounts of funds which, when invested or disinvested, could have a significant impact on the securities or foreign exchange markets, or more particularly, on the value of an individual security. Through its contacts with brokers, clients or market participants, it is possible that Colchester and its employees may obtain inside information. In these circumstances, the following prohibitions apply:

· No
 employee in possession of inside information about a security shall purchase or sell the
 security, or procure another person to purchase or sell the security, for their account,
 for the account of Colchester, for any client account or for the account of anyone else.

· Employees
 should not discuss investment issues with other investment management companies as this may
 lead to the inadvertent exchange of inside information.

· No
 employee shall pass on inside information to any person outside Colchester except as required
 in discussions with Colchester's professional advisors.

· No
 employee shall recommend the purchase or sale of a security whilst in the possession of inside
 information relating to that security.

*<u>The overriding principle</u>* is that, under no circumstances, may an employee trade or recommend trading in any security while in possession of inside information relating to that security.

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Colchester employees should not initiate market rumours. The discovery of any such practice will result in disciplinary action against the employee concerned (in line with documented disciplinary procedures). In the event that employees receive information which they consider to be a rumour, then this information should not be passed on to or discussed with parties outside of Colchester without emphasising that the information in question is unproven and likely to be a rumour. Rumours relating to specific securities that are likely to be traded for client accounts should be reported to Compliance.

**6. Operational Risk Event Policy**

On occasion, an Operational Risk Event ('ORE') (such as an error) may occur with respect to a separate client account or Fund transaction. For example, an erroneous purchase or sale of a security or other financial instrument (such as a spot or forward currency contract) may happen, or Colchester may inadvertently breach investment guidelines. When Colchester bears responsibility for the ORE, the firm generally seeks to place the client account or Fund concerned in a substantially similar position as it would have been in had the ORE not occurred; clients and Funds will be reimbursed for losses and should benefit from any gains resulting from such OREs.

In certain circumstances, Colchester may be required to obtain the consent of its regulators (which may include but are not limited to the FCA, CBI, MAS, BaFIN, CNMV or the SEC), an independent fiduciary on behalf of its clients, its fund regulators and/or its insurers before resolving an ORE, in particular where Colchester deems the ORE to constitute a regulatory breach. Obtaining these consents or correcting the ORE may result in, among other matters, delays in placing the client account or Fund in a substantially similar position as it would have been in had the ORE not occurred, the payment of compensatory amounts and/or the suspension of the calculation of a client account's or Fund's net asset value.

Any Colchester employee who identifies an ORE must immediately bring it to the attention of the Operational Risk Team and appropriate senior managers. Together, they should decide on what corrective action to take to protect clients and minimise their loss.

The Operational Risk Team and/or other appropriate senior managers will, where appropriate, promptly notify a client of an ORE affecting that client's account, and will discuss with the affected client any additional steps to correct the ORE and to prevent similar OREs in the future. OREs are also reviewed at the monthly Operational Risk Event Committee meeting.

**7. Complaints**

A complaint is defined as any communication (whether verbal or written), whether justified or not, that expresses concern about services provided by Colchester. Colchester will deal with any complaint received from a client or other source promptly, effectively and impartially.

All complaints must be passed to the relevant Head of Compliance who will determine if it is appropriate to treat the matter as a 'complaint' subject to this Policy. This determination will be based on whether the complainant or the firm which the complainant represents has suffered (or may suffer) financial loss, material distress or material inconvenience, or otherwise whether they have formally filed a complaint against the firm.

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Provided it has been established that the matter is a complaint, the Head of Compliance or their designate will investigate the complaint (or ensure that the complaint is handled in an independent manner) and thereafter agree an appropriate course of action with the Chief Executive Officer of the relevant office and Compliance. Where complaints are made in the language of the complainant they will if necessary be translated at Colchester's expense. All complaints will be acknowledged promptly in writing and, unless the matter can be resolved immediately, the complainant will be kept informed of the progress of their complaint. Colchester will investigate the complaint competently, diligently and impartially, and assess the complaint fairly, consistently and promptly. Within eight weeks of receipt of the complaint, Colchester will provide the complainant with a substantive response setting out whether it accepts the complaint, what redress or remedial action it will take, or whether the complaint is rejected, in which case Colchester will give the reasons why. If the complainant has not replied to Colchester's substantive response within a further eight weeks, Colchester will treat the complaint as closed.

In certain circumstances, the complainant may be eligible to take their complaint to the UK Financial Ombudsman Service or equivalent body in another jurisdiction, if the complaint is not resolved to the satisfaction of the complainant. Compliance will provide those complainants who are eligible with further details of their options in this regard.

Compliance keeps a written record of the complaint, with details of any investigation and/or action taken, for seven years from the date of receipt of the complaint. Such records may be retained in different Group locations dependent on the Colchester Group entity against which the complaint is being made.

**8. Training and Attestation**

**a) Training on Code of Ethics**

Colchester believes that implementing a professional ethics training programme is essential to meeting its regulatory requirements and therefore it provides mandatory in-house ethics training to all employees on an annual basis.

Training is undertaken using a variety of media including in-house training sessions, online training, webinars and handouts. Training topics include a review of appropriate ethical standards, applicable jurisdictional laws and regulations relating to personal account dealing, privacy and confidentiality, conflicts of interest, conduct rules, internal controls and on-boarding procedures and market conduct, among other topics.

The in-house training programme (including webinars) is delivered by the Global Head of Compliance (qualified Lawyer), the Money Laundering Reporting Officer (qualified lawyer) and the Head of Compliance (London) / US Chief Compliance Officer (qualified Chartered Accountant), supported by other senior members of the Legal and Compliance team on specific topics. Online regulatory training is provided by an external firm with wide experience of providing ethics and other regulatory training solutions across the investment industry.

The scope of employee training is subject to annual review and modification in order to ensure compliance with the highest ethical standards and regulatory requirements. Copies of all regulatory training material and evidence of employee attendance are maintained by the Compliance Department.

**b) Violations of Code of Ethics**

Personal conflict violations covering Personal Account Dealing, Gifts & Hospitality, Outside Business Interests and Political Contributions, should be reported immediately to the Compliance Department for logging, investigation and assessment of materiality in accordance with Compliance procedures. Violations will be recorded in a Personal Conflicts breaches log held by Compliance.

All other violations of the Code of Ethics should be reported immediately in accordance with the Operational Risk Event ('ORE') Policy described above.

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In all cases, the Global Head of Compliance, or their designate, will take steps to ensure the source of information is not disclosed other than on a need to know basis.

**c) Employee Acceptance of Code of Ethics**

All employees must periodically sign an acknowledgement that they have received and read a copy of the Compliance Manual and accompanying Global Compliance Policies, including the Code of Ethics, together with other regional Compliance Policies specific to the location in which they are based, and that they agree to comply with these at all times. Each employee is responsible for maintaining familiarity with this Code of Ethics as it may be revised from time to time.

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## Ex-99.B(P)(19)

**Exhibit 99.B(p)(19)**

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**Table of Contents**

---

| | | |
|:---|:---|:---|
| I. | INTRODUCTION | 1 |
| &nbsp;&nbsp;&nbsp;A. | General Principles | 1 |
| &nbsp;&nbsp;&nbsp;B. | Your Fiduciary Duty | 1 |
| &nbsp;&nbsp;&nbsp;C. | Compliance with Applicable Federal Securities Laws | 2 |
| &nbsp;&nbsp;&nbsp;D. | Obligation to Report Violations of the Code | 2 |
| II. | YOUR OBLIGATIONS AS A COVERED PERSON | 2 |
| &nbsp;&nbsp;&nbsp;A. | Categories of Covered Persons | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | &nbsp;&nbsp;&nbsp;Access Person | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | &nbsp;&nbsp;&nbsp;Investment Person | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | &nbsp;&nbsp;&nbsp;Affiliated Person | 2 |
| &nbsp;&nbsp;&nbsp;B. | Immediate Family Member of an Employee | 2 |
| &nbsp;&nbsp;&nbsp;C. | Your Obligations at Time of Hire | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | &nbsp;&nbsp;&nbsp;Initial Holdings Report | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | &nbsp;&nbsp;&nbsp;Use of Approved Brokers | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | &nbsp;&nbsp;&nbsp;Disclosure of Outside Business Activities | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. | &nbsp;&nbsp;&nbsp;Disclosure of Political Contributions | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. | &nbsp;&nbsp;&nbsp;Written Acknowledgement of Receipt of Code | 3 |
| &nbsp;&nbsp;&nbsp;D. | Your Obligations on a Daily Basis | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | &nbsp;&nbsp;&nbsp;Pre-clearance of Personal Securities Transactions | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | &nbsp;&nbsp;&nbsp;Compliance with Trading Restrictions | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | &nbsp;&nbsp;&nbsp;Pre-clearance of Political Contributions | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. | &nbsp;&nbsp;&nbsp;Obligation to Report Changes to Personal Information | 8 |
| &nbsp;&nbsp;&nbsp;E. | Your Obligations on a Quarterly Basis | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | &nbsp;&nbsp;&nbsp;Quarterly Report/Certification of Transactions | 8 |
| &nbsp;&nbsp;&nbsp;F. | Your Obligations on an Annual Basis | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | &nbsp;&nbsp;&nbsp;Annual Certification of Holdings | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | &nbsp;&nbsp;&nbsp;Annual Code of Ethics Certification | 8 |
| III. | FUND PERSON RESPONSIBILITIES | 9 |
| &nbsp;&nbsp;&nbsp;A. | Fiduciary Duty | 9 |
| &nbsp;&nbsp;&nbsp;B. | Reporting and Certification Requirements | 9 |
| IV. | REVIEW AND ENFORCEMENT OF THE CODE | 9 |
| &nbsp;&nbsp;&nbsp;A. | Administration of the Code | 9 |
| &nbsp;&nbsp;&nbsp;B. | Review of Employee Activity | 9 |
| &nbsp;&nbsp;&nbsp;C. | Sanctions for Non-Compliance with Code | 9 |
| &nbsp;&nbsp;&nbsp;D. | Maintenance of Records | 9 |
| Glossary to the Code of Ethics | Glossary to the Code of Ethics | 10 |

---

**I. INTRODUCTION**

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

The Code of Ethics (the "Code") is based on the principle that Macquarie Asset Management ("Macquarie")<sup>1</sup>, its directors, officers, trustees, and employees (each, a "Covered Person" and collectively, "Covered Persons"), owe a fiduciary duty of undivided loyalty to the Delaware Funds by Macquarie, the Optimum Fund Trust, and the Macquarie ETF Trust (collectively, the "Funds") and any other investment advisory client (each, a "Client" and collectively, our "Clients") that Macquarie advises.<sup>2</sup> In addition, the Code is based on the principle that the directors, trustees and fund- only personnel associated with the Funds (collectively, "Fund Persons") owe a fiduciary duty of undivided loyalty to their respective Funds. The Trustees of the Delaware Funds by Macquarie® (the "Delaware Funds") and the Optimum Funds Trust (the "Optimum Funds"), who are not "interested persons," as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the "Independent Trustees") are subject to the Delaware Funds' and Optimum Funds Code of Ethics for Independent Trustees. The Independent Trustees are not subject to the provisions of this Code.

This Code sets out standards of conduct designed to address potential conflicts of interest that might arise between this fiduciary duty to Macquarie's Clients and a Covered Person's personal activities. Specifically, each Covered Person must avoid participating in transactions, activities, and relationships that might interfere (or appear to interfere) with making decisions in the best interests of those Clients.

As a Covered Person, you are responsible for reading the Code and understanding your obligations in order to comply with its provisions. Additionally, your duty to comply with this Code includes the requirement that your personal and business activities be conducted in compliance with all other policies and procedures governing Macquarie and its affiliates. Examples of such policies include, but are not limited to, Macquarie's Gifts and Entertainment Policy, Political Contribution ("Pay to Play") Policy, and Insider Trading/Material Non-Public Information Policy. If you have any questions regarding the Code and its related policies or your resultant obligations and duties, please contact the Compliance Department for assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Your Fiduciary Duty**

Macquarie is committed to fostering a culture that promotes honesty and high ethical standards. Consequently, all Covered Persons have an obligation to conduct themselves in accordance with the following general fiduciary principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ You
 have a duty to place the interests of our Clients ahead of your own interests at all times;

▪ You
 have a duty to attempt to avoid actual and potential conflicts of interest between your personal
 activities and the activities of our Clients, as well as to avoid any activities that may
 give the appearance of creating a conflict of interest; and

▪ You
 must not take inappropriate advantage of your position at Macquarie.

Covered Persons are reminded that violations of the Code and/or any associated policies and procedures may result in disciplinary action, including fines, disgorgement of profits, and possibly suspension and/or dismissal.

1 For the purposes of this Code, all references to "Macquarie" shall be taken to mean Macquarie Management Holdings, Inc. and its subsidiaries.

2 Definitions of certain capitalized terms can be found in the Glossary to the Code of Ethics. These definitions are an integral part of the Code and a proper understanding of them is necessary to comply with the Code. It is important that you review and understand all of the definitions contained in the Glossary and refer back to them as necessary to understand your responsibilities under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Compliance with Applicable Federal Securities Laws**

As a Covered Person under this Code, it is your duty to conduct all personal and professional activities in a manner that is consistent with any and all Applicable Federal Securities Laws (as defined in the Glossary to this Code ("Glossary").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Obligation to Report Violations of the Code**

You have a duty to report violations of the Code. If you become aware of a violation of Macquarie's Code committed by another Covered Person, you have an ongoing obligation to report that violation to the Compliance Department. It is Macquarie's policy to protect the confidentiality of any such report made in good faith and any Covered Person reporting such a violation will not be subject to retaliation.

**II. YOUR OBLIGATIONS AS A COVERED PERSON**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Categories of Covered Persons**

Upon becoming subject to the provisions of this Code, each Covered Person is assigned to one of the following three categories below based on their responsibilities and/or privileges at Macquarie**:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Access Person**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Investment Person**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Affiliated Person**

You will be advised of the category to which you are assigned during your initial training on this Code. It is important to know the category to which you are assigned, as belonging to a certain category may cause you to be subject to additional obligations and/or limitations under the Code. A complete definition for each category is included in the Glossary. You are encouraged to review the definitions for each category carefully, as well as any sections of the Code that may pertain only to Covered Persons assigned to your category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Immediate Family Member of an Employee**

In accordance with federal securities laws, certain restrictions and limitations found within the Code are also applicable to the personal investment activities of any immediate family members that reside in your household ("Immediate Family Members"). As a Covered Person, it is your responsibility to alert your Immediate Family Members of any applicable restrictions or limitations that may impact their personal investment activities to ensure that both you and your Immediate Family Members conduct all personal investment activities in a manner consistent with the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Your Obligations at Time of Hire**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Initial Holdings Report**

All Access and Investment Persons must submit an initial holdings report within ten (10) calendar days of commencing employment with Macquarie or otherwise becoming an Access or Investment Person to disclose the Required Holdings Information for both their own and their Immediate Family Members' personal securities holdings. The information included in the initial holdings report must be current as of a date no more than forty-five (45) calendar days prior to the commencement of employment with Macquarie (or becoming subject to the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Use of Approved Brokers**

All Covered Persons, with limited exceptions, must maintain all personal brokerage accounts with approved brokerage firms ("Approved Brokers"). A list of the Approved Brokers from which Macquarie is currently able to receive such data feeds can be found on MacNet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Disclosure of Outside Business Activities**

Covered Persons may not engage in full-time or part-time service as an officer, director, partner, manager, consultant or employee of any business organization or non-profit organization other than Macquarie without receiving prior written approval from the Compliance Department. Any such service is considered an "Outside Business Activity," even if performed on a volunteer basis. Any existing Outside Business Activities must be disclosed at the time that you become subject to this Code and are subject to review and approval. Similarly, you have an ongoing obligation to disclose any Outside Business Activities that you undertake during your employment with Macquarie and receive written approval from the Compliance Department prior to participating in such activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Disclosure of Political Contributions**

In addition to the Code, all Covered Persons and their Immediate Family Members are subject to Macquarie's Political Contribution ("Pay-to-Play") Policy. Covered Persons are required to disclose all political contributions made during the two-year period prior to the date that they become subject to this Code. This disclosure must also include all political contributions made by your Immediate Family Members during the two-year period. The information provided may be shared in the aggregate in response to requests for proposals or client information requests but will otherwise remain strictly confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Written Acknowledgement of Receipt of Code**

All Covered Persons are required to certify that they have received this Code within ten (10) calendar days of their hire date. You will also be required to certify your ongoing compliance with this Code on an annual basis and whenever the Code is updated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Your Obligations on a Daily Basis**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Pre-clearance of Personal Securities Transactions**

Covered Persons and their Immediate Family Members must pre-clear each personal investment transaction and receive approval for the activity prior to executing the transaction, unless the transaction is subject to an exemption from the pre-clearance requirements of the Code as outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Duration of Approval***

Approval for a pre-clearance request is valid for the same day only and the trade must be executed on the same day that approval is granted. If a transaction is not executed (or is only partially completed) on the same day that you receive approval, you must repeat the pre-clearance process and receive approval on the day that you do execute (or complete) the transaction. Similarly, if the information in your pre-clearance request changes in any material way, you must resubmit your pre-clearance request prior to executing the transaction.

▪ **Note:** Approvals for Covered Persons located in Australia and/or Asia **only** are valid for execution through the 24-hour period
 following approval.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Exceptions to the Pre-clearance Requirement***

You are not required to pre-clear and receive approval for the personal investment transaction types listed below prior to execution, although you are still responsible for complying with the reporting requirements of this Code for these transactions, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Involuntary transactions**

The acquisition or disposition of a security as the result of a stock dividend, stock split, reverse stock split, merger, consolidation, spin-off or other similar corporate distribution or reorganization applicable to all holders of a class of securities does not require pre-clearance under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Affiliated Funds and Pooled Vehicles</u>**

<u>Purchases or sales of affiliated pooled vehicle such as open-end mutual funds, SICAVS, and other managed investment schemes to which Macquarie provides advisory services, also referred to as "Affiliated Funds";</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Purchases or sales of exchange-traded funds ("ETFs")**

Unaffiliated ETFs, **except for single stock ETFs,** are exempt from the preapproval requirements, however they are subject to the reporting and holding period requirements of the Code<u>. For Single security or issuer ETFs pre-clearance is required on the underlying security/issuer.</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Transactions in Managed Accounts**

Pre-clearance is not required for transactions made in an account over which neither you nor an Immediate Family Member (a) exercises investment discretion, (b) receives notice of transactions prior to execution, and/or (c) otherwise has direct or indirect influence or control ("Managed Account").

**Note**: Covered Persons and their Immediate Family Members must receive approval from the Compliance Department in order to maintain a Managed Account. **Additionally, you should be aware that Managed Accounts are still subject to the reporting requirements of the Code.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Donated Shares**

Pre-clearance and approval are not required for any securities that are donated to a charitable organization. However, such transactions are still subject to the reporting requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***c) Transactions Excluded from BOTH the Pre-clearance and Approval Requirement and the Reporting Requirement***

All personal investment transactions by Covered Persons must be reported under the Code with a few limited exceptions. The following types of personal investment transactions are exempt from <u>both</u> the pre-clearance and the reporting requirements of the Code.

*(1)* Purchases
 or sales of <u>unaffiliated</u> pooled vehicles such as open-end mutual funds, SICAVs,
 UCITS and other managed investment schemes.

*(2)* Purchases
 or sales of direct obligations of the U.S. Government or any other national government and
 futures and options with respect to such obligations;

*(3)* Purchases
 or sales of bank certificates of deposit, bankers' acceptances, commercial paper and other high quality short-term debt instruments
 (having a maturity at issuance of less than 366 calendar days and rated in one of the two highest ratings categories by a nationally
 recognized statistical ratings organization, including repurchase agreements);

*(4)* Purchases
 which are made by reinvesting cash dividends including reinvestments pursuant to an Automatic Investment Plan; and

*(5)* Transactions
 in Section 529 plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Compliance with Trading Restrictions**

All Covered Persons and their Immediate Family Members are subject to certain trading restrictions on their personal investment activities.

&nbsp;&nbsp;&nbsp;&nbsp;&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) All Covered Persons – Restrictions on Trading in Macquarie Group Limited Securities***

Covered Persons who wish to trade Macquarie Group Limited ("MGL") securities directly through the Macquarie Group Employee Retained Equity Plan ("MEREP") or through a similar plan, must complete all trades during designated staff trading windows. Transactions in MGL securities must comply with all applicable MGL policies, including the MGL Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&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) All Covered Persons – Seven (7) Calendar Day Blackout Period***

All Covered Persons and their Immediate Family Members are prohibited from trading a security in their personal brokerage accounts for seven (7) calendar days after Macquarie executes a buy or sell transaction in that same security. Depending on the facts and circumstances and at the discretion of the CCO or their designee, personal trades involving covered securities that receive preapproval and are executed within 7 calendar days prior to Macquarie executing a buy or sell transaction in that same security may be required to be unwound or subject to disgorgement of profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) **De Minimus*** **Exception**

Covered Persons will be permitted a de minimis exception when requesting to trade of up to $10,000 USD per day of any security included in the Russell 3000 Index. Other highly capitalized and or widely held securities may also be considered by exception, i.e. ADRs or foreign securities. Please contact Compliance for all exception requests.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Holding Periods:***

All Covered Persons are prohibited from engaging in activities that could be considered "market timing" in violation of Rule 22c-1 of the 1940 Act and, therefore, subject to required holding periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)* **Access and Affiliated Persons – 60 Calendar Day General Holding Period** 

If you are categorized as an Access Person or Affiliated Person under this Standard, you are subject to sixty (60) calendar days holding period for most personal securities transactions. Accordingly, Access and Affiliated Persons must hold all opening positions, including those in stock options, for a total period of sixty (60) calendar days before they can be closed at a profit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)* **Investment Persons – 60 Calendar Day General Holding Period** 

Investment Persons are prohibited from engaging in short term trading in their personal investment accounts that results in a profit. Accordingly, Investment Persons must hold all opening positions, including those in stock options, for a total period of sixty (60) calendar days before they can be closed <u>at a profit</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;*(3)* **All Covered Persons – 60 Calendar Day Holding Period for Affiliated Mutual Funds** 

All Covered Persons must hold any newly opened positions in Affiliated Mutual Funds for sixty (60) calendar days before the position may be closed for a profit.

**Note: Investment Persons, Access and Affiliated Persons are permitted to close positions at any time at a loss of 20% or greater. The loss calculation will be based upon Last-In First-Out (LIFO).**

&nbsp;&nbsp;&nbsp;&nbsp;&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) Restricted Securities***

Macquarie maintains a list of certain restricted securities that may not be traded by Covered Persons (the "Restricted List"). You are generally prohibited from purchasing or selling any security on the Restricted List, except that this prohibition shall not apply to:

▪ Involuntary
 and/or automatic transactions;

▪ Transactions
 made in an approved Managed Account, provided that such transactions do not reflect a prohibited
 pattern of conduct; and

▪ Transactions
 for which specific approval has been granted due to unusual or unforeseen circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***e) Initial Public Offerings/Private Placements***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Investment Persons, Access and Affiliated Persons*

Investment Persons, Access and Affiliated Persons are prohibited from participating in initial public offerings and may only participate in a private placement with prior written permission. Additionally, an employee who purchased privately placed securities prior to becoming subject to this Standard is required to disclose the purchases to the Compliance Department before they can participate in the consideration of an investment in the securities of that issuer or its affiliates for a Client account. In order to avoid a potential conflict of interest, any decision to invest in the issuer in question will be subject to an independent review by additional Investment Persons that do not have a personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) Registered Representatives*

All Covered Persons holding valid Financial Industry Regulatory Authority (FINRA) registrations are prohibited from participating in initial public offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Pre-clearance of Political Contributions**

All Covered Persons and their Immediate Family Members must submit a pre-clearance request and receive approval prior to making a political contribution. Examples of political contributions that would require pre-clearance and approval include, but are not limited to, donations of cash, stock, service or anything of value to a candidate for public office, a sitting public official, political party or a political action committee, whether at the local, state, and/or federal level. Please review Macquarie's Pay-to-Play Policy for more information on applicable restrictions and reporting obligations for political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Obligation to Report Changes to Personal Information**

You have an ongoing obligation to report any changes in your personal information that may impact your obligations under this Code. Examples include changes to your personal brokerage accounts (*e.g.*, opening or closing an account), disclosures of new outside business activities for review and approval, and changes to your address, Immediate Family Members, or other personal information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Your Obligations on a Quarterly Basis**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Quarterly Report/Certification of Transactions**

Within thirty (30) calendar days after each quarter's end, all Covered Persons must report and certify their personal investment activity during the previous quarter. Please note that all Covered Persons are required to complete the quarterly certification each quarter, even if they did not complete any personal investment transactions during the quarter. Additionally, Covered Persons will be asked to review the list of brokerage accounts that they have previously disclosed and certify to its accuracy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Your Obligations on an Annual Basis**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Annual Certification of Holdings**

All Access and Investment Persons are required to submit an annual report of all personal investment holdings in their personal brokerage accounts and the personal brokerage accounts of their Immediate Family Members. The report must contain information that is current as of a date no more than forty-five (45) calendar days prior to the date the report is submitted and must be submitted no later than forty-five (45) calendar days after year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Annual Code of Ethics Certification**

At least annually, all Covered Persons must review this Code in its entirety and certify to their understanding and ongoing compliance with the Code.

**III. FUND PERSON RESPONSIBILITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Fiduciary Duty**

All Fund Persons have an obligation to conduct themselves in accordance with the general fiduciary principles outlined above. Specifically, you have a duty to place the interests of the applicable Fund ahead of your own interests at all times; you have a duty to attempt to avoid actual and potential conflicts of interest between your personal activities and the activities of the applicable Fund, as well as to avoid any activities that may give the appearance of creating a conflict of interest; and you must not take inappropriate advantage of your position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Reporting and Certification Requirements**

Fund Persons are not subject to the holding's disclosure requirements outlined above nor are they required to pre-clear all personal investment transactions prior to executing a transaction. Similarly, Fund Persons are only required to submit and certify quarterly transaction reports for any personal investment transactions where, at the time of the transaction, they knew, or in the ordinary course of fulfilling their official duties should have known, that during the fifteen (15) calendar day period immediately before or after the date of the transaction, such Security was purchased or sold by an applicable Fund or Macquarie on behalf of the applicable Fund or was being considered for purchase or sale by an applicable Fund or Macquarie on behalf of the applicable Fund..

**IV. REVIEW AND ENFORCEMENT OF THE CODE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Administration of the Code**

The Code shall be administered by the Compliance Department and/or an appropriate management committee that shall include a majority of Compliance and/or Legal Department representatives. Where exceptions are granted to any provision of this Code, the rationale for such exceptions shall be documented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Review of Employee Activity**

Trading activity may be reviewed for patterns of trading that are inconsistent with the tenets of this Code. Excessive or inappropriate trading that interferes with job performance or compromises the duty that Macquarie owes to our Clients is not permitted. Patterns of excessive trading or other trading activity that is deemed to be inappropriate may lead to sanctions, including restrictions on future trading and/or other disciplinary action under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Sanctions for Non-Compliance with Code**

Appropriate sanctions for a violation will include the nature and severity of the violation, the presence of any mitigating circumstances, and any previous violations that may have been committed by the Covered Person. Examples of possible sanctions include, but are not limited to, written warnings or reprimands, monetary penalties, trading freezes, suspension, and/or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Maintenance of Records**

Macquarie will maintain all necessary books and records required to remain compliant with applicable laws and regulations. More information on specific record-keeping requirements and processes may be found in Macquarie's record-keeping policies and procedures.

**Glossary to the Code of Ethics**

**Access Person**

The term "Access Person" means an officer or director, or employee of a registered investment adviser, or any other person identified as a "control person" on the Form ADV or the Form BD filed by the adviser with the US Securities and Exchange Commission, as well as any employee, (1) who, in connection with his or her regular functions or duties, generates, participates in, has access to or obtains information regarding that adviser's purchase or sale of a security by or on behalf of an advisory client; (2) whose regular functions or duties relate to the making of any recommendations with respect to such purchases or sales or has access to such recommendations that are non-public; (3) who obtains or has access to information or exercises influence concerning investment recommendations made to an advisory client of that adviser; (4) who has line oversight or management responsibilities over employees described in (1), (2) or (3) above; or (5) who has access to non-public information regarding any advisory clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any fund for which an adviser serves as investment adviser or any fund whose investment adviser or principal underwriter controls, is controlled by, or is under common control with Macquarie.

**Affiliated Fund**

The term "Affiliated Fund" refers to open-end (non-money market) mutual funds and ETFs to which Macquarie provides advisory services are considered to be "Affiliated Funds." A list of Macquarie's Affiliated Funds can be found on MacNet.

**Affiliated Person**

The term "Affiliated Person" means any officer, director, partner, or employee of a Macquarie Fund or any subsidiary of Macquarie Management Holdings, Inc. and any other person so designated by the Compliance Department.

**Applicable Federal Securities Laws**

For the purposes of the Code, the term "Applicable Federal Securities Laws" refers to any and all federal securities laws or regulations that may be applicable, including, but not limited to, the Securities Act of 1933, as amended (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, as amended (the "1940 Act"), the Investment Advisers Act of 1940, as amended (the "Advisers Act"), Title V of Gramm-Leach-Bliley Act, any rules adopted by the U.S. Securities and Exchange Commission (the "SEC") under any of these statutes, and the Bank Secrecy Act as it applies to funds and investment advisers and any rules adopted thereunder by the SEC or Department of the Treasury.

**Approved Broker**

The term "Approved Broker" refers to a broker-dealer that is included on Macquarie's "Approved Broker List." Effective September 1, 2013, all new brokerage accounts opened by a Covered Person, or their Immediate Family Member must be opened with a broker-dealer that can provide Macquarie with trade confirmations and other information about employee personal trading activity electronically. This list will be updated from time-to-time to reflect changing business relationships.

**Client**

The term "Client" refers to Macquarie's investment advisory clients, including the registered investment companies, institutional investment clients, personal trusts and estates, guardianships, employee benefit trusts, and other clients that Macquarie serves.

**Compliance Department**

The term "Compliance Department" refers to the Macquarie Compliance Department.

**Covered Person**

The term "Covered Person" means a person subject to the provisions of this Code. This includes Macquarie's employees and their Immediate Family Members, such as spouses and minor children, as well as other persons designated as Covered Persons by the Compliance Department or the Code of Ethics Committee. Such persons may include some or all of the directors, officers, trustees, and employees under the control of Macquarie or its affiliated entities.

**Fund Person**

Any directors, trustees and fund-only personnel associated with the Delaware Funds by Macquarie and/or the Optimum Fund Trust. Fund-only personnel are considered to be those who are not employed by Macquarie or otherwise considered a Covered Person but provide services to the Funds.

**Immediate Family Member of an Employee**

Immediate Family Member of an Employee – means: (1) any of the following persons sharing the same household with the Employee (which does not include temporary house guests): a person's child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, legal guardian, adoptive relative, or domestic partner; (2) any person sharing the same household with the Employee (which does not include temporary house guests)that holds an account in which the Employee is a joint owner or listed as a beneficiary; or (3) any person sharing the same household with the Employee in which the Employee contributes to the maintenance of the household and material financial support of such person.

**Investment Person**

The term "Investment Person" means a portfolio manager who, in connection with his/her regular functions or duties, makes, or participates in the making of, investment decisions affecting an investment company, and any control person who obtains information concerning the recommendation of securities for purchase or sale by a fund or an account. Any staff working in a support role to a portfolio manager, including, but not limited to, analysts and administrative assistants, are also considered to be Investment Persons. All Investment Persons are also considered Access Persons by definition.

**Managed Account**

The term "Managed Account" refers to an account over which neither you nor an Immediate Family Member (a) exercises investment discretion, (b) receives notice of transactions prior to execution, and/or (c) otherwise has direct or indirect influence or control. All Covered Persons must request and received approval from the Compliance Department in order to maintain a Managed Account.

**Outside Business Activity**

The term "Outside Business Activity" means any full-time or part-time service as an officer, director, partner, manager, consultant or employee of any business organization or non-profit organization other than Macquarie. A Covered Person who engages in such service, whether or not s/he receives compensation for doing so, will be considered to be participating in an Outside Business Activity and must disclose such service to the Compliance Department and receive approval for same.

**Required Holdings Information**

Certain information regarding your personal securities holdings is required to be reported. Such reports must include the date and nature of the transaction, identify the security transacted, the price at which the transaction was effected, the broker through which the transaction was effected and the date in which the Access or Investment Person submitted the report.

## Ex-99.B(P)(20)

**Exhibit 99.B(p)(20)**

![](tm2522623d1_ex99-bxpx20img01.jpg)

Easterly Investment Partners LLC<br> Easterly Securities LLC

**Code of Ethics Policy**

Effective October 2, 2023<br> Updated: March 15, 2024

CONFIDENTIAL

**Table of Contents**

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| | |
|:---|:---|
| **Topic** | **Page** |
| **Statement of General Policy** | **3** |
| **Standards of Business Conduct** | **5** |
| **Conflicts of Interest** | **6** |
| **Reporting Violations** | **11** |
| **Insider Trading Policy** | **8** |
| **Employee Personal Trading** | **11** |
| **Prohibited Transactions** | **16** |
| **Gifts and Entertainment** | **17** |
| **Political Contributions** | **19** |
| **Outside Business Affiliations** | **20** |
| **Employee Compliance Procedures** | **21** |
| **Certifications** | **23** |
| **Recordkeeping** | **24** |
| **Administration, Recordkeeping and Enforcement** | **25** |
| **Definitions** | **26** |

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CONFIDENTIAL

**Statement of General Policy**

This Code of Ethics ("Code") has been adopted by Easterly Investment Partners LLC ("Easterly"), Easterly Funds LLC ("EF"), and Easterly Securities LLC, collectively "Easterly" and is designed to comply with Rules 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act") and 17j-1 under the Investment Company Act of 1940 (the "1940 Act").

This Code establishes rules of conduct for all employees, directors, and officers of Easterly and is designed to, among other things, govern personal securities trading activities in the accounts of employees, immediate family/household accounts and accounts in which an employee has a beneficial interest. The Code is based upon the principle that Easterly and its employees owe a fiduciary duty to Easterly clients to conduct their affairs, including their personal securities transactions, in such a manner as to avoid (i) serving their own personal interests ahead of clients, (ii) taking inappropriate advantage of their position with the firm and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility.

The Code is designed to ensure that the high ethical standards long maintained by Easterly continue to be applied. The purpose of the Code is to preclude activities which can lead to or give the appearance of conflicts of interest, insider trading and other forms of prohibited or unethical business conduct. The excellent name and reputation of our firm continues to be a direct reflection of the conduct of each employee.

Pursuant to Section 206 of the Advisers Act, both Easterly and its employees are prohibited from engaging in fraudulent, deceptive, or manipulative conduct. Compliance with this section involves more than acting with honesty and good faith alone. It means that Easterly has an affirmative duty of utmost good faith to act solely in the best interest of its clients.

Easterly and its employees are subject to the following specific fiduciary obligations when dealing with clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 duty to have a reasonable, independent basis for the investment advice provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 duty to obtain best execution for a client's transactions where the Firm is in a position
 to direct brokerage transactions for the client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 duty to ensure that investment advice is suitable to meeting the client's individual
 objectives, needs and circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
duty to be loyal to clients.

In meeting its fiduciary responsibilities to its clients, Easterly expects every employee to demonstrate the highest standards of ethical conduct for continued employment with Easterly. Strict compliance with the provisions of the Code shall be considered a basic condition of employment with Easterly. Easterly's reputation for fair and honest dealing with its clients has taken considerable time to build. This

CONFIDENTIAL

standing could be seriously damaged as the result of even a single securities transaction being considered questionable in light of the fiduciary duty owed to our clients. Employees are urged to seek the advice of the Chief Compliance Officer regarding any questions about the Code or the application of the Code to their individual circumstances. Employees must also understand that a material breach of the provisions of the Code can constitute grounds for disciplinary action, including termination of employment with Easterly.

The provisions of the Code are not all-inclusive. Rather, they are intended as a guide for Easterly employee conduct. In those situations where an employee may be uncertain as to the intent or purpose of the Code, he/she is advised to consult with the Chief Compliance Officer. The Chief Compliance Officer may grant exceptions to certain provisions contained in the Code only in those situations when it is clear beyond dispute that the interests of our clients will not be adversely affected or compromised. All questions arising in connection with personal securities trading should be resolved in favor of the client even at the expense of the interests of employees.

In summary, the Easterly Code is intended to reflect fiduciary principles that govern the conduct of Easterly and its Employees. The Code is supplementary to an Employees duty to comply with the Easterly Code of Business Conduct.

The Chief Compliance Officer will periodically report to Easterly senior management to document compliance with this Code.

CONFIDENTIAL

**Standards of Business Conduct**

Easterly places the highest priority on maintaining its reputation for integrity and professionalism. That reputation is a vital business asset. The confidence and trust placed in our firm and its employees by our clients is something we value and endeavor to protect. The following Standards of Business Conduct set forth policies and procedures to achieve these goals. This Code is intended to comply with the various provisions of the Advisers Act and requires that all employees comply with the various applicable provisions of the Investment Company Act of 1940, as amended, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and applicable rules and regulations adopted by the Securities and Exchange Commission ("SEC").

Section 204A of the Advisers Act requires the establishment and enforcement of policies and procedures reasonably designed to prevent the misuse of material, nonpublic information by investment advisers. Such policies and procedures are contained in this Code. The Code also contains policies and procedures with respect to personal securities transactions of all Easterly employees as defined herein. These procedures cover transactions in a reportable security in which a supervised person has a beneficial interest in or accounts over which the supervised person exercises control as well as transactions by members of the supervised person's immediate family.

Section 206 of the Advisers Act makes it unlawful for Easterly or its agents or employees to employ any device, scheme or artifice to defraud any client or prospective client, or to engage in fraudulent, deceptive or manipulative practices. This Code contains provisions that prohibit these and other enumerated activities and that are reasonably designed to detect and prevent violations of the Code, the Advisers Act and rules thereunder.

Sections 208(d) and 48(a) of the Advisers and 1940 Act, respectfully, makes it unlawful for any person indirectly, or through or by any other person, to do any act or thing which it would be unlawful for such person to do directly under the provisions of these respective titles or any rule or regulation thereunder.

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**Conflicts of Interest**

Easterly shall seek to identify and review conflicts of interest. Ongoing identification of conflicts and potential conflicts of interest will assist the firm in addressing situations that could have a negative impact on the interests of our clients.

Conflicts of interest may arise under any number of circumstances, including, for example, various lines of business or outside business activities. Conflicts can also arise where the firm or its employees have reason to favor the interests of one client over another client (*e.g.,* larger accounts over smaller accounts, accounts compensated by performance fees over accounts not so compensated, accounts in which employees have made material personal investments, accounts of close friends or relatives of employees). Such favoritism would constitute a breach of fiduciary duty and is strictly prohibited.

In addition, access persons are prohibited from using knowledge about pending or currently considered securities transactions for clients to profit personally, directly or indirectly, as a result of such transactions, including by purchasing or selling such securities.

To assist the firm in identifying conflicts and potential conflicts of interest, and to meet our reporting obligations to the registered investment companies to which the firm provides investment management services, Easterly has adopted the procedures set forth below. Additional procedures set forth throughout this Code of Ethics also seek to prohibit situations giving rise to conflicts of interest or to otherwise ensure our fiduciary duties. Employees are always encouraged to raise concerns regarding any situation that could constitute a conflict or potential conflict of interest with firm clients to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Easterly
shall request that conflicts arising from Easterly's, its principals', its executive officers', or their affiliates'
(whether affiliated with Easterly or not) (hereafter jointly referred to as "Parties") other business activities be reported
to the Chief Compliance Officer. Any such activities are tracked, and the Chief Compliance Officer shall seek to reasonably ensure that
these activities are disclosed in the firm's Form ADV as required and/or appropriately mitigated. Easterly has created an
Employee Questionnaire for these purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Easterly
has established, pursuant to this Code of Ethics, a review process to identify potential conflicts of interest that may arise between
our clients and the Parties as a result of, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
operation of a non-investment management business in which Easterly or an affiliated person of Easterly engages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Easterly
engaging in a new business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Easterly
 making available new investment products or services; and Easterly changing significantly
 the manner in which it operates its investment management business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Easterly
 shall document the results of conflict of interest reviews of any registered investment company
 managed by the firm by responding to quarterly certifications, or other reasonable requests
 for information.

CONFIDENTIAL

**Statement of Easterly Policy on Insider Trading and Disclosure**

**Introduction**

This Statement of Easterly Policy on Insider Trading and Disclosure (this "Insider Trading Policy") is designed to prevent insider trading or the appearance of impropriety, to satisfy Easterly's obligation to reasonably supervise the activities of its personnel, and to help Easterly personnel avoid the severe consequences associated with violations of insider trading laws. **It is your obligation to understand and comply with this Insider Trading Policy.** You should refer all inquiries regarding this Insider Trading Policy to the officer, employee or consultant designated from time to time by the Company to serve as its insider trading compliance officer (the "Compliance Officer").

Trading securities while in possession of material, nonpublic information, or improperly communicating that information to others may expose you, other employees and Easterly to significant monetary fines and stringent penalties. and/or issue an order permanently barring you from the securities industry. Easterly and/or the supervisors of the person engaged in insider trading may also be required to pay civil penalties of up to the greater of $1,275,000 or three times the profit made, or loss avoided, as well as criminal penalties of up to $25,000,000, and could under certain circumstances be subject to private lawsuits. Finally, employees and Easterly may be sued by investors seeking to recover damages for insider trading violations.

The rules contained in this Code apply to securities trading and information handling by employees of Easterly and their immediate family members.

**General Policy**

No supervised person should trade, either personally or on behalf of others (such as investment funds and private accounts managed by Easterly), while in the possession of material, nonpublic information, nor should any personnel of Easterly communicate material, nonpublic information to others in violation of the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *What is Material Information?*

Information is material where there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions. Generally, this includes any information the disclosure of which will have a substantial effect on the price of a company's securities. No simple test exists to determine when information is material; assessments of materiality involve a highly fact-specific inquiry. For this reason, you should direct any questions about whether information is material to the Chief Compliance Officer.

Material information often relates to a company's results and operations, including, for example, dividend changes, earnings results, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

CONFIDENTIAL

Material information also can relate to the market for a company's securities. Information about a significant order to purchase or sell securities may, in some contexts, be material. Prepublication information regarding reports in the financial press also could be material. For example, the United States Supreme Court upheld the criminal convictions of insider trading defendants who capitalized on prepublication information about The Wall Street Journal's "Heard on the Street" column.

You should also be aware of the SEC's position that the term "material nonpublic information" relates not only to issuers but also to Easterly's securities recommendations and client securities holdings and transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *What is Nonpublic Information?*

Information is "public" when it has been disseminated broadly to investors in the marketplace. For example, information is public after it has become available to the general public through the Internet, a public filing with the SEC or some other government agency, the Dow Jones "tape" or The Wall Street Journal or some other publication of general circulation, and after sufficient time has passed so that the information has been disseminated widely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Identifying Inside Information*

Before executing any trade for yourself or others, including investment funds or private accounts managed by Easterly ("Client Accounts"), you must determine whether you have access to material, nonpublic information. If you think that you might have access to material, nonpublic information, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Report
 the information and proposed trade immediately to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Do
 not purchase or sell the securities on behalf of yourself or others, including investment
 funds or private accounts managed by the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Do
 not communicate the information inside or outside the firm, other than to the Chief Compliance
 Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· After
 the Chief Compliance Officer has reviewed the issue, the firm will determine whether the
 information is material and nonpublic and, if so, what action the firm will take.

You should consult with the Chief Compliance Officer before taking any action. This high degree of caution will protect you, our clients, and the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Contacts with Public Companies*

Contacts with public companies may represent an important part of our investment and research efforts. The firm may make investment decisions on the basis of conclusions formed through such contacts and analysis of publicly available information. Difficult legal issues arise, however, when, during these contacts, a supervised person of Easterly or other person subject to this Code becomes aware of material, nonpublic information. This could happen, for example, if a company's Chief Financial Officer prematurely discloses quarterly results to an analyst, or an investor relations representative makes selective disclosure of adverse news to a handful of investors. In such situations, Easterly must make a judgment as to its further conduct. To protect yourself, your clients and the firm, you should contact the Chief Compliance Officer immediately if you believe that you may have received material, nonpublic information.

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Other examples for consideration are: research and political consultants, virtual data rooms (VDRs), sub-advisers selected to manage client assets/accounts, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Tender Offers*

Tender offers represent a particular concern in the law of insider trading for two reasons: First, tender offer activity often produces extraordinary gyrations in the price of the target company's securities. Trading during this time period is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases). Second, the SEC has adopted a rule which expressly forbids trading and "tipping" while in the possession of material, nonpublic information regarding a tender offer received from the tender offeror, the target company or anyone acting on behalf of either. Employees of Easterly and others subject to this Code should exercise extreme caution any time they become aware of nonpublic information relating to a tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Restricted/Watch Lists*

The Chief Compliance Officer may consider placing certain securities on a "restricted list. Employees are prohibited from personally, or on behalf of an advisory account, purchasing or selling securities during any period they are listed. Securities issued by companies about which a number of employees are expected to regularly have material, nonpublic information should generally be placed on the restricted list. The Chief Compliance Officer would take steps to immediately inform all employees of the securities listed on the restricted list. Although Easterly does not typically receive confidential information from portfolio companies or other sources, it may, if it receives such information, take appropriate procedures to establish restricted or watch lists in certain securities.

An example of a security on the restricted list is Easterly Government Properties (DEA), given the affiliate relationship between Easterly Investment Partners and Easterly Government Properties as a publicly traded company. Trades by individuals who own DEA stock must be precleared and are subject to trading windows. Insiders of DEA, such as Board members who also have a direct relationship with Easterly, are also subject to the Easterly Government Properties Insider Trading Policy and have unique reporting and filing requirements. Contact the Chief Compliance Officer at Easterly and/or DEA with specific questions regarding DEA stock trading matters.

The Chief Compliance Officer can also place certain securities on a "watch list."

CONFIDENTIAL

Securities issued by companies about which a limited number of employees possess material, nonpublic information would generally be placed on the watch list. The list will be disclosed only to the Chief Compliance Officer and a limited number of other persons who are deemed necessary recipients of the list because of their roles within the company. Currently, Easterly does not have a watch list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Reporting Potential Insider Trading Activity*

You should refer all inquiries regarding this Insider Trading Policy to the officer, employee or consultant designated from time to time by the Company to serve as its insider trading compliance officer (the "Compliance Officer").

**Your failure to observe this Insider Trading Policy could lead to significant legal problems, including fines and/or imprisonment, and could have other serious consequences, including the termination of your employment or service relationship with the Company.**

CONFIDENTIAL

**Employee Personal Trading**

*General Policy*

Easterly has adopted the following principles governing personal investment activities by Easterly's employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
interests of client accounts will at all times be placed first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 personal securities transactions will be conducted in such manner as to avoid any actual
 or potential conflict of interest or any abuse
of an individual's position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 must not take inappropriate advantage of their positions.

*Covered (Reportable) Accounts*

Easterly Access persons and ES registered representatives are required to disclose covered accounts and holdings as defined (see "Definitions" section) within 10 days of hire or becoming an Access person. Subsequent changes to such accounts must be disclosed on a timely basis (no less than quarterly) to the firm in ComplySci. An automatic transaction feed from the broker where the account is held will be established between the broker and ComplySci, where available. In the event an automatic feed is unavailable on the platform, paper statements will be required to be uploaded on a quarterly basis.

*Covered (Reportable) Securities*

See Definitions section for a full listing of Reportable Securities requiring reporting and preclearance.

*Pre-Clearance Standards*

*General:* Trades will only be pre-cleared if it is determined that, considering all of the facts and circumstances, the transaction is consistent with the provisions of this Code of Ethics.

*Compliance with Insider Trading Policies:* In connection with requesting preclearance of a personal securities transaction, Access Persons are reminded of their obligation to adhere to applicable Easterly policies with respect to material and non-public information.

*Duties of Investment Persons:* A security shall be considered to be recommended when a buy or sell recommendation is made by an Investment Person for a Client's account, or such recommendation is under active consideration by an Investment Person. An Investment Person may not fail to make a recommendation to a Client in order to avoid limitations on or conflicts with regard to his or her personal securities transactions.

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***PreClearance Process***

**Easterly Access persons and ES registered representatives are required to preclear transactions in covered securities as defined (see "Definitions" section) in accordance with the following process:**

&nbsp;&nbsp;&nbsp;&nbsp;· **Enter a trade preclearance request into ComplySci indicating:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o** **Transaction type** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o** **Quantity of shares to be traded** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o** **Security to be traded (trades may not be batched into a single preclearance request – enter individually) and ensure that the security populated in the Selected Security field is accurate** 

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|:---|:---|
| ![](tm2522623d1_ex99-bxpx20img02.jpg) | **Select "Advanced Search" for additional information in identifying the correct security** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o** **Click Submit** 

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|:---|:---|
| ![](tm2522623d1_ex99-bxpx20img02.jpg) | **Any Access person that has an urgent need to trade should contact the Compliance department <u>in advance</u> of submission to help identify and manage any potential conflicts.** |

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&nbsp;&nbsp;&nbsp;&nbsp;· **Your request will be automatically reviewed against certain trade rules in the system** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o** **Restricted List: Any security that appears on the restricted list would result in a Review or Denial of a preclearance request.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o** **Firm Trade Conflicts:: Access Persons are prohibited from trading within 2 days before or after and the day of a client trade.** 

&nbsp;&nbsp;&nbsp;&nbsp;· **PreClearance decisions:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o**  ***Approvals*: Good for day of approval only. If trading is not completed by the end of the day, a new PreClearance Request must be reentered the following day.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o**  ***Denials*: Any preclearance request that receives a Denial will be denied for the entire day and must be resubmitted the following day.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o**  ***Requested*: The Compliance department will make every effort to review PreClearance requests within an hour of submission.** 

***PreClearance Required for Participation in IPOs***

**No Easterly Access person shall acquire any beneficial ownership in any securities in an Initial Public Offering for his or her account, as defined herein without the prior written approval of the Chief Compliance Officer who has been provided with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of**

**the supervised person's activities on behalf of a client) and, if approved, will be subject to continuous monitoring for possible future conflicts.**

***Easterly Securities LLC personnel:***

***Registered representatives of Easterly Securities LLC are prohibited from investing in IPOs.***

***They may purchase securities offered only on the secondary market.***

CONFIDENTIAL

*Restricted Securities List*

No supervised person shall acquire any beneficial ownership in stock or other security for an individual company without the prior written approval of the Chief Compliance Officer or other designated individual. Restricted lists will be maintained for each of the clients (funds) and investment requests will be checked against these lists.

*Blackout Periods*

Access persons may not trade (buy or sell) a security (or a derivative of the security) directly or indirectly which has been traded for a client account of the firm within 2 days (before and after) of the client's trading activity (trade date = Day 0). If there is a securities trade in a client account, any employee preclearance request to trade in the same security or a derivative of that security will be denied for that day and for the two days following the client trade. If a securities transaction is executed by a client within two (2) business days after an Access person executed a transaction in the same security, the Chief Compliance Officer will review the supervised person's and the client's transactions to determine whether the supervised person did not meet his or her fiduciary duties to the client in violation of this Code.

*Interested Transactions*

No supervised person shall recommend any securities transactions for a client without having disclosed his or her interest, if any, in such securities or the issuer thereof, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
direct or indirect beneficial ownership of any securities of such issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
contemplated transaction by such person in such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
position with such issuer or its affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 present or proposed business relationship between such issuer or its affiliates and such
 person or any party in which such person has a significant interest

*Beneficial Ownership*

An Access or supervised person may, directly or indirectly, acquire or dispose of beneficial ownership (as defined in Section 16 of the Securities Act of 1934) of a reportable security in a publicly listed company, an initial public offering or a limited offering, only if: (i) such purchase or sale has been approved, prior to execution, by the Compliance Officer or supervisory person designated by Easterly; (ii) the approved transaction is completed by the close of business on the second trading day after approval is received; and (iii) the designated supervisory person has not rescinded such approval prior to execution of the transaction. *Post-approval is not permitted.*

*Private Securities Transactions*

Prior to participating in any private securities transaction, an associated person of the broker/dealer shall provide written notice to the member with which he is associated describing in detail the proposed transaction and the person's proposed role therein and stating whether he has received or may receive selling compensation in connection with the transaction; provided however that, in the case of a series of related transactions in which no selling compensation has been or will be received, an associated person may provide a single written notice.

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*Pre-Clearance Required for Private or Limited Offerings*

No supervised person shall acquire beneficial ownership of any securities in a limited offering or private placement without the prior written approval of the Chief Compliance Officer who has been provided with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the supervised person's activities on behalf of a client) and, if approved, will be subject to continuous monitoring for possible future conflicts.

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**Prohibited and Limited Transactions**

All Access Persons are required to obtain approval from the CCO before they acquire securities in an Initial Public Offering*.* Approval shall be obtained by following the Pre-Clearance Procedures set forth elsewhere in this Code of Ethics, or as otherwise directed by the CCO.

***Front Running***

The term "front-run" means knowingly trading before a contemplated transaction by a Client, whether or not the Access Person's trade and the Client's trade take place in the same market, in order to take advantage of, or avoid changes in, market prices effected by Client transactions in a Reportable Security. An Access Person is prohibited from front-running.

***Scalping***

An Access Person is prohibited from purchasing (or selling short) a Reportable Security (or its economic equivalent) with the intention of recommending that the security be purchased (or sold) for a Client for the purpose of supporting or increasing (or protecting) the price of the security for the benefit of the Access Person, rather than the benefit of the Client. This activity, referred to as "scalping" is prohibited whether or not an Access Person realizes a profit from the subject transaction.

***Blackout Periods***

An Access Person is prohibited from engaging in a transaction in a Reportable Security which such person knows or should have known at the time there to be pending, on behalf of any Client, a "buy" or "sell" order in the same or related security or instrument. The existence of recent Client trades and pending orders will be checked as part of the Pre-Clearance Process described elsewhere in this Code of Ethics, and pre-clearance may be denied if the CCO determines it is inconsistent with the best interests of any Client.

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***Limit Orders***

Access Persons that are subject to the pre-clearance provisions of this Code of Ethics generally should avoid placing "good until cancelled" orders or any limit orders other than a "same-day" limit order. Such orders are difficult to pre-clear and can cause inadvertent pre-clearance violations.

***Trading Activity***

You are discouraged from engaging in a pattern of investment transactions that either: is so frequent as to potentially impact your ability to carry out your assigned responsibilities, give rise to conflicts or perceived conflicts with the best interest of Easterly's clients, or uses company resources for personal gain. At the discretion of the CCO, your supervisor may be notified of excessive trading.

***Insider Trading***

Access Persons are reminded that they are prohibited from trading, either personally or for the accounts of the Fund or other Clients, while in possession of material non-public information or communicating material non-public information to others in violation of the law. Access Persons are responsible for ensuring they are in compliance with any insider trading policies and procedures that may be applicable to them, including Easterly's Insider Trading Policy and Easterly's Standards of Business Conduct.

***Hedge Funds, Investment Clubs and Partnerships***

Access Persons (except Independent Fund Directors and Independent Easterly Directors) are not permitted to participate in hedge funds, investment clubs, partnerships or other similar investment vehicles unless approved in advance by the CCO (or his or her designee). Any approval will be conditioned upon the person providing a written certification that he or she does not and will not have any direct or indirect influence or control over trading for such vehicle, or alternatively, subjecting all the underlying securities or commodity trading in the vehicle to the Code of Ethics, including the Code of Ethics' pre-clearance and reporting requirements, as applicable.

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**Gifts and Entertainment**

*General Policy Statement:* Giving, receiving or soliciting gifts in a business setting may create an appearance of impropriety or may raise a potential conflict of interest. Easterly has adopted the policies set forth below to guide employees in this area.

Easterly's specific policy requirements with respect to gifts and entertainment are as follows:

**Gifts**

*Clients or Prospective Clients of the Firm (including Investment Consultants*. No Staff member may give or accept lavish or otherwise extravagant gifts to or from an investor, prospective investor, or any person or entity that does or seeks to do business with or on behalf of Easterly (including vendors, service providers and consultants).

*Note: FINRA registered representatives of Easterly Securities LLC are subject to the regulatory gift limit of one hundred dollars ($100) per individual recipient per year, which is calculated by aggregating all gifts and gratuities given by the Firm or the Firm's personnel on a calendar year basis, per FINRA Rule 3220.*

*Government Officials.* No gift or entertainment event of any value involving government officials or their families may be given or sponsored by Easterly or any Staff member without the prior written approval of the Compliance Officer. Please refer to Political Contributions for additional information.

*Cas*h. No Employee may give or accept cash gifts or cash equivalents, e.g., gift cards, etc., to or from clients, brokers, vendors, or other persons that do business with the Firm.

*Solicitation of Gifts.* All solicitation of gifts or gratuities is considered unprofessional and is strictly prohibited.

**Entertainment**

*Clients or Prospective Clients of the Firm (including Investment Consultants*.** Employees may receive or provide reasonable entertainment to such persons provided that (i) there is a specific business purpose for the entertainment; (ii) both the Employee and the recipient are present; Employees may not provide entertainment that is considered lavish or extravagant.

Entertainment having a reasonable value at which both the Employee and the giver are present (e.g., business lunches and dinners, sporting and cultural events) may be accepted. Employees may not accept entertainment that is (i) considered lavish or extravagant and unless (i) unless there is a specific business purpose for such event; (ii) both the Employee and the giver are present.

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*No Quid pro quo*.** Furthermore, Staff members should not accept entertainment from any person in connection with Easterly's business if the acceptance of such would influence any material decision of such Staff member or otherwise cause the Staff member to feel obliged to do something in return for the entertainment.

*Charitable Contributions*.** Employees may not solicit charitable contributions from Clients, brokers, vendors, or other persons that do business with the Firm without the prior approval of the Chief Compliance Officer in ComplySci. All such approvals must be documented and include information regarding the Employee, the charity, the date of the solicitation and the amounts received.

**Reporting Requirements**

The Chief Compliance Officer will maintain a gift log in ComplySci that records all gifts sent and received. Each employee is responsible for reporting ALL gifts sent to or received from clients.

The reporting of a gift does not relieve any supervised person from the obligations and policies set forth in this Section or anywhere else in this Code. If you have any questions or concerns about the appropriateness of any gift, please consult the Chief Compliance Officer.

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**Political Contributions Requirements**

The Firm and its covered associates\* shall not make, coordinate or solicit any person, party or political action committee (PAC) to make a political contribution to an official of a government entity (as defined in Rule 206(4)-5 of the Investment Advisers Act and FINRA Rule 2030 – see Definitions) on behalf of an investment adviser that provides or is seeking to provide investment advisory services for compensation to such government entity within two years after a contribution to an official of the government entity is made by the Firm or a covered associate (including a person who becomes a covered associate within two years after the contribution is made).

&nbsp;&nbsp;&nbsp;&nbsp;· *New Hires:* Political contributions made by a potential new hire of the adviser within the
 prior 6 months must be disclosed on or before hire to allow for a potential conflicts analysis.

&nbsp;&nbsp;&nbsp;&nbsp;· *Contribution Threshold*: Contribution thresholds are not to exceed $350 in a jurisdiction where the
 covered associates is entitled to vote or $150 where the covered person is not entitled to
 vote. Similar restrictions may apply to gifts or benefits given to non-U.S. officials.

&nbsp;&nbsp;&nbsp;&nbsp;· *Preclearance:* Prior to making a non-Federal political contribution, defined as a gift, subscription,
 loan, advance or deposit of money or anything of value, by Easterly or covered person of
 the firm, the proposed contribution must be cleared by the Compliance officer (regardless
 of amount), who will consult with others, as required.

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**Outside Business Affiliations**

Access Persons must report every activity, described below, that they are, or wish to get involved in must be disclosed within 10 days from the start date of the activity or when you become an Access Person.

A person may be engaged in an outside business activity if they are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) employed by any other person or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) receiving compensation from any other person or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) serving as an officer, director, or partner of another entity, including a non-profit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) serving in a fiduciary capacity (e.g., trustee, executor or power of attorney) for someone other than a family member, including a non-profit for which that person may have fiduciary responsibility**.**

No supervised person shall serve as an officer or on the board of directors of any publicly or privately traded company without prior authorization by the Compliance Officer or a designated supervisory person based upon a determination that any such board service or officer position would not be inconsistent with the interest of Easterly's clients. Where board service or an officer position is approved, Easterly would implement appropriate procedures to isolate such person from making decisions relating to the company's securities and/or that of its affiliates.

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**Access Person Compliance Procedures**

*Pre-clearance*

An Access or person may, directly or indirectly, acquire or dispose of beneficial ownership of a reportable security or publicly listed company only if: (i) such purchase or sale has been approved by a supervisory person designated by Easterly; (ii) the approved transaction is completed by the close of business on the second trading day after approval is received; and (iii) the designated supervisory person has not rescinded such approval prior to execution of the transaction. Post-approval is not permitted.

Clearance must be obtained by completing a Pre-clearance Request Form in ComplySci. The Chief Compliance Officer monitors all transactions by all Access persons to ascertain any pattern of conduct which may evidence conflicts or potential conflicts with the principles and objectives of this Code, including a pattern of front running.

Advance trade clearance in no way waives or absolves any supervised person of the obligation to abide by the provisions, principles and objectives of this Code.

Note that preclearance is provided for a single day of trading. All trading in the security for which an employee has received preclearance must be completed on the day of approval. If trading is not completed, another preclearance request must be submitted.

*Reporting Requirements*

Every supervised and Access person shall provide initial and annual holdings reports and quarterly transaction reports to the Chief Compliance Officer which must contain the information described below, or provide duplicate electronic trade confirms and statements. The initial and annual holdings will be disclosed via the ComplySci Dashboard. As part of the onboarding process the associated person will be provided a user id and will be asked to set up a confidential password to the system. It is the policy of Easterly that each supervised person must arrange for their brokerage firm(s) to send electronic duplicate brokerage account statements and trade confirmations of all securities transactions to the Chief Compliance Officer (via ComplySci).

As required by Section 16 of the Securities Act of 1934 employees must also disclose beneficial ownership of more than 10% of any class of a registered equity security or publicly listed company, as well as directors and officers of the issuer of such security (collectively, "Section 16 Persons"). The Firm is a Section 16 Person if its clients collectively hold more than 10% of any class of a registered equity or publicly listed company.

If based upon the Firm's trading activity, the CCO determines that the Firm must make any securities filings, the CCO will ensure that such filings are filed in a timely manner.

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Quarterly Transaction Reports

Every supervised person must, no later than ten (10) days after the end of each calendar quarter, file a quarterly transaction report containing the following information:

With respect to any transaction during the quarter in a reportable security in which the employees had any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 date of the transaction, the title and exchange ticker symbol or CUSIP number, the interest
 rate and maturity date (if applicable), the number of shares and the principal amount (if
 applicable) of each covered security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 price of the reportable security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
date the report is submitted by the supervised person.

Exempt Transactions

A supervised person need not submit a report with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 effected for, securities held in, any account over which the person has no direct or indirect
 influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
effected pursuant to an automatic investment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 quarterly transaction report if the report would duplicate information contained in securities
 transaction confirmations or brokerage account statements that Easterly holds in its records
 so long as the firm receives the confirmations or statements no later than 10 days after
 the end of the applicable calendar quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 transaction or holding report that Easterly already has on a supervised person, so long as
 the firm maintains records of the information otherwise required to be reported

Monitoring and Review of Personal Securities Transactions

The Chief Compliance Officer or designee monitors and reviews all reports required under the Code for compliance with Easterly policies regarding personal securities transactions and applicable SEC rules and regulations. The Chief Compliance Officer will also initiate inquiries of employees regarding personal securities trading, if necessary. Supervised and Access persons are required to cooperate with such inquiries and any monitoring or review procedures employed by Easterly. Any transactions for any accounts of the Chief Compliance Officer will be reviewed and approved by a designated supervisory person. The Chief Compliance Officer shall at least annually identify all employees who are required to file reports pursuant to the Code and will inform such employees of their reporting obligations.

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**Certifications**

*Initial, Quarterly and Annual Accounts & Holdings, Political Contribution, Gifts & Entertainment and Code of Ethics Policy Receipt Disclosure and Certification:*

All Access Persons are provided with an electronic copy of the Code and must initially certify electronically via ComplySci to the Chief Compliance Officer that they have: (i) received a copy of the Code; (ii) read and understand all provisions of the Code; (iii) agreed to abide by the Code; (iv) complied with all requirements of the Code (as applicable); and (v) report all account holdings as required by the Code.(v) report political contributions made within the last two years.

*Acknowledgement of Policy Amendments:* All employees shall receive any amendments to the Code and must certify to the Chief Compliance Officer electronically via ComplySci that they have: (i) received a copy of the amendment; (ii) read and understood the amendment; (iii) and agreed to abide by the Code as amended.

*Further Information:* Employees should contact the Chief Compliance Officer regarding any inquiries pertaining to the Code or the policies established herein.

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**Recordkeeping Requirements**

The Chief Compliance Officer shall maintain the following records for a period of not less than five years, the first two in an easily accessible place. Easterly utilizes the ComplySci system to comply with recordkeeping requirements of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 copy of any Code of Ethics adopted by the Firm pursuant to Advisers Act Rule 204A-1
 which is or has been in effect during the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 record of any violation of Easterly's Code and any action that was taken as a result
 of such violation for a period of five years from the end of the fiscal year in which the
 violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 record of all written acknowledgements of receipt of the Code and amendments thereto for
 each person who is currently, or within the past five years was, a supervised person which
 shall be retained for five years after the individual ceases to be a supervised person of
 Easterly; A copy of each report made pursuant to Advisers Act Rule 204A-1, including
 any brokerage confirmations and account statements made in lieu of these reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 list of all persons who are, or within the preceding five years have been, Access persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 record of any decision and reasons supporting such decision to approve a employees' acquisition
 of securities in IPOs and limited offerings within the past five years after the end of the
 fiscal year in which such approval is granted.

*Retention Period*

Copies of the Code of Ethics (and any amendments thereto) must be kept for five years after the last date it was in effect. Copies of receipt acknowledgements of the Code of Ethics must be kept for five years after the date the signers cease being subject to the Code of Ethics. Lists of Access Persons and Investment Persons must be kept for five years, even if some of the individuals listed are no longer classified as such. Each other record shall be maintained for a period of not less than five years from the end of the fiscal year during which the last entry was made on such record.

*Confidentiality*

All procedures, reports and records monitored, prepared or maintained pursuant to the Code of Ethics shall be considered confidential and proprietary, and shall be maintained and protected accordingly.

The Code of Ethics is solely for internal use by the Companies and none of the Code of Ethics or any forms, reports or other records created hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) constitute
 an admission, by or on behalf of any individual or any Company or its affiliates, as to any
 fact, circumstance or legal conclusion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) evidence,
 describe or define any relationship of control between or among any persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) form
 the basis for describing or defining any conduct by an individual or Company or its affiliates
 that should result in such person being liable to any other person, except insofar as conduct
 in violation of the Code of Ethics is sufficient cause for any sanction hereunder up to and
 including termination of employment or any other association with a Company or its affiliates.

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**Administration, Recordkeeping and Enforcement**

*Compliance Training Program*

Easterly's CCO is responsible for developing a compliance training program designed to ensure that all personnel who are subject to the CODE OF ETHICS are furnished a copy of the Code of Ethics and have read and understand their responsibilities under it. Easterly's CCO is also responsible for ensuring that the compliance training program and procedures (discussed below) are kept current and personnel are informed of material changes and re-trained as needed. All individuals subject to the CODE OF ETHICS are required to participate in all compliance training programs that Easterly's CCO determines are mandatory for them to attend.

*Supervisory Process and Procedures*

Easterly's CCO is responsible for implementing compliance supervisory processes and procedures that are reasonably designed to prevent, detect and correct violations of the Code of Ethics. These procedures include the review of personal trading reports in order to detect potential issues such as: front-running, trades against the Restricted and Watch Lists and the 30 day profit rule.

*Approval and Annual Review of Code of Ethics*

Adoption of the Code of Ethics by Easterly shall be in accordance with their bylaws and other governing instruments. Any material changes to the Code of Ethics and policies and procedures reasonably designed to enforce its provisions and prevent violations, all as they relate to Easterly in its capacity as investment adviser. The CCO or designee shall review, at least annually, the adequacy of the Code of Ethics and the effectiveness of its implementation.

*Interpretations, Waivers and Exceptions*

The Chief Compliance Officer may interpret issues and waive or except compliance with provisions of the Code of Ethics if he or she finds that such interpretation, waiver or exception (i) is necessary to alleviate undue hardship, in view of unforeseen circumstance, or is otherwise appropriate under the facts and circumstances; (ii) is consistent with the purposes and objectives of the Code of Ethics; (iii) will not adversely affect the interests of any Clients, Easterly or its affiliates; and (iv) will not result in a transaction or conduct that would violate applicable law, regulations or fiduciary principles.

In addition, the Chief Compliance Officer and Easterly shall also certify annually in writing that Easterly has adopted procedures reasonably necessary to prevent Access Persons from violating the Code of Ethics.

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**Definitions**

For the purposes of this Policy, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Access person**: Any supervised person(s):(A) Who has access to nonpublic information regarding
 any clients' purchase or sale of securities, or nonpublic information regarding the portfolio
 holdings of any reportable fund, or (B) Who is involved in making securities recommendations
 to clients, or who has access to such recommendations
that are nonpublic. As providing investment advice is Easterly's primary business, all of its directors, officers and partners
are presumed to be Access persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· may
also include any other persons who the CCO determines to treat as Access Persons because of their status, the functions they perform
or the information they obtain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Client** is consistent with the definition within the Investment Advisers Act but, in general,
 means any person for whom Easterly provides investment advisory services for compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Beneficial Ownership** is interpreted in the same way as in determining whether a person has beneficial
 ownership of a security for purposes of Section 16a-1(a) (2) of the Securities
 Exchange Act of 1934, and includes ownership by any person who, directly or indirectly, through
 any contract, arrangement, understanding, relationship or otherwise, has or shares a direct
 or indirect pecuniary interest in a security. For example, a person should consider himself
 or herself the beneficial owner of securities held by his or her spouse, his or her minor
 children, a relative who shares his or her home, or other persons by reason of any contract,
 arrangement, understanding or relationship that provides him or her with sole or shared voting
 or investment power. If any Access Person has a question about whether he or she beneficially
 owns a security, he or she should consult the Chief Compliance Officer or designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Covered Associates (relating to Political Contributions)** *:* (1) a regulated person
 or (2) An executive officer, general partner, managing member (or, in each case, a person
 with similar status or function), or employee of the investment adviser. Covered associates
 are prohibited from doing anything indirectly that would be prohibited if done directly (e.g.,
 directing a spouse or domestic/civil union partner to contribute to an official to avoid
 directly violating the Pay-to-Play Rule).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  **<u>Government Official</u>** <u>:</u> any officer or employee of a Governmental Authority or any department,
 agency or instrumentality thereof, including state-owned entities, or of a public organization
 or any person acting in an official capacity for or on behalf of any such government, department,
 agency, or instrumentality or on behalf of any such public organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  **<u>Government Entity</u>** <u>:</u> (a) any federal, state, provincial or similar government, and any
body, board, department, commission, court, tribunal, authority, agency or other instrumentality of any such government or otherwise
exercising any executive, legislative, judicial, administrative or regulatory functions of such government or (b) any other government
entity

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Immediate Family**: generally means any relative by blood or marriage living in the individual's
 household, any domestic partner or other minor child residing in his or her household and,
 whether or not living in the individual's household, any other relative with respect
 to whose investments the individual has influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Initial Public Offering (IPO):** a registered offering under the Securities Act of 1933, where
 the issuer, immediately before the registration, was not subject to the reporting requirements
 of the Securities Exchange Act of 1934. This term does not include secondary public offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Investment Person:** an Access Person who makes, or participates in making, decisions regarding the
 purchase or sale of securities by or on behalf of any Client and any person who directly
 assists in the process. Investment Persons include portfolio managers, assistant portfolio
 managers, research analysts, traders, and other individuals designated by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Limited Offering:** an offering exempt from registration under specific private offering and investor
 exemptions provided in the Securities Act of 1933. Such investments are commonly referred
 to as private placements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Preclearance:** Approval, authorization, or permission granted in advance of a particular activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Private Securities Transactions** shall mean any securities transaction outside the regular course
 or scope of an associated person's employment with a member, including, though not limited
 to, new offerings of securities, or private securities, which are not registered with the
 Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Reportable Account** The term "reportable account" (also known as a (personal or covered
 account) means any securities account in which a Staff member has any direct or indirect
 "beneficial ownership," and includes any personal account of the Staff member's
 immediate family (including any relative by blood or marriage either living in the Staff
 member's household or financially dependent on the Staff member).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Externally Managed Accounts*: If an Employee directly or indirectly influences transactions in their
 managed/discretionary account, this account is considered to be a Personal Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Examples of a personal account:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An
 account owned by a Staff member or a Staff member's spouse or domestic partner;

· An
 account owned by a Staff member's child who is under the age of 18;

· An account owned by a Staff member's child who is 18 or older, and the child (i) lives in the same household as the Staff member or (ii) the Staff member contributes in any way to the child's support; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An
 account owned by any of the following persons who live in the Staff member's household:
 (i) a stepchild; (ii) a grandchild; (iii) a parent; (iv) a grandparent;
 (v) a sibling; (vi) any of the foregoing who are in-laws.

· 401(k) accounts
 that offer a self-directed investment option (such as the Easterly 401(k) plan) *which is actively used by the employee.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Reportable Security:** includes all securities as defined in section 202(a)(18) of the Exchange Act
 of 1940 (15 U.S.C. 80b–2(a)(18), but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Debt
and equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Options
on securities, on indices, and on currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Mutual
funds advised or sub advised by Easterly or its affiliates ·

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o All
 forms of limited partnership and limited liability company interests, including interests
 in private investment funds (such as hedge funds), and interests in investment clubs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o also
 known as private securities transactions for FINRA registered representatives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Foreign
unit trusts and foreign mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Exchange
 traded funds ("ETFs") advised or sub-advised by Easterly or its affiliates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Cryptocurrency
(not required to be precleared; subject to change)

Employees <u>do not</u> need to disclose accounts that can <u>only</u> hold the following types of investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Direct
obligations of the U.S. government (e.g., treasury securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Bankers'
 acceptances, bank certificates of deposit, commercial paper, and high-quality short-term
 debt obligations, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Shares
 issued by money market funds where the fund maintains a stable $1.00 net asset value, or
 cash or cash equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 529
Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Shares
 of open-end mutual funds and ETF's that are not advised or sub-advised by Easterly
 (or Easterly 's affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Shares
 issued by unit investment trusts that are invested exclusively in one or more open-end mutual
 funds, none of which are funds advised or sub-advised by Easterly (or Easterly's affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Venture
Capital Trusts/Enterprise Investment Schemes (EMEA); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Bank
Deposit Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Restricted List:** means a list maintained by the CCO in which trading for the account of any Easterly
 client, Easterly Account, or Easterly Access Person is prohibited with respect to a company
 in any securities or instruments issued by or with respect to the company (including derivatives
 on or related to the company or its securities). Securities or other instruments of companies
 on the Restricted List shall include securities or instruments for which Easterly and its personnel
have inside information. A company will be removed from the Restricted Trading List only after the CCO determines that restricted status
is no longer necessary.

CONFIDENTIAL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Watch list:** Securities issued by companies about which a limited number of employees possess
 material, nonpublic information would generally be placed on the watch list.

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CONFIDENTIAL

## Ex-99.B(P)(21)

**Exhibit 99.B(p)(21)**

![](tm2522623d1_ex99-21img001.jpg)

This Code of Ethics and Business Conduct (this "Code") has been adopted by the Board of Directors (the "Board") of Franklin Resources, Inc. ("Franklin") in connection with its oversight of the management and business affairs of Franklin.

1. **Purpose and Overview**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Application*.
 This Code is applicable to all officers, directors, employees and temporary employees (each,
 a "Covered Person") of Franklin and all of its United States ("U.S.")
 and non-U.S. subsidiaries and affiliates, including specialist investment managers ("SIMs")
 (Franklin and such entities collectively, the "Company" or "Franklin Templeton").
 Many subsidiaries, affiliates and/or business units within the Company, including SIMs, have
 adopted individual policies and procedures on various topics, including topics covered by
 this Code, that may be different from and, in some cases, more restrictive than, this Code.
 Covered Persons must know and comply with any such policies and procedures that apply to
 them. When this Code conflicts with another Company policy or procedure, Covered Persons
 must comply with the more restrictive provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Purpose*.
 This Code summarizes the values, principles and business practices that guide the business
 conduct of the Company and also provides a set of basic principles to guide Covered Persons
 regarding the minimum ethical requirements expected of them. This Code supplements the Company's
 existing employee policies, including those specified in applicable U.S. or non-U.S. employee
 handbooks. All Covered Persons are expected to become familiar with this Code and to apply
 these principles in the daily performance of their jobs.

This Code is intended to promote each Covered Person's awareness of their responsibilities on a variety of legal and ethical issues and to help each Covered Person determine the appropriate course of action under a variety of circumstances. This Code is not intended to cover every ethical issue that a Covered Person may confront while working or serving for the Company, but it sets out basic principles designed to guide Covered Persons in their conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Overriding Responsibilities*. It is the responsibility of all Covered Persons to maintain a work
 environment that fosters fairness, respect and integrity. The Company requires all Covered
 Persons to conduct themselves in a lawful, honest and ethical manner in all of the Company's
 business practices. A Covered Person must never compromise these ethics, or even give the
 appearance that they may have done so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Questions*.
 Covered Persons should contact their supervisor or manager, representatives of Human Resources,
 their local Legal and Compliance resources, Franklin Templeton's Legal or Regulatory
 Compliance groups, or the General Counsel of Franklin, for additional guidance or if there
 is any question about issues discussed in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Violations.* If any Covered Person observes possible unethical or illegal conduct, such concerns or
 complaints should be reported as set forth in Section 16 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Definition of Executive Officer*. For the purposes of this Code, the term "Executive Officer"
 shall mean those officers, as shall be determined by the Board from time to time, who are
 subject to the reporting obligations of Section 16(a) of the Securities Exchange
 Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Definition of Director*.
 For purposes of this Code, the term "Director" shall mean a member of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Definition of Government Agency*. For purposes of this Code, the term "Government Agency"
 includes any U.S. or non-U.S. national, federal, provincial, regional, state, or local government
 agency, commission or legislative body, or self-regulatory organization, including, by way
 of representative example only, any securities, financial, employment and labor regulators.

2. **Compliance with Laws, Rules and Regulations**. The Company operates in a highly regulated industry. While a Covered Person is not expected to be an expert on all applicable laws and regulations, each Covered Person is expected to know the laws and regulations well enough to recognize when an issue arises and to seek the advice of their local Legal and Compliance resources for support. All Covered Persons of the Company are required to comply with all of the applicable laws, rules and regulations of the U.S. and other countries, and the states, counties, cities and other jurisdictions, in which the Company conducts its business, although traffic violations and other minor offenses will not be considered violations of this Code. Local laws may in some instances be less restrictive than the principles set forth in this Code. In those situations, Covered Persons should comply with this Code, even if the conduct would otherwise be legal under applicable local laws. On the other hand, if local laws are more restrictive than this Code, Covered Persons should comply with applicable local laws. Further, any provision of this Code that is contrary to law in a particular jurisdiction will have no force or effect in that jurisdiction solely with respect to such provision(s), although this Code (including any such provision) will remain applicable in all other jurisdictions.

3. **Securities Transactions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Insider Trading*. Material non-public information is often referred to as inside information.
 Covered Persons must comply with applicable insider trading laws and Company insider trading
 policies that prohibit Covered Persons from trading securities, or encouraging others to
 trade securities, or recommending securities, either personally or on behalf of others, while
 in possession of applicable material non-public information or communicating such material
 non-public information to others in violation of the law. Securities include common stocks,
 bonds, options, futures and other financial instruments. Material information includes any
 information that a reasonable investor would consider important in a decision to buy, hold,
 or sell securities, or any information that could reasonably be expected to affect the price
 of such securities. Information about an issuer is non-public if it has not been publicly
 disclosed or released. In addition, sharing inside information with another person who buys
 or sells securities is known as "tipping" and is illegal, even if there is no
 personal pecuniary benefit. Applicable insider trading laws provide substantial civil and
 criminal penalties for companies and individuals who fail to comply. Insider trading restrictions
 are described in more detail in applicable Company insider trading policies, various Company
 employee handbooks and compliance policies. In addition, the Company has implemented trading
 restrictions to reduce the risk, or appearance, of insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Rule 10b5-1(c) Plans*.
 The Company may permit exemptions from the insider trading policies and procedures described
 above for transactions in securities issued by Franklin effected pursuant to pre-approved,
 written trading plans or arrangements complying with Rule 10b5-1(c) under the Securities
 Exchange Act of 1934, as amended. Rule 10b5-1(c) plans or arrangements may not
 be entered into or modified either during trading blackout periods or when the Covered Person
 is aware of material, non-public information relating to Franklin or its securities. All
 such plans or arrangements (and any modification or termination thereof) must be pre-approved
 by the General Counsel of Franklin (or such person's designee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Rumors*.
 The dissemination of false or misleading information about companies or securities, particularly
 in volatile or fragile market conditions, can be a damaging form of market abuse, which can
 affect both the firm concerned as well as general market conditions. It is against the law
 to start or circulate a rumor (defined as "information that is circulated purporting
 to be fact but which has not yet been verified") if that rumor is likely to influence
 the market price of that security or that a reasonable person would expect to have a material
 effect on the price of a security if it were widely circulated. Starting or disseminating
 any rumor with the intention of influencing the price movement of a security is a breach
 of this Code and may also constitute a violation of securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Short Sales.* Covered Persons are prohibited from effecting short sales, including "short
 sales against the box" of securities issued by Franklin and securities issued by any
 closed-end fund sponsored or advised by the Company. Also prohibited are economically equivalent
 transactions, whether in the form of call or put options, swap transactions or other derivative
 transactions, that would result in a Covered Person having a net short exposure to Franklin
 or any closed-end fund sponsored or advised by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Short-term Trading.* Covered Persons must comply with the Frequent Trading Policy described in the
 prospectus of each fund in which they invest and must not engage in trading activity that
 violates that policy. Accordingly, Covered Persons must not engage in any short-term or excessive
 trading in funds. Violations are subject to discipline, including termination of employment
 and permanent suspension of such person's ability to purchase shares in any funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Pledged Securities*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless
otherwise previously approved by the Company's Compensation Committee, Directors and Executive Officers are prohibited from directly
or indirectly pledging, hypothecating or otherwise encumbering securities issued by Franklin as collateral for indebtedness. This prohibition
includes, but is not limited to, holding such securities in a margin account that could cause securities issued by Franklin to be subject
to a margin call or serve as collateral for a margin loan. Securities issued by Franklin which were not received by the Director or Executive
Officer as compensation are not subject to this prohibition, provided that the pledge of such securities does not cause the holder to
be out of compliance with applicable Stock Ownership Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
any person has subject securities issued by Franklin pledged as collateral or held in a margin account when such person becomes a Director
or Executive Officer, the pledge must be released within one year from the date the person becomes a Director or Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any
pledged securities under this provision shall remain subject to Franklin's Trading Blackout Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Questions Regarding Securities Transactions*. All questions regarding insider trading or reports
 of impropriety in connection with securities transactions should be directed to Franklin
 Templeton's Regulatory Compliance group or through the applicable local Legal and Compliance
 resources. See also Section 16 below.

4. **Conflicts of Interest**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Avoidance of Conflicts*. All Covered Persons are required to conduct themselves in a manner and
 with such ethics and integrity so as to avoid a conflict of interest, either real or apparent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Conflict of Interest Defined*. A conflict of interest is any circumstance where an individual's
 personal interest interferes with the interests of the Company. All Covered Persons have
 a duty to avoid financial, business or other relationships that might be opposed to the interests
 of the Company or might cause a conflict with the performance of their duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Potential Conflict Situations*. A conflict can arise when a Covered Person takes actions or has
 interests that may make it difficult to perform their Company-related work objectively and
 effectively. Conflicts also may arise when a Covered Person, or a member of their family,
 receives improper personal benefits as a result of their position in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Examples of Potential Conflicts*. Some of the areas where a conflict could arise include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Employment
 by a competitor, regardless of the nature of the employment, while employed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Placement
 of business with any firm or organization in which a Covered Person, or any member of the
 Covered Person's family, has a substantial ownership interest or management responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Making
 endorsements or testimonials for third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Processing
 a transaction on the Covered Person's personal account(s), or their friends'
 or family members' account(s), through the Company's internal systems without
 first submitting the transaction request to the Company's Customer Service Center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Disclosing
 the Company's confidential information to a third party (other than as permitted in
 accordance with Section 9 below) without the prior consent of senior management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Questions Regarding Conflicts*. All questions regarding conflicts of interest and whether a particular
 situation constitutes a conflict of interest should be directed to Franklin Templeton's
 Regulatory Compliance group or through the applicable local Legal and Compliance resources.
 See also Section 16 below.

5. **Corporate Opportunities**. Covered Persons are prohibited from (i) taking for themselves opportunities that are discovered through the use of Company property, information or position, (ii) using Company property, information or position for personal gain, and/or (iii) competing with the Company. For example, to the extent that a Covered Person learns of an investment opportunity because of their position with the Company, the Covered Person must not disadvantage fund or client accounts by personally taking advantage of the trading opportunity.

6. **Gifts, Entertainment and Contributions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Receipt of Gifts and Entertainment.* The Company's aim is to deter providers of gifts or
 entertainment from seeking or receiving special favors from Covered Persons in connection
 with activities performed by or for, or business relationships established with, the Company.
 The concern is that gifts of more than a nominal value may cause Covered Persons to feel
 placed in a position of "obligation" and/or give the appearance of a conflict
 of interest. Covered Persons should not solicit any third party for any gift, gratuity, entertainment
 or any other item regardless of its value. Covered Persons, including members of their immediate
 families, may accept or participate in "reasonable entertainment." Covered Persons
 are encouraged to be guided by their own sense of ethical responsibility, along with any
 policies or guidelines adopted from time to time by the Company with respect to gifts and
 entertainment. This Section 6 is not intended to limit Directors who do not also serve
 in management positions within the Company from accepting compensation, bonuses, fees and
 other similar consideration paid in the normal course of business as a result of their outside
 business activity, employment or directorships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Anti-Corruption.* All Covered Persons are strictly prohibited from offering or giving gifts, meals or entertainment
 to business partners or others (including government officials, government employees, certain
 other government-related entities and persons, and certain family members of the foregoing)
 in order to improperly influence them. Covered Persons should consult the Company's
 Anti-Corruption Policy before providing gifts or other items of value, including entertainment
 and travel, to others and should seek to avoid even the appearance of any impropriety. Covered
 Persons should be aware that practices that may be acceptable in the commercial business
 environment (such as providing certain transportation, meals, entertainment and other things
 of value) may be unacceptable and even illegal when they involve government officials, government
 employees, certain other government-related entities and persons, or certain family members
 of the foregoing, or others who act on behalf of government entities or persons. Therefore,
 Covered Persons are required to comply with the relevant laws and regulations governing relations
 between government officials, government employees and related entities or persons, on the
 one hand, and customers and suppliers, on the other hand, in every country where the Company
 conducts business.

Additional information regarding anti-corruption can be found in the Company's Anti-Corruption Policy. In addition to these responsibilities, Covered Persons should also remember that a number of the Company's subsidiaries, affiliates and/or business units have specific policies and procedures relating to the prevention of money laundering. Covered Persons must know and comply with any such policies and procedures that apply to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Political Contributions.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Election
 laws in many jurisdictions generally prohibit political contributions by corporations to
 candidates. Many local laws also prohibit corporate contributions to local political campaigns.
 In accordance with these laws, the Company does not make direct contributions to any candidates
 for federal, state or local offices where applicable laws make such contributions illegal
 and, in such cases, contributions to political campaigns must not be made with or reimbursed
 by the Company's funds or resources. The Company's resources include, but are
 not limited to, the Company's facilities, office supplies, letterhead, computer equipment,
 telephones and fax machines.

Political contributions by the Company are subject to restriction and require prior approval by designated members of senior management within the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Employee's
 personal political contributions also may be restricted by U.S. and non-U.S. federal, state
 or local election laws. For certain employees associated with U.S.-registered investment
 advisers, political contributions are highly restricted and require prior approval and reporting.
 Employees of regulated entities such as investment advisers or broker/dealers should look
 to their specific policies and procedures and/or ask their relevant local Legal and Compliance
 resources for further guidance. The Legal and Compliance resources should escalate applicable
 questions and concerns regarding political contributions to Franklin Templeton's Regulatory
 Compliance group as necessary.

7. **Outside Employment/Business Activities**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Restrictions.
 Subject to any applicable departmental or other restrictions, Covered Persons are permitted
 to engage in outside employment/outside business activity ("Outside Activity")
 if it is free of any actions that could be considered a conflict of interest in accordance
 with the Company's applicable requirements, policies and processes. Outside Activity
 must not adversely affect a Covered Person's job performance at the Company, and Outside
 Activity must not result in absenteeism, tardiness or a Covered Person's inability
 to work overtime when requested or required. Covered Persons may not engage in Outside Activity
 that requires or involves using Company time, materials, resources, trademarks, intellectual
 property, or confidential or other proprietary information or data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Self-Employment*.
 For purposes of this Code, Outside Activity includes self-employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Required Approvals*. Due to the fiduciary nature of the Company's business, there may be
 potential conflicts of interest that could result from a Covered Person's Outside Activity.
 Employees should look to their local policies and/or ask their relevant Legal and Compliance
 resources or Human Resources for further guidance prior to entering any Outside Activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Outside Directors Exempt*. This Section 7 is not applicable to Directors who do not also
 serve in management positions within the Company.

8. **Service as a Director.** Covered Persons who wish to serve as a director or trustee (or in a similar capacity) for a non-affiliated, for-profit, public or private company or entity should consult the Company's Employee Service as an Outside Director Policy. With respect to non-affiliated, for-profit public entities, Covered Persons may not serve as a director, trustee, or in a similar capacity for any for-profit public entity without approval from an appropriate member of Franklin's Executive Committee and the Head or Co-Head of Franklin Templeton's Regulatory Compliance group, or their respective designees. Covered Persons who are interested in serving on a board of directors, as a trustee or in a similar capacity should, in the first instance, consult with their relevant local Legal and Compliance resources and review and comply with other policies that may apply. This Section 8 is not applicable to Directors who do not also serve in management positions within the Company.

9. **Confidential Information Obligations**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Confidentiality*.
 Covered Persons are responsible for maintaining the confidentiality of information entrusted
 to them as a result of their roles with the Company, except when disclosure is authorized
 or legally mandated. The sensitive nature of the investment business requires that Covered
 Persons be continuously aware of the confidential nature of the information to which they
 may have access.

As a result of employment or service with the Company, a Covered Person may produce, receive, or become acquainted with the confidential information or trade secrets of the Company, information the Company has received from others that the Company is required to treat as confidential, including information concerning the Company's employees, stockholders, clients, customers, business partners, and mutual fund shareholders and other product investors, and other commercially sensitive information the privacy, confidentiality, and secrecy of which is valued by the Company (collectively, "Confidential Information"). Each Covered Person must comply with all applicable Company policies concerning confidentiality and/or public statements, as they may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *What Is Included in Confidential Information*. Confidential Information includes, without limitation,
 non-public corporate and mutual fund and other product: financial information, including
 cost and performance data, debt arrangements, equity structure, investors and holdings, purchasing
 and sales data, and pricing lists or schedules; client and business prospect identities and
 information (including but not limited to financial advisors and consultants and sales information);
 marketing strategies and methods; market analyses or projections; products, services, and
 the pricing for same; business plans, strategies, methods, templates, models, policies and
 procedures; software, databases, hardware configurations, or other technology or tools created,
 developed or compiled by the Company; formulas, discoveries, inventions, designs, improvements,
 concepts and ideas; client, supplier, or other third party confidential and/or proprietary
 information received in confidence by the Company, and any information that may be subject
 to non-disclosure or confidentiality agreements between the Company and said parties; any
 confidential and privileged legal advice given to the Company, which legal privilege belongs
 to the Company; applicant and employee private or otherwise protected information or data
 obtained by a Covered Person in connection with the Covered Person's employment or
 service with the Company, including, but not limited to, personal information contained in
 applications and resumes submitted to the Company and in Company performance evaluations,
 and Company termination information and agreements not otherwise available outside of the
 Company; the Company's internal reporting or organizational structure information and
 personnel lists; and the Company's compensation structure and formula information (except
 with respect to a Covered Person's own compensation amount) for any business purpose
 competitive to the Company.

Nothing herein is intended to prohibit, limit, or dissuade (or create or suggest any understanding of a Covered Person's rights that would prohibit, limit, or dissuade) a Covered Person from engaging in activities protected by applicable law, including under U.S. federal or state law, such as the National Labor Relations Act or under any similar laws in other jurisdictions, for example by communicating with fellow employees or others about their wages, hours, workplace complaints, benefits or other terms of employment.

Confidential Information shall not include information that has become generally available to the public by the act of one who has the right to disclose such information without violating any right or privilege of the Company, the Company's employees, or the Company's business partners, stockholders, clients, mutual fund shareholders or other product investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Disclosure Restrictions*. Except as provided in Section 9(e) below, both during a Covered
 Person's employment or service with the Company (except where use and/or disclosure
 is required and authorized in connection with the Covered Person's enumerated job duties
 to third parties with confidentiality obligations to the Company) and after a Covered Person's
 employment or service with the Company ends for any reason, a Covered Person must: (i) keep
 the Confidential Information confidential; (ii) not disclose any Confidential Information
 to any non-governmental third parties, including without limitation any former Company employees,
 without the prior consent of senior management; and (iii) not use Confidential Information
 for the Covered Person's personal benefit or for the benefit of any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Continuing Obligations*. The obligations under this Code shall: (i) with regard to Confidential
 Information, remain in effect for so long as such information constitutes Confidential Information
 as defined in this Code; and (ii) with regard to any trade secret specifically, remain
 in effect for as long as such information constitutes a trade secret as defined by applicable
 law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Exception For Disclosure to a Government Agency*. Nothing in this Code shall limit or interfere
 with a Covered Person's right to file a charge or complaint with any Government Agency
 or ability, without notice to or authorization from the Company, to communicate with any
 Government Agency for the purpose of reporting a reasonable belief that a possible violation
 of law has occurred or may occur, or to participate, cooperate, provide information or cause
 information to be provided (including documents) or testify in any inquiry, investigation,
 proceeding or action that may be conducted by any Government Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Responding to Legal Process*. Separately, to the extent a Covered Person receives any subpoena, court
 order, or other legal process issued in any private litigation or arbitration regarding any
 matter or action involving the Company, then to the extent permitted by law or regulation,
 the Covered Person shall, before providing any Confidential Information, give prompt prior
 written notice to the Company's General Counsel, or to the Covered Person's local
 Legal and Compliance resources who will then escalate to Franklin Templeton's Legal
 or Regulatory Compliance groups as necessary in order to provide the Company with a reasonable
 opportunity to take appropriate steps to protect its Confidential Information to the fullest
 extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Acknowledgments*.
 Upon request, all Covered Persons of the Company are expected to sign an agreement or acknowledgment
 regarding the confidentiality terms set forth herein, including from time to time as the
 Company may amend its confidentiality provisions.

10. **Ownership of Intellectual Property**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Company Ownership*. The Company owns all Intellectual Property, as defined below, in all of the
 works and inventions created or made by a Covered Person at and/or for the Company, whether
 partial or completed. A Covered Person shall hold on trust for, and is obligated to assign
 to, the Company all Intellectual Property that does not by operation of law in any specific
 jurisdiction automatically vest in the Company, in any works or inventions that the Covered
 Person creates or develops, alone or with others, while working for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *What Is Included in Intellectual Property*. "Intellectual Property" includes all
 trademarks and service marks, trade secrets, patents and patent subject matter and inventor
 rights in the U.S. and foreign countries and related applications. It includes all U.S. and
 foreign copyrights and subject matter and all other literary property and author rights,
 whether or not copyrightable. It includes all creations, not limited to inventions, discoveries,
 developments, works of authorship, ideas and know-how. It does not matter whether or not
 the Company can protect them by patent, copyright, trade secrets, trade names, trade or service
 marks or other intellectual property right. It also includes all materials containing any
 intellectual property. These materials include but are not limited to flash drives and other
 electronic media storage devices now known or hereafter developed, electronic files, printouts,
 notebooks, drawings, artwork and other record types, media, or documentation. To the extent
 applicable, non-trade secret intellectual property constitutes a "work made for hire"
 owned by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Exceptions*.
 The Company will not be considered to have a proprietary interest in a Covered Person's
 work product if: (i) the work product is developed entirely on the Covered Person's
 own time without the use or aid of any Company resources, including without limitation, equipment,
 supplies, facilities, or Confidential Information; (ii) the work product does not result
 from the Covered Person's employment with the Company; and (iii) at the time a
 Covered Person conceives or reduces the creation to practice, it is neither related to the
 Company's business nor the Company's actual or expected research or development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Required Disclosure and Cooperation*. Upon request, a Covered Person must promptly disclose in
 writing to the Company, including through their local Human Resources or Legal resources,
 all Intellectual Property conceived or developed while working for the Company. To the extent
 not otherwise covered by the power of attorney required to be granted to the Company in accordance
 with Section 10(f) below, if requested, a Covered Person must sign all documents
 necessary to memorialize the Company's ownership of Intellectual Property under and
 in accordance with this Code, including, but not limited to, assignments and patent, copyright
 and trademark applications. A Covered Person must take any other actions reasonably
 required by the Company to accomplish the assignment contemplated in this section, and to
 assist the Company in any registration, perfection, or enforcement of such assigned rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Prior Inventions*. A Covered Person is not conveying any rights to Intellectual Property that
 the person may have made, conceived, or first reduced to practice before the person's
 employment or service with the Company of which the person has provided written notice to
 the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Acknowledgments, Powers of Attorney and Waiver of Moral Rights*. Upon request, all Covered Persons of the
 Company are expected to sign an agreement or acknowledgment regarding the intellectual property
 terms set forth herein, including from time to time as the Company may amend its intellectual
 property provisions. Upon request, all employees are expected to (i) execute powers
 of attorney in favor of the Company to have the Company execute on the person's behalf
 all applications, specifications, oaths, assignments and all other instruments that the Company
 shall deem necessary in order to apply for them and obtain such rights and in order to assign
 and convey to the Company and its successors, assigns and nominees sole and exclusive rights,
 title and interest in and to such Intellectual Property and/or rights relating thereto; and
 (ii) waive all applicable moral rights under the United Kingdom Copyright, Designs and
 Patents Act 1988 (and all similar rights in other jurisdictions) that the person has or will
 have in any existing or future Intellectual Property referred to in this Section 10.

11. **Fair Dealing**. The Company seeks to succeed through superior performance, service, diligence, effort and knowledge, and not through any unfair advantage. Each Covered Person should deal fairly and in good faith with the Company's customers, suppliers, competitors and Covered Persons and not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair dealing practice.

12. **Protection and Use of Company Property**. Each Covered Person is responsible for safeguarding the Company's assets and properties under their control. All Covered Persons should ensure that the Company's assets are used for legitimate business purposes. Improper use includes unauthorized personal appropriation or use of the Company's assets, data or resources, including computer equipment, software and information.

13. **Standards of Business Conduct**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Respectful Work Environment*. The Company is committed to fostering a work environment in which all
 individuals are treated fairly and with respect and dignity. Each individual should be permitted
 to work in a business-like atmosphere that promotes equal employment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Prohibited Conduct*. The following conduct will not be tolerated and any misconduct, whether or not
 specifically listed below, could result in disciplinary action (including termination) and
 civil and/or criminal penalties, subject to applicable laws and regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 act which causes doubt about a Covered Person's integrity, such as the falsifying of
 Company records and documents, competing in business with the Company, unauthorized use or
 disclosure of the Company's Confidential Information, or engaging in any criminal conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 act which may create a dangerous situation, such as carrying weapons, firearms or explosives
 on Company premises or surrounding areas, assaulting another individual, or disregarding
 property and safety standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 use, sale or purchase or attempted use, sale or purchase of alcohol, unless at a Company-sponsored
 or approved event, or illegal drugs while at work, or reporting to work in a condition not
 fit for work, such as reporting to work under the influence of alcohol or illegal drugs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Insubordination,
 including refusal to perform a job assignment or to follow a reasonable request from a Covered
 Person's supervisor or manager, or discourteous conduct toward customers, associates,
 or supervisors or managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Harassment
 of any form including threats, intimidation, abusive behavior and/or coercion of any other
 person in the course of doing business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Falsification
 or destruction of any timekeeping record, intentionally clocking in on another Covered Person's
 attendance or timekeeping record, assisting another Covered Person's tampering with
 their attendance record or tampering with one's own attendance record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Failure
 to perform work that meets the standards/expectations of the Covered Person's position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Excessive
 unauthorized absenteeism, chronic tardiness, or consecutive absence of three or more days
 without notification or authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Any
 act of dishonesty or falsification of any Company records or documents, including obtaining
 employment based on false, misleading, or omitted information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Disciplinary Action*. A Covered Person or the Company may terminate the employment or service relationship
 at will, at any time, without cause or advance notice (except as may be agreed to in writing
 or required by law). Thus, the Company does not strictly adhere to a progressive disciplinary
 system in connection with misconduct by a Covered Person given each incident of misconduct
 may have a different set of circumstances or differ in its severity. The Company will take
 such disciplinary action as it deems appropriate and commensurate with any misconduct of
 the Covered Person, including termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Covered Persons are also subject to any
 standards of business conduct of the particular subsidiary, affiliate or business unit in
 which they work, which may be different from, and more restrictive than, this Code.

14. **Disclosure in Reports and Documents**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Filings and Public Materials*. Any Covered Person involved in the preparation or review of materials
 that are filed or disseminated to the public must use caution to ensure that the information
 in the materials is truthful and accurate in all material respects. It is important that
 the Company's filings with Government Agencies are full, fair, accurate, timely and
 understandable. The Company also makes many filings with Government Agencies on behalf of
 the funds that its subsidiaries and affiliates manage. Further, the Company prepares mutual
 fund account statements, client investment performance information, prospectuses and advertising
 materials that are sent out to its mutual fund shareholders and clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Disclosure and Reporting Policy*. Each Covered Person is responsible for ensuring the accuracy and
 completeness of any business information, reports and records under their control. The Company's
 policy is to comply with all disclosure, financial reporting and accounting regulations applicable
 to the Company. The Company maintains the highest commitment to its disclosure and reporting
 requirements, and expects all Covered Persons to record information accurately and truthfully
 in the books and records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Information for Filings*. Depending on their position with the Company, a Covered Person may be called
 upon to provide necessary information to ensure that the Company's public reports and
 regulatory filings are full, fair, accurate, timely and understandable. The Company expects
 all Covered Persons to be diligent in providing accurate information to the inquiries that
 are made related to the Company's public disclosure requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Disclosure Controls and Procedures and Internal Control Over Financial Reporting*. Covered Persons
 are required to cooperate and comply with the Company's disclosure controls and procedures
 and internal control over financial reporting so that the Company's reports and documents
 filed with Government Agencies comply in all material respects with applicable laws, rules and
 regulations, and provide full, fair, accurate, timely and understandable disclosure.

15. **Accountability for Adherence to this Code**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Honesty and Integrity*. The Company is committed to upholding ethical standards in all of its
 corporate and business activities. All Covered Persons are expected to perform their work
 with honesty, truthfulness and integrity and to comply with the general principles set forth
 in this Code. Covered Persons are also expected to perform their work with honesty and integrity
 in any areas not specifically addressed by this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Disciplinary Actions*. A violation of this Code may result in appropriate disciplinary action including
 the possible termination from employment with the Company. Nothing in this Code restricts
 the Company from taking any disciplinary action on any matters pertaining to the conduct
 of a Covered Person, whether or not expressly set forth in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Annual Certifications*. Directors and Executive Officers will be required to certify annually,
 on a form to be provided by Franklin Templeton's Regulatory Compliance group, that
 they have received, read and understand this Code and have complied with the requirements
 of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Training and Educational Requirements*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Orientation*.
 New Covered Persons will receive a copy of this Code during the orientation process conducted
 by representatives of Human Resources or as part of integration activities in connection
 with Company acquisitions and shall acknowledge that they have received, read and understand
 this Code and will comply with the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Continuing Education*. Covered Persons shall be required to complete such additional training and
 continuing education requirements regarding this Code and matters related to this Code as
 the Company shall from time to time establish.

16. **Reporting Violations of this Code**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Questions and Concerns*. Described in this Code are procedures generally available for addressing
 ethical issues that may arise. As a general matter, if a Covered Person has any questions
 or concerns about compliance with this Code, they are encouraged to speak with their supervisor
 or manager, representatives of Human Resources, Company Ombudsman, their local Legal and
 Compliance resources, Franklin Templeton's Legal or Regulatory Compliance groups, or
 the General Counsel of Franklin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Compliance and Ethics Hotline*. If a Covered Person does not feel comfortable talking to any of the
 persons or resources listed above for any reason, they may report an issue or instance of
 misconduct, including anonymously, through the applicable Compliance and Ethics Hotline online
 or by telephone. Contact information for the Company's Compliance and Ethics Hotline
 is located below and on the Intranet website of the Company and/or individual subsidiaries.
 If a Covered Person does not feel comfortable stating their name, reports to the Company
 Compliance and Ethics Hotline may be made anonymously.

Covered Persons and applicable third parties may access <u>https://franklintempleton.ethicspoint.com</u> to report an issue or instance of misconduct online or for local dialing instructions to make a report by telephone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Responsibility to Report Violations of this Code and Law*. As part of its commitment to ethical and lawful
 conduct, the Company strongly encourages Covered Persons to promptly report any suspected
 violations of this Code or law. Covered Persons have multiple avenues for reporting such
 matters, including through the Company Ombudsman, their local Legal and Compliance resources,
 or to Franklin Templeton's Legal or Regulatory Compliance groups.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Confidentiality and Investigation*. The Company will treat the information set forth in a report of any
 suspected violation of this Code or law, including the identity of the caller, in a confidential
 manner and will conduct a prompt and appropriate evaluation and investigation of any matter
 reported. Covered Persons are expected to cooperate in any investigations of reported violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Protection of Covered Persons*. It is a violation of this Code to retaliate against anyone for reporting
 to the Company information that such person reasonably and in good faith believes constitutes
 a violation of this Code or that is otherwise illegal or unethical, or for participating
 in an investigation of such a report. It is also a violation of this Code to retaliate against
 anyone who has communicated with any Government Agency in accordance with Section 9€
 above. A Covered Person may not be discharged, demoted, suspended, threatened, harassed or
 in any other manner discriminated against in the terms and conditions of employment on account
 of having provided the Company with information about, or otherwise assisted the Company
 in any investigation regarding, any conduct that the Covered Person reasonably and in good
 faith believes constitutes a violation of this Code or is otherwise illegal or unethical.
 Equally, a Covered Person may not be discharged, demoted, suspended, threatened, harassed
 or in any other manner discriminated against in the terms and conditions of employment because
 the Covered Person communicated with a Government Agency in accordance with Section 9(e) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Accounting/Auditing Complaints*. The law requires that the Company's Audit Committee have in place procedures
 for the receipt, retention and treatment of complaints concerning accounting, internal accounting
 controls, or auditing matters and procedures for Covered Persons to submit their concerns
 regarding questionable accounting or auditing matters.

Complaints concerning accounting, internal accounting controls or auditing matters will be directed to the attention of the Audit Committee, or the appropriate members of that committee. For direct access to the Company's Audit Committee, please address complaints regarding accounting, internal accounting controls, or auditing matters to:

Audit Committee

Franklin Resources, Inc.

One Franklin Parkway

San Mateo, California 94403

Complaints or concerns regarding accounting or auditing matters may also be made to the applicable Compliance and Ethics Hotline, in the manner described in Section 16(b) above.

17. **Waivers of this Code**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Waivers by Directors and Executive Officers*. Any change in or waiver of this Code for Directors
 or Executive Officers may be made only by the Board or a committee thereof in the manner
 described in Section 17(d) below, and any such waiver (including any implicit waiver)
 shall be promptly disclosed to stockholders of Franklin to the extent required by the applicable
 laws, rules and regulations of any Government Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Waivers by Other Covered Persons*. Any requests for waivers of this Code for Covered Persons other
 than Directors and Executive Officers may be made to Franklin Templeton's Regulatory
 Compliance group in the manner described in Section 17(e) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Definition of Waiver*. For the purposes of this Code, the term "waiver" shall mean a
 material departure from a provision of this Code. An "implicit waiver" shall
 mean the failure of the Company to take action within a reasonable period of time regarding
 a material departure from a provision of this Code that has been made known to an Executive
 Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Manner for Requesting Director and Executive Officer Waivers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Request and Criteria*. If a Director or Executive Officer wishes to request a waiver of this Code,
 the Director or Executive Officer may submit to Franklin Templeton's Regulatory Compliance
 group a written request for a waiver of this Code only if they can demonstrate that such
 a waiver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is
 necessary to alleviate undue hardship or in view of unforeseen circumstances or is otherwise
 appropriate under all the relevant facts and circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) will
 not be inconsistent with the purposes and objectives of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) will
 not adversely affect the interests of clients of the Company or the interests of the Company;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) will
 not result in a transaction or conduct that would violate provisions of applicable laws or
 regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Discretionary Waiver and Response*. Franklin Templeton's Regulatory Compliance group will forward
 the waiver request to the Board or a committee thereof for consideration. Any decision to
 grant a waiver from this Code shall be at the sole and absolute discretion of the Board or
 committee thereof, as appropriate. The Secretary of Franklin will advise Franklin Templeton's
 Regulatory Compliance group in writing of the Board's decision regarding the waiver,
 including the grounds for granting or denying the waiver request. Franklin Templeton's
 Regulatory Compliance group shall promptly advise the Director or Executive Officer in writing
 of the Board's decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Manner for Requesting Other Covered Person Waivers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Request and Criteria*. If a Covered Person who is a non-Director and non-Executive Officer wishes
 to request a waiver of this Code, the Covered Person may submit to Franklin Templeton's
 Regulatory Compliance group a written request for a waiver of this Code only if they can
 demonstrate that such a waiver would satisfy the same criteria set forth in Section 17(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Discretionary Waiver and Response*. The Head or Co-Head of Franklin Templeton's Regulatory Compliance
 group (or their designee) shall, after appropriate consultation with the applicable business
 unit head, forward the waiver request to the General Counsel of Franklin for consideration.
 The decision to grant a waiver request shall be at the sole and absolute discretion of the
 General Counsel of Franklin. The General Counsel will advise Franklin Templeton's Regulatory
 Compliance group in writing of their decision regarding the waiver, including the grounds
 for granting or denying the waiver request. Franklin Templeton's Regulatory Compliance
 group shall promptly advise the Covered Person in writing of the General Counsel's
 decision.

18. **Internal Use**. This Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of the Company, as to any fact, circumstance, or legal conclusion.

19. **Other Policies and Procedures**. The following nonexclusive list of policies and procedures adopted by the Company or entities within the Company provide additional requirements that, depending upon the specific terms of such policies and procedures and the applicable subsidiary, affiliate or business unit involved, may apply to a Covered Person:

&nbsp;&nbsp;&nbsp;&nbsp;· Franklin
 Resources, Inc. Anti-Corruption Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Franklin
 Resources, Inc. Global Human Rights Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Franklin
 Resources, Inc. Trading Blackout Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Franklin
 Templeton Corporate Policy on Public and Media Communications

&nbsp;&nbsp;&nbsp;&nbsp;· Franklin
 Templeton Employee Service as an Outside Director Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Franklin
 Templeton Outside Employment/Business Activities Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;· Franklin
 Templeton Personal Investments and Insider Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;· Franklin
 Templeton Policy for Reporting and Investigation of Suspected Dishonest or Fraudulent Conduct

&nbsp;&nbsp;&nbsp;&nbsp;· Franklin
 Templeton Social Media Policy

In addition, individual subsidiaries, affiliates and business units within the Company, including SIMs, may have their own applicable policies with which their respective employees are required to comply.

Last approved by the Board on October 21, 2024.

## Ex-99.B(P)(22)

**Exhibit 99.B(p)(22)**

![](tm2522623d1_ex99-bxpx22img1.jpg)

**FRED ALGER MANAGEMENT, LLC ("FAM")<br> FRED ALGER & COMPANY, LLC ("FAC")<br> WEATHERBIE CAPITAL, LLC ("WC")<br> REDWOOD INVESTMENTS, LLC ("RI")<br> ALGER MANAGEMENT, LTD. ("AML")<br> THE ALGER FUNDS<br> THE ALGER FUNDS II<br> THE ALGER INSTITUTIONAL FUNDS<br> THE ALGER PORTFOLIOS<br> ALGER GLOBAL EQUITY FUND<br> THE ALGER ETF TRUST**

**CODE OF ETHICS**

Effective as of May 2025

**Table of Contents**

---

| | |
|:---|:---|
| OVERVIEW AND SCOPE | 1 |
| Purpose | 1 |
| Definitions | 1 |
| General Principles of Conduct | 3 |
| PERSONAL SECURITIES TRANSACTIONS | 4 |
| Brokerage Accounts | 4 |
| Securities Not Held in a Brokerage Account | 5 |
| Pre-Clearance Transactions | 5 |
| Private Placements | 6 |
| Prohibited Personal Securities Transactions | 6 |
| Considerations for Approval of Personal Securities Transactions | 6 |
| Restrictions and Blackout Periods | 6 |
| Holding Period | 7 |
| Excessive Trading | 7 |
| INITIAL AND ONGOING REPORTING REQUIREMENTS | 7 |
| Brokerage Accounts | 7 |
| Discretionary Account | 7 |
| Securities Not Held in a Brokerage Account | 8 |
| Personal Securities Transactions | 8 |
| Private Placements | 8 |
| Current Directorships | 9 |
| Outside Activities | 9 |
| Confidentiality | 9 |
| ADMINISTRATION OF THE CODE | 9 |
| Responsibilities of the Chief Compliance Officer | 9 |
| Fund Board of Trustees Reporting and Approval | 10 |
| Use of Preferred Brokers | 11 |
| Exceptions to the Code | 11 |
| Violations and Sanctions | 11 |
| Maintenance of Records | 11 |

---

**OVERVIEW AND SCOPE**

**Purpose**

This Code of Ethics (the "Code") is adopted by Fred Alger Management, LLC ("FAM"), Fred Alger & Company, LLC ("FAC"), Weatherbie Capital, LLC ("WC"), Redwood Investments, LLC ("RI"), and Alger Management, Ltd. ("AML"), and The Alger Funds, The Alger Funds II, The Alger Institutional Funds, The Alger Portfolios, Alger Global Equity Fund and The Alger ETF Trust (each a "Fund" and collectively the "Alger Funds") in accordance with Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and Rule 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act"), as amended. FAM, FAC, WC, RI, AML and the Alger Funds will collectively be referred to as "Alger" throughout this Code.

The purpose of the Code is to ensure that all activities comply with Federal securities laws as well as all other laws and regulations that apply to Alger. For the purposes of this Code, the Federal securities laws include (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act, the Advisers Act and Title V of the Gramm-Leach-Bliley Act and any rules adopted by the Securities and Exchange Commission ("SEC") under any of the foregoing statutes, and (ii) the Bank Secrecy Act (as it applies to Alger and any investment companies (public or private) advised by it) and any rules adopted thereunder by the SEC or the Department of the Treasury. AML is governed by personal dealings regulations set forth under the Financial Services and Markets Act 2000, as amended by the Financial Services Act of 2012.

If you have reason to believe that certain acts, actions, or practices engaged in by an Alger employee would constitute a violation of Federal or state securities laws to which Alger is subject or would violate Alger's policies or procedures inclusive of the Code, you must report it to a member of the Compliance or Legal Departments.

All Access Persons are responsible for, and have agreed as a requirement of their employment, to review, be familiar with, and comply with the Code. Any questions with respect to the Code should be directed to the Chief Compliance Officer ("CCO") or a member of the Compliance Department of Alger.

A list of terms and related definitions can be found below.

**Definitions**

<u>Access Person</u> - An employee of any Alger entity, including any full-time consultant or contractor, and any long-term temporary worker on more than a six (6) month assignment.

<u>Analyst</u> - A person employed by Alger as a Senior Analyst, Analyst, Associate Analyst, Research Associate or in a comparable position whose function relates to providing information, advice or recommendations.

<u>Beneficial Owner</u> - A person is the Beneficial Owner of the following securities (which may be held in a Brokerage Account or otherwise):

&nbsp;&nbsp;&nbsp;&nbsp;· securities
held in the person's own name;

&nbsp;&nbsp;&nbsp;&nbsp;· securities
 held with another in joint tenancy, community property or other joint ownership;

&nbsp;&nbsp;&nbsp;&nbsp;· securities
 held by a bank or broker as nominee or custodian on behalf of an Access Person or pledged
 as collateral for a loan;

&nbsp;&nbsp;&nbsp;&nbsp;· securities
 held by members of the Access Person's immediate family sharing the same household
 ("immediate family" means any child, stepchild, grandchild, parent, stepparent,
 grandparent, spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law,
 daughter-in-law, brother-in-law, sister-in-law, including adoptive relationships);

&nbsp;&nbsp;&nbsp;&nbsp;· securities
 held by a relative of an Access Person not residing in the person's home if the Access
 Person is a custodian, guardian, or otherwise has controlling influence over the purchase,
 sale or voting of such securities;

&nbsp;&nbsp;&nbsp;&nbsp;· securities
 held by a trust of which the Access Person is a beneficiary and has or shares the power to
 make purchase or sale decisions;

&nbsp;&nbsp;&nbsp;&nbsp;· securities
 held by a trust for which the Access Person serves as a trustee and in which the person has
 a pecuniary interest (including pecuniary interests by virtue of performance fees or by virtue
 of holdings by the person's immediate family);

&nbsp;&nbsp;&nbsp;&nbsp;· securities
 held by a general partnership or limited partnership in which the Access Person is a general
 partner; or

&nbsp;&nbsp;&nbsp;&nbsp;· securities
 held by a corporation in which the Access Person has a control position or in which the Access
 Person has or shares investment control over the portfolio securities (other than a registered
 investment company).

<u>Brokerage Account</u> - Any account which is an arrangement between an Access Person (or account over which the Access Person has a beneficial interest and/or discretion) and a licensed brokerage firm that allows the Access Person to deposit funds with the firm and place investment orders for securities through the brokerage firm, which then carries out the transactions on the Access Person's behalf. Brokerage Accounts where only exchange-traded funds ("ETFs"), and open- and closed-end investment companies are the only investment option are excluded from this definition. An example of these types of accounts includes retirement accounts that do not have individual equities, fixed income or other similar securities as an investment option. Robo-advisor accounts such as Betterment, Acorn, Intelligent (Schwab) and Wealthfront are not exempt if such accounts permit investments in individual equities, fixed income or other similar securities as an investment option.

<u>Client</u> - Any person, entity or investment vehicle to which any Alger entity provides investment advisory or other services.

<u>Compliance system</u> – MyComplianceOffice or such other comparable system that may be used from time to time.

<u>Alger Trustee</u> - A Trustee of the Board of Trustees of any Alger entity who is not an Officer or employee of Alger.

&nbsp;&nbsp;&nbsp;&nbsp;· Alger
 Trustees are only subject to the quarterly reporting requirements of this Code to the extent
 that a trustee knows, or, in the ordinary course of fulfilling his/her duties as a trustee
 of a Fund or Alger, should know that during the fifteen (15) day period immediately before
 or after the date of the transaction in a Security by the trustee, a Fund or account has
 purchased or sold the Security or such purchase or sale by a Fund or account was considered
 by the Fund or Alger. In such case, the Alger Trustee should seek pre-clearance for the transaction
 with the CCO.

<u>Portfolio Manager</u> – An Alger employee with the responsibility, authority, and ability to make investment decisions with respect to a Client.

<u>Personal Security Transaction</u> - A transaction in any Security in which an Access Person is or will become a Beneficial Owner.

<u>Private Placement</u> - A Private Placement is a passive investment in any securities of an issuing entity that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to Rule 504 or Rule 506 under the Securities Act of 1933, as amended.

<u>Security</u> - Any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit), or relating to foreign currency, or, in general, any interest or instrument commonly known as a "security" or any certificate of interest or participation in, temporary or interim certificate of participation for, guarantee of, or warrant or right to subscribe or to purchase, any of the foregoing.

<u>Trader</u> - Any person employed by Alger who is responsible for placing trades on behalf of Clients.

**General Principles of Conduct**

Access Persons shall:

&nbsp;&nbsp;&nbsp;&nbsp;· act
in the best interests of Clients at all times;

&nbsp;&nbsp;&nbsp;&nbsp;· not
 consider their personal financial (or any other personal) situation in connection with transactions
 for any Client;

&nbsp;&nbsp;&nbsp;&nbsp;· conduct
 themselves in a manner to avoid any actual, potential or perceived conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;· not
abuse their position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;· not
take inappropriate advantage of their position in relationship to Clients;

&nbsp;&nbsp;&nbsp;&nbsp;· not
 divulge to any person any information regarding transactions for any Client, except in the
 performance of their duties;

&nbsp;&nbsp;&nbsp;&nbsp;· not
 divulge to any person the composition of creation baskets for The Alger ETF Trust, except
 as authorized in the course of their employment;

&nbsp;&nbsp;&nbsp;&nbsp;· not
transact in any securities that are restricted from purchase or sale by any Alger entity;

&nbsp;&nbsp;&nbsp;&nbsp;· not
 allow Personal Securities Transactions to otherwise interfere with their ability to fulfill
 their responsibilities.

In consideration of these General Principles of Conduct, an Access Person may not recommend a transaction in any Security for any Client unless they have first disclosed to the Compliance Department their interest in such Security (or, if relevant, the issuer of such Security), including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;· direct
or indirect Beneficial Ownership of any Security;

&nbsp;&nbsp;&nbsp;&nbsp;· any
position with the issuer of such Security or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;· any
 current or proposed business relationship with the issuer of such Security, its affiliates,
 or any party which has a significant interest in the Security or its issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;· any
 ownership interest in a Security acquired through a Private Placement, where transactions
 in securities of the same issuer are now being considered for any Client.

In furtherance of these principles, an Access Person must:

&nbsp;&nbsp;&nbsp;&nbsp;· obtain
 prior written authorization of the CCO to serve on the board of directors (or trustees) of
 any company. Such authorization will be based on a determination that the board service would
 be consistent with the interests of its Clients or would otherwise not conflict with Alger's
 ability to provide services to its Clients.

&nbsp;&nbsp;&nbsp;&nbsp;· disclose
 all business, investment, or charity-related outside activities regardless of their nature
 or scope (e.g., additional employment, volunteer work, investment in real estate).

**PERSONAL SECURITIES TRANSACTIONS**

**Brokerage Accounts**

No Access Person shall open or maintain a Brokerage Account in which they have a Beneficial Interest without the express prior written approval of the Compliance Department.

An Access Person must report to the Compliance Department all Brokerage Account(s) in which the Access Person has a Beneficial Interest, the name of the broker-dealer or bank with whom the account was established and the date the account was established. An Access Person is responsible for ensuring that the Compliance Department receives duplicate copies of all confirmations and account statements *prior to trading* in any Brokerage Account. Please see the exemptions for accounts that only transact in open- and closed-end funds and ETFs.

**Securities Not Held in a Brokerage Account**

If an Access Person holds a Security in certificate or other form (and not in a Brokerage Account), the Access Person shall provide the name of the Security (or Securities), the quantity held, and the date the Security was acquired. This includes any 401(k) plans from prior employment that allow the participant to hold individual securities and not just mutual funds.

**Pre-Clearance Transactions**

All Access Persons must pre-clear all Personal Securities Transactions (including Private Placements, options or futures on broad-based market indices and ETFs, single stock ETFs, and foreign local shares of a security) with the Compliance Department, except for:

&nbsp;&nbsp;&nbsp;&nbsp;· a
 transaction effected under an arrangement through which an Access Person has given a third-party
 full trading discretion over the Access Person's Brokerage Account and/or assets and,
 the Access Person does not have any direct or indirect influence or control over the transactions
 in such Brokerage Account. The Access Person must have first provided the discretionary agreement
 or letter with the third-party to the Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;· purchases
that are part of an automatic dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;· purchases
 resulting from the exercise of rights acquired from an issuer as part of a pro-rata distribution
 to all holders of a class of Securities of such issuer;

&nbsp;&nbsp;&nbsp;&nbsp;· sales
pursuant to tender offers;

&nbsp;&nbsp;&nbsp;&nbsp;· transactions
pursuant to stock splits and involuntary share buy-backs;

&nbsp;&nbsp;&nbsp;&nbsp;· gifts
 or bequests (either receiving or giving), although the sale of any Security received as a
 gift or bequest must be pre-cleared;

&nbsp;&nbsp;&nbsp;&nbsp;· transactions
in municipal securities;

&nbsp;&nbsp;&nbsp;&nbsp;· transactions
in foreign currencies;

&nbsp;&nbsp;&nbsp;&nbsp;· transactions
 in shares of open- and closed-end investment companies (exception does not apply to closed-end
 investment companies for which Alger acts as adviser or sub-adviser; such closed-end investment
 companies must be pre-cleared);

&nbsp;&nbsp;&nbsp;&nbsp;· ETFs
 (exception does not apply to single stock ETFs; single stock ETFs must be pre-cleared);

&nbsp;&nbsp;&nbsp;&nbsp;· direct
obligations of the U.S. government;

&nbsp;&nbsp;&nbsp;&nbsp;· banker's
 acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt
 instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;· Perpetual
bonds and similar instruments that are not redeemable;

&nbsp;&nbsp;&nbsp;&nbsp;· Currency
transactions including currency options and futures

An Access Person may engage in no more than five (5) de minimis transactions at or below a value of $5,000 in a calendar month; however, such transactions require pre-clearance from Compliance. The de minimis exception may not be used as a means for building a position in a security, and such activity is not permitted under the Code.

An Access Person may only make a request for a Personal Securities Transaction prior to 10 a.m. by submitting a pre-clearance form through the Compliance system. Compliance will use its best efforts to review and approve pre-clearance requests received after 10 a.m. A pre-clearance form for de minimis transactions may be submitted any time throughout the day.

Any approval to place a Personal Security Transaction is valid only for the day on which it is granted. The Compliance Department will communicate approval or denial of the trade via email or by logging into the Compliance system. Please note all trades are considered denied until official approval is granted. If approved, an Access Person may only transact in a Security on the date the approval is given (or during trading hours for foreign securities traded in foreign markets) and for the approximate number of shares/units of each Security requested. If the Access Person does not transact within this time period, they must re-submit their request before placing the transaction in the future.

**Private Placements**

An Access Person shall not make an investment in a Private Placement without the express prior written approval of a member of the Compliance Department.

**Prohibited Personal Securities Transactions**

An Access Person may not:

&nbsp;&nbsp;&nbsp;&nbsp;· acquire
any Security in an initial public offering;

&nbsp;&nbsp;&nbsp;&nbsp;· engage
in "short-selling" in an individual Security; or

&nbsp;&nbsp;&nbsp;&nbsp;· purchase
or sell (write) options or futures on an individual Security.

**Considerations for Approval of Personal Securities Transactions**

***Restrictions and Blackout Periods***

An Access Person will not be able to execute a Personal Securities Transaction if:

&nbsp;&nbsp;&nbsp;&nbsp;· there
is a pending transaction in such Security for a Client;

&nbsp;&nbsp;&nbsp;&nbsp;· *If currently Alger does not hold position in any Client account*:
 an Analyst (or the sector/industry head if the Security in question is not covered by any
 Analyst), currently intends to (or believes that there are circumstances about the Security
 which may lead him/her to) issue a recommendation to transact in such Security within the
 next seven (7) calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;· *If Alger currently holds a position in any Client account*:
 any Portfolio Manager or Analyst who owns such Security (or such Security is otherwise appropriate
 for a Portfolio Manager or Analyst to own) for a Client indicates their intent to purchase
 or sell the Security for a Client within the next seven (7) calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;· any
 transaction in the Security for a Client has occurred in the past seven (7) calendar
 days;

&nbsp;&nbsp;&nbsp;&nbsp;· a
 Security is held in or will be added to the Alger Russell Innovation Index during the Index rebalancing period (4 times per year).

An Analyst and Portfolio Manager will not be able to execute a Personal Securities Transaction in any Security in the primary industry or industries that they cover. The de minimis requirement of $5,000 will not apply in this situation. For purposes of this Code, Portfolio Managers, Traders and Analysts who are generalists are deemed to cover all industries.

***Holding Period***

An Access Person may not sell a Security that they have purchased within any sixty (60) day period unless they are selling the Security at a loss. An Access Person who sells a Security that they have purchased within sixty (60) days at a gain may be required to donate to a charity of the employee's choice equivalent to the profit made from the sale of the Security or face further sanctions. For clarity, open- and closed-end funds, and ETFs (except single stock ETFs, and funds subadvised by Alger) are not subject to the 60-day holding period. The holding period is calculated using the LIFO (last-in first-out) method.

***Excessive Trading***

Excessive or inappropriate trading is prohibited. The Compliance Department monitors all Access Persons' trading. In the determination of the CCO, a pattern of excessive trading may lead to disciplinary action under the Code up to and including termination. Excessive trading includes successive trades in the same security even if such trades are within the de minimis exception listed above.

**INITIAL AND ONGOING REPORTING REQUIREMENTS**

No later than ten (10) calendar days after an Access Person becomes employed by Alger and thereafter generally within twenty (20) calendar days after the end of each calendar quarter, each Access Person shall submit a quarterly compliance certification to the Compliance Department containing the following information:

**Brokerage Accounts**

For all Brokerage Accounts for which the Access Person has a Beneficial Interest, the name of the broker-dealer or bank with whom the account was established, and the date the account was established. Accounts that only transact in open- and closed-end funds and/or ETFs are exempt from reporting (*e.g.* 529 plans, certain 401(k) accounts, etc.).

**Discretionary Account**

With respect to an Access Person who has given discretion to have transactions placed by a third party and for which the Access Person does not have any direct or indirect influence or control over the transaction:

&nbsp;&nbsp;&nbsp;&nbsp;· a
 discretionary agreement or letter with the third-party must be provided to the Compliance
 Department at initial reporting of the account, and periodically, as requested

**Securities Not Held in a Brokerage Account**

If an Access Person holds a Security in certificate or other form (and not in a Brokerage Account), the Access Person shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;· the
name of the Security (or Securities),

&nbsp;&nbsp;&nbsp;&nbsp;· the
quantity held, and

&nbsp;&nbsp;&nbsp;&nbsp;· the
date the Security was acquired.

This includes 401(k) plans from prior employment that allow the participant to hold individual Securities and not just mutual funds.

**Personal Securities Transactions**

With respect to all Personal Securities Transactions (including those mentioned above):

&nbsp;&nbsp;&nbsp;&nbsp;· the
date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;· the
title of the Security;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 approximate number of shares/units and the principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 nature of the transaction (e.g., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;· the
price at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;· the
name of the broker-dealer or bank with or through whom the transaction was effected.

**Private Placements**

With respect to all Private Placements and prior to engaging in such transactions:

&nbsp;&nbsp;&nbsp;&nbsp;· the
date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;· the
title of the Security;

&nbsp;&nbsp;&nbsp;&nbsp;· the
number of shares/units and the principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 nature of the transaction (e.g., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;· the
price at which the transaction will be effected; and

&nbsp;&nbsp;&nbsp;&nbsp;· the
draft Private Placement Memorandum Offering and any other relevant documents.

Upon approval from a member of the Compliance Department, and following execution of the transaction:

&nbsp;&nbsp;&nbsp;&nbsp;· the
number of shares/units and the principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;· the
price at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;· the
executed Private Placement Memorandum Offering and other relevant documents.

Digital Assets

&nbsp;&nbsp;&nbsp;&nbsp;· With
 respect to investment in digital assets, investment in such assets are not subject to pre-clearance
 requirements; however, annually through the certification Access Persons will report the
 year-end value of digital assets held by asset type and the approximate number of trades
 made in digital assets during the prior year.

**Current Directorships**

An Access Person must disclose if they serve on the board of directors (or trustees) of any company.

**Outside Activities**

An Access Person must disclose all outside activities regardless of their nature or scope (*e.g.* additional employment, volunteer work (specifically leadership roles), investment in real estate). If Compliance determines that the number of outside activities and/or hours are deemed to be excessive, Compliance will contact the Access Person's manager for further discussion. In addition, if an outside activity might potentially be inconsistent with Alger's business activities and values, it may be denied.

*If the information required to be reported in this section has already been provided through another medium (such as information contained in broker trade confirmations or account statements, or a personal trade pre-clearance form received by the Compliance Department), that information does not need to be reported again, provided that a quarterly report is filed with respect to any account established or closed during the quarter by the Access Person. Additionally, the Access Person is not relieved of reporting responsibilities with respect to any information not reported through other mediums and required by the Code.*

**Confidentiality**

All information obtained from any Access Person hereunder shall be kept in strict confidence, except that reports of employee activities hereunder will be made available to the SEC or any other regulatory or self-regulatory organization to the extent required by law or regulation.

**ADMINISTRATION OF THE CODE**

**Responsibilities of the Chief Compliance Officer**

The CCO is responsible for the administration of the Code. The oversight duties of the CCO or his/her designees include:

&nbsp;&nbsp;&nbsp;&nbsp;· trade
pre-clearance;

&nbsp;&nbsp;&nbsp;&nbsp;· maintenance
 of a current list of all Access Persons with a description of their title or employment;

&nbsp;&nbsp;&nbsp;&nbsp;· furnishing
 all Access Persons a copy of this Code and initially and periodically informing them of their
 duties and obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;· reviewing
transaction and holdings reports of Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;· maintaining
all records required by the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· preparing
listings of all transactions effected by Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;· interpreting
of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· conducting
 such inspections or investigations, as shall reasonably be required to detect and report
 any apparent or actual violations of this Code to Alger and to the Trustees of the Alger
 Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;· submitting
a quarterly report to the Board of Directors of each entity as applicable that

○ certifies that the procedures to implement the Code are reasonably necessary to prevent violations of the Code,

○ summarizes the existing procedures to monitor the Code and any changes to the Code,

○ provides statistics regarding activity under the Code,

○ describes any violation of the Code and any sanctions imposed as a result, and summarizes any interpretations issued,

○ details any exemptions granted,

○ reports on any training provided, and

○ reports any other significant information concerning the Code.

**Fund Board of Trustees Reporting and Approval**

The Board of Trustees of each Fund, as applicable, including a majority of the Alger Funds' Trustees who are not "interested persons" of each Fund (as such term is defined in the Investment Company Act), must approve this Code and any material changes to it. This approval shall be based on the determination that this Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1 under the Investment Company Act or any other applicable rules and regulations. In connection with this approval, Alger shall provide a certification to the Board that Alger and the Funds have adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

No less frequently than annually, Alger shall furnish to the Board of Trustees, and the Board of Trustees must consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;· Describes
 any issues arising under the Code or procedures since the last report to the Board of Trustees,
 including, but not limited to, information about material violations of the Code or procedures
 or sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;· Certifies
 that the Funds and Alger have adopted procedures reasonably necessary to prevent Access Persons
 from violating the Code.

**Use of Preferred Brokers**

All Access Persons are strongly encouraged to maintain their personal trading accounts at, and execute all transactions in Covered Securities through, one or more brokers that provide automated feeds to the Compliance system. Accounts with brokers who provide account information to Compliance electronically may be more accurate and require less reconciliation for the Access Person at certification time. Please contact the Compliance Department for a list of such brokers. *Note that an Access Person is not relieved of reporting responsibilities with respect to any information not reported electronically through the Compliance system and required by the Code.*

For non-electronic brokerage accounts, duplicate statements must be provided by the employee or received directly from the broker.

**Exceptions to the Code**

Exceptions to the Code may be granted from time to time by the CCO or his or her designee. All exceptions, unless otherwise stated below, shall be documented and shall provide the details of the transaction including the name and title of the Access Person, the amount of shares, direction of the trade (buy or sell), trade date, Security description, and rationale for the granting of the exception.

**Violations and Sanctions**

Access Persons must report any violations or potential violations of this Code promptly to the CCO or another member of the Compliance Department immediately upon becoming aware of such violation.

Upon discovering that an Access Person has not complied with the requirements of this Code, the CCO, in consultation with other senior officers of Alger and/or the Trustees of the Alger Funds, may impose on that person whatever sanctions they deem appropriate, including, among other things, disgorgement of profits, fines, censure, suspension of trading, or termination of employment. Severity of sanctions may depend on the type of violation, severity of the violation, and prior history of violations, among other considerations. For example, a first-time violation that is deemed immaterial may result in a warning and training for the employee, while a repeat violation may result in additional monitoring or more severe sanctions.

**Maintenance of Records**

Alger shall maintain and make available records with respect to the implementation of the Code in the manner and for the time required by the Federal securities laws, including without limitation, Rule 17j-1(d) under the Investment Company Act. Specifically, the CCO shall maintain the following for the time and manner specified below:

&nbsp;&nbsp;&nbsp;&nbsp;· A copy
of any Code that is in effect, or at any time within the past five (5) years was in effect, must be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;· A
 record of any violation of any such Code, and of any action taken as a result of such violation,
 must be maintained in an easily accessible place for at least five (5) years after the
 end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;· A
 copy of each report made by an Access Person, as well as trade confirmations and/or account
 statements that contain information not duplicated in such reports, must be maintained for
 at least five (5) years after the end of the fiscal year in which the report was made
 or the information was provided, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;· A
 copy of each report made must be maintained for at least five (5) years after the end
 of the fiscal year in which it was made, the first two (2) years in an easily accessible
 place;

&nbsp;&nbsp;&nbsp;&nbsp;· A
 list of all persons, currently or within the past five (5) years, who are or were required
 to make reports pursuant to Rule 17j-1 and this Code, and a list of those persons responsible
 for reviewing these reports must be maintained in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;· A
 record of any decision, and the reasons supporting the decision, (i) to permit an Access
 Person to invest in a Private Placement, (ii) any exceptions granted by the CCO from
 the requirements of the Code, and (iii) relating to any material violation of the Code
 by an Access Person must be maintained for at least five years after the end of the fiscal
 year in which the approval was granted.

## Ex-99.B(P)(25)

**Exhibit 99.B(p)(25)**![](tm2522623d1_ex99-bxpx25img1.jpg)

Income Research + Management

Employee Code of Ethics for Personal<br> Investments and Insider Trading Policy

April 2025

**<u>**Table of Contents**</u>**

---

| | |
|:---|:---|
| **INTRODUCTION** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Am I subject to these rules? | 1 |
| **RULES FOR EVERYONE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1. Acknowledging your acceptance of the rules | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Complying with Federal Securities Laws | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. Reporting violations to IR+M Compliance | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. Pre-clearing political contributions and payments to foreign officials | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. Disclosing all Covered Accounts and holdings in Covered Securities | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. Disclosing new accounts and transactions in Covered Securities | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. Opening new Covered Accounts while at IR+M | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. Pre-Clearing trades in Covered Securities | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. Pre-clearing gifts and entertainment | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;10. Getting approval to trade in Covered Accounts owned by others | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;11. Complying with the 60-day rule | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;12. Pre-clearing outside activities | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;13. Complying with IR+M Policy on Insider Trading | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;14. Limitations on disclosure to IR+M Non-Access Shareholders | 11 |
| **ADDITIONAL RULE FOR PORTFOLIO MANAGERS ONLY** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1. Failing to recommend a trade for a Portfolio | 13 |
| **HOW WE ENFORCE THESE POLICIES** | 14 |

---

i

***<u>Introduction</u>***

This *Employee Code of Ethics for Personal Investments and Insider Trading ("***<u>Code</u>***")* is designed to ensure that employees of Income Research + Management ("***<u>IR+M</u>***") understand and honor their fiduciary duty towards IR+M's clients and investors while placing the interests of IR+M's clients and investors above their own. This fiduciary responsibility applies to all client portfolios that IR+M acts as an investment adviser, as well as to all of the investment companies (registered and unregistered investment companies) advised, sub-advised, or managed by IR+M (collectively, "**<u>Portfolios</u>**"). This fiduciary duty also means never taking unfair advantage of your relationship to the Portfolios or IR+M in attempting to benefit yourself or another party, and it means never acting in a way that interferes or conflicts with the operation of the Portfolios or IR+M's business. Any behavior that violates your fiduciary duty—or that even gives the appearance of doing so—could harm IR+M's business and reputation.

Because no set of rules can anticipate every possible situation, it is important that you follow the rules in the Code not just in letter, but also in spirit. Any activity that compromises IR+M's integrity, even if it doesn't expressly violate a rule, has the potential to be construed as a violation and may result in scrutiny or further action from IR+M Compliance.

All information obtained from you under this Code will normally be kept in strict confidence by IR+M and IR+M Compliance, except that reports of transactions and other information obtained from you may be made available to the U.S. Securities and Exchange Commission or any other regulatory or self-regulatory organization or other civil or criminal authority to the extent required by law or regulation, or to the extent considered appropriate by IR+M Compliance. In addition, in the event of violations or apparent violations of the Code, this information may be disclosed to affected IR+M clients.

***<u>Am I subject to these rules?</u>***

**Yes**. The Code applies to all full-time IR+M Employees, part-time employees, interns, and temporary employees. "IR+M Employees" may also include temporary employees from agencies and, in some circumstances, independent contractors.

Some rules may also apply to other people whose relationship to you makes them a "***<u>Covered</u> <u>Person</u>***." A Covered Person includes:

&nbsp;&nbsp;&nbsp;&nbsp;· You

&nbsp;&nbsp;&nbsp;&nbsp;· Your spouse, or a domestic partner<sup>1</sup> who shares your household

&nbsp;&nbsp;&nbsp;&nbsp;· Any of your children, stepchildren, and grandchildren, parents, step-parents, grandparents, siblings, parents-, children-, or siblings-in-law (whether related by blood, adoption, or marriage) if such person: (i) shares your household, and (ii) is supported financially by you

&nbsp;&nbsp;&nbsp;&nbsp;· Anyone else deemed by IR+M Compliance to be a Covered Person

**WHAT DO I HAVE TO DO?**

**1. <u>Acknowledge your acceptance of the rules</u>**

When you start working at IR+M, and again each year after that, you're required to acknowledge your acceptance of the Code and its rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>TO DO</u>**:<br>**If you are a *new* Employee:**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Submit the *Code* Acknowledgment Form within 10-days of your hire<br>**If you are a *current* Employee:**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Submit the *Code* Acknowledgment Form prior to the stated deadline<br>

**2. <u>Comply with Federal Securities Laws</u>**

In addition to complying with the rules in this Code, you also need to comply with certain Federal Securities Laws**<sup>2</sup>**.

**3. <u>Report violations to IR+M Compliance</u>**

If you become aware of any violation of the Code, whether committed by you or others, you must promptly report the violation to IR+M Compliance.

**<u>TO DO:</u>**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Promptly notify IR+M Compliance of any actual or perceived violation of the Code<br>

IR+M Compliance will keep confidential the identity of the person reporting a violation and no retaliation is permitted against someone who reports a violation.

**4. <u>Pre-clearing political contributions and payments to foreign government officials</u>**

Pay-to-Play Rules and the Foreign Corrupt Practice Act prohibit certain entities from making payments to government officials and candidates for office. *Please refer to IR+M's Pay-to-Play/FCPA Compliance Policy for additional information.*

**TO DO:**<br>Prior to you or your Covered Persons making a political contribution to any domestic public officials or candidate, or payment to any foreign official, you must first obtain pre-clearance from IR+M Compliance.<br>

<sup>2</sup> Federal Securities Laws include, but are not limited to, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, certain provisions of the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, as amended, the Investment Advisers Act of 1940, as amended, Title V of the Gramm-Leach-Bliley Act, the Bank Secrecy Act, and all rules established under these Acts.

**5. <u>Disclose Covered Accounts and holdings in Covered Securities</u>**

All Employees must disclose information about their Covered Accounts and Covered Securities.

A "***<u>Covered Account</u>***" is:

&nbsp;&nbsp;&nbsp;&nbsp;· Any
 security account that holds, or has the potential to hold, securities; <u>and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· You
 or a Covered Person has actual or potential investment control over the security account
 and/or benefits financially from the security account.

A "***<u>Covered Security</u>***" is:

&nbsp;&nbsp;&nbsp;&nbsp;· Any
 type of equity or debt security

&nbsp;&nbsp;&nbsp;&nbsp;· Any
 rights to acquire, dispose of or otherwise relating to the security

&nbsp;&nbsp;&nbsp;&nbsp;· Put
 and call options

&nbsp;&nbsp;&nbsp;&nbsp;· Warrants
 and convertible securities

&nbsp;&nbsp;&nbsp;&nbsp;· Any
 other derivative instrument based on a security

&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 of mutual funds and Exchange Traded Funds (ETFs) advised or sub-advised by IR+M

A "**<u>Covered Security</u>**" does <u>NOT</u> include:

&nbsp;&nbsp;&nbsp;&nbsp;· Direct
 obligations of the United States government

&nbsp;&nbsp;&nbsp;&nbsp;· Money
 market instruments (i.e., bankers' acceptances, bank CDs, commercial paper, high quality
 short-term debt instruments, and repurchase agreements)

&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 of money market funds

&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 of mutual funds not advised or sub-advised by IR+M

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in units of a Unit Investment Trust if invested exclusively in unaffiliated Funds

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in ETFs not sub-advised by IR+M

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>TO DO:</u>**<br>**New Employees:**<br>Within 10-days of your hire or of being notified that the Code applies to you:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Add all your Covered Accounts to ComplySci.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Complete and submit an **<u>Initial Accounts Certification</u>** showing all of your and your Covered Persons' Covered Accounts. If you don't have anything to report, please use the Initial Accounts Certification to tell us so.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The information contained in the Initial Accounts Certification will be used to have your account holdings electronically fed into ComplySci. If your account does not electronically feed into ComplySci, IR+M Compliance will ask for an account statement that is no older than 45 days from your date of hire.<br>**Current Employees:**<br>Quarterly, complete and submit the **<u>Code of Ethics Certification</u>** by the date specified by IR+M Compliance. The Certification will require you to confirm all of your and your Covered Persons' Covered Accounts, to ensure all holdings and transactions are accurately captured in ComplySci. If you don't have anything to report, please use the Certification to tell us. The information contained in the Certification must be no older than 45 days from the date of submission.<br>

**6. <u>Disclosing new Accounts and transactions in Covered Securities</u>**

At the end of each calendar quarter, you need to disclose to IR+M Compliance new Covered Accounts opened by you or your Covered Persons during the quarter, as well as transactions in Covered Securities you or your Covered Persons made during the quarter.

**TO DO:**<br>Complete the **<u>Code of Ethics Certification</u>** by the date specified by IR+M Compliance. The Certification will require you to confirm all of your and your Covered Persons' Covered Accounts, to ensure all holdings and transactions are accurately captured in ComplySci. If you don't have anything to report, please use the Certification to tell us.<br>

**7. <u>Opening Covered Accounts while at IR+M</u><sup>3</sup>**

While at IR+M, if you open a new Covered Account, it must be maintained at an IR+M approved broker.

**TO DO:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ask IR+M Compliance to provide you with a list of IR+M-approved brokers<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Open new Covered Accounts at an IR+M-approved broker<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Report newly opened Covered Accounts in ComplySci<br>

***<u>Exceptions</u>***<br> ****<br> With approval from IR+M Compliance, you or a Covered Person can open a Covered Account at a financial institution other than an IR+M approved broker if any of the following apply:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It contains only securities that can't be transferred<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It exists solely for products or services that are unlike any that an IR+M-approved broker provides or advises<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It exists solely because your Covered Persons' employer also prohibits external Covered Accounts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is managed solely by a third-party registered investment adviser<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is associated with an ESOP (employee stock option plan) or an ESPP (employee stock purchase plan) in which a related Covered Person is the participant<br>

<sup>3</sup> This requirement does not apply to part-time or temporary employees, interns, and independent contractors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is required by a direct purchase plan, a dividend reinvestment plan, or an automatic investment plan with a public company in which regularly scheduled investments are made or planned<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is required by a trust agreement<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is associated with an estate of which you are the executor, but not a beneficiary, and your involvement with the account is temporary<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The holdings are maintained in a retirement plan or other defined benefit or defined contribution plan that prohibits the transfer of these holdings to an IR+M-approved broker<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You can show that transferring the holdings would create a significant hardship<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>TO DO:</u>**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Contact IR+M Compliance for permission to maintain an external Covered<br> Account<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Add the external Covered Account in ComplySci<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For DPPs, and ESPPs (if applicable) provide the investment schedule to<br> which regular investments are being made or will be made<br>

**8. <u>Pre-Clearing trades in Covered Securities</u>**

You need to pre-clear trades in Covered Securities to reduce the possibility of conflicts between trades you personally make and trades made by Portfolios. When you apply for pre-clearance, you're not just asking for approval – you're guaranteeing that you:

&nbsp;&nbsp;&nbsp;&nbsp;· Don't
have any Inside Information on the security you want to trade

&nbsp;&nbsp;&nbsp;&nbsp;· Are
 not using knowledge of actual or potential Portfolio trades to benefit yourself or others

&nbsp;&nbsp;&nbsp;&nbsp;· Believe
the trade is available to other investors on the same terms

&nbsp;&nbsp;&nbsp;&nbsp;· Will
provide any relevant information requested by IR+M Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rules relating to pre-clearance**<br>You and Covered Person must pre-clear all proposed orders to buy or sell a Covered Security. It's important to understand these rules before requesting pre-clearance:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You have to apply for pre-clearance the same day you want to trade and prior to placing the trade<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre-clearance approval is only good for one day. If you don't use it that day, it expires<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Place day orders only (orders that automatically expire at the end of the<br> trading session). Good-till-cancelled orders (orders that stay open indefinitely until the market price of a security reaches a specified price) are generally not permitted<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Check the status of all orders at the end of the day and cancel any open orders. If you or a Covered Person leaves an order open and it's executed the next day (or later), it will generate a violation<br>

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unless an exception applies or IR+M Compliance determines otherwise,<br> these pre-clearance rules apply to **<u>all</u>** your Covered Accounts, including accounts at an IR+M-approved broker and any other brokerage accounts |
| **Prohibited Trades**<br>You or your Covered Persons may not transact in any Covered Security that is:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Issued by a client for a period of fifteen (15) days after you meet with that client<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchased or sold on behalf of a Portfolio within the previous five (5) business days. This provision does not apply to simultaneous execution of personal accounts managed by IR+M and client trades in an aggregated order |
| &nbsp;&nbsp;**Prohibited Trading Activities**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Short selling<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Using derivatives to circumvent the rules<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Participating in an investment club or similar entity<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Using your knowledge of transactions in Portfolios to profit by the market effect of those transactions<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Influencing any Portfolio to act for the benefit of any other party other than the Portfolio itself (e.g., influence a Portfolio trade decision in order to affect that security's price or to advance your own interests or the interests of a third party seeking to have a business relationship with IR+M)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Attempting to defraud a Portfolio or the market |
| **Exceptions**<br>With the prior approval of IR+M Compliance, there are a few situations where you may be permitted to trade without pre-clearing:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trades in a Covered Account that is professionally managed by a third party<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trades made through an automatic, regular program that has been disclosed to and approved by IR+M Compliance<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The receipt or delivery of any gift of a Covered Security<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· When you can show repeated rejection is causing a significant hardship |

---

**TO DO:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Notify IR+M Compliance of any accounts that are professionally managed by a third party.<br>

**<u>TO DO:</u>**<br>To avoid errors and possible sanctions, pre-clear all trades of Covered Securities in ComplySci and wait for approval/denial from IR+M Compliance before taking next steps.<br>

**Pre-clearance requests will expire at the close of business on the day the request was submitted. If you do not execute your trade within this window, please submit another pre-clearance request when you are ready to execute your transaction.**

**9. <u>Pre-clearing gifts, gratuities, and entertainment</u>**

You must report all entertainment, gratuities, or gifts offered to or received from broker-dealers and/or union officials. If you believe other entertainment or gifts offered or received present the appearance of a conflict of interest, please bring it to the attention of IR+M Compliance.

You or your Covered Persons may not seek or accept gifts, favors, preferential treatment or special arrangements of material value from any third-party (including brokers, dealers, investment advisers, banks, financial institutions or other suppliers of goods or services to IR+M), on behalf of itself or its clients as it relates to the Portfolios.

**You may *<u>NOT</u>* accept**:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gifts that exceed $100 from the same source during the same calendar year<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Entertainment of a recurring nature from the same source, or total entertainment from all sources that is deemed to be excessive by IR+M Compliance<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The cost of transportation to, and lodging and meals while in, a place outside the Boston Metropolitan area, unless the receipt of these items has been approved in advance by IR+M Compliance<br>

**You *<u>MAY</u>* accept**:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Occasional dining conducted for business purposes<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Occasional attendance at theater, sporting or other entertainment events<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Occasional social events conducted for business purposes<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gifts that do not exceed $100 from the same source during the same calendar year<br>

**TO DO:**<br>To avoid errors and possible sanctions, pre-clear all entertainment, gratuities, or gifts in ComplySci.<br>

**10. <u>Getting approval to trade in Covered Accounts owned by others</u>**

You or your Covered Persons can't exercise trading authority over any account that is not a reported Covered Account. With prior approval from IR+M Compliance, you can maintain and exercise trading authority over an account owned by a member of your family, even if it doesn't fall under the definition of Covered Account. An example of trading in a Covered Account owned by others is serving as an executor of an estate.

Once approved, the account will be subject to the same reporting and pre-clearance rules as your Covered Accounts, and its owner(s) will be considered Covered Person(s).

**TO DO:**<br>**If you are a new Employee**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Take immediate steps to terminate any authority you may have to trade Covered Securities in a non-Covered Account<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To request an exception from this rule, submit a request to IR+M Compliance. Don't direct any trades in the account without written approval from IR+M Compliance<br> **If you are a current Employee:**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If you want to trade in an account that may qualify for an exception, submit a request to IR+M Compliance. Don't execute any trades in the account until you get written approval from IR+M Compliance.<br>

**11. <u>Complying with applicable trading limits: the 60-day rule</u>**

Excessive personal trading is strongly discouraged. Any trade you submit for pre-clearance will be matched against any previous purchase or sale of the same Covered Security. If the Covered Security was purchased or sold within the previous sixty (60) days of the current pre-clearance request, and you are seeking to take the opposite side of the previous trade, your pre-clearance request will be denied and you will not be allowed to purchase or sell that particular Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Exceptions***<br> ****<br> This rule doesn't apply to the following:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions made in a Covered Account that is professionally managed by<br> a third-party investment adviser who has discretionary trading authority. To take advantage of this exception, you need written approval in advance from IR+M Compliance<br>

**12. <u>Pre-clearing outside activities</u>**

To avoid any actual or perceived conflict of interest, you need to get advance approval to participate in certain activities outside of your employment at IR+M. Outside activities that need to be pre-clearance include:

&nbsp;&nbsp;&nbsp;&nbsp;· Serving
 as a director, trustee, or board member of an unaffiliated company or organization

&nbsp;&nbsp;&nbsp;&nbsp;· Serving
 as a trustee, executor, custodian or other fiduciary, or as a private investment adviser
 or counselor, for any outside account. This includes serving as an executor of an estate

&nbsp;&nbsp;&nbsp;&nbsp;· Becoming
 involved in consultations or negotiations for corporate financing, acquisitions, or other
 transactions for outside companies or organizations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any employment for compensation at an outside entity

**<u>TO DO:</u>**<br>Obtain approval from IR+M Compliance by entering a pre-clearance request in ComplySci prior to participating in any covered activities.<br>

**13. <u>Complying with IR+M's Policy on Insider Trading</u>**

The following is IR+M's policy on Insider Trading and "**<u>Inside Information</u>**." Inside Information means information about a company that is both "**<u>material</u>**" and "**<u>nonpublic</u>**." This policy applies if you obtained the Inside Information as part of your job, or elsewhere. This policy also applies to any use of information obtained during your employment with IR+M, even if that occurs after your employment has ended. Insider trading laws impose severe sanctions for violations, and IR+M takes very seriously the need to ensure compliance with the insider trading laws and its own policies.

In order to understand and comply with this policy, you need to understand two definitions. These definitions are "**<u>material</u>**" and "**<u>nonpublic</u>**."

***Material***<br> ****<br> Information is "material" if there's a substantial likelihood that a reasonable investor would consider the information important in making his or her investment decision, or if the information could reasonably be expected to affect the price of the security. The information doesn't need to be so important that it would have changed the investor's decision to buy or sell.<br>Some examples of material information include:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Dividend changes<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Earnings estimate (or changes to earnings estimates)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Significant merger and acquisition proposals or agreements<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Major litigation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Extraordinary management developments<br>

***Nonpublic***<br> ****<br> Information is "nonpublic" when it has not been circulated in a manner making it available to others. Information is "public" when it has been made available to others by means such as national business and financial news services (*e.g.*, Dow Jones, Bloomberg or Reuters), and national news services (*e.g.*, Associated Press, New York Times or Wall Street Journal). These are only examples and information may become public in other ways.<br>

***If you are ever in doubt if information you may have is "material" or "nonpublic," do not trade in any security issued by the company in question and do not disclose that information to anyone else. Please contact, <u>in person,</u> IR+M's Chief Compliance Officer who will advise you whether the information is Inside Information.***

**How may you come into possession of Inside Information?**

You may come into possession of Inside Information in a variety of ways. Some examples include:

&nbsp;&nbsp;&nbsp;&nbsp;· In
 the course of seeking IR+M's agreement with a proposed corporate action, the issuer
 may disclose Inside Information that it believes would be pertinent to IR+M's evaluation
 of that proposed action

&nbsp;&nbsp;&nbsp;&nbsp;· In
 a discussion with an issuer, you may learn information about the issuer that is Inside Information

&nbsp;&nbsp;&nbsp;&nbsp;· You
 may learn Inside Information through personal sources, such as your spouse, whose company
 is involved in a transaction, or even from overhearing elevator conversations

The fact that you have learned Inside Information does not mean that you have done anything wrong. In fact, there are situations where you could learn Inside Information about a public company as a necessary part of performing your job. At the same time, where you do not need Inside Information in order to do your job, you should try to avoid receiving it.

**What to do when you acquire Inside Information?**

**<u>TO DO:</u>**<br>**1. IMMEDIATELY CONTACT IR+M'S CHIEF COMPLIANCE OFFICER IN PERSON**<br>If you believe you have "Inside Information," contact IR+M's Chief Compliance Officer ("CCO") in person. Do NOT tell anyone else about the information, including your colleagues or manager.<br>The CCO will give you instructions as to what you should do. Those instructions might include the following:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You may be told the information isn't Inside Information and that you're free to trade securities issued by the company in question, or disclose the information to others<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You may be told the information is Inside Information and you may not disclose the information to anyone else without clearance from the CCO<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You may be asked to sign a confidentiality letter or to follow additional procedures intended to prevent you from communicating the Inside Information to others<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A code name for the project or company may be designated. Once a code name is designated, that code name is to be used in all written or oral communications on the subject<br>**2. DON'T TRADE IN ANY SECURITIES OF THE ISSUER**<br>If you have Inside Information about a company, don't trade any security of that company until you're informed that you are free to do so. This applies to you and your Covered Persons' Covered Accounts and the Portfolios. If you believe the Inside Information has become public information or that it is no longer Material, contact the CCO. However, do not trade until you have received clearance to do so.<br>**3. DON'T RECOMMEND ANY SECURITIES OF THE ISSUER**<br>Do not recommend to anyone else that they trade, or refrain from trading, any securities of the issuer. Recommendations are prohibited even if you do not disclose the Inside Information.<br>**4. DON'T DISCLOSE THE INFORMATION TO ANYONE ELSE**<br>To avoid disabling IR+M and other Employees from trading in securities of an issuer when only one Employee has Inside Information, it's often necessary to create <u>information barriers</u> to "wall off" those who know from those who don't know the information. Without information barriers, the knowledge of one Employee could be imputed to IR+M as a whole. To avoid this, please following the below procedures:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Do not tell your manager<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Do not tell other employees, including those who you believe need to know the information in order to do their jobs.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Do not tell anyone else outside of IR+M, including accountants, employees, or directors of the issuer.<br>**5. TAKE OTHER STEPS TO PROECT THE CONFIDENTIALITY OF INSIDE INFORMATION**<br>Don't leave documents containing Inside Information at copiers, in conference rooms, or in any other place where they could be viewed by others. When such documents are not being used, please follow these helpful tips:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Store them in a secure location<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shred or discard in secure locked disposal bin<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Use passwords or other means to limit access to computer material containing Inside Information<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Do not discuss Inside Information in public places, such as social gatherings, hallways, open office areas, elevators, restaurants, trains, cars, other public transportation, or places where you might be overheard<br>

**Sanctions**

Violations of this policy may also constitute violations of insider trading laws. Penalties for violating applicable laws and regulations are severe, and may include substantial fines against those who misuse Inside Information, against their supervisors and management, and against IR+M. Other sanctions possibly include jail sentences, industry bars, or a combination of these sanctions.

If you violate this policy, whether or not your conduct violates insider trading laws, you will be subject to disciplinary action by IR+M up to and including **<u>termination</u>**.

**14. <u>Limitations on disclosure to IR+M Non-Employee Shareholders</u>**

Do not disclose to any Non-Employee Shareholder nonpublic information regarding trading activities or investment recommendations of any Portfolio. If you believe that this information has become public, you should contact IR+M Compliance and receive an express clearance from the CCO before disclosing such information to Non-Employee Shareholders.

**\* \* \***

**ADDITIONAL RULES FOR PORTFOLIO MANAGERS, TRADERS, and ANALYSTS**

**<u>Failing to recommend a trade for a Portfolio</u>**

Employees who have responsibility for managing Portfolios (e.g., portfolio managers, traders, and analysts) cannot refrain from recommending or trading a suitable security for a Portfolio in order to avoid an actual or apparent conflict of interest with a transaction in that same security in one of your Covered Accounts.

**<u>TO DO</u>**<u>:</u><br>Any time a Portfolio Manager receives, directly from an issuer material information about that issuer that is publicly available, you must check to see if that information has been disclosed to IR+M. If not, you must communicate that information to IR+M Compliance before you trade any securities of that company in a Covered Account.<br>

**\* \* \***

**HOW WE ENFORCE THIS CODE**

IR+M Compliance reviews all materials it receives in conjunction with the *Code*. If these reviews turn-up information that is incomplete, questionable, or potentially in violation of the rules of the *Code*, IR+M Compliance will investigate the matter and may contact you.

IR+M takes all *Code* violations seriously. You should be aware that other securities laws and regulations not addressed by the rules in this *Code* may also apply to you, depending on your role at IR+M.

This *Code* reflects IR+M's desire to detect and prevent not only situations involving actual or potential conflicts of interest or unethical conduct, but those situations involving even the appearance of conflicts of unethical conduct. All IR+M Employees' and their Covered Persons' actions and activities must be conducted consistently with this *Code* and in such a manner as to avoid any actual or potential conflict of interest or abuse of our position of trust and responsibility.

**<u>Sanctions</u>**

If it is determined that you or any of your Covered Persons has violated the rules in this *Code*, IR+M Compliance, or another appropriate party, may take action. Sanctions for violations of this *Code* may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A written warning

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A written note to your HR Personnel File

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Revocation of personal trading activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Imposition of fines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Suspension of employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Demotion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Termination of employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Referral to civil or criminal authorities<br> **<u>Fines</u>**

In light of the above listed sanctions, IR+M Compliance may assess the following minimum fines for the following violations:

**Personal Transaction Violations**<br>Failure to pre-clear a personal transaction will normally result in a fine, you having to reverse the trade and bear all costs in doing so, and a written note to your HR Personnel File. Fines will be assessed as follows:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· First offense: up to $500<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Second offense: up to $1,000<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Third offense: up to $5,000<br>

**Pre-clearance Violations**<br>Failure to pre-clear or report the following activities will normally result in a fine up to $500 and a written note to your HR Personnel File:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Outside business or fiduciary activities<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Receipt of gifts or entertainment<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Payments to foreign government officials<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Political contributions<br>

**<u>Reporting Violations</u>**<br>Failure to provide all required Code reports and related documentation within the stated deadlines will normally result in a fine up to $500 and a written note to your HR Personnel File.<br>

**The above referenced monetary fines must be donated to a charity of your choice. You must provide written confirmation and proof of payment.**

**Exceptions**<br>If you believe you qualify for an exception to the rules in this *Code*, you need to get prior approval from IR+M Compliance. The way to request an exception is discussed in the text of the relevant rules of this *Code*. However, if you believe that you have a situation that warrants an exception and it is not discussed in this *Code*, please submit a written request to IR+M Compliance. Your request will be considered by IR+M Compliance in consultation with members of IR+M Senior Management, if appropriate, and you will be notified of the outcome.<br>

**<u>Nature of these rules</u>**

These rules create an obligation of all IR+M Employees and their Covered Persons to IR+M and its Client's Portfolios. These rules, however, are not a promise or contract, and may be modified at any time by IR+M Compliance. IR+M Compliance also retains the discretion to decide if any rule applies to a specific situation, how it should be interpreted, and any resulting sanction.

**Legal information**

*This Code has been adopted by IR+M to: (1) comply with the provisions of Rule 17j-1 under the Investment Company Act of 1940, and the provisions of Rules 204A-1, 204-2(a)(12), and 204(a)(13) under the Investment Advisers Act of 1940; and (2) prevent violations of insider trading laws. IR+M is required to provide a copy of this Code, and any amendments to it, to all employees covered under it.*

## Ex-99.B(P)(26)

**Exhibit 99.B(p)(26)**

![](tm2522623d1_ex99bp26img001.jpg)

**CODE OF ETHICS AND PERSONAL TRADING POLICY FOR NORTH AMERICA**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Applicable To** | &nbsp;&nbsp; · All Covered Persons (as defined below)<br> · All Invesco NA entities |
| &nbsp;&nbsp;**Departments Impacted** | &nbsp;&nbsp;Global Ethics Office ("GEO") |
| &nbsp;&nbsp;**Risk Addressed by Policy** | &nbsp;&nbsp;Clients are harmed because of a Covered Person's conflict of interest, violation of fiduciary duties or fraudulent/deceptive personal trading activities. |
| &nbsp;&nbsp;**Relevant Law & Related Resources** | &nbsp;&nbsp; · Rule 17j-1 under the Investment Company Act ("Rule 17j-1")<br> · Rule 204A-1 under the Investment Advisers Act ("Rule 204A-1")<br> · Ontario Securities Commission: National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations ("NI 31-103") |
| &nbsp;&nbsp;**Approved By** | &nbsp;&nbsp; · Invesco Mutual Funds Board: December 2023<br> · Invesco ETF Board: December 2023<br> · Invesco Canada ("ICL") Funds Independent Review Committee <br> · Invesco Canada Funds Advisory Board and Board of Directors of Invesco Canada Corporate Class Inc. following recommendation by the Compliance Committee of the Board: October 2024 |
| &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;January 2025 |

---

**<u>GLOSSARY</u>**

**<u>Background.</u>** Invesco is required to adopt and enforce a written code of ethics as well as to establish, maintain and apply policies and procedures that establish a system of controls to comply with securities laws and regulations, including, but not limited to, the management of conflicts of interest matters, which may include personal trading activities.

This Code of Ethics and Personal Trading Policy for North America (the "Code") requires that Covered Persons (as defined below) adhere to high standards of ethical conduct and act with integrity in accordance with their fiduciary duties. The Code is intended to comply with the requirements of Rule 204A-1, Rule 17j-1 and NI 31-103.

**<u>Definitions.</u>**

*"Beneficial Ownership"* means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to share in the economic interest or profit derived from the ownership of, or transaction in, a Covered Security.

*"Client Account"* means an Invesco Fund (with respect to Covered Persons other than Independent Directors/Trustees), a separately managed account, a personal trust or estate, an Employee benefit trust or any other account for which an Invesco NA Adviser provides investment advisory or sub-advisory services. For Independent Directors/Trustees, "Client Account" shall mean the Invesco funds they oversee.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![](tm2522623d1_ex99bp26img001.jpg)

*"<u>Compliance Reporting System</u>"* means any third party, web-based application utilized by Covered Persons, *excluding Independent Directors/Trustees*, for compliance reporting (i.e., personal securities transactions, investment accounts, outside activities, etc.)

*"Contingent Worker*" means any Invesco consultant or contractor with access to the firm's internal network systems.

*"Covered Account*" means any account that holds or may hold a Covered Security whether directly or through Beneficial Ownership, and as further described in Section B.1 below.

*"Covered Person"* means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Employee
 (interns, part-time or full-time);

&nbsp;&nbsp;&nbsp;&nbsp;· Contingent
 Worker;

&nbsp;&nbsp;&nbsp;&nbsp;· Director
 or Officer of Invesco Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;· Independent
 Director/Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;· any
 individual who is conducting business on behalf of an Invesco Adviser or affiliate, and has access to the firm's internal network
 systems or offices;

&nbsp;&nbsp;&nbsp;&nbsp;· any
 person meeting the definition of "*Access Person*" as defined in Rule 17j-1 or Rule 204A-1; or

&nbsp;&nbsp;&nbsp;&nbsp;· anyone
 who, at the discretion of GEO, is deemed to be a Covered Person subject to the requirements of this Code.

*"Covered Security"* generally means, investment instruments or assets (public or private), unless otherwise *exempt* from the definition, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Stocks/shares
 (e.g., common, preferred or restricted) or bonds (e.g., corporate or municipal);

&nbsp;&nbsp;&nbsp;&nbsp;· Exchange
 Traded Products (defined below);

&nbsp;&nbsp;&nbsp;&nbsp;· Closed-end
 Funds and REITs;

&nbsp;&nbsp;&nbsp;&nbsp;· Instruments
 that are convertible or exchangeable into a Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;· Derivatives
 (e.g., options, futures, forwards, ADRs (American Depository Receipts)/GDRs (Global Depositary Receipts), swaps, commodities, warrants/rights),
 or other obligation whose value is derived or based on any of the above;

&nbsp;&nbsp;&nbsp;&nbsp;· Limited
 Offerings/Limited Liability Company interests (defined below);

&nbsp;&nbsp;&nbsp;&nbsp;· Invesco
 Open-end Mutual Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;· any
 security/instrument that can be traded by an Invesco Adviser or an affiliate on behalf of a client.

The following securities are exempt from the definition of "*Covered Security:*"

&nbsp;&nbsp;&nbsp;&nbsp;· Direct
 obligations of the U.S. government, the Canadian government, or direct obligations of a Sovereign Government and their respective
 agencies;

&nbsp;&nbsp;&nbsp;&nbsp;· Bankers'
 acceptances, bank certificates of deposit, commercial paper or high- quality short-term debt instruments (including repurchase agreements);

&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 of an open-end mutual fund for which Invesco does not serve as an investment adviser, subadviser or principal underwriter;

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![](tm2522623d1_ex99bp26img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· Money
 market equivalent funds;

&nbsp;&nbsp;&nbsp;&nbsp;· Investment
 trusts that invest exclusively in open-end mutual funds for which Invesco does not serve as an investment adviser, subadviser or
 principal underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;· Any
 unit investment trust (including those advised or sub-advised by an Invesco NA Adviser);

&nbsp;&nbsp;&nbsp;&nbsp;· Principal-protected
 or linked-note investment products; and

&nbsp;&nbsp;&nbsp;&nbsp;· Physical
 commodities (including foreign currencies).

*"Delegated Discretionary Account"* means an account for which a Covered Person has written evidence that decision-making authority has been completely relinquished to a professional money manager who is not a family member or not otherwise subject to this Code and over which the Covered Person has no direct or indirect influence or control.

*"Employee"* means an individual who serves as a director or officer of an Invesco NA entity or who is employed on a full-time or part-time basis by an Invesco NA entity or subsidiary thereof. For purposes of this Code, the term Employee also includes the Employee's Immediate Family Members.

"*ETP Access Person*" means a Covered Person who has access to Material Non-public Information attached to Invesco ETPs including but not limited to any client's purchase or sale of Invesco ETPs and/or the holdings of an Invesco ETP or anyone else determined as such and as notified by Compliance.

"*Exchange-Traded Product*" or "*ETP*" means a security traded on an exchange that: (i) tracks an underlying security, index or financial instrument; or (ii) uses a benchmark index but whose manager(s) may change sector allocations, market-time trades, or deviate from the index. The term "*ETP*" includes, among other things, exchange-traded funds ("ETFs"), exchange-traded notes ("ETNs") and exchange-traded commodities ("ETCs").

*"Global Ethics Office"* or *"GEO"* means the team within Compliance that is responsible for monitoring conflicts in connection with a Covered Person's personal trading, political contributions, outside business activities and gifts and entertainment.

*"Immediate Family Member"* means a Covered Person's:

&nbsp;&nbsp;&nbsp;&nbsp;· Spouse

&nbsp;&nbsp;&nbsp;&nbsp;· Domestic
 partner or equivalent (i.e., PACS (Civil Solidarity Pact), common law marriage, etc.):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Generally
 considered to be a permanent committed relationship; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o With
 Beneficial Ownership of their partner's Covered Accounts

&nbsp;&nbsp;&nbsp;&nbsp;· Child,
 stepchild, parent, stepparent, sibling, mother-in-law, father-in-law, daughter-in-law, brother-in-law or sister-in-law who shares
 the Covered Person's household.

A roommate who is not a domestic partner or does not otherwise have one of the attributes above shall not be deemed to be an Immediate Family Member.

Questions regarding the applicability of this definition should be directed to the Global Ethics Office.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![](tm2522623d1_ex99bp26img001.jpg)

*"Independent Director/Trustee"* means any; (i) director or trustee of an Invesco Mutual Fund who is not an "interested person" (as defined in Section 2(a)(19) of the Investment Company Act) of an Invesco Mutual Fund; (ii) director or trustee of an Invesco ETP who is not an "interested person" (as defined in Section 2(a)(19) of the Investment Company Act) of an Invesco ETP; or (iii) member of the Invesco Canada Independent Review Committee, Invesco Canada Funds Advisory Board or Board of Directors of Invesco Corporate Class Inc. who has no other executive responsibilities or engagement in an Invesco Canada Fund or Invesco NA's day-to-day activities beyond the scope of their duties as director/trustee.

*"Initial Public Offering"* or *"IPO"* means: (i) any Covered Security which is being offered for the first time on a recognized stock exchange; or (ii) an offering of securities registered under the Securities Act, the issuer of which immediately before such registration was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934, as amended or foreign regulatory equivalents thereof.

*"Investment Person"* generally means a Covered Person (excluding Independent Directors/Trustees) who:

&nbsp;&nbsp;&nbsp;&nbsp;· as
 part of their regular functions or duties makes or participates in making recommendations regarding the purchase or sale of securities
 in a Client Account (e.g., portfolio managers, securities analysts or traders); or

&nbsp;&nbsp;&nbsp;&nbsp;· works
 directly with or is in the same department/investment team as a portfolio manager and is likely to be exposed to sensitive information
 relating to those Client Accounts for which the portfolio manager has responsibility (including those who serve an administrative
 function).

*"Limited Offering or Private Placement"* means an offering that is exempt from registration under the Securities Act of 1933 ("33 Act"), including but not limited to those offered according to Sections 4(a)(2), 4(a)5, 4(a)6 or pursuant to Rules 504 or 506 under the 33 Act (e.g., Special Purpose Acquisition Company (SPAC), private equity fund or hedge fund, crowdfunding, private real estate investments such as Real Investment Trusts (REITs) or LLCs/LPs).

*"MNPI" or "Material Non-public Information"* means information not known to the public that may, if disclosed, have a significant impact on the price of a financial instrument and that a reasonable investor would likely consider relevant or important when making an investment decision.

*"Rights Issue"* or *"Rights Offer"* means a dividend of subscription rights to buy additional securities in a company made to the company's existing security holders.

"*Robo-Advisor Account*" means a Covered Person's account that holds, or can hold, Covered Securities that is maintained on a digital platform offered by a broker on the <u>US Designated/Approved Broker List</u> to provide automated, algorithm-driven investment decisions with little to no human intervention.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![](tm2522623d1_ex99bp26img001.jpg)

"*Special Purpose Acquisition Company*" or "*SPAC*" is a company without commercial operations and formed specifically to raise capital through an IPO for the purpose of acquiring or merging with an existing company.

**A.** **<u>POLICY</u>**

Each Invesco NA Adviser has a fiduciary relationship with respect to each of their Client Accounts. As such, Invesco NA and Covered Persons shall:

&nbsp;&nbsp;&nbsp;&nbsp;· place
 the interests of clients ahead of their personal interests (or, in the case of Independent Directors/Trustees, the funds they oversee);

&nbsp;&nbsp;&nbsp;&nbsp;· conduct
 their personal trading in a manner consistent with this Code and other applicable policies to avoid any actual or potential conflicts
 of interest or any abuse of position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;· comply
 with applicable laws, rules and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;· keep
 all MNPI (as defined above) confidential.

Invesco NA and all Covered Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;· profiting
 personally by using MNPI and disclosing MNPI to any person (except as may be permitted by law and in accordance with Invesco's
 insider trading policies);

&nbsp;&nbsp;&nbsp;&nbsp;· employing
 any device, scheme or artifice to defraud any Client Account;

&nbsp;&nbsp;&nbsp;&nbsp;· making
 an untrue statement of a material fact or omitting to state a material fact to a client that, in light of the circumstances under
 which they are made, are necessary to make the statement non-misleading;

&nbsp;&nbsp;&nbsp;&nbsp;· engaging
 in any act, practice or course of business that operates or would operate as a fraud or deceit to a Client Account; or

&nbsp;&nbsp;&nbsp;&nbsp;· engaging
 in any manipulative practice with respect to a Client Account or securities (including price manipulation).

Invesco NA maintains other compliance policies that may be directly applicable to a Covered Person's specific responsibilities and duties and that address additional standards of conduct for Employees. These policies are available on the Invesco Ltd. intranet site and include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Global Code of Conduct</u> · <u>Global Outside Business Activities</u> 

· <u>Global Insider Trading</u> · <u>U.S. Gifts and Entertainment</u> 

· <u>Global Fraud Escalation</u> · <u>Gifts and Entertainment (ICL)</u> 

· <u>Global Political Contributions</u> 

Violations of any of the policies listed above may result in increased escalation. For further detail, refer to Section C regarding violations and sanctions.

Please see <u>Exhibit B</u> for requirements applicable to Independent Directors/Trustees.

**B.** **<u>PERSONAL TRADING REQUIREMENTS</u>**

References to Covered Persons in this Section B shall exclude Independent Directors/Trustees. Personal trading requirements and pre-clearance requirements (if any) for Independent Directors/Trustees are set forth in <u>Exhibit B</u>.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![](tm2522623d1_ex99bp26img001.jpg)

**1. <u>Covered Account Requirements for Covered Persons.</u>**

Covered Persons are required to report all investment accounts (i.e., Covered Accounts) for which they, or Immediate Family Members, have Beneficial Ownership or have discretion, control or interests, whether such discretion, control or interests are exercised or not. It is presumed that a Covered Person can control accounts held by Immediate Family Members living in the same household.

US Covered Accounts must be held with a regulated financial institution listed on the <u>US Designated/Approved Broker List</u><sup>1</sup>.

<u>Covered Accounts include but are not limited to the following</u>:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Brokerage Accounts | &nbsp;&nbsp;Discretionary/Robo-Advisor Accounts<sup>2</sup> | &nbsp;&nbsp;Employee Stock Plans (e.g., ESPPs, ESOPs or ISOs) |
| &nbsp;&nbsp;Retirement Accounts (e.g., IRAs, SIPPs, Superannuation, iDeCo, RRSP, TFSA or any other local equivalent) | &nbsp;&nbsp;Transfer Agent Accounts that hold reportable Covered Securities (e.g., Invesco open- end mutual fund account) | &nbsp;&nbsp;Mutual Fund, Collective Investment or WRAP Accounts, which hold Invesco open-end funds |
| &nbsp;&nbsp;Pension Plans, which hold Covered Securities *(excluding Invesco open-end funds)* | &nbsp;&nbsp;Stock and Shares ISAs (i.e., Investment ISA) | &nbsp;&nbsp;UTMAs and UGMAs |
| &nbsp;&nbsp;Invesco 401k, and the separate Schwab Personal Choice Retirement Account ("PCRA") | &nbsp;&nbsp;529 Accounts that hold Covered Securities and the Invesco CollegeBound 529 plan |  |

---

<sup>1</sup> <u>The US Designated/Approved Broker List</u> is accessible through the <u>Compliance Reporting System</u>.

<sup>2</sup> <u>Discretionary and Robo-Advisor Accounts</u> must be disclosed. New and existing Discretionary and Robo- Advisor accounts must be approved by GEO. The Covered Person must provide supporting documentation (e.g., managed account agreement) and other required information to GEO, including duplicate statements.

Covered Persons are required to ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;· *<u>Covered Accounts held with a broker located in the U.S. or India are maintained:</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o with
 a financial institution on the <u>US Designated/Approved Broker List</u> (which may be accessed via the <u>Compliance Reporting System</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o in a
 qualified retirement plan that a Covered Person is not legally or unilaterally able to transfer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o for the U.S. only, with any
 full-service broker-dealer.

&nbsp;&nbsp;&nbsp;&nbsp;· *<u>Invesco Open-End Mutual Funds are held</u>:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o in an
 account maintained with a financial institution (or broker on the <u>US Designated/Approved Broker List</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o in a
 qualified retirement plan that a Covered Person is not legally or unilaterally able to transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o in the
 Covered Person's Invesco 401(k) or Invesco CollegeBound 529 plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o directly
 with Invesco's Mutual Funds' transfer agent.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![](tm2522623d1_ex99bp26img001.jpg)

Covered Persons may not purchase or hold Invesco affiliated open-end mutual funds beyond the above restrictions. This requirement does not apply to other Invesco securities.

&nbsp;&nbsp;&nbsp;&nbsp;· *<u>All other Covered Accounts</u>* <u>(e.g., external retirement plans, stock plans through third-party administrators)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Covered Persons shall direct their financial institution to submit
 statements and confirmations to the GEO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o If
 the financial institution is unable to provide transactional statements (or contract notes) to GEO through a link or hard copy, the
 Covered Person shall be personally responsible for submitting statements directly or upon request through the <u>GEO Support Portal</u> in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Trade
 confirmations (or contract notes) must be provided no later than 15 calendar days from the date of execution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Transactional
 statements must be provided within 15 calendar days of receipt.

**2. <u>Statements (Transactions) and Trade Confirmations (or Contract Notes).</u>**

&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 shall maintain a Covered Account with a financial institution that provides electronic trade confirmations (or contract notes) and
 statements directly to GEO.

&nbsp;&nbsp;&nbsp;&nbsp;· If
 the financial institution fails or is unable to provide an electronic link or a hard copy, the Covered Person shall be personally
 responsible for providing transactional statements and trade confirmations (or contract notes) for the Covered Account(s) to
 GEO through the <u>GEO Support Portal</u> or where applicable, to their local Compliance upon request.

&nbsp;&nbsp;&nbsp;&nbsp;· <u>All Covered Accounts must be reported in the Compliance Reporting System before trading begins or upon hire.</u> Statements are not required
for accounts that do not meet the Covered Accounts definition, such as accounts that are only able to invest in unaffiliated Open-end
Mutual Funds.

**3.** <u>Pre-Clearance of Personal Trades.</u>

*Covered Persons and their Immediate Family Members* are required to pre-clear Covered Securities transactions through the <u>Compliance Reporting System</u> as illustrated in <u>Exhibit A</u>.

Covered Persons are prohibited from executing a security transaction (trade) in a Covered Account until they are notified by GEO that the trade was approved. Covered Persons must carefully read the automated alert from the Compliance Reporting System, which includes the request status (i.e., approved or denied).

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![](tm2522623d1_ex99bp26img001.jpg)

Covered Accounts in which a Covered Person has beneficial interest but does not exercise control (e.g., accounts for Immediate Family Members), all trade requests are required to be submitted through the Covered Person.

GEO will notify the Covered Person if the trade request was approved or denied.

**<u>Trade Authorization (i.e., Market Orders).</u>** Trade requests which have been submitted and approved within the <u>Compliance Reporting System</u> prior to market close are only valid for the current business day, unless the approval is granted after the close of the trading day (e.g., trading on a foreign market or OTC), then approval will not expire until the end of the next trading day.

If the trade is not executed within the approval window, a Covered Person shall be required to submit a new pre-clearance request and *must receive* approval if the Covered Person intends to trade in that security.

**<u>Prohibited Trade Orders.</u>** Covered Persons are required to avoid executing transactions outside of the approval window. Good 'Til Canceled (GTC), Limit Orders and Stop-Limit Orders among other orders beyond the same trading day are prohibited.

**<u>Pre-clearance of Limited Offerings and Private Placements</u>**<u>.</u> Covered Persons and their Immediate Family Members must:

&nbsp;&nbsp;&nbsp;&nbsp;· Pre-clear
 investments in Limited Offerings and Private Placements and receive approval from GEO before investing and allow a minimum of three
 to five business days before the intended investment date to allow ample time for review.

&nbsp;&nbsp;&nbsp;&nbsp;· Submit
a Private Placement pre-clearance request through the <u>Compliance Reporting System</u> and include a detailed description of the investment
and relevant documentation (e.g., offering deck, offering/private placement memorandum and term sheet).

Additionally, Covered Persons seeking to invest in a Limited Offering/Private Placement sponsored by Invesco Ltd. and its affiliates:

&nbsp;&nbsp;&nbsp;&nbsp;· Must
 pre-clear all transactions through the Compliance Reporting System if the investment is made alongside third-party investors.

&nbsp;&nbsp;&nbsp;&nbsp;· May transact
 without pre-clearance if Invesco offers the investment exclusively to Employees.

In all instances, Limited Offerings and Private Placements are subject to ongoing reporting obligations. Please consult Legal and the Global Ethics Office if you have questions about these requirements before investing.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![](tm2522623d1_ex99bp26img001.jpg)

**<u>Exemptions from Pre-Clearance</u>**. Purchases or sales of the following are exempt from the pre-clearance requirement:

Covered Securities in an approved Delegated Discretionary/Robo-Advisor Account;

&nbsp;&nbsp;&nbsp;&nbsp;· Invesco
 Mutual Funds and Invesco Canada Funds (excluding closed-end Invesco Mutual Funds and closed-end Invesco Canada Funds) ;

&nbsp;&nbsp;&nbsp;&nbsp;· Invesco
 ETPs **(this Invesco ETP pre-clearance exemption does not apply to ETP Access Persons);** 

&nbsp;&nbsp;&nbsp;&nbsp;· Unaffiliated
 broad-based ETPs **(this pre-clearance exemption does not apply to single stock ETPs)** 

&nbsp;&nbsp;&nbsp;&nbsp;· Currencies,
 cryptocurrencies, and commodities, including trusts invested entirely in a currency, cryptocurrency or commodity;

&nbsp;&nbsp;&nbsp;&nbsp;· Derivatives of an index of securities, currencies, cryptocurrencies or
 commodities;

&nbsp;&nbsp;&nbsp;&nbsp;· Invesco
 Mutual Fund grants awarded (Long-Term Fund Awards); and

&nbsp;&nbsp;&nbsp;&nbsp;· Securities
held in Invesco CollegeBound 529 Plans, Invesco Core U.S. 401(k) Plans (excluding elections in the personal choice retirement
account) and registered group retirement savings plans offered by an Invesco Ltd. affiliate.

**<u>Pre-clearance of Employee Share Purchase Plans and Long-Term Incentive Plans</u>.** The acquisition or deposit of shares, including IVZ shares through an Employee Share Purchase Plan or Equity Awards Program is exempt from pre-clearance**.** However, pre-clearance is required if Covered Persons wish to **sell these shares, including IVZ shares**. Please refer to <u>Exhibit A</u>.

**<u>4. Trading Restrictions/Prohibitions.</u>**

**<u>Blackout Period</u>***.* Covered Persons are prohibited from trading any Covered Security in a personal account on a day during which a Client Account has a pending "buy" or "sell" order in the same Covered Security.

<u>In addition</u>:

&nbsp;&nbsp;&nbsp;&nbsp;· *Investment Persons* with knowledge of trading in a Covered Security for a Client Account are prohibited from personal trading within three
 trading days before and three trading days after such Client Account transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;· *All other Covered Persons* with knowledge of trading in a Covered Security for a Client Account are prohibited from personal trading
 in the same Covered Security within two trading days after such Client Account transaction.

**<u>Blackout Period Exemptions.</u>** Blackout period restrictions may be exempt if purchases and sales of a Covered Security comply with certain conditions (e.g., large market capitalization, daily trading limit, etc.) as may be determined from time to time by the GEO. Refer to the <u>FAQ</u> for details.

**<u>Other Prohibitions</u>***.* Covered Persons shall be prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;· trading
 a Covered Security of an issuer on the applicable Restricted List(s);

&nbsp;&nbsp;&nbsp;&nbsp;· purchasing
 a Covered Security in an IPO or secondary offering;

&nbsp;&nbsp;&nbsp;&nbsp;· purchasing
 a publicly listed SPAC when the targeted company is known;

&nbsp;&nbsp;&nbsp;&nbsp;· participating
 in an investment club;

&nbsp;&nbsp;&nbsp;&nbsp;· excessive
short-term trading of any Invesco Open-end Mutual Funds (excluding money market funds) and/or cash-in-lieu Invesco ETPs according to
the various limitations outlined in the respective prospectus or other fund disclosure documents;

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![](tm2522623d1_ex99bp26img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· engaging
 in personal trading of Covered Securities that is excessive, or that compromises Invesco NA's fiduciary duty to Client Accounts,
 as determined by the GEO in its discretion;

&nbsp;&nbsp;&nbsp;&nbsp;· for
 Investment Personnel, effecting short sales of a Covered Security in a Covered Account if a Client Account for which the Investment
 Person has investment management responsibility has a long position in such Covered Security; and

&nbsp;&nbsp;&nbsp;&nbsp;· trading
 options on common stock, single stock ETPs, or Invesco ETPs when the underlying security is either not held or has been held fewer
 than 60 days. For the sake of clarity, trading naked options is prohibited and only covered calls and protective puts are permitted.

**<u>Short-Term Trading Restriction for all Covered Persons</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;· Covered
 Persons cannot profit from the purchase and sale of a Covered Security (or a short sale and cover of the same Covered Security) within
 60 calendar days of the trade date of the same Covered Security. Gains are calculated on a first- in, first-out (FIFO) method.

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in Invesco Canada Funds are subject to the short-term trading requirements outlined in the applicable prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;· This
restriction shall apply to all Covered Securities, including those which are exempt from pre-clearance (e.g., Invesco Funds). Transactions
in unaffiliated ETPs (except for single stock ETPs), currencies, cryptocurrencies, commodities, trusts invested entirely in a currency,
cryptocurrency or commodity, and derivatives (e.g., options and futures) based on an index of securities, currencies, cryptocurrencies
and commodities are exempt from the 60-day holding period. This exemption shall not apply to derivatives of individual securities, single
stock ETPs, or Invesco ETPs.

&nbsp;&nbsp;&nbsp;&nbsp;· If
 a Covered Security is traded within the applicable holding period, the full amount of any profit from the trade, which has not been
 adjusted to account for applicable taxes or related fees, shall be disgorged to a charity of Invesco Ltd.'s choice.

&nbsp;&nbsp;&nbsp;&nbsp;· Covered
 Persons are exempt from the 60-day holding period if the trade transaction is executed at a loss.

**<u>5. Special Requirements for Transactions in Invesco Ltd. Stock.</u>**

Transactions in Invesco Ltd. stock are subject to the pre-clearance and reporting requirements set forth above. Covered Persons are prohibited from engaging in transactions in publicly traded options such as puts, calls and other derivative securities relating to Invesco Ltd.'s securities, on an exchange or any other organized market. Covered Persons should refer to the <u>Global Insider Trading policy</u> whenever they wish to transact in Invesco Ltd. securities in a Covered Account.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![](tm2522623d1_ex99bp26img001.jpg)

**<u>6. Covered Persons Reporting and Certification Requirements.</u>**

**<u>Certification Requirements</u>.** All Covered Persons are required to complete a Code of Ethics acknowledgment on their start date with Invesco, and annually thereafter, to acknowledge and certify that they have received, reviewed, understand, and shall comply with the Code. In addition, Covered Persons will be required to acknowledge receipt and understanding of any material amendments or new interpretations of the Code.

**<u>Reporting Requirements</u>.** All Covered Persons are subject to initial (upon joining Invesco) and ongoing reporting requirements. These reports will be reviewed by GEO and are intended solely for internal use and are confidential unless required to be disclosed to a regulatory or government agency.

**<u>Summary of Reporting Obligations</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>New Hires</u><sup>3</sup>** | &nbsp;&nbsp;**<u>Covered Persons</u>** | &nbsp;&nbsp;**<u>Covered Persons</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Upon joining the firm</u>**<br> (due in 10 calendar days) | &nbsp;&nbsp;**<u>Quarterly</u>**<br> (due no later than 30 calendar days after the calendar quarter-end) | &nbsp;&nbsp;**<u>Annual</u>**<br> (due no later than 30 calendar days from distribution) |
| &nbsp;&nbsp;<u>Covered Accounts/ Initial Holdings Report</u><br> (including a list of all Covered Securities and private/limited holdings. All holdings must be as of the Covered Person's employment start date) | &nbsp;&nbsp;<u>Quarterly Transaction Report</u><br> (*excluding dividends reinvested, private/limited offering transactions previously disclosed, auto investment plans, payroll deductions, transactions executed in an approved Discretionary/Robo-Advisor Account*) | &nbsp;&nbsp;<u>Annual Holdings & Private Investments Report</u><br> (*excluding holdings in an approved Discretionary Account, and any holdings designated as non- reportable on <u>Exhibit A</u>*) |
| &nbsp;&nbsp;<u>Initial Compliance Policies Certification</u> |  | &nbsp;&nbsp;<u>Annual Compliance Policies Certification</u> |

---

<sup>3</sup>Any New Hire who fails to submit the Covered Accounts/Initial Holdings Report (IHR) within the (10) calendar days of their employment start date will be prohibited from engaging in any personal securities transactions until such report is submitted and may be issued a violation and subject to other sanctions.

In addition, the Quarterly Transaction Report *can exclude* the following transactions executed in Covered Securities that are either:

&nbsp;&nbsp;&nbsp;&nbsp;· transacted
directly with an affiliated transfer agent; or

&nbsp;&nbsp;&nbsp;&nbsp;· in
 the Covered Person's registered group retirement savings plan (including transactions made on behalf of the Covered Person
 in the ICL sponsored GWL Group Retirement Savings Plan) or Invesco Core US 401(k) Plan.

**<u>New Covered Accounts</u>.** All Covered Persons must report any new Covered Account for themselves or any Immediate Family Member within 30 calendar days of opening. Unless the account has been reported, no personal securities transactions can occur within the account.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![](tm2522623d1_ex99bp26img001.jpg)

**<u>Exhibit A</u>.** Attached as <u>Exhibit A</u> is an Overview of Personal Trading Requirements that provides a summary of certain requirements set forth under this Code which are applicable to Covered Persons (excluding Independent Directors/Trustees). The Overview is not meant to serve as a replacement for reading the Code.

*Individuals who meet the definition of a Covered Person and are on a formal leave of absence or garden leave without access to Invesco systems are not considered Covered Persons during the time they are on leave.*

**C. <u>VIOLATIONS AND SANCTIONS</u>**

Covered Persons shall report violations and potential violations of this Code to the GEO. Violations and potential violations of the Code are investigated by GEO. Independent Directors/Trustees may report violations and potential violations to the applicable CCO (or their delegate).

If a determination is made that a Covered Person (excluding Independent Directors/ Trustees) has violated the Code, a sanction may be imposed in accordance with the escalation procedure. Sanctions vary based on the severity of the violation(s) and include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· a letter
 of education, a letter of warning or letter of reprimand;

&nbsp;&nbsp;&nbsp;&nbsp;· reversal
 of trades processed in violation of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· disgorgement
 of profits earned in the Code violation;

&nbsp;&nbsp;&nbsp;&nbsp;· prohibition
of personal trading abilities;

&nbsp;&nbsp;&nbsp;&nbsp;· suspension,
 demotion or change in the Covered Person's responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;· termination
 of employment;

&nbsp;&nbsp;&nbsp;&nbsp;· referral
 to civil or criminal authorities, where appropriate; or

&nbsp;&nbsp;&nbsp;&nbsp;· any
other sanction, as may be determined by the GEO, CCO and/or applicable governance committee.

The GEO maintains internal procedures regarding the violation investigation, sanction determination and sanction enforcement process.

In mitigating or eliminating certain conflicts of interest that arise in connection with a Covered Person's personal trading, a Covered Person may be required to sell a Covered Security that was previously approved. In the event the sale results in a loss, the Covered Person will not be entitled to reimbursement for such loss. In the event of a gain, the Covered Person may be required to disgorge any profit.

**D. <u>CODE ADMINISTRATION</u>**

In general, the GEO shall be responsible for the administration and oversight of the Code and shall be responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;· identifying
 Covered Persons, providing Covered Persons with the Code and notifying them of their reporting obligations under the Code, and ensuring
 that Covered Persons submit the required certifications and reports required under the Code;

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![](tm2522623d1_ex99bp26img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· reviewing
 the personal trading activities of Covered Persons to identify potential or actual violations of the Code and promptly investigating
 such matters to resolve and make the appropriate remediations, if needed; and

&nbsp;&nbsp;&nbsp;&nbsp;· promptly
report any violations of the Code in writing to the applicable CCO.

In very limited circumstances, certain exceptions to any provision of the Code may be granted on a case-by-case basis by the applicable CCO or their delegate. Such exceptions shall be documented in writing by the GEO.

Any questions regarding this Code should be directed to the GEO, which may be contacted using the <u>GEO Support Portal</u> via the intranet.

**E. <u>REPORTING.</u>**

<u>ICL Boards/Committees</u>. At least quarterly, the CCO shall inform the Invesco Canada Funds Independent Review Committee of violations, sanctions imposed, material changes and any other information as may be requested from time to time relating to the Code and for the relevant review period.

<u>Invesco Mutual Funds Board and Invesco ETF Board.</u>

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Quarterly</u>:
 At least quarterly, each applicable CCO shall furnish a written report to the applicable Board regarding material violations of the
 Code by Covered Persons.

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Annually</u>:
No less frequently than annually, each applicable CCO shall furnish a written report to the applicable Board that describes significant
issues arising under the Code since the last report to the Board, including information about material violations of the Code and sanctions
imposed in response to material violations. The CCO shall certify that the applicable Invesco NA Adviser to the Invesco Mutual Funds
and Invesco ETFs has adopted procedures reasonably designed to prevent Covered Persons from violating the Code. At this time, the Board
shall also review the current Code.

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Material Changes to Code</u>. The applicable Committee/Boards mentioned in this Code shall approve any material changes made to the Code either
 before implementing such change or no later than six months after the change is implemented.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![](tm2522623d1_ex99bp26img001.jpg)

**EXHIBIT A**

**<u>OVERVIEW OF PERSONAL TRADING REQUIREMENTS</u>**

*Below are some, but not all, of the common investment instruments and key actions required of Covered<br> Persons (excluding Independent Directors/Trustees) under the Code.*

*Gifting or bequeathing Covered Securities (i.e., the in-kind transfer, trading or gifting of stock shares) to<br> charities or family members must be pre-cleared and is prohibited if the family member is a public<br> official or connected to Invesco's business.*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Pre-Clearance** | &nbsp;&nbsp;**Reporting** | &nbsp;&nbsp;**60-Day Profit<br> Limit Restriction** |
| &nbsp;&nbsp;***Equities*** | &nbsp;&nbsp;***Equities*** | &nbsp;&nbsp;***Equities*** | &nbsp;&nbsp;***Equities*** |
| &nbsp;&nbsp;Common/Preferred Stocks (which includes in-kind transfers, trading or gifting/bequeathing) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;IPOs | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Rights Issue or Rights Offer1 | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Trusts invested entirely in a currency or commodity | &nbsp;&nbsp; No | &nbsp;&nbsp; Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;***Exchange-Traded Products (i.e., ETFs, ETCs and ETNs)*** | &nbsp;&nbsp;***Exchange-Traded Products (i.e., ETFs, ETCs and ETNs)*** | &nbsp;&nbsp;***Exchange-Traded Products (i.e., ETFs, ETCs and ETNs)*** | &nbsp;&nbsp;***Exchange-Traded Products (i.e., ETFs, ETCs and ETNs)*** |
| &nbsp;&nbsp;**Non-ETP Access Persons:** Invesco ETPs | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;**ETP Access Persons:** Invesco ETPs | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** |
| &nbsp;&nbsp;Unaffiliated broad-based ETPs (apart from single stock ETPs) | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Single-stock ETPs and unaffiliated ETPs with a limited number of underlying securities (20 or less) that include Covered Securities | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;***Cryptocurrencies2*** | &nbsp;&nbsp;***Cryptocurrencies2*** | &nbsp;&nbsp;***Cryptocurrencies2*** | &nbsp;&nbsp;***Cryptocurrencies2*** |
| &nbsp;&nbsp;Cryptocurrencies | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Trusts invested entirely in a cryptocurrency | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Futures, Swaps and Options based on a cryptocurrency | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;***Derivatives*** | &nbsp;&nbsp;***Derivatives*** | &nbsp;&nbsp;***Derivatives*** | &nbsp;&nbsp;***Derivatives*** |
| &nbsp;&nbsp;Futures, Swaps and Options<sup>3</sup> based on common stock and affiliated ETPs | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |

---

<sup>1</sup> Pre-clearance is required on the day of electing to participate in the Rights issue or Offer.

<sup>2</sup> Cryptocurrency exemptions are subject to change and requirements may be applied to certain Employees upon notification by Compliance. Some digital assets claiming to be cryptocurrency could be deemed securities by regulators. Please contact the Global Ethics Office if you have questions regarding the requirements of your digital assets under the Code.

<sup>3</sup> Options are restricted to covered calls and protective puts where the underlying security has been held no fewer than 60 days. All other option types are prohibited.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![](tm2522623d1_ex99bp26img001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Pre-Clearance** | &nbsp;&nbsp;**Reporting** | &nbsp;&nbsp;**60-Day Profit <br> Limit Restriction** |
| &nbsp;&nbsp;Naked options | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;PROHIBITED | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Futures, Swaps and Options Based on an index, currencies, commodities, and unaffiliated ETPs | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;***Mutual Funds*** | &nbsp;&nbsp;***Mutual Funds*** | &nbsp;&nbsp;***Mutual Funds*** | &nbsp;&nbsp;***Mutual Funds*** |
| &nbsp;&nbsp;Invesco Open-end Mutual Funds | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Invesco Closed-end Mutual Funds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Invesco Canada Open-end Mutual Funds | &nbsp;&nbsp; No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Subject to Prospectus Requirements |
| &nbsp;&nbsp;Invesco Canada Closed-end Mutual Funds | &nbsp;&nbsp; Yes | &nbsp;&nbsp; Yes | &nbsp;&nbsp; Yes |
| &nbsp;&nbsp;Unaffiliated Open-end Mutual Funds | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Unaffiliated Closed-end Mutual Funds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;***Fixed Income/Bonds*** | &nbsp;&nbsp;***Fixed Income/Bonds*** | &nbsp;&nbsp;***Fixed Income/Bonds*** | &nbsp;&nbsp;***Fixed Income/Bonds*** |
| &nbsp;&nbsp;US Treasury | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Certificates of Deposit | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Structured products linked to indices | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;***Invesco Ltd. Corporate Securities*** *<br> (including the in-kind transfer, trading or gifting/bequeathing)* | &nbsp;&nbsp;***Invesco Ltd. Corporate Securities*** *<br> (including the in-kind transfer, trading or gifting/bequeathing)* | &nbsp;&nbsp;***Invesco Ltd. Corporate Securities*** *<br> (including the in-kind transfer, trading or gifting/bequeathing)* | &nbsp;&nbsp;***Invesco Ltd. Corporate Securities*** *<br> (including the in-kind transfer, trading or gifting/bequeathing)* |
| &nbsp;&nbsp;**IVZ and IVR shares** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;**Sale of IVZ shares acquired through ESPP, RSA and LTA** | &nbsp;&nbsp; Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Derivatives on IVZ, short sells of IVZ or IVZ share transactions in Professionally Managed Accounts | &nbsp;&nbsp; PROHIBITED | &nbsp;&nbsp; PROHIBITED | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp;***Long-Term Fund Awards*** | &nbsp;&nbsp;***Long-Term Fund Awards*** | &nbsp;&nbsp;***Long-Term Fund Awards*** | &nbsp;&nbsp;***Long-Term Fund Awards*** |
| &nbsp;&nbsp;Invesco Mutual Fund grants awarded | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;***Invesco CollegeBound 529 Plan*** | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;***Limited Offerings/Private Placements\**** | &nbsp;&nbsp;***Limited Offerings/Private Placements\**** | &nbsp;&nbsp;***Limited Offerings/Private Placements\**** | &nbsp;&nbsp;***Limited Offerings/Private Placements\**** |
| &nbsp;&nbsp;***Non-Invesco offerings*** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;***Invesco offerings*** | &nbsp;&nbsp; Yes\*\* | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |

---

*\*Covered Persons may not engage in a Limited Offering without first: (a) obtaining approval **<u>prior to</u>** making or participating in the investment, and (b) provide the appropriate offering documentation (e.g., Offering Deck, Offering Memorandum, Term Sheet or Offering Presentation) to GEO for review.*

*\*\*Covered Persons must pre-clear activity in Limited Offerings/Private Placements sponsored by Invesco Ltd. and its affiliates with GEO unless Invesco offers the investment exclusively to Employees.*

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![](tm2522623d1_ex99bp26img001.jpg)

**EXHIBIT B**

**<u>INDEPENDENT DIRECTORS/TRUSTEES</u>**

Independent Directors/Trustees on the Invesco Mutual Funds, Invesco Canada Fund and the Invesco ETP Boards shall refrain from beneficially owning Invesco Ltd. stock.

Independent Directors/Trustees who have questions, need to report a potential or actual violation, may report such matters to the applicable Chief Compliance Officer, or their delegate.

**<u>OVERVIEW</u>**

&nbsp;&nbsp;&nbsp;&nbsp;A. Independent
 Directors/Trustees of the Invesco Mutual Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· are
 subject to and must comply with the pre-clearance requirements for certain transactions involving Invesco Mutual Funds that are closed-end
 Funds under the Independent Directors/Trustees policies and guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shall
 complete a Quarterly Transaction Report only if the Independent Director/Trustee knew or, or in the ordinary course of fulfilling
 their official duties as an Independent Director/Trustee, should have known, that during the 15-days immediately preceding or following
 the date of the Independent Director/Trustee's transaction in a Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o an
 Invesco Mutual Fund purchased or sold the Covered Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o an
 Invesco Mutual Fund, Invesco Advisers, Inc., or any sub-adviser to such Invesco Mutual Fund considered purchasing or selling
 the Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Independent
 Directors/Trustees who are subject to the Quarterly Transaction Reporting requirement per the above bullet, shall request the Quarterly
 Transaction Report and complete the report with the following information for each transaction during the quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the date of the transaction , the Covered Security name,
number of shares (for equity securities), or the interest rate and maturity date (if applicable) and the principal amount (for debt securities)
for each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the nature
 of the transaction (e.g., buy or sell);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the Covered
 Security identifier (i.e., CUSIP or symbol);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the execution
 price of the Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the name
 of the broker-dealer or bank executing the transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the date
 that the report was submitted to the applicable Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· are
 subject to the short-term trading restrictions (e.g., profit restriction) with respect to Invesco Mutual Funds that are closed-end
 funds.

&nbsp;&nbsp;&nbsp;&nbsp;B. Independent
 Directors/Trustees on the Invesco ETPs Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shall
 complete a Quarterly Transaction Report only if the Independent Director/Trustee knew, or in the ordinary course of fulfilling their
 official duties as an Independent Director/Trustee, should have known, that during the 15-days immediately preceding or following
 the date of the Independent Director/Trustee's transaction in a Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o an
 Invesco ETP purchased or sold the Covered Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o an Invesco ETP, Invesco Capital Management, LLC. or
any sub-adviser to such Invesco ETP considered purchasing or selling the Covered Security.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

![](tm2522623d1_ex99bp26img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Independent
 Directors/Trustees who are subject to the Quarterly Transaction Reporting requirement, shall request the Quarterly Transaction Report
 and complete the report with the following information for each transaction during the quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the date of the transaction, the Covered Security name, number
of shares (for equity securities), or the interest rate and maturity date (if applicable) and the principal amount (for debt securities)
for each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the nature
 of the transaction (e.g., buy or sell);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the Covered
 Security identifier (i.e., CUSIP or symbol);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the execution
 price of the Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the name
 of the broker-dealer or bank executing the transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the date
 that the report was submitted to the applicable Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Independent Directors/Trustees
 on the Invesco ETPs Board, <u>are not</u> subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o pre-clearance requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o providing account statements
 or trade confirmations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Covered Account or Annual Holdings
 reporting requirements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o short-term trading restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;C. Independent Directors/Trustees
 on the Invesco Canada Fund Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shall
 complete a Quarterly Transaction Report only if the Independent Director/Trustee knew or, or in the ordinary course of fulfilling
 their official duties as an Independent Director/Trustee, should have known, that during the 15-days immediately preceding or following
 the date of the Independent Director/Trustee's transaction in a Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o an
 Invesco Canada Fund purchased or sold the Covered Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o an Invesco Canada Fund, Invesco Canada Ltd. or any sub-adviser
to such Invesco Canada Fund considered purchasing or selling the Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Independent
 Directors/Trustees who are subject to the Quarterly Transaction Reporting requirement, shall request the Quarterly Transaction Report
 and complete the report with the following information for each transaction during the quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the date of the transaction, the Covered Security name, number
of shares (for equity securities), or the interest rate and maturity date (if applicable) and the principal amount (for debt securities)
for each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the nature
 of the transaction (e.g., buy or sell);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the Covered
 Security identifier (i.e., CUSIP or symbol);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the execution
 price of the Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the name
 of the broker-dealer or bank executing the transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the date
 that the report was submitted to the applicable Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Independent
 Directors/Trustees on the Invesco Canada Fund Board, <u>are not</u> subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o pre-clearance
 requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o providing
 account statements or trade confirmations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Covered
 Account or Annual Holdings reporting requirements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o short-term
 trading restrictions.

This policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.

## Ex-99.B(P)(27)

**Exhibit 99.B(p)(27)**

![](tm2522623d1_ex-27img001.jpg)

**COMPLIANCE MANUAL**

**FOR SEC ADVISOR**

**JACKSON CREEK INVESTMENT ADVISORS**

**June 2025**

Jackson Creek Investment Advisors

Compliance Manual - June 2025

Page 1 of 168

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **INTRODUCTION** | **11** |
| **PURPOSE** | **11** |
| **GUIDELINES ONLY** | **11** |
| **QUESTIONS** | **11** |
| **ACKNOWLEDGEMENT** | **11** |
| **LIMITATIONS ON USE** | **11** |
| **COMPLIANCE REVIEW** | **12** |
| **OBJECTIVE OF THE COMPLIANCE PROGRAM** | **12** |
| **DESIGNATION OF CHIEF COMPLIANCE OFFICER** | **13** |
| **DESIGNATION OF RESPONSIBILITY** | **13** |
| **DUTIES OF THE CCO** | **13** |
| **WHO IS COVERED BY JACKSON CREEK INVESTMENT ADVISOR'S COMPLIANCE PROGRAM?** | **14** |
| **AREAS OF COVERAGE OF THE COMPLIANCE PROGRAM** | **14** |
| **COORDINATION OF REVIEW** | **14** |
| **REGULATORY INSPECTIONS** | **15** |
| **REGISTRATION AND LICENSING** | **17** |
| **STATE NOTICE FILING REQUIREMENTS** | **17** |
| **REGISTRATION OF INVESTMENT ADVISER REPRESENTATIVES** | **17** |
| **SUPERVISORY RESPONSIBILITY—STATE REGISTRATION** | **17** |
| **THIRD PARTY - COMPLIANCE CONSULTANT** | **18** |
| **ANNUAL RENEWAL/ANNUAL UPDATING AMENDMENT** | **18** |
| **FILING FEES** | **18** |
| **HIRING AND TRAINING OF INVESTMENT ADVISOR REPRESENTATIVES** | **18** |
| **ENSURE PROPER REGISTRATION AND LICENSE** | **18** |
| **REPRESENTATIVE DISQUALIFICATION** | **19** |
| **RECORDS FOR ALL "ASSOCIATED PERSONS"** | **19** |
| **UNREGISTERED SUPERVISED PERSONS** | **19** |
| **REVIEW AND AMENDMENTS TO FORM ADV** | **19** |

---

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Page 2 of 168

---

| | |
|:---|:---|
| **DISCIPLINARY DISCLOSURE** | **19** |
| **REQUIRED DISCLOSURES** | **19** |
| **PRIVACY POLICY DISCLOSURES** | **20** |
| **FORM 13-H** | **20** |
| **EDGAR FILINGS - R E G U L A T O R Y R E P O R T I N G** | **21** |
| **(for SEC Advisors only)** | **21** |
| **INVESTMENT ADVISOR REPRESENTATIVE (IAR) CONTINUING EDUCATION (CE) CREDITS** | **23** |
| **REGULATION BEST INTEREST REG- BI** | **25** |
| **COMPLIANCE** | **26** |
| **BOOKS AND RECORDS** | **28** |
| **RESPONSIBILITY** | **28** |
| **RETENTION REQUIREMENTS** | **28** |
| **SPECIFIC RECORD KEEPING REQUIREMENTS** | **28** |
| **CORPORATE RECORDS** | **30** |
| **E-MAIL RETENTION** | **30** |
| **THE USE OF ELECTRONIC MEDIA TO MAINTAIN AND PRESERVE RECORDS** | **31** |
| **CLIENT REPORTING** | **33** |
| **POLICIES** | **33** |
| **PROCEDURES AND RESPONSIBLE PARTY** | **33** |
| **RECORDKEEPING** | **33** |
| **ADVISORY FEE BILLING PRACTICES** | **34** |
| **POLICIES** | **34** |
| **PROCEDURES AND RESPONSIBLE PARTY** | **35** |
| **RECORDKEEPING** | **35** |
| **DOUBLE DIPPING POLICY RESTRICTION** | **36** |
| **CUSTODY** | **37** |
| **RESPONSIBILITY** | **37** |
| **DEDUCTION OF ADVISORY FEES FROM CLIENT ACCOUNTS** | **37** |
| **INADVERTENT RECEIPT OF FUNDS OR SECURITIES** | **37** |
| **RECEIPT OF THIRD-PARTY FUNDS** | **37** |
| **DEFINITION OF QUALIFIED CUSTODIANS** | **38** |
| **NOTICE OF QUALIFIED CUSTODIAN** | **38** |
| **ACCOUNT STATEMENTS** | **38** |
| **RESPONSIBILITY** | **38** |

---

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Compliance Manual - June 2025

Page 3 of 168

---

| | |
|:---|:---|
| **PROCEDURES** | **38** |
| **SUPPLEMENTAL REPORT DISCLOSURE** | **38** |
| **ADDRESS CHANGES** | **38** |
| **BOOKS AND RECORDS** | **38** |
| **DEFINITION OF INDEPENDENT REPRESENTATIVE** | **38** |
| **USE OF AN INDEPENDENT REPRESENTATIVE** | **39** |
| **SUPERVISED PERSON AS TRUSTEE** | **39** |
| **STANDING LETTERS OF AUTHORIZATION** | **39** |
| **MONITORING OF INDEPENDENT MANAGERS** | **41** |
| **POLICY** | **41** |
| **RESPONSIBILITY** | **41** |
| **PROCEDURES** | **41** |
| **BOOKS AND RECORDS** | **41** |
| **ANTI-MONEY LAUNDERING** | **42** |
| **GENERAL POLICY** | **42** |
| **TRAINING** | **42** |
| **PROXY VOTING/CLASS ACTION LAWSUITS** | **43** |
| **PROXY VOTING** | **43** |
| **CLASS ACTION LAWSUITS** | **43** |
| **MARKETING & ADVERTISING** | **44** |
| **BACKGROUND** | **44** |
| **DEFINITION OF ADVERTISEMENT** | **44** |
| **GENERAL PROHIBITIONS** | **45** |
| **ADVERTISEMENT PROCEDURES** | **45** |
| **BOOKS AND RECORDS** | **46** |
| **TESTIMONIALS AND ENDORSEMENTS** | **46** |
| **LEAD GENERATION FIRMS** | **46** |
| **DISCLOSURES** | **46** |
| **COMPENSATED TESTIMONIALS AND ENDORSEMENTS** | **47** |
| **OTHER EXEMPTIONS** | **47** |
| **REGISTRATION REQUIREMENTS** | **48** |
| **THIRD-PARTY ATTRIBUTION** | **48** |
| **ENDORSEMENTS (PREVIOUSLY REFERRED TO AS SOLICITORS)** | **48** |
| **DISCLOSURES** | **48** |

---

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Compliance Manual - June 2025

Page 4 of 168

---

| | |
|:---|:---|
| **DISQUALIFICATION FOR PERSONS WHO HAVE ENGAGED IN MISCONDUCT** | **49** |
| **EXEMPTIONS** | **49** |
| **TESTIMONIALS AND ENDORSEMENTS ADVERTISING PROCEDURES** | **49** |
| **BOOKS AND RECORDS** | **50** |
| **THIRD-PARTY RANKINGS OR AWARDS** | **50** |
| **POLICY** | **50** |
| **PERFORMANCE ADVERTISING** | **52** |
| **MARKETING PROCEDURES FOR SOCIAL MEDIA** | **55** |
| **PUBLIC APPEARANCES** | **55** |
| **MARKETING DEFINITIONS** | **56** |
| **ELECTRONIC COMMUNICATIONS** | **60** |
| **ARTIFICIAL INTELLIGENCE ENGINES** | **65** |
| **CODE OF ETHICS** | **67** |
| **PORTFOLIO MANAGEMENT** | **67** |
| **PORTFOLIO MANAGEMENT AND TRADING PROCESS** | **67** |
| **DEFINED CUSTODIAN** | **67** |
| **RESEARCH PROCESSES** | **67** |
| **VALUATION OF SECURITIES** | **67** |
| **ACCOUNT REVIEW POLICY** | **68** |
| **SUITABILITY** | **68** |
| **CONCENTRATED ACCOUNTS** | **68** |
| **INACTIVE ACCOUNTS** | **69** |
| **REVIEW PROCEDURES** | **69** |
| **ACCOUNT STATEMENTS** | **69** |
| **COMPLIANCE WITH INVESTMENT POLICIES/PROFILES, GUIDELINES AND LEGAL REQUIREMENTS** | **69** |
| **PROHIBITED PRACTICES** | **69** |
| **SOURCE OF FUNDS** | **70** |
| **SOURCES OF INVESTMENT RESTRICTIONS** | **71** |
| **RESPONSIBILITY FOR COMPLIANCE WITH INVESTMENT RESTRICTIONS** | **71** |
| **MUTUAL FUND SHARE CLASSES** | **73** |
| **GENERAL POLICY** | **73** |
| **PROCEDURES** | **73** |
| **CRYPTO-ASSET POLICY** | **74** |
| **MARIJUANA POLICY** | **74** |

---

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Compliance Manual - June 2025

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---

| | |
|:---|:---|
| **FIDUCIARY DUTIES OWED TO CLIENTS** | **74** |
| **ALTERNATIVE INVESTMENTS** | **76** |
| **DUE DILLIGENCE OF ALTERNATIVE INVESTMENTS** | **76** |
| **CLIENT REVIEW FOR USE OF ALTERNATIVE INVESTMENTS** | **77** |
| **DISCLOSURE OF RISKS** | **78** |
| **ACCOUNT TYPE CONSIDERATIONS** | **78** |
| **TRADING AND BROKERAGE POLICY/BEST EXECUTION** | **82** |
| **REVIEW OF TRADE EXECUTION** | **82** |
| **DISCLOSURE** | **82** |
| **CONFLICTS OF INTERESTS** | **82** |
| **TRADE PROCESSING PROCEDURES** | **82** |
| **AGGREGATION AND ALLOCATION OF TRANSACTIONS** | **83** |
| **ALLOCATION OF INVESTMENT OPPORTUNITIES** | **83** |
| **AGGREGATED EXECUTIONS** | **85** |
| **COMPLIANCE MONITORING AND REPORTING** | **85** |
| **PRINCIPAL AND CROSS TRANSACTIONS WITH CLIENTS** | **85** |
| **ECONOMIC BENEFITS FROM SECURITIES TRANSACTIONS** | **85** |
| **SOFT DOLLAR BENEFITS – DEFINITION** | **85** |
| **OTHER ECONOMIC BENEFITS** | **86** |
| **SOFT DOLLAR ARRANGEMENTS** | **87** |
| **TRADE ERROR PROCEDURES** | **88** |
| **DEFINITION OF TRADE ERROR** | **88** |
| **POLICY** | **88** |
| **TRADE ERROR NOTIFICATION PROCEDURES** | **88** |
| **FINANCIAL PLANNING** | **90** |
| **REQUIRED AGREEMENTS** | **90** |
| **DUTIES IN PROVIDING FINANCIAL PLANNING SERVICES** | **90** |
| **RECORDKEEPING** | **90** |
| **ERISA PLANS** | **92** |
| **POLICY** | **92** |
| **QDIA REGULATION** | **92** |
| **ERISA DISCLOSURES - 408(B)(2)** | **93** |
| **RESPONSIBILITY** | **94** |
| **PROCEDURE** | **94** |

---

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---

| | |
|:---|:---|
| **OPENING ACCOUNTS FOR SENIOR INVESTORS** | **96** |
| **OBJECTIVE** | **96** |
| **DEFINITION OF TRUSTED CONTACT** | **96** |
| **PROCESS** | **96** |
| **DIMINISHED MENTAL CAPACITY** | **97** |
| **POTENTIAL INDICATION OF ELDER FINANCIAL EXPLOITATION** | **97** |
| **TRAINING** | **97** |
| **COMPLAINTS** | **98** |
| **SUPERVISORY RESPONSIBILITY** | **98** |
| **DEFINITION** | **98** |
| **HANDLING OF CUSTOMER COMPLAINTS** | **98** |
| **CORRESPONDENCE** | **99** |
| **DEFINITION** | **99** |
| **OUTGOING CORRESPONDENCE** | **99** |
| **INCOMING CORRESPONDENCE** | **100** |
| **APPROVAL** | **100** |
| **RECORDS** | **100** |
| **PERSONAL MAIL** | **100** |
| **PRIVACY PROTECTION AND INFORMATION SECURITY POLICIES** | **101** |
| **REGULATION S-P** | **101** |
| **SCOPE OF POLICY** | **101** |
| **OVERVIEW OF THE GUIDELINES FOR PROTECTING CUSTOMER INFORMATION** | **101** |
| **EMPLOYEE RESPONSIBILITY** | **101** |
| **INFORMATION PRACTICES** | **102** |
| **DISCLOSURE OF INFORMATION TO NONAFFILIATED THIRD PARTIES – "DO NOT SHARE" POLICY** | **102** |
| **TYPES OF PERMITTED DISCLOSURES – THE EXCEPTIONS** | **102** |
| **PROVISION OF OPT OUT** | **103** |
| **SAFEGUARDING OF CLIENT RECORDS AND INFORMATION** | **103** |
| **SECURITY STANDARDS** | **104** |
| **PRIVACY POLICY** | **104** |
| **PRIVACY POLICY DELIVERY** | **104** |
| **REVISED PRIVACY POLICY** | **104** |
| **REG S-ID IDENTITY THEFT PREVENTION PROGRAM (ITPP)** | **105** |
| **IDENTIFYING RELEVANT RED FLAGS** | **105** |

---

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---

| | |
|:---|:---|
| **DETECTING RED FLAGS** | **105** |
| **PROCEDURES TO PREVENT AND MITIGATE IDENTITY THEFT** | **106** |
| **APPLICANTS: FOR RED FLAGS RAISED BY SOMEONE ATTEMPTING TO BECOME A CLIENT** | **106** |
| **SEEKERS: FOR RED FLAGS RAISED BY SOMEONE SEEKING TO ACCESS AN EXISTING CLIENT'S ACCOUNT:** | **106** |
| **CUSTODIAN AND OTHER SERVICE PROVIDERS** | **107** |
| **UPDATES AND ANNUAL REVIEW** | **107** |
| **CYBERSECURITY / WRITTEN INFORMATION SECURITY POLICY ("WISP")** | **110** |
| **OVERVIEW** | **110** |
| **SCOPE** | **110** |
| **GENERAL USE AND OWNERSHIP** | **110** |
| **PC AND NOTEBOOK SECURITY** | **111** |
| **INTERNET AND EMAIL** | **112** |
| **REMOVABLE AND MOBILE MEDIA** | **112** |
| **REMOTE ACCESS** | **113** |
| **BACKUPS OF SENSITIVE DATA** | **113** |
| **THIRD PARTY ACCESS** | **113** |
| **ENCRYPTION** | **114** |
| **EMPLOYEE OR EQUIPMENT CHANGES** | **114** |
| **PAPER RECORDS** | **115** |
| **CONTOL OF COMPUTER MEDIA AND DOCUMENTATION** | **115** |
| **FRAUDULENT EMAIL REQUESTS AND COMPROMISED CLIENT EMAIL ACCOUNTS** | **115** |
| **DATA SECURITY COORDINATOR** | **115** |
| **TRAINING** | **116** |
| **RISK ANALYSIS** | **116** |
| **ENFORCEMENT** | **116** |
| **RESPONSE TO SECURITY BREACH** | **116** |
| **BUSINESS CONTINUITY PLAN ("BCP")** | **117** |
| **PAY TO PLAY POLICY** | **118** |
| **STATEMENT OF POLICY** | **118** |
| **DEFINITIONS** | **118** |
| **REGULATORY REQUIREMENT** | **119** |
| **PROCEDURES** | **120** |
| **DOCUMENT DESTRUCTION POLICY** | **122** |
| **ADMINISTRATION & SUPERVISION OF RECORDS RETENTION AND DESTRUCTION** | **122** |

---

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---

| | |
|:---|:---|
| **SUSPENSION OF RECORD DISPOSAL IN EVENT OF LITIGATION OR CLAIMS OR REGULATORY INQUIRY** | **122** |
| **POLICY STATEMENT** | **123** |
| **PURPOSE OF POLICY** | **123** |
| **PROCEDURE FOR DESTRUCTION OF RECORDS** | **123** |
| **CHARITABLE GIVING POLICY** | **125** |
| **POLICY** | **125** |
| **CHARITABLE CONTRIBUTION CHECKLIST** | **126** |
| **OVERSIGHT OF SERVICE PROVIDERS** | **127** |
| **DEFINITIONS** | **129** |
| **APPENDIX A - ACKNOWLEDGEMENT OF RECEIPT AND ACCEPTANCE** | **134** |
| **APPENDIX B – RETENTION OF BOOKS AND RECORDS** | **135** |
| **APPENDIX C – CODE OF ETHICS** | **147** |
| **GENERAL PRINCIPLES** | **147** |
| **SCOPE OF THE CODE** | **147** |
| **PERSONS COVERED BY THE CODE** | **148** |
| **SECURITIES COVERED BY THE CODE** | **148** |
| **STANDARDS OF BUSINESS CONDUCT** | **149** |
| **COMPLIANCE WITH LAWS AND REGULATIONS** | **149** |
| **CONFLICTS OF INTEREST** | **149** |
| **INSIDER TRADING** | **149** |
| **PERSONAL SECURITIES TRANSACTIONS** | **150** |
| **GIFTS AND ENTERTAINMENT** | **152** |
| **CONFIDENTIALITY** | **153** |
| **SERVICE OF BOARD OF DIRECTORS** | **153** |
| **OTHER OUTSIDE ACTIVITIES** | **153** |
| **MARKETING AND PROMOTIONAL ACTIVITIES** | **154** |
| **COMPLIANCE PROCEDURES** | **154** |
| **PERSONAL SECURITIES TRANSACTION PROCEDURES AND REPORTING** | **154** |
| **PRE-CLEARANCE PROCEDURES** | **155** |
| **REPORTING REQUIREMENTS** | **155** |
| **QUARTERLY TRANSACTION REPORTS** | **156** |
| **CONFIDENTIALITY OF REPORTS** | **156** |
| **REPORTING EXEMPTIONS** | **156** |
| **DUPLICATE BROKERAGE CONFIRMATIONS AND STATEMENTS** | **157** |

---

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---

| | |
|:---|:---|
| **MONITORING OF PERSONAL SECURITIES TRANSACTIONS** | **157** |
| **CERTIFICATION OF COMPLIANCE** | **157** |
| **INITIAL CERTIFICATION** | **157** |
| **ACKNOWLEDGEMENT OF AMENDMENTS** | **158** |
| **ANNUAL CERTIFICATION** | **158** |
| **RECORDKEEPING** | **158** |
| **FORM ADV DISCLOSURE** | **158** |
| **ADMINISTRATION AND ENFORCEMENT OF THE CODE** | **158** |
| **TRAINING AND EDUCATION** | **158** |
| **ANNUAL REVIEW** | **158** |
| **REPORT TO SENIOR MANAGEMENT** | **159** |
| **REPORTING VIOLATIONS** | **159** |
| **WHISTLEBLOWER PROGRAM** | **159** |
| **SANCTIONS** | **160** |
| **FURTHER INFORMATION REGARDING THE CODE** | **160** |
| **CODE OF ETHICS EXHIBIT A** | **161** |
| **ACKNOWLEDGEMENT OF RECEIPT AND ACCEPTANCE OF CODE OF ETHICS** | **161** |
| **CODE OF ETHICS EXHIBIT B** | **162** |
| **ACKNOWLEDGEMENT OF RECEIPT AND ACCEPTANCE OF AMENDMENT TO CODE OF ETHICS** | **162** |
| **CODE OF ETHICS EXHIBIT C** | **163** |
| **ANNUAL CERTIFICATION OF COMPLIANCE WITH THE CODE OF ETHICS** | **163** |
| **APPENDIX D – INSIDER TRADING** | **164** |
| **THE BASIC INSIDER TRADING PROHIBITION** | **164** |
| **BASIC CONCEPTS** | **165** |
| **SANCTIONS AND LIABILITIES** | **167** |
| **RESTRICTIONS AND REQUIRED CONDUCT TO PREVENT INSIDER TRADING** | **167** |

---

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**INTRODUCTION**

------

**PURPOSE**

Jackson Creek Investment Advisors ("Jackson Creek" "the Firm" or "Firm") has adopted the following policies and procedures for compliance as a registered investment adviser under the Investment Advisers Act of 1940 ("Advisers Act"). Employees of the Firm are expected to be familiar with and follow the Firm's policies.

**GUIDELINES ONLY**

The information and procedures provided within this manual represent guidelines to be followed by Jackson Creek's personnel and are not inclusive of all laws, rules and regulations that govern the activities of Jackson Creek. Employees should conduct their activities in a manner that not only achieves technical compliance with this Compliance Manual, but also abides by its spirit and principles of a fiduciary.

**QUESTIONS**

Any questions concerning the policies and procedures contained within this Manual or regarding any regulations or compliance matters should be directed to the Chief Compliance Officer ("CCO") or designee as described below.

**ACKNOWLEDGEMENT**

All Jackson Creek Employees are required to acknowledge that they have read and that they understand and agree to comply with the Firm's compliance policies and procedures, in the form attached hereto as ***Acknowledgement of Receipt and Acceptance of Compliance Manual*** in ***Appendix A.***

**LIMITATIONS ON USE**

Jackson Creek is the sole owner of all rights to this manual and it must be either returned by the employee to Jackson Creek or electronically destroyed immediately upon termination of employment. The information contained herein is confidential and proprietary and may not be disclosed to any third-party or otherwise shared or disseminated in any way without the prior written approval of Jackson Creek.

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**COMPLIANCE REVIEW**

------

**OBJECTIVE OF THE COMPLIANCE PROGRAM**

It is the policy of Jackson Creek Investment Advisors to remain compliant with all rules and regulations set forth by the Securities Exchange Commission ("SEC") and any other organization having governing authority over Jackson Creek and its operations. As a result, Jackson Creek has implemented the Compliance Program contained in this Compliance Manual and its Appendices and Exhibits.

The Compliance Program is designed to assist employees of the Firm in maintaining compliance with the securities laws under which Jackson Creek operates, namely the Advisers Act as amended. The rules make it unlawful for any investment adviser to provide advice to any client unless they have complied with the Advisors Act by:

Creating or adopting written compliance policies and procedures to address, at a minimum, the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Portfolio Management Processes** 

Portfolio management processes, including allocation of investment opportunities among clients and consistency of portfolios with clients' investment objectives, disclosures by the adviser, and applicable regulatory restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Trading Practices** 

Trading practices, including procedures by which the adviser satisfies its best execution obligation, uses client brokerage to obtain research and other services ("soft dollar arrangements"), and allocates aggregated trades among clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Proprietary Trading

Proprietary trading of the adviser and personal trading activities of supervised persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Disclosures** 

The accuracy of disclosures made to investors, clients, and regulators, including account statements and advertisements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Safeguarding Client Assets** 

Safeguarding of client assets from conversion or inappropriate use by advisory personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Accurate Records** 

The accurate creation of required records and their maintenance in a manner that secures them from unauthorized alteration or use and protects them from untimely destruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Marketing** 

Marketing advisory services, including the use of promoters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Valuation Processes** 

Processes to value client holdings and assess fees based on those valuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Privacy Safeguards** 

Safeguards for the privacy protection of client records and information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Business Continuity** 

Business continuity plans;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Processes** 

Creating a process to review written policies and procedures annually; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **CCO** 

Designating a CCO.

**DESIGNATION OF CHIEF COMPLIANCE OFFICER**

Mark Jaeger is designated as the Firm's CCO and is responsible for on-going compliance matters of the Firm. The CCO will meet on a regular basis with the other qualified representatives of Jackson Creek to review and address compliance and/or supervisory issues of the Firm. The CCO will utilize the services of other staff members of the Firm on an as needed basis for compliance purposes and to provide assistance to the CCO in the on-going management of the Firm's compliance program ("designee"). Such individuals will report directly to the CCO. Ultimate responsibility for ensuring that Jackson Creek and its employees comply with the provisions of this manual and the federal and state securities laws rests with the CCO.

**DESIGNATION OF RESPONSIBILITY**

The CCO has full responsibility and authority to develop and enforce appropriate compliance policies and procedures and will be responsible for all compliance functions. The CCO has overseen the preparation and updating of the written policies and procedures contained in this Manual. The CCO shall ensure that a copy of these policies and procedures are maintained for a minimum of five (5) years from the date of the most recent change. The CCO or his designee will conduct annual audits and assessments of the business being conducted by Jackson Creek, its Investment Advisor Representatives ("IARs") and supervisory personnel and will update its policies and procedures accordingly.

**DUTIES OF THE CCO**

Specific responsibilities and duties of the CCO shall include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Annual Review**

Reviewing the Firm's compliance policies and procedures at least annually (including any compliance matters that arose during the previous year) to determine the adequacy and effectiveness of the policies and procedures, and if necessary, updating the policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Interim Reviews**

Conducting interim reviews in response to significant compliance events, changes in business arrangements and regulatory developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Compliance Training**

Conducting compliance training for new and existing employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Testing and Monitoring Policies**

Drafting procedures to document the monitoring and testing of compliance through internal audits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Internal Assessment**

Implementation of any policies needed to ensure that training and internal assessment procedures are updated to reflect changes in applicable laws, regulations, and administrative positions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Proper Reporting**

Reporting of Breach - follow up and resolve any reported breach of Firm policies and procedures.

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**WHO IS COVERED BY JACKSON CREEK INVESTMENT ADVISOR'S COMPLIANCE PROGRAM?**

A supervised person is any associated person of Jackson Creek that dispenses or provides advice to clients or prospective clients. They are also any person with the capacity to affect a client's accounts at a custodian in any fashion. Under our current operational structure all associated persons of Jackson Creek will be considered a supervised person. A copy of this program outline and the policies derived under it will be provided to each supervised person. They will be required to acknowledge receipt and that they have read and understand the policies, procedures and program manual on, at least, an annual basis. (See ***Acknowledgement*** Section above; also, ***Acknowledgement of Receipt and Acceptance*** in ***Appendix A***).

**AREAS OF COVERAGE OF THE COMPLIANCE PROGRAM**

On an annual basis, the CCO will conduct a review of the business of Jackson Creek, the types of clients it has, the types of investments made on behalf of its clients, and any other activities Jackson Creek may engage in on a regular basis.

In addition to the Compliance Program as described above, Jackson Creek will conduct an annual review of the Firm's policies and procedures to determine that they are adequate, current and effective in view of the Firm's businesses, practices, advisory services, and current regulatory requirements. Our policy includes amending or updating the Firm's policies and procedures to reflect any changes in the Firm's activities, personnel, or regulatory developments, among other things, either as part of the Firm's annual review, or more frequently, as may be appropriate, and to maintain relevant records of the annual reviews. The purpose of this review is to consider any changes in Jackson Creek's activities, any compliance matters that have occurred in the past year and any new regulatory requirements or developments, among other things. Appropriate revisions of a Firm's policies or procedures should be made to help ensure that the policies and procedures are adequate and effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Procedures**

Jackson Creek has adopted procedures to implement the Firm's policy and reviews to monitor and ensure the Firm's policy is observed, implemented properly and amended or updated, as appropriate and which include the following.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Annual Review**

On at least an annual basis, the CCO, and such other persons as may be designated, will undertake a complete review of all Jackson Creek's written compliance policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Subjects of Review**

The review will include an assessment of each policy to determine the following:

o Adequacy;

o Effectiveness;

o Accuracy;

o Appropriateness for the Firm's current activities;

o Current regulatory requirements;

o Any prior policy issues, violations or sanctions; and

o Any changes or updates that may otherwise be required or appropriate.

**COORDINATION OF REVIEW**

The CCO, or designee(s), will coordinate the review of each policy with an appropriate person or officer to ensure that each of the Firm's policies and procedures is adequate and appropriate for the business activity covered, e.g., a review of trading policies and procedures with the person responsible for the Firm's trading activities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●** **Revision of Policy** 

The CCO, or designee(s), will revise or update any of the Firm's policies and/or procedures as necessary or appropriate and obtain the approval of the person, or officer responsible for a particular activity as part of the review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●** **Prior Violations or Issues** 

The Firm's annual reviews will include a review of any prior violations or issues under any of the Firm's current policies or procedures. This will help the Firm to avoid similar violations or issues in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Maintain Copies** 

The CCO will maintain hardcopy or electronic records of the Firm's policies and procedures as in effect at any particular time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Annual Compliance Review File** 

The CCO will also maintain a record for each year, which will include and reflect any revisions, changes, updates and materials supporting such changes and approvals, of any of the Firm's policies and/or procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Ad Hoc Reviews** 

The CCO or designee(s), will also conduct more frequent reviews of Jackson Creek's policies or procedures, or any specific policy or procedure, in the event of any change in personnel, business activities, regulatory requirements or developments or other circumstances requiring a revision or update.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Risk Assessment** 

The CCO or designee will conduct a risk assessment of the Firm's operation and update policies and procedures as warranted based on the findings of the risk assessment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Retention of Records** 

Relevant records of such additional reviews and changes will also be maintained by the CCO.

**REGULATORY INSPECTIONS**

When Advisers such as the Firm are examined by the Office of Compliance Inspections and Examinations ("OCIE") of the SEC. OCIE conducts exams out of Washington D.C. and each of the SEC's 11 regional offices. On the first day of the examination, the Firm shall be prepared for representatives from the SEC/OCIE to ask about or for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a general overview of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the type of Firm clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● services provided by the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● investment strategies employed, and products offered, by the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● an overview of the marketing strategies and sales practices employed by the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a general description of the Firm's compliance program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● an explanation of how the Firm values clients' assets and how the Firm charges its advisory fees.

When the SEC, state securities commission or other regulatory agency contacts or meets an employee of the Firm, the following procedures must be followed:

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● Employee
 shall immediately inform the CCO about the matter;

● CCO
 shall arrange for the Firm to make available all documents requested by the examiner, provided
 such examiner has the legal right to examine such documents;

● CCO
 shall review prior to the arrival of the inspection staff:

● If
 a surprise visit, CCO should ask the SEC official(s) for: (i) proper identification, (ii)
 his or her authority to conduct the examination, and (iii) the purpose of the visit;

● CCO
 and any other Firm personnel chosen to assist the regulatory inspection team should be pleasant
 and cooperative;

● I nformation
 or copies of documents should be provided to the official only if the release of such information
 or documents has been cleared by the CCO;

● CCO
 will ensure that only those documents specifically requested by the regulatory inspection
 team are released to the regulatory inspection team;

● A
 representative of the Firm should accompany the regulatory inspection team at all times when
 the team is in the Firm's office(s), except in a room or rooms designated by the CCO
 as places where the team can perform their inspection;

● Without
 prior clearance from the CCO, no Firm employee may have substantive conversations with any
 member of the regulatory inspection team;

● Upon
 completion of the examination, CCO will ask a member of the SEC's inspection team the
 date when the examination will be completed. (Under the Dodd-Frank Act, the SEC has 180 days
 from the date of its document request to complete its examination of a registered investment
 adviser);

● The
 recipient of any letter or other correspondence from the inspecting regulatory authority
 must promptly forward such correspondence to the CCO;

● CCO
 in coordination with the inside or outside legal counsel of the Firm or third party Compliance
 Consultant will review the correspondence from the inspecting regulatory authority and respond,
 if so required, in the appropriate manner prior to any deadline imposed by the inspecting
 authority; and

● If
 OCIE identifies deficiencies or weaknesses, the Firm will take steps to address and eliminate
 such deficiencies and weaknesses and memorialize the actions taken in a memorandum. If serious
 deficiencies are found, OCIE may refer the problems to the SEC's Division of Enforcement,
 or to a self-regulatory organization, state regulatory agency, or other regulator for possible
 action.

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**REGISTRATION AND LICENSING**

**STATE NOTICE FILING REQUIREMENTS**

At this time Jackson Creek has been granted registration as an Investment Adviser with the U.S. Securities and Exchange Commission ("SEC") and is required to notice file in each individual state in which it is required to do so under the state statutes. Unless otherwise permitted by regulation, Jackson Creek may not solicit or render investment advice for any client domiciled in a state where Jackson Creek is not properly notice filed.

**REGISTRATION OF INVESTMENT ADVISER REPRESENTATIVES**

Investment Advisory Representatives ("IAR") refer to the individual agents associated with Jackson Creek who render investment advice on behalf of the Firm. In general, states require either of the following of IARs: (1) Sitting for and passing the FINRA brokerage exam Series 7 and the Investment Adviser Examination Series 66, or the Investment Adviser Exam Series 65; or (2) a professional designation (CFA, CFP, or ChFC, PFS, etc.).

In addition, state registration requirements for IARS vary by state and may include: 1) Form U-4 for the IAR; 2) fingerprints (unless current copy on file with the FINRA); 3) proof of examinations, and 4) filing fees to be submitted directly to the state (via Jackson Creek's FINRA Gateway Account). Jackson Creek will ensure that each of its IARS is adequately registered prior to allowing investment adviser business to be conducted by its IARS - on behalf of Jackson Creek – in the relevant jurisdiction. State registration of IARS will be made electronically via the FINRA Gateway system.

No employee may provide investment advice to any client until he or she has received notice from the CCO or his designee that he or she has been granted - as necessary - an investment adviser registration license/approval from the relevant state(s).

Registration Amendments - Each IAR must immediately notify the CCO in writing if any information required by their Form U4 becomes outdated. Depending upon what information has been updated, an amendment to the Form U4 may be required. If such an amendment is required, such filing will be submitted with the appropriate jurisdiction via the Firm Gateway.

It will be the responsibility of the CCO to ensure that, within thirty (30) calendar days of termination of any representative from Jackson Creek, a Form U-5 will be filed. The Firm will also provide the terminated representative with a copy of such Form U-5 within the same time frame. Any subsequent amendments to Form U-5 will also be filed within thirty (30) days of the Firm's learning of the need for such amendments. Initial filings and amendments of Form U5 shall be submitted electronically via Firm Gateway.

**SUPERVISORY RESPONSIBILITY—STATE REGISTRATION**

It is the responsibility of the CCO to be aware of the particular requirements of the states in which the Firm operates and to ensure that the Firm and its IARs are properly registered, licensed and qualified to conduct business pursuant to all applicable laws of those states.

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**THIRD PARTY - COMPLIANCE CONSULTANT**

The Firm may retain third party consultants to assist in submitting all appropriate filings on the Firm's behalf. The CCO will be responsible for ensuring such filing requirements are met. The CCO shall obtain confirmation from the outside consultant that all required filings are completed.

**ANNUAL RENEWAL/ANNUAL UPDATING AMENDMENT**

The Firm must file (1) an annual renewal prior to year-end through FINRA Gateway, and (2) *annual updating amendment* via Firm Gateway within ninety (90) days after its fiscal year-end. If material changes are reported, the firm must deliver, within 120 days of the of the end of the Firm's fiscal year, to each client an updated Form ADV Part 2A that either includes the summary of material changes or is accompanied by a summary of material changes that includes an offer to provide a copy of the most recent updated Form Part 2A. The firm will maintain a record of this action.

**FILING FEES**

The state(s) to which Jackson Creek is registered and has registered IARs may charge fees, which will be deducted from the Flex-Funding account. The CCO will be responsible for maintaining required balances with FINRA Gateway to facilitate the payment of registration fees for the Firm as well as annual renewal fees when they are due.

**HIRING AND TRAINING OF INVESTMENT ADVISOR REPRESENTATIVES**

Jackson Creek will have the responsibility and duty to ascertain by investigation the good character, business repute, qualifications, and experience of any person prior to making such a certification in the application of such person for association with Jackson Creek. Where an applicant for registration has previously been registered with a broker/dealer or other investment adviser, Jackson Creek will review the FINRA broker check or Investment Adviser Public Disclosure website for a complete list of industry associations and any disciplinary history.

The CCO will make reasonable efforts to confirm the information provided on any applicable Form U-4. On each pending application, the CCO will make note of the individuals who were contacted, if any, in order to obtain information concerning the employment history of the prospective employee. Any evidence of such reviews will be maintained in the individuals' file.

Any confidential information obtained in the course of the Firm's determination to hire a registered person or associated person shall be shredded when the information is no longer needed or no longer required to be retained.

**ENSURE PROPER REGISTRATION AND LICENSE**

To qualify as an IAR, it is necessary for the individual to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Examinations**

Have passed all applicable state investment adviser representative examinations, unless the

examination(s) has/have been waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Registration**

Unless exempt, be registered as an IAR of Jackson Creek in all states as applicable. Passing an

examination alone does not equate to licensure.

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No IAR of Jackson Creek shall provide investment advice to an advisory Client unless registered in the Client or prospective Client's state of residence, unless exempt from registration. Questions regarding registration requirements should be directed to the CCO.

**REPRESENTATIVE DISQUALIFICATION**

Jackson Creek shall not permit a disqualified person to become associated with Jackson Creek.

**RECORDS FOR ALL "ASSOCIATED PERSONS"**

Jackson Creek shall maintain employment files for all "associated persons" of Jackson Creek. "Associated persons" are "any partner, officer, director, or branch manager of such adviser (or any person occupying a similar status or performing similar functions), any person directly or indirectly controlling, controlled by, or under common control with such adviser, or any employee of such adviser, except that any person associated with an adviser whose functions are solely clerical or ministerial shall not be included in the meaning of such term."

Jackson Creek will maintain the employment file for all "associated persons" as defined above. The CCO or a principal that he/she has designated shall maintain the associated/registered person files.

**UNREGISTERED SUPERVISED PERSONS**

The CCO will monitor the activities of unregistered Supervised Persons. Unregistered Supervised Persons may not conduct any investment advisory business without proper licensure. Unregistered Supervised Persons are authorized to only participate in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Clerical or administrative matters concerning Advisory Client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Generally, discuss the services offered by the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Refer Advisory Clients to a Firm IAR for more specific information concerning their account(s); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Provide prospective clients with Firm approved marketing brochure or materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Perform back office functions.

**REVIEW AND AMENDMENTS TO FORM ADV**

It is the responsibility of the CCO to review the Firm's Form ADV on an ongoing basis to ensure that all information is current and accurate. Jackson Creek's Form ADV should be amended **promptly (within 30 days)** to correct inaccuracies, when discovered, in the following Items: 1, 2, 3, 4, 5, 8, 11, Schedule A and Schedule B of Part 1 of Form ADV.

**DISCIPLINARY DISCLOSURE**

All material facts relating to legal or disciplinary events must be disclosed in writing to existing clients promptly after the legal or disciplinary event occurs.

**REQUIRED DISCLOSURES**

Jackson Creek must disclose any facts or circumstances which might reasonably impact Jackson Creek's or its affiliates' ability to meet their contractual commitments to clients. Examples of information that must be disclosed include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the likelihood of bankruptcy or insolvency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. an event that would occupy Jackson Creek's time so that its ability to manage client assets would be impaired; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. an event that is material to an evaluation of Jackson Creek's or its affiliates' integrity or their ability to meet contractual commitments to clients.

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**PRIVACY POLICY DISCLOSURES**

At the inception of the client relationship, Jackson Creek will deliver to the client a copy of its privacy notice, as set forth in the Privacy Policy section of this manual. If Jackson Creek does not share nonpublic personal information with nonaffiliated third parties and has not changed its privacy policies and practices from the policies and practices that were disclosed in the most recent privacy policy sent to individuals, there is no requirement to provide the Privacy Policy to clients on an annual basis. Only if changes occur to the Privacy Policy will an updated Policy be delivered to clients notifying them of the change.

**FORM 13-H**

An investment adviser who meets the definition of a "large trader" must register with the SEC by filing and periodically updating Form 13H through the SEC's EDGAR system. The term "large trader" is defined as any person that:

● directly or indirectly, including through other persons controlled by such person, exercises investment discretion over one or more accounts and effects transactions for the purchase or sale of any NMS security for or on behalf of such accounts, by or through one or more registered broker-dealers, in an aggregate amount equal to or greater than the identifying activity level; or

● voluntarily registers as a large trader. NMS securities are generally U.S. exchange-listed securities, including equities and options.

Currently, "identifying activity level" means aggregate transactions in NMS securities that are equal to or greater than:

● during a calendar day, either two million shares or shares with a fair market value of $20 million; or

● during a calendar month, either twenty million shares or shares with a fair market value of $200 million." With respect to options, their volume and value for "identifying activity level" purposes is based on the underlying securities referenced (e.g., 500 XYZ call options would count as aggregate transactions of 50,000 shares in XYZ).

Investment advisers who meet the "large trader" definition must file an initial Form 13H within 10 days after effecting aggregate transactions equal to or greater than the identifying activity level. Additionally, all large traders must submit an annual filing of Form 13H within 45 days after the end of each full calendar year. If any of the information contained in a Form 13H filing becomes inaccurate for any reason, a large trader must file an amendment no later than the end of the calendar quarter in which the information became stale. Additionally, investment advisers who meet the "large trader" definition must disclose to the registered broker-dealers effecting transactions on its behalf its large trader identification number ("LTID") and each account to which it applies.

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**EDGAR FILINGS - R E G U L A T O R Y R E P O R T I N G**

**(for SEC Advisors only)**

**BACKGROUND**

Schedules 13D, 13G, and Form 13F filings are required under the Securities Exchange Act related to client holdings in equity securities.

● Form 13D reports are required for any person who acquires directly or indirectly beneficial ownership of more than 5% of any equity security with either the intent or effect of causing a change in control.

● Form 13G reports are required if the Firm acquires more than 5% of any equity security without the purpose of changing or influencing control of the issuer.

● Form 13F filings are required if an investment adviser has investment discretion (i.e., the power to determine without prior approval from the client which securities are bought or sold for the client account(s) under management or decisions are made about which securities are bought or sold for the account(s) under management, even though someone else is responsible for the investment decisions) over $100 million or more of individual equity securities, the investment adviser may be required to file quarterly reports with the SEC on Form 13F under the Securities Exchange Act of 1934.

*Section 13(f) securities are generally equity securities traded on exchanges or NASDAQ and certain convertible debt securities. According to the 1934 Act, an institutional investment manager is defined as "any person – other than a natural person – investing in or buying and selling securities for its own account, or any person (including natural persons) exercising investment discretion with respect to the account of any other person".*

● Form 13F can be viewed from the SEC's website at

*<u>http://www.sec.gov/about/forms/form13f.pdf</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The most current listing of Section 13(f) securities can also be viewed through the SEC's website at *<u>http://www.sec.gov/divisions/investment/13flists.htm</u>*

**POLICY**

The Firm's policy is to maintain its regulatory reporting requirements in good standing. Jackson Creek shall monitor to detect any regulatory filings or other matters that may require amendment or additional filings with the SEC for the firm and its associated persons.

The Firm's regulatory filings shall be made promptly and accurately. The firm's regulatory filings may include Form ADV, Form PF, Schedules 13D, 13G, Form 13F, or Form 13H Forms filings.

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**RESPONSIBILITY**

The CCO is responsible for implementing and monitoring the regulatory reporting policy, practices, disclosures, and recordkeeping.

The CCO is responsible for determining whether Firm is required to make such filings, and, if Firm is so required, is responsible for ensuring that such filings are timely made.

Because the Firm exercises investment discretion over client accounts, the Firm DOES meet the definition of an institutional investment manager.

**<u>PROCEDURE</u>**

The Firm has adopted the following procedures to implement the regulatory reporting policy and conducts reviews to ensure the policy is observed, implemented properly and amended or updated, as appropriate:

● The Annual Updating Amendment to the form ADV shall be made within 90 days of the end of the Firm's fiscal year;

● The published list of Form 13F securities will be monitored quarterly and the form will be filed on the EDGAR system when the firm has more than $100,000,000 of 13F securities, include ETF's and Equities;

● The CCO shall review Schedules 13D, 13G, and 13H filing requirements annually and make the filings if required.

● In order to properly file the Form 13F in a timely manner, Firm must run a cross-reference of Section 13(f) Securities with a current holding report of all discretionary accounts managed by Firm in their portfolio reporting system.

● Updates to Form 13F must be filed within 45 days after the end of each calendar quarter. The CCO is responsible for ensuring the timely submission of all Form 13F filings.

● The CCO is in charge of developing and maintaining standard operating procedures regarding Form 13F reporting, which will be kept separately from this manual. All filings must be completed through the SEC's EDGAR filing system.

● The CCO or CCO designee is in charge of maintaining Firm's EDGAR account. In the event of a late filing, inaccurate filing, or if issues or problems arise during a filing, the CCO must be notified immediately.

**<u>RECORDKEEPING</u>**

All documentation used to complete Form 13F filings and updates. As part of the Firm annual assessment, the CCO will review all Form 13F filings to ensure their accuracy and completeness.

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**INVESTMENT ADVISOR REPRESENTATIVE (IAR) CONTINUING EDUCATION (CE)** 

**CREDITS**

**BACKGROUND**

The North American Securities Administrators Association (NASAA) announced on November 30, 2020 that its membership voted to adopt a model rule to set parameters by which NASAA members could implement continuing education programs for investment adviser representatives in their jurisdictions. The model rule has a products and practices component and an ethics component and is intended to be compatible with other continuing education programs. Every investment adviser representative (IAR) registered with a <u>jurisdiction</u> that has adopted the model rule is subject to its CE requirements. The program applies to all registered IARs of both state-registered and federal covered investment advisers in that jurisdiction.

**POLICY**

The requirement is applied based on where the <u>IAR is registered</u> regardless of where the IAR is domiciled or the firm is registered or notice filed. Failure to comply with CE requirements may result in disciplinary action, including fines, suspension, or termination of registration. IARs who are at risk of failing to meet CE requirements shall be notified promptly and provided with opportunities to remedy deficiencies.

IARs are free to select approved courses that appeal to their interests and business models so long as they meet the credit requirements, and the courses are approved content for the IAR CE program. The program provides maximum flexibility for IARs to select approved courses that best align with their interests and work. Course Providers are listed on **<u>NASAA's Approved Provider's</u>** <u>list.</u> The IAR should work with that content provider to select courses that meet the IAR CE requirements, six credits of Ethics and Professional Responsibility and six credits of Products and Practice.

IAR CE requirements are maintained if an IAR has been registered with a state which requires IAR CE (an in-scope state) for **any** part of the year. Thus, even if an IAR withdraws from an in-scope state, the requirement continues to exist and may affect future registration(s) in in-scope states. Essentially, once an IAR has the requirement, they will **always** have the requirement and the deficiency will continue to accumulate to a maximum of 36 credits if not maintained annually.

This is true beyond the current reporting year. The IAR should remain current on their IAR CE requirements to ensure that future state registrations aren't impacted. An IAR CE deficiency will not impact state registrations in states that haven't adopted the rule. However, if that state adopts the requirement in the future, the IAR's registration will be impacted on the rule's effective date if the IAR hasn't maintained the requirement.

Credits from CE courses taken to maintain professional designations can apply to the IAR CE program so long as the provider and course have been approved through Prometric for IAR CE purposes. Reach directly out to your approved content provider to inquire which of their courses will satisfy both requirements. The IAR CE approved provider list on NASAA's website identifies those providers that offer courses approved for both IAR CE and a professional designation.

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**RESPONSIBILITY**

The firm's CCO is responsible for overseeing the CE compliance program for IARs. They shall ensure adherence to state CE requirements and monitor completion of CE credits.

**PROCEDURE**

With the exception of FINRA's Regulatory Element CE, the <u>course providers</u> report course completion to FINRA, NASAA's vendor for program tracking. There is no need to directly report the completion of CE to your state securities regulator.

Additionally, IARs shall promptly report completed CE activities to the firm's Compliance Officer for record-keeping purposes. It is the responsibility of each IAR to ensure that all required CE credits are obtained within the prescribed reporting period. The CCO will monitor the completed credits on Firm Gateway's system.

**RECORDKEEPING**

The firm shall maintain accurate records of CE activities completed by each IAR. Records shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Documentation of completed CE credits, including dates, titles, and providers of CE activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any correspondence with regulatory authorities regarding CE compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All CE records and related information shall be treated as confidential and shall be accessed only by authorized personnel for legitimate compliance purposes.

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**REGULATION BEST INTEREST REG- BI**

**BACKGROUND**

SEC Rule 204-3 of the Investment Advisors Act ("the Act"), requires delivery of ADV Part 2A and Part 2B of form ADV to provide retail investors information about the company, its affiliates and you. Section 203 of the Act requires delivery of the Client Relationship Summary ("Form CRS") to inform retail investors about the types of services offered by the firm, the fees, costs, and conflicts of interest as well as standards of conduct associated with the services, and certain firm level conflicts of interest that may exist.

Regulation Best Interest ("Reg BI") applies only to recommendations to retail clients. Compliance with Reg BI requires meeting four obligations: *disclosure, care, conflict of interest, and compliance*.

In March 2022, the SEC released an FAQ entitled, "Staff Bulletin: Standards of Conduct for Broker-Dealers and Investment Advisors Account Recommendations for Retail Investors" which addressed expectations for how firms and associated persons (RRs, IARs, dually registered) should proceed with their evaluations when recommending and initiating new account types.

Delivery of Form CRS will be required at the beginning of the client relationship and within 30 days after the initial filing for existing clients and will be subject to SEC filing, updating, and related recordkeeping requirements. The SEC may use the information provided in Form CRS to manage its regulatory and examination programs. Form CRS will be made publicly available by the SEC and on a Firm 's website if it has one.

**RESPONSIBILITY**

The CCO has the responsibility for the implementation of Reg BI and maintaining the consistency of the disclosure language in the ADV 2A and Form CRS.

The Firm and its IARs must take reasonable steps to ensure advisors provide disclosure about products, investment advisory services, fees and costs, conflicts of interest and how advisors represent themselves to clients.

**PROCEDURES AND REVIEW**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Regulation BI applies only to recommendations to retail clients\*.

*\* Retail client is defined as a "natural person, or the legal representative of such natural person, who: (i) receives a recommendation of any securities transaction or investment strategy involving securities from a broker, dealer, or a natural person who is an associated person of a broker or dealer; and (ii) uses the recommendation primarily for personal, family, or household purposes." We note that the definition of "retail client" does not exclude high-net worth natural persons and natural persons that are accredited investors*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Form CRS must be provided to clients when an account is opened (including additional accounts for existing clients). Form CRS is posted on the Firm's website and updates must be provided to clients within 60 days of material updates.

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**COMPLIANCE**

The Firm conducts ongoing and annual reviews and training to achieve compliance with Regulation BI. The Firm uses a risk-based approach to documenting compliance with Reg BI. It is the responsibility of all associated persons to be familiar with these requirements and act in the client's best interest at all times. The Firm and advisors ensure there is sufficient information to form a basis for the recommendation of the account type/program; and, whether a reasonable basis exists to believe that the advisor's recommendation of the account type/program in in the Client's best interest. Questions should be referred to the CCO.

As part of the Reg BI requirement, Form CRS is provided or made available to clients as follows:

1. The Form is posted to the Firm's website and is available in hard copy upon request at no charge.

2. Form CRS must be provided when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A new account is opened for a new client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A new account is opened for an existing client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A rollover is recommended from a retirement account into a new or existing account or investment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A retail investor requests a copy and receives within 30 days)

3. Updates will be made and filed in the IARD system within 30 days of material changes. Updated summaries will be provided to clients within 60 days after material updates with changes highlighted. Updates may be provided electronically.

4. If the relationship summary is delivered electronically, it must be presented prominently in the electronic medium, for example, as a direct link or in the body of an email or message and must be easily accessible for retail investors. If the relationship summary is delivered in paper format as part of a package of documents, the relationship summary must be the first among any documents that are delivered at that time.

5. Dual registrants are required to deliver a relationship summary to retail investor clients of both the investment advisory and brokerage businesses.

If potential issues are uncovered, investigate further, and follow up, as necessary, to determine whether an issue exists and to clarify the potential scope of the issue.

● Follow up with the advisor as appropriate.

● Document issues identified, actions taken, and resolution in the supervisory system.

**TRAINING**

IARs will receive training on "best interest" requirements initially and annually specifically communicating Firm culture, specific requirements of the Firm's code of conduct and its conflicts management.

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**DISCIPLINARY HISTORY - REVIEW AND REPORTING ON FORM CRS**

For continuous oversight and an effort to comply with an updated Form CRS, the CCO or designee will review the Firm's disciplinary history to determine proper disclosure of Item 5 of the Form CRS. At least semi-annually or as deemed necessary, the CCO will review the firm's disciplinary report on IARD. Documentation of review will be retained in Firm's compliance file and prompt update of the Form CRS will be made, if warranted.

**RECORDKEEPING**

Records of compliance with Regulation BI are maintained in accordance with recordkeeping rules.

Records of Form CRS will be retained for six years after the earlier of the date that the account was closed or the date on which the information was collected, provided, replaced, or updated.

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**BOOKS AND RECORDS**

**RESPONSIBILITY**

As a registered investment adviser, Jackson Creek is subject to extensive and detailed requirements under the Advisers Act to create and preserve records relating to its activities, to transactions for client accounts, to personal securities transactions of its personnel, and to a variety of other matters. In addition to these requirements, Jackson Creek's books and records are also subject to the provisions of the Privacy Policy and Written Information Security Policy sections of this manual below.

It is not only important that the Firm's records be accurate and complete, it is also essential that they be kept current at all times and that they be kept well-organized. Jackson Creek is, at all times, subject to surprise examinations of its books and records by the SEC and other governmental authorities. It is the responsibility of the CCO to regularly review the Firm's records and destroy any that have become obsolete. A record becomes obsolete when they are older than the required retention requirements (as further set forth below).

It is a violation of law to forge, falsify, tamper with, obliterate or prematurely destroy these records. Doing so could subject the personnel involved to criminal penalties, regulatory sanctions and/or termination of employment.

Any questions about these matters should be directed to the CCO.

**RETENTION REQUIREMENTS**

Jackson Creek is required to keep and maintain certain books and records for the periods of time described in ***Retention of Books and Records*** in ***Appendix B,*** attached hereto and incorporated herein by reference. This section applies in conjunction with the ***Performance Advertising Records*** and ***Electronic Communications Policy*** sections below.

**SPECIFIC RECORD KEEPING REQUIREMENTS**

Jackson Creek shall maintain the books and records, to the extent they apply, as itemized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●** **Cash Journal** 

A journal or journals, including cash receipts and disbursements records, and any other records of original entry forming the basis of entries in any ledger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Ledgers**

General and auxiliary ledgers (or other comparable records) reflecting assets, liabilities, reserve, capital, income and expense accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Buy/Sell Orders:** 

A record of each order given by the Firm for the purchase or sale of a security. Trade records are retained electronically and show the terms and conditions of the order (buy or sell) and shall:

o show any instruction, modification or cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o identify
 the person connected with the Firm who recommended the transaction to the client;

o identify the person who placed the order;

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o show the account for which the transaction was entered;

o show the date of entry;

o identify the bank, broker or dealer by or through whom such order was executed; and,

o identify orders entered into pursuant to the exercise of the Firm's discretionary authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Banking Records** 

Check books, bank statements, canceled checks, balance sheets, cash reconciliations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●** **Bills and Statements** 

All bills or statements (paid and unpaid) relating to the business of Jackson Creek as an investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Financial Statements** 

Trial balances, financial statements and internal audit working papers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Communications from Clients** 

Written communications received from clients (maintained electronically);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●** **Communications to Clients** 

Written communications sent to clients (copies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Advisory Clients and Accounts** 

A list of advisory clients and accounts over which Jackson Creek has discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Discretionary Authorizations**

Discretionary power authorization forms (executed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●** **Ads** 

Advertisements, including copies of Jackson Creek's website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●** **Holdings/Posting Page** 

A record of every transaction in a security in which Jackson Creek holds a direct or indirect ownership interest (holdings/posting page);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●** **Disclosure Documents** 

Form ADV Part 2A, 2B and every amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Annual Disclosures** 

Summary of Material Changes, if applicable (include a list of clients/Fund investors who were sent the material changes of the Disclosure Document, and a list of those who requested copies of the Disclosure Document);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●** **Contracts** 

Written agreements entered into by Jackson Creek (maintained for a period of not less than five (5) years <u>after termination of relationship</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●** **Customer Complaints** 

Customer complaint file (maintain even if empty);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **● Policies and Procedures** 

Copies of Jackson Creek's policies and procedures and any amendments thereto;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●** **Code of Ethics Policy** 

Copies of Jackson Creek's code of ethics currently in effect or that was in effect any time within the last five (5) years, including (a) records of any violations of the code of ethics and any actions taken as a result of the violations; (b) records of all written acknowledgements of receipt of the code of ethics for each person who is currently or has been within the last five (5) years a supervised person of Jackson Creek ; c) annual records of all written acknowledgements of compliance with the code of ethics for each person who is currently or has been within the last five (5) years a supervised person of Jackson Creek ; and (d) a list of all "access persons" together with records of all "access persons" during the last five (5) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●** **Personal Securities Transactions** 

Records of all Personal Securities Transactions for Code Persons as defined on our ***Code of Ethics, attached hereto as Appendix C.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● List of Client Accounts – Opened and Terminated - Maintain a list of these accounts and a check list of to-do items when both opened and terminated

**CORPORATE RECORDS**

Jackson Creek has a duty to maintain accurate and current "Organizational Documents." The CCO has the responsibility for the implementation and monitoring of the Firm's Organizational Documents policy, practices and recordkeeping. The CCO or designee will periodically review the Organizational Documents to monitor and ensure the Firm's policy is observed, implemented properly and amended or updated, as appropriate.

As a matter of policy Jackson Creek's designated officer will maintain the Organizational Documents in a well-organized, secure and current manner at Jackson Creek's principal office. All Organizational Documents shall reflect current directors, officers, members or partners, as appropriate. Jackson Creek's Organizational Documents will also be maintained for a period of not less than three (3) years after termination of Jackson Creek's existence. The Organizational Documents shall be maintained with reasonable access, the address of such location shall be communicated to the proper regulatory authority upon the required filing of Form ADV-W and any change in the location of such records will be promptly communicated to the proper regulatory authority.

Organizational Documents may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Organization Agreements and/or Articles of Organization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Charters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Minute books

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Stock certificate books/ledgers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Organization resolutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any changes or amendment of the Organization Documents

**E-MAIL RETENTION**

Jackson Creek should maintain a record of all e-mails that pertain to advice being offered, recommendations being made, transactions executed and orders received. When storing e-mail communication, the Firm will arrange and index such communication like any other electronically stored record and in accordance with its ***Written Information Security Policy*** (see below). This will be done in such a manner that permits easy location, access, and retrieval.

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The CCO will provide promptly any of the following, if requested by any regulatory authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A legible, true, and complete copy of an e-mail in the medium and format in which it is stored;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A legible, true, and complete printout of the e-mail; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Means to access, view, and print the e-mail.

All such correspondence will be kept for a period of not less than five years. The CCO or his designee will review e-mail correspondence periodically, but no less than quarterly. Where a designee conducts the review, information on such reviews will be provided to the CCO, as required. The CCO or his designee will audit this process at least annually pursuant to SEC rule requirements.

**THE USE OF ELECTRONIC MEDIA TO MAINTAIN AND PRESERVE RECORDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Permitted Use**

Jackson Creek is permitted to maintain all records electronically. Under current revisions, this requirement was expanded to include all records that are required to be maintained and preserved by any rule under the Advisers Act. In addition to storing documents in paper format, records required to be maintained and preserved may be immediately produced or reproduced from the cloud, a hard drive, server or back up of the external hard drive. The external hard drive is backed up periodically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Optical Storage Technology Defined**

An optical storage disk is a direct-access disk written and read by light. CD's, CD-ROMs, DVDs and videodisks are optical disks that are recorded at the time of manufacture and cannot be erased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Requirements**

When using an electronic storage format, Jackson Creek must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Maintain a duplicate backup copy of electronically stored books and records at an off-site location;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Arrange and index the records to permit immediate location of a particular record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● At all times, be ready to promptly provide to an examiner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Verify the quality and accuracy of the storage media recording process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Maintain the capacity to readily download indexes and records preserved on the media;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Maintain available facilities for the immediate and easily readable projection or production of the records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Have in place an audit system providing for accountability regarding record inputting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Access and Regulatory Requests**

The Firm should be prepared upon request by any regulatory authority to promptly provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● legible, true, and complete copies of these records in the medium and format in which they are stored, as well as printouts of such records; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a means to access, view, and print the records.

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5. **Security**

The CCO will inform all personnel with access to customer records not to leave their computers unattended unless they are turned off or secured in some appropriate manner. Also, The CCO will take the necessary steps to assure that whenever an employee leaves Jackson Creek any password or code used to gain access to that employee's computer system or e-mail is extinguished or changed.

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**CLIENT REPORTING**

The valuation of portfolio holdings impacts client portfolio reporting, fee calculation, and performance calculation processes. Investment advisers have a duty to clients to accurately report client account values and performance.

**POLICIES**

&nbsp;&nbsp;&nbsp;&nbsp;1. Jackson
 Creek's policy is that portfolio reports provided to clients must reflect accurately
 the value of accounts managed. If Jackson Creek is unable to obtain a readily available market
 value for a security, Jackson Creek will disclose to the client the valuation method used
 for reporting and fee billing. If Jackson Creek is unable to obtain a current value for a
 security, Jackson Creek will disclose to the client the frequency of the valuation of the
 security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Jackson Creek generally purchases securities with readily available market prices for our clients, and Jackson Creek will typically use the securities prices provided by the client's custodian to value client account securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. In certain circumstances, such as annuities held in client accounts, pricing is obtained from the annuity Firm or program sponsor.

**PROCEDURES AND RESPONSIBLE PARTY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Some or all of the following tasks may be outsourced to third-party providers capable of performing such functions. When third-party providers are used, the CCO will conduct periodic spot checks of services performed for accuracy and consistency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO or designee/third-party provider will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Download daily client transactions and holdings from custodians, but no less than monthly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Download daily price files from custodians, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reconcile accounts in the portfolio management system daily and resolve any discrepancies in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Manually reconcile accounts monthly for which daily downloads are unavailable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Calculate client account and portfolio performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Calculate investment advisory fees or oversee the vendor that calculates the fee billing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Generate reports for clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Review all quarterly reports prior to distribution to the client and promptly correct any discrepancies.

**RECORDKEEPING**

Jackson Creek will maintain copies of any portfolio and/or performance reports provided to clients. Jackson Creek will document the reasoning and sourcing of information used to determine the price of any overrides using third-party sources.

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**ADVISORY FEE BILLING PRACTICES**

Investment advisers have a duty to bill clients accurately per the terms of the investment advisory agreement and to refund any pre-paid, unearned fees.

**POLICIES**

**●** Jackson Creek policy is that the advisory fees charged to the client will be calculated accurately and consistent with the client's fee rate in the investment advisory agreement.

**●** Jackson Creek policy is to disclose the Firm's standard fee schedule to clients and prospective clients in ADV 2A and to record the client's specific fee, including any agreed-upon fee concessions, in the investment advisory agreement.

**●** Advisory fees are calculated as a percentage of the assets under management and are taken quarterly, based upon the market value of the assets at the end of that calendar quarter. The first payment is due upon acceptance of the advisory agreement and shall be based upon the opening value of the client's account. The first payment shall be prorated to cover the period from the date the account opened through the end of the next full calendar quarter. Additional assets received into the account after it is opened may be charged a pro rata fee based upon the number of days remaining in the quarter. Assets removed from the account during a quarter will be credited, or refunded in the case of a termination, a pro rata fee based on the number of days remaining in the quarter.

**●** Jackson Creek reserves the right to negotiate fees with clients and may charge lower fees than the maximum fee described in the Firm's brochure.

**●** The Advisers Acts prohibits Jackson Creek from entering into any arrangement involving a sharing of its advisory fee with any person unless the arrangement complies with Rule 206(4)-3. Jackson Creek's current brochure states that Jackson Creek may not enter into such arrangements. No person shall enter into an arrangement for a share of Jackson Creek's advisory fee.

**●** Clients receive notice of Jackson Creek's management fees on the account statements sent to them by the custodian and/or by invoice if applicable.

**●** For most accounts, the client has provided written authorization to Jackson Creek to debit the client's account directly for the advisory fee. For the remaining accounts, Jackson Creek sends an invoice to the client and the client sends Jackson Creek a check or electronic remittance.

**●** Clients will only be billed, and their accounts debited once the daily reconciliation is completed without any discrepancies and security prices have been reviewed. This policy is intended to prevent billing errors based on errors in client portfolio values in the Firm's portfolio accounting system.

**●** For accounts that terminate, Jackson Creek will prorate the fee to the effective date of termination. Jackson Creek will debit any earned portion from the client's account(s) or bill the client, depending on the terms of the investment management agreement. The effective date of termination will be set according to the terms of the advisory agreement and/or any special instructions from the client.

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**PROCEDURES AND RESPONSIBLE PARTY**

**●** For accounts for which Jackson Creek calculates the fee, Supervised Persons or outsourced vendor will first complete the reconciliation and valuation process as described above.

**●** Prior to debiting client accounts or invoicing the client, the CCO or designee will review a sample to ensure that the fee calculations are accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●** CCO will adhere to the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Confirm that the service provider
has priced and reconciled all client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Review
 a sampling of fee calculations performed by service provider to confirm accuracy prior to
 an invoice being sent to a client or the client's account being debited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Maintain
all necessary records documenting the fees billed to clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Ensure that billing reviews will
be done for all new accounts, and all accounts with unique or unusual circumstances, and on a sampling basis for all other accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Provide
 approval to the service provider of the fee calculation, which the service provider requires
 before it will debit client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Promptly resolve any discrepancies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Confirm fee refunds for terminated
clients are accurately calculated and promptly refunded, maintain record of refunds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) Review fees received against fees
billed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Maintain
 necessary records documenting the fees billed to client, and records of all reviews performed.

**●** Each IAR of the Firm will be responsible for the accurate billing of clients under a consulting agreement. The IAR will adhere to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Confirm that the fee calculation
is consistent with the terms of the agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Forward all checks received to
the Accounting Department for deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Keep complete and accurate records
of fees invoices, and checks received.

**●** The Accounting Department either effects the debits to clients' accounts or sends the invoice to the client.

**●** The CCO reviews random selection of fee calculations and fees received each billing period.

**●** The CCO or designee will maintain clear and accurate records of the open date and termination date of all client accounts from which fees are debited or are billed via invoice.

**●** The CCO or designee is responsible for confirming that terminated clients receive any applicable refunds promptly.

**RECORDKEEPING**

The CCO or designee will maintain records documenting the fees billed to clients, fees received, invoices sent to clients, refunds calculated and any other applicable documentation.

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**DOUBLE DIPPING POLICY RESTRICTION**

If the Firm or an associated person of the Firm, has a current, or previous relationship as a broker, the Firm is responsible for developing a systematic process to prevent "double dipping" or when a financial professional, such as a registered representative, places commissioned products into a fee-based account and then makes money from both the commission and the fee.

It is discouraged that financial professionals participate in activities that result in the earning of a commission and advisory fee on the same assets within a comparable time period. It is recommended that the Firm use an aging system "burn off period" in which certain assets or proceeds may be deemed ineligible for deposit into a managed account for one, two or three years following the generation of commissions paid by the client and received by the associated person.

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**CUSTODY**

There are rules that set forth extensive requirements regarding possession or custody of client funds or securities. In addition to the provisions of these rules, many states impose special restrictions or requirements regarding custody of client assets.

**RESPONSIBILITY**

Jackson Creek does not maintain possession or custody of client funds or securities.

**DEDUCTION OF ADVISORY FEES FROM CLIENT ACCOUNTS**

The Firm's advisory fees are debited directly from the client accounts. Payment of the fees will be made by the qualified custodian, as that term is defined below, holding the client's funds and securities. In all such cases, the client must provide written authorization permitting the fees to be paid directly from their account. The Firm will not have access to client funds for payment of fees without client consent in writing. Further, the qualified custodian must agree to deliver a quarterly account statement directly to the client, and never through the Firm. The Firm will have access to a duplicate copy of the statement that was delivered to the client in order to form a reasonable belief that such statements are delivered to the client.

**INADVERTENT RECEIPT OF FUNDS OR SECURITIES**

It shall be Jackson Creek's policy to return the client's funds or securities to the sender without assuming custody. If Jackson Creek inadvertently receives client funds or securities, Jackson Creek will immediately take the following steps to correct this action:

**●** Jackson Creek will make a record of the receipt of client funds in *Jackson Creek's Funds Received – Forwarded Log*. A notation of the receipt of the funds received including the name of person who received the funds, client name, date received, amount of the funds as well as the date the funds/ were returned to the sender and how they were returned will be made in *Jackson Creek's Funds Received – Forwarded Log.* 

**●** Jackson Creek will not take possession of client securities/certificates. The Firm may provide an appropriate envelope to the client for transmittal for client securities.

**●** When Jackson Creek inadvertently receives funds, a photocopy of the check received will be made and placed in the client's file.

**●** Jackson Creek will return the funds to the sender with a letter of instruction on how and where the sender should forward funds in the future. Jackson Creek will return such funds by US Mail, registered, return receipt requested or by courier service within three business days of receipt of the funds.

**●** Jackson Creek will keep a copy of the cover letter and the return receipt/courier notice in the client file.

**RECEIPT OF THIRD-PARTY FUNDS**

If Jackson Creek receives a check from a client payable to a third party, Jackson Creek will make a photocopy of the check, issue a receipt to the client and then forward the check directly to the third party. A copy of the check and the receipt are kept in the client file and logged in the Check Received Log.

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**DEFINITION OF QUALIFIED CUSTODIANS**

Qualified custodians include the types of financial institutions that clients and advisers customarily turn to for custodian services. These also include banks and savings institutions, registered broker-dealers, and registered futures commission merchants among others.

**NOTICE OF QUALIFIED CUSTODIAN**

If Jackson Creek opens an account with a qualified custodian on behalf of Firm clients, Jackson Creek will notify the clients in writing of the qualified custodian's name, address and manner in which the client funds or securities are maintained promptly when the account is opened and following any changes to this information.

**ACCOUNT STATEMENTS**

Jackson Creek will arrange for the client's qualified custodian to send quarterly account statements ("Account Statement") containing at least the information required by the applicable SEC and State rules directly to the client (and not through an adviser). Jackson Creek may instruct the client to request that a copy of the quarterly accounting statements be sent to Jackson Creek. The Firm may, as agreed upon with clients, prepare and distribute to clients a separate report that may include such relevant account and/or market-related information such as an inventory of account holdings and account performance ("Supplemental Reports").

**RESPONSIBILITY**

The CCO is responsible for having a reasonable belief, after due inquiry, that the client's custodian will deliver Account Statements directly to the clients at least quarterly. The CCO is also responsible for ensuring that the Firm transmits accurate Supplemental Reports where agreed upon with clients.

**PROCEDURES**

Where the Firm has agreed to prepare Supplemental Reports, the Firm's will prepare each Supplemental Report as agreed to with the client regarding their frequency and content.

**SUPPLEMENTAL REPORT DISCLOSURE**

If the Firm opens custodial accounts on behalf of its clients, the Firm must include in the original notification provided to the client and in any subsequent Supplemental Reports it sends, a statement urging the client to compare the Account Statements from the custodian with the Supplement Reports from the Firm.

**ADDRESS CHANGES**

Typically, whenever a client requests a change of address, the Custodian sends out a letter or email verifying the change of address to the client at both the old and new address. The IAR is responsible for ensuring that his/her client mailing database contains current addresses.

**BOOKS AND RECORDS**

In its books and records, the Firm will maintain each Supplemental Report sent by the Firm to clients as well as a copy of any mailing sent to a client confirming a change of address.

**DEFINITION OF INDEPENDENT REPRESENTATIVE**

An independent representative is defined as a person that;

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**●** acts as agent for an advisory client and by law or contract is obligated to act in the best interest of the advisory client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●** does not control, is not controlled by, and is not under common control with the Firm; and

**●** does not have and has not had within the past two years a material business relationship with the adviser.

**USE OF AN INDEPENDENT REPRESENTATIVE**

In the event the client does not wish to receive account statements, Jackson Creek will require the client to submit such request in writing. The client at that time must designate an independent representative to receive those statements. A record of such request will be kept in the client's file.

**SUPERVISED PERSON AS TRUSTEE**

The SEC views an advisory Firm or an employee that serves as a trustee as having custody. However, the role of the supervised person as trustee will not be imputed to the advisory Firm if the supervised person has been appointed as trustee as a result of a family or personal relationship with the grantor or beneficiary and not as a result of employment with the adviser. A similar analysis would apply where the supervised person serves as the executor to an estate as a result of a family or personal relationship with the deceased. A personal relationship developed as a result of providing advisory services to a client over many years is not the type of "personal relationship" contemplated by the SEC.

In the 2013 Custody Risk Alert from the SEC, the alert describes the failures by advisers to recognize they have custody. The role of employees or related persons that serve as trustee or have been granted power of attorney for client accounts was the number one custody issue.

It is the Firm's policy that neither the Firm, nor any employee or supervised person will act as a trustee except in situations where there is a clear prior personal relationship.

**STANDING LETTERS OF AUTHORIZATION**

Jackson Creek allows Clients to use Standing Letters of Authorization ("SLOAs").

According to Rule 206(4)-2, ("Custody Rule"), Jackson Creek is deemed to have custody of clients' funds or securities when clients have standing letters of authorization ("SLOA") with their custodian to move money from a client's account to a third-party and under that SLOA authorize Jackson Creek to designate the amount or timing of transfers with the custodian. The SEC says: *an investment adviser with power to dispose of client funds or securities for any purpose other than authorized trading has access to the client's assets*.

However, the SEC would not recommend enforcement action under the Custody Rule against an investment adviser if that adviser does not obtain a surprise examination where it acts pursuant to such an arrangement under the following circumstances:

**●** The client provides an instruction to the qualified custodian, in writing, that includes the client's signature, the third party's name, and either the third party's address or the third party's account number at a custodian to which the transfer should be directed.

**●** The client authorizes the investment advisor, in writing, either on the qualified custodian's form or separately, to direct transfers to the third party either on a specified schedule or from time to time.

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**●** The client's qualified custodian performs appropriate verification of the instruction, such as a signature review or other method to verify the client's authorization and provides a transfer of funds notice to the client promptly after each transfer.

**●** The client has the ability to terminate or change the instruction to the client's qualified custodian.

**●** The investment adviser has no authority or ability to designate or change the identity of the third party, the address or any other information about the third party contained in the client's instruction.

**●** The investment adviser maintains records showing that the third-party is not a related party of the investment adviser or located at the same address as the investment adviser.

**●** The client's qualified custodian sends the client, in writing, an initial notice confirming the instruction and an annual notice reconfirming the instruction.

Jackson Creek's qualified custodian controls all of the circumstances above, except for Number 6, which must be confirmed and maintained by Jackson Creek. Specifically, in the event Jackson Creek is not related to the third-party or located at the same address as Jackson Creek and in order to show it is not subject to a surprise examination, Jackson Creek will maintain records documenting this.

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**MONITORING OF INDEPENDENT MANAGERS**

**POLICY**

If applicable, it is the Firm's policy to monitor other investment advisers who, at the recommendation or direction of the Firm:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**●** act as independent managers for the Firm's clients or

**●** (ii) sponsor investment management programs that the Firm's clients may utilize (collectively referred to as "Independent Managers") for compliance with the Rules.

**RESPONSIBILITY**

The CCO or designee is responsible for approving the initial and continued use of a particular Independent Manager by the Firm.

Once approved for use by the CCO or designee, the Firm is responsible for monitoring the Independent Manager with respect to the provision of those specific services for which the Firm recommended or engaged such Independent Manager.

**PROCEDURES**

Independent Managers will be nominated to the CCO or designee as necessary. Before initially approving an Independent Manager for use by clients of the Firm, the CCO will maintain a due diligence file on the Independent Manager. The due diligence file should contain the Independent Manager's disclosure documents, and any other information that the CCO deems necessary.

The Firm will periodically reassess whether the Independent Manager's services are adequate based on factors the Firm deems relevant and whether the Firm will continue to recommend or engage a particular Independent Manager. This information will be communicated to the CCO periodically, but no less that annually, so the CCO may consider such information when confirming whether the Firm should continue to use or recommend such Independent Manager for its clients.

The CCO will periodically reassess the continued use of each Independent Manager as a suitable choice for the Firm's clients based on criteria the CCO deems relevant. These criteria will include, at a minimum, an annual review of the Firm's evaluation of the Independent Manager, a review of the Independent Manager's disclosure documents, and any other material information reasonably available to the CCO which address the Independent Manager's ability to operate its advisory business or provide quality services to the Firm's clients.

**BOOKS AND RECORDS**

In its books and records, the Firm will maintain documents evidencing the selection, review, and monitoring of Independent Managers.

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**ANTI-MONEY LAUNDERING**

**GENERAL POLICY**

The Firm, as a matter of policy, will not be party to any transaction and will not facilitate any transaction with any person(s) or entity(ies) (*Prohibited Person*) listed on the web site maintained by the Office of Foreign Assets Control <u>(www.treas.gov/ofac)</u> relating thereto. The Firm relies on the account review done through our qualified custodian to provide compliance with AML provisions. If the Firm learns that any *Prohibited Person* is, or is attempting to become, involved in any transaction with respect to the services which the Firm provides, the Firm shall immediately report such transaction to the Office of Foreign Assets Control.

**TRAINING**

The Firm will conduct on-going AML training for its employees that will take place in conjunction with the training provided the Firm. The qualified custodian for the client will also perform the AML check with OFAC and FinCEN.

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**PROXY VOTING/CLASS ACTION LAWSUITS**

**PROXY VOTING**

Jackson Creek does not vote proxies on behalf of non-institutional clients. Clients will receive proxy material directly from the custodian holding the client's account. Jackson Creek personnel may answer client questions regarding proxy-voting matters in an effort to assist the client in determining how to vote the proxy. However, the final decision of how to vote the proxy rests with the client. All proxy materials received inadvertently by the Firm on behalf of a client account are to be sent directly to our client or a designated representative of the client, who is responsible for voting the proxy. The proxy materials will be sent via Certified Mail, return receipt requested.

If at any time in the future Jackson Creek chooses to allow the voting of proxies on behalf of clients, as a fiduciary it must vote proxies in the best interests of clients. According to the Advisors Act, if an adviser votes proxies on behalf of clients, the adviser must satisfy the following requirements:

Adopt and implement written proxy voting policies and procedures reasonably designed to ensure that the investment adviser votes clients securities in the best interests of the clients and addressing how conflicts of interest are handled.

Disclose its proxy voting policies and procedures to clients and furnish clients with a copy of these policies and procedures if requested.

**●** Inform clients as to how they can obtain information from the investment adviser on how their securities were voted; and

**●** Retain required records.

**CLASS ACTION LAWSUITS**

Jackson Creek does not take any action or render any advice as to materials relating to any class action lawsuit involving a security held in a client's account. Jackson Creek will promptly forward to the Client via Certified Mail, return receipt requested, any such class action lawsuit materials for direct action by the Client.

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**MARKETING & ADVERTISING**

**BACKGROUND**

Rule 206(4)-1 under the Advisers Act prohibits certain types of advertisements, including any advertisement that contains any untrue statement of material fact, or that is otherwise false or misleading. Additionally, the Advisers Act's broad anti-fraud provisions apply to all written correspondence; even items that are excluded from the definition of an advertisement must not contain any false or misleading statements. Effective May 5th, 2021, the Securities and Exchange Commission implemented reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors. The amendments create a single rule that replaces the current advertising and cash solicitation rules.

As with all advertisements as defined below must be submitted to Compliance for review and approval prior to use.

**DEFINITION OF ADVERTISEMENT**

The definition of an advertisement includes two prongs:

**First Prong:** *Any direct or indirect communication* an investment adviser makes to more than one person, or to one or more persons if the communication includes hypothetical performance, that offers the investment adviser's investment advisory services with regard to securities to prospective clients or investors in a private fund advised by the investment adviser or offers new investment advisory services with regard to securities to current clients or investors in a private fund advised by the investment adviser, but does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● extemporaneous, live, oral communications;

● information contained in a statutory or regulatory notice, filing, or other required communication, provided that such information is reasonably designed to satisfy the requirements of such notice, filing, or other required communication; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● a communication that includes hypothetical performance that is provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o in
 response to an unsolicited request for such information from a prospective or current client
 or investor in a private fund advised by the investment adviser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o to
 a prospective or current investor in a private fund advised by the investment adviser in
 a one-on-one communication; and

**Second Prong:** *Any endorsement or testimonial for which an investment adviser provides compensation, directly or indirectly*, but does not include any information contained in a statutory or regulatory notice, filing, or other required communication, provided that such information is reasonably designed to satisfy the requirements of such notice, filing, or other required communication.

A "testimonial" is defined in new Rule 206(4)-1(e)(17) as a statement by a current client about the client or investor's experience with the adviser or its supervised persons. This term also includes a statement that solicits a current or prospective client or investor for or refers a current or prospective client or investor to, the adviser or a private fund it advises.

An "endorsement" is similar, but it is made by a person other than a current client or investor, and may include a general approval, support or recommendation of the adviser or its supervised persons.

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**GENERAL PROHIBITIONS**

Rule 206(4)-1(a) subjects all investment adviser advertisements to certain general prohibitions. These include bans on:

● False or misleading statements or omissions of a material fact;

● Material statements of fact the adviser does not reasonably believe it can substantiate if the SEC asks it to;

● Information that would reasonably be likely to cause a client or prospective client to draw an untrue or misleading implication or inference about a material fact regarding the adviser;

● Statements about specific investment advice rendered by the adviser or the adviser's performance, unless those statements are fair and balanced;

● Statements about the potential benefits to clients or investors arising from the adviser's services or operations without providing fair and balanced treatment of relevant material risks or limitations, and

● Advertisements that are otherwise materially misleading.

**ADVERTISEMENT PROCEDURES**

The Firm has adopted the following procedures to adhere to Rule 206(4)-1: All marketing material must comply with the seven general prohibitions of Rule 206(4)-1 listed

above. Notes: these are principles-based and intentionally broad.

● Prior to use of any marketing materials, the CCO and/or designee will review and approve all advertisements and promotional materials used by the Firm.

● The CCO and/or designee will document the review and approval of all such communications together with any comments or amendments to any such communication as a result of such review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Alternatively, e-mails documenting the substance of such reviews may also be maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Only Approved marketing materials are used with clients and/or prospects.

● Modifications to any approved marketing materials must be approved by CCO prior to use. Written approval and review is required by the CCO.

● The CCO is responsible for conducting periodic reviews to ensure that only approved materials are distributed to clients and/or prospects.

● The CCO will be responsible for periodic testing designed to ensure that the Firm make and keep records of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Advertisements
 used with current clients and/or prospects (includes recordings or copies of any written or recorded materials used in connection with an oral advertisement)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Required
 disclosures delivered to investors (applicable to testimonials, endorsements, and third-party ratings)

● Form ADV Item 5.L. is reviewed and updated at least annually to ensure responses are current and accurate regarding our use in advertisements of performance results, hypothetical performance, references to specific investment advice, testimonials, endorsements, or third-party ratings.

● At a minimum each marketing piece must disclose, "Advisory services offered through Jackson Creek Investment Advisors LLC, an investment adviser registered with the U.S. Securities & Exchange Commission." Additional disclosure may be required depending on facts and circumstances. Note: Rule 206(4)-explicitly requires clear and prominent disclosure for testimonials, endorsements, third-party ratings and predecessor performance.

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**BOOKS AND RECORDS**

The Firm must make and keep records of all "advertisements" they disseminate, subject to alternative methods of compliance for oral advertisements, including oral testimonials and oral endorsements. The Firm must retain advertisements sent to one or more persons. Records may be stored using email archives (including in cloud storage or with a third-party vendor), provided that the Firm can promptly produce records in accordance with the recordkeeping rule and SEC guidance. Copies of reviewed documents will be maintained for five years following their last use, the first two in an easily accessible place. We shall maintain all advertisements that we directly or indirectly disseminate.

**TESTIMONIALS AND ENDORSEMENTS**

**POLICY**

**PROHIBIT USE OF TESTIMONIALS AND ENDORSEMENTS**

Without exception, Firm does not allow use of testimonials or endorsements in marketing and advertising. Should the Firm decide to change this Policy, the Manual will be updated to reflect procedures to address the use of testimonials and endorsements in Firm marketing materials. However, should our firm decide to allow for Testimonials and Endorsements in the future, the following information outlines the requirements.

**LEAD GENERATION FIRMS**

Lead generation firms are operated by 'non-investors' where a Firm compensates an operator to solicit investors for, or refer investors to, the RIA. These types of 'operators' make third-party advisory services (such as model portfolio providers) accessible to investors and stated that the operators do not promote or recommend particular services or products accessible on the platform. In both examples, the operator's website likely meets the final marketing rule's definition of endorsement. An operator may tout the advisers included in its network, and/or guarantee that the advisers meet the network's eligibility criteria. In addition, because operators typically offer to "match" an investor with one or more advisers compensating it to participate in the service, operators typically engage in solicitation or referral activities. If our Firm has engaged a Lead Generation Firm, the Firm must provide the client disclosure of this relationship through either the ADV, Agreement or separate acknowledgment form.

**DISCLOSURES**

In order to utilize testimonials or endorsements in advertising, the Firm must at the time the testimonial or endorsement is disseminated, provide clear and prominent disclosure that:

● Indicates the testimonial was given by a current client or the endorsement was given by someone other than a current client;

● Indicates that compensation was provided for the testimonial or endorsement, this includes cash or non-cash compensation, if applicable, and

● Includes a brief statement regarding any conflicts of interest on the part of the person giving the testimonial or endorsement resulting from that person's relationship with the Firm.

o A person receiving cash or non-cash compensation to a person providing a testimonial or endorsement is called a "Promoter". The disclosure should state that the Promoter, due to the compensation received, has an incentive to recommend the adviser, resulting in a material conflict of interest, and any other material conflicts of interest arising from the Promoter's relationship with the Firm. These disclosures must be provided at the time the testimonial or endorsement is disseminated.

Material terms include:

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● Whether the adviser will be paid a specific cash amount or a percentage of total advisory fees over a period of time, the value of any non-cash compensation if that value is readily ascertainable.

● Any condition to the payment, i.e., a requirement that the client continue or renew the advisory relationship, and

● Whether compensation is payable upon dissemination, deferred, contingent, or trailing.

o Clear and prominent means that the above disclosure must be included within the body of the material for written communications and may be presented in written format or orally in connection with an oral testimonial or endorsement. The disclosure language is required to be shown in the same font size (no less than 8 font) as the rest of the draft. Hyperlinked disclosure will not suffice.

**COMPENSATED TESTIMONIALS AND ENDORSEMENTS**

The Firm may provide cash or non-cash compensation to a person providing a testimonial or endorsement (a "Promoter"), provided the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Reasonable Basis**. The Firm must have a reasonable basis for believing that the testimonial or endorsement complies with the requirements of
the SEC's Marketing Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Written Agreement.** The Firm must maintain a written agreement with any person giving a testimonial or endorsement for compensation. The written agreement must describe the scope
 of the agreed-upon activities and the terms of compensation for those activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Disqualification.** The Firm may not compensate an individual who would otherwise be deemed an ineligible person with a disqualifying action or event under federal securities
 laws. Disqualifying actions and events include but are not limited to an SEC opinion or order
 barring, suspending, or prohibiting the person from acting in any capacity under the federal
 securities laws and certain convictions, orders, and legal proceedings described in Section 203(e) of
 the Advisers Act.

● If the person providing the testimonial or endorsement is being compensated (whether cash or non-cash) at a value of more than $1,000 within a 12-month period, this is subject to additional requirements and disclosures. Any Promoters being compensated at a value of more than $1,000 per year require Compliance Department review and approval prior to being used.

**OTHER EXEMPTIONS**

If a testimonial or endorsement is furnished by an officer, director, partner, or employee of the adviser; a person who controls, is controlled by or is under common control with the adviser; or an officer, director, partner, or employee of such a control affiliate, the adviser does not have to comply with the disclosure requirements of Rule 206(4)-1(b)(1) so long as two conditions are satisfied.

**First,** the affiliation between the adviser and the Promoter must be disclosed or readily apparent to the client or investor at the time the testimonial or endorsement is disseminated.

**Second,** the adviser must document the Promoter's status at the time the testimonial or endorsement is disseminated.

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● Furthermore, subject to the same two conditions, the adviser need not have a written agreement with an affiliated Promoter. Notwithstanding these exemptions, the adviser oversight and disqualification provisions continue to apply to compensated promotional activities by affiliated personnel.

**REGISTRATION REQUIREMENTS**

Notwithstanding the above, some state rules and regulations require persons receiving compensation for client referrals to be registered as investment advisers or Investment Adviser Representatives (IARs). **<u>The Firm will ensure that any person (individual or entity) acting as a solicitor is properly registered, if applicable by State statutes, as an IAR of the Firm or investment adviser prior to receiving compensation for client referrals, if required.</u>** This applies regardless of Federal covered Adviser registration.

**THIRD-PARTY ATTRIBUTION**

In addition to "advertisements" directed by the Firm, the Firm shall also be responsible for "advertisements" directed by a third-party if the Firm (or a related person) participates in the communication. Whether information posted or published by third parties is attributable to an adviser requires an analysis of the **facts and circumstances** to determine (i) whether the adviser has explicitly or implicitly endorsed or approved the information after its publication (adoption) or (ii) the extent to which the adviser has involved itself in the preparation of the information (entanglement).

At a minimum, the following facts and circumstances should be considered by the Firm when assessing whether it has participated in a third-party "advertisement":

o Was the Firm involved in creating or disseminating the advertisement (entanglement)?

o Did the Firm authorize the communication?

o Did the Firm provide the material to third-party for dissemination?

o Did the Firm endorse the material after publication (adoption)?

o Are the materials collaborative (ex. fund of funds, 3rd party models)?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Did
 the Firm selectively delete, alter, or endorse comments on a third parties' content
 on the Firm's social media platform(s)?

**ENDORSEMENTS (PREVIOUSLY REFERRED TO AS SOLICITORS)**

An "endorsement" is similar to a testimonial, but it is made by a person other than a current client or investor, and may include a general approval, support or recommendation of the adviser or its supervised persons.

**DISCLOSURES**

Like testimonials addressed above, endorsements must satisfy the following conditions:

*Prominent Disclosures.* The Firm must disclose, or reasonably believe that the person giving the endorsement discloses, *clearly and prominently*, the following at the time the endorsement is disseminated:

● The endorsement was given by a person other than a current client or private fund investor, as applicable;

● That cash or non-cash compensation was provided for endorsement, if applicable; and

● A brief statement of any material conflicts of interest on the part of the person giving the endorsement resulting from the adviser's relationship with such person.

*Oversight and Compliance.* All endorsements are subject to an oversight and compliance provision under the Marketing Rule. Specifically, the Marketing Rule requires the adviser to have:

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● A *reasonable basis* for believing that any endorsement complies with the requirements of the rule, and

● A *written agreement* with any person giving a compensated endorsement that describes the scope of the agreed-upon activities and the terms of the compensation for those activities when the adviser is providing compensation for testimonials and endorsements that exceeds $1,000 over a 12-month period (written agreement requirement).

**DISQUALIFICATION FOR PERSONS WHO HAVE ENGAGED IN MISCONDUCT**

The Firm is prohibited from compensating a person, directly or indirectly, for an endorsement if the Firm knows, or in the exercise of reasonable care should know, that the person giving the endorsement is an ineligible person at the time the endorsement is disseminated (disqualification provision). The disqualification provision does not apply to uncompensated testimonials or endorsements.

An "ineligible person" is a person who is subject to an SEC opinion or order barring, suspending, or prohibiting the person from acting in any capacity under the federal securities laws or to any one of many enumerated "disqualifying events." The definition extends to employees, officers, directors, general partners, and elected managers of an ineligible person. The Marketing Rule includes a ten-year lookback period across all "disqualifying events," which aligns with disciplinary disclosure reporting on Form ADV, Part 1.

**EXEMPTIONS**

The Marketing Rule provides the following exemptions from certain requirements otherwise applicable to endorsements:

*De Minimis Compensation*. An endorsement disseminated for no compensation or *de minimis* compensation (US$1,000 or less during the preceding 12 months) is not subject to the disqualification provision for ineligible persons or the written agreement requirement. However, these communications remain subject to the rule's disclosure and general adviser oversight requirements.

*Affiliated Personnel*. An endorsement by an employee or other affiliate of an adviser is not subject to the disclosure requirements, or written agreement requirement, but remains subject to the disqualification and general adviser oversight requirements. The affiliation between the adviser and such person must be *readily apparent* to or disclosed to the client or investor at the time the endorsement is disseminated, and the adviser must document such person's status.

*Registered Broker-Dealers*. An endorsement by a broker or dealer registered under Section15(b) of the Securities Exchange Act of 1934 (Exchange Act) is not required to comply with:

● Any disclosure requirements if the testimonial or endorsement is a recommendation subject to Regulation Best Interest;

● The "other disclosure" requirements if the testimonial or endorsement is provided to a person that is not a retail customer (as that term is defined in Regulation Best Interest); and

● The disqualification provision, if the broker or dealer is not subject to statutory disqualification under the Exchange Act.

**TESTIMONIALS AND ENDORSEMENTS ADVERTISING PROCEDURES**

● Prior to discussions with a potential Promoter, the CCO will be responsible for exercising reasonable care and conduct reasonable due diligence to confirm that the engaged Promoter is not subject to any applicable disqualification events.

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● Promoters must be pre-approved by CCO prior to engaging in a Promoter Agreement with the Firm.

● The CCO is responsible for the review of all Agreements with Promoters including terms of what compensation arrangements are finalized.

● CCO will approve all compensation arrangements to ensure they are in line with policies at the Firm.

● The CCO will be responsible for preparing the disclosure statement specific to each Promoter Agreement and train Promotors to deliver this statement during engagement of the Client.

● The CCO will review and approve of use of all testimonials and endorsements included in our advertising materials prior to use with clients. Proper Disclosures per the policy above are required prior to use.

● The CCO or designee will review at least on an annual basis all Promotor agreements for compensation to determine if the de minimis amount of Promoters providing testimonials, endorsements and/or referrals needs to be reviewed and revised.

● The CCO will provide testing designed to ensure that the Firm creates and keep records relating to our determination that the Firm has a reasonable basis for believing that a testimonial or endorsement complies with Rule 206(4)-1.

● To meet the *clear and prominent disclosure* requirement, any person giving an oral testimonial/endorsement that is COMPENSATED should read the following scripted disclosure prior to speaking with or about the Firm. "Before we begin, I must disclose that I am (not) a client of XYZ. I am being compensated by XYZ which represents a conflict of interest."

**BOOKS AND RECORDS**

Below is a sample of the books and records to be maintained:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Oral advertisements such as radio show recordings and podcasts;

● Any communication or document related to the Firm's determination that it has a reasonable basis for believing that a testimonial or endorsement complies with the Marketing Rule due diligence requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any agreement with the Promotor that is paid for the endorsement or testimonial.

**THIRD-PARTY RANKINGS OR AWARDS**

A "third-party rating" is defined in the Marketing Rule to mean a rating or ranking of an investment adviser provided by a person who is not a related person (as defined in the Form ADV Glossary of Terms), and such person provides such ratings or rankings in the ordinary course of its business. Paragraph (c) of the Marketing Rule subjects advertisements that include third-party ratings to certain conditions and disclosure requirements.

**POLICY**

The Firm does allow for use of third-party ratings in an advertisement if the following conditions are met:

Any questionnaire or survey used in the preparation of the third-party rating is structured to make it equally easy for a participant to provide favorable and unfavorable responses and is not designed or prepared to produce any predetermined result.

Advertisements containing third-party rating clearly and prominently disclose the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Date on which the rating was given and the period of time upon which the rating was based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Identity of the third party that created and tabulated the rating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Criteria for the receipt of such accolade; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If applicable, that compensation has been provided directly or indirectly by the adviser in connection with obtaining or using the third-party rating.

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Including these disclosures in an advertisement that contains third-party ratings would not contain a rating that could otherwise be false or misleading under the Marketing Rule's general prohibitions, or under the general anti-fraud provisions of the federal securities laws.

Additionally, the Firm and IAR must consider the following factors when determining whether any advertisement containing a third-party ranking is false or misleading, and thus, prohibited:

Whether the advertisement discloses the criteria on which the rating was based;

● Whether an adviser or IAR advertises any favorable rating without disclosing any facts that the adviser or IAR knows would call into question the validity of the rating or the appropriateness of advertising the rating (e.g., the adviser or IAR knows that it has been the subject of numerous client complaints relating to the rating category or in areas not included in the survey);

● Whether an adviser or IAR advertises any favorable rating without also disclosing any unfavorable rating of the adviser or IAR (or the adviser that employs the IAR);

● Whether the advertisement states or implies that an adviser or IAR was the top-rated adviser or IAR in a category when it was not rated first in that category;

● Whether, in disclosing an adviser's or IAR's rating or designation, the advertisement clearly and prominently discloses the category for which the rating was calculated, or designation determined, the number of advisers or IARs surveyed in that category, and the percentage of advisers or IARs that received that rating or designation;

● Whether the advertisement discloses that the rating may not be representative of any one client's experience because the rating reflects as average of all, or a sample of all, of the experiences of the adviser's or IAR's clients;

● Whether the advertisement discloses that the rating is not indicative of the adviser's or IAR's future performance; and

● Whether the advertisement discloses prominently who created and conducted the survey and that advisers and IARs paid a fee to participate in the survey.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Third-party
 ranking and/or awards need CCO approval prior to their use in any materials used by the Firm. The CCO will ensure proper disclosure is used along with the third-party ranking
 and/or award. Non-descriptive awards may not be used.

**THIRD PARTY RANKING PROCEDURES**

● The CCO will review all proposed use of publication of any third-party ratings or survey results and conduct reasonable due inquiry regarding the methodology used by the third-party to determine such rating. A copy of any questionnaire or survey used in the preparation of a third-party rating included or appearing in any advertisement will be maintained for books and records.

● The CCO will review all use of advertisements referencing third party rankings prior to use with prospects/clients.

● The CCO will provide testing to ensure that the Firm creates and keep records communications relating to our determination that the Firm has a reasonable basis for believing that a testimonial or endorsement complies with Rule 206(4)-1.

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**BOOKS AND RECORDS**

Below is a sample of the books and records to be maintained:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any communication or document that the rating complies with the Marketing Rule's due diligence requirement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Copies of any questionnaire or survey used for determining a third-party rating used in Marketing.

**PERFORMANCE ADVERTISING**

**POLICY**

The Marketing Rule sets specific conditions on the presentation of performance but does not set forth separate requirements for performance advertising in materials intended for retail persons and nonretail persons, with the consequence that certain performance- related requirements primarily intended to protect unsophisticated retail investors must be included in performance advertisements directed to sophisticated institutions.

**GENERAL PROHIBITIONS**

The Marketing Rule prohibits including in any advertisement:

Any presentation of gross performance, unless the advertisement also presents net performance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ With
 at least equal prominence to, and in a format designed to facilitate comparison with, the gross performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Calculated
 over the same time period, and using the same type of return and methodology, as the gross performance.

Any performance results, of any portfolio or any composite aggregation of related portfolios, in each case other than any private fund, unless the advertisement includes performance results of the same portfolio or composite aggregation for one-, five-, and ten-year periods, each presented with equal prominence and ending on a date that is no less recent than the most recent calendar year-end; except that if the relevant portfolio did not exist for a particular prescribed period, then the life of the portfolio must be substituted for that period.

Any statement, express or implied, that the calculation or presentation of performance results in the advertisement has been approved or reviewed by the SEC.

Any related performance, unless it includes all related portfolios; provided that related performance may exclude any related portfolios if:

● The advertised performance results are not materially higher than if all related portfolios had been included; and

● The exclusion of any related portfolio does not alter the presentation of any applicable prescribed time periods

● Any extracted performance, unless the advertisement provides, or offers to provide promptly, the performance results of the total portfolio from which the performance was extracted.

Any hypothetical performance unless the investment adviser:

● Adopts and implements policies and procedures reasonably designed to ensure that the hypothetical performance is relevant to the likely financial situation and investment objectives of the intended audience of the advertisement,

● Provides sufficient information to enable the intended audience to understand the criteria used and assumptions made in calculating such hypothetical performance, and

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● **Provides (or, if the intended audience is an investor in a private fund provides, or offers to provide promptly) sufficient information to enable the intended audience to understand the risks and limitations of using such hypothetical performance in making investment decisions.** 

**"Hypothetical Performance," a term that <u>includes,</u> but is not limited to, model performance, back tested performance and targeted or projected performance.**

***Model portfolios* include those managed alongside portfolios for actual investors, computer-generated models and models the adviser creates or acquires from third parties, that are not used for actual investors.**

***Targeted returns* reflect aspirational performance goals, while projected returns are the adviser's performance estimates, which often are based on historical data and assumptions. Targeted and projected returns relate to a portfolio or the advertised investment advisory services; they do not include general market projections or predictions about economic conditions.**

**Hypothetical performance <u>does not include</u> an interactive analysis tool that allows a client or investor (or prospective client or investor) to produce simulations and statistical analyses that present the likelihood of various investment outcomes if certain investments are made or strategies are followed, but only if the adviser:**

● **describes the criteria and methodology used, including the tool's limitations and key assumptions;** 

● **explains that the results may vary with each use and over time;** 

● **if applicable, describes the universe of investments considered in the analysis; explains how the tool determines which investments to select; discloses if the tool favors certain investments and if it does, explains the reason for the selectivity; and explains that other investments not considered may have characteristics similar or superior to those being analyzed; and** 

● **discloses that the tool generates hypothetical outcomes.** 

● **Nor does hypothetical performance include "predecessor" performance that complies with the requirements discussed below.** 

**The Firm will determine if hypothetical performance is relevant by the following:**

**The specific financial situation and investment objectives of the intended audience;**

**Past experiences with clients. This criteria may include, whether an investor is an existing client, the net worth or investing experience of the investor, certain regulatory categories (e.g., qualified purchasers, qualified clients, or even qualified institutional buyers), or whether the investor type includes only natural persons or only sophisticated institutions.**

**As stated above, investment analysis tools are excluded from the definition, but an interactive analysis tool must include disclosures that:**

● **Provides a description of the criteria and methodology used, including the investment analysis tool's limitations and key assumptions;** 

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● Explains that the results may vary with each use and over time;

● If applicable, describe the universe of investments considered in the analysis, explain how the tool determines which investments to select, disclose if the tool favors certain investments and, if so, explain the reason for the selectivity, and state that other investments not considered may have characteristics similar or superior to those being analyzed; and,

● State that the tool generates outcomes that are hypothetical in nature.

● "Investment analysis tool" means an interactive technological tool that produces simulations and statistical analysis that present the likelihood of various investment outcomes if certain investments are made or certain investment strategies or styles are undertaken, thereby serving as an additional resource to investors in the evaluation of potential risks and returns of investment choices.

**PERFORMANCE ADVERTISING PROCEDURES**

● The CCO is responsible for review and approval of any advertisements containing performance information to ensure that they are presented in accordance with the relevant requirements, include all required related portfolios, and reflect prescribed time periods.

● The use of hypothetical performance in advertising materials is strictly prohibited unless reviewed and approved by the Firm prior to use.

● The CCO will determine if advertisement is relevant to the Firm and the investment objectives of the intended audience of the advertisement.

● The CCO will review, determine, and document if advertising of past performance of specific securities that were or may have been profitable to the Firm are fair and balanced, depending on the facts and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The CCO will review and determine the appropriate disclosure used for the advertisements continuing performance.

**BOOKS AND RECORDS**

Below is a sample of the books and records to be maintained:

● Communications relating to the performance or rate of return of any portfolios;

● Accounts, books, internal working papers, and other documents necessary to form the basis for or demonstrate the calculation of the performance or rate of return of any portfolios;

● Records supporting hypothetical performance to include copies of all information provided or offered pursuant to the hypothetical performance provisions of the Marketing Rule;

● Records of who the "intended audience" is pursuant to the hypothetical performance and model fee provisions of the Marketing Rule;

● Documentation of communications relating to predecessor performance.

Documentation sufficient to support the calculation of all performance results presented in advertising/marketing materials will also be maintained by the CCO for a period of five years from the last date of distribution of such advertising/marketing material that contained the performance results.

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**MARKETING PROCEDURES FOR SOCIAL MEDIA**

● Supervised Persons must obtain prior approval from the CCO for static content on social media sites (such as profiles, articles, scripted blog posts). No prior approval is required for real-time interactive communications, but this content must be reported to the CCO, and will be monitored by the firm.

● The Firm maintains one or more firm-sponsored social media accounts. Only approved Supervised Persons may post to a firm-sponsored social media account, and all posts made by Supervised Persons, including those made by the CCO, must be done in compliance with these policies and procedures.

● The Firm generally prohibits the use of the Firm's name or any reference to our business activities on Supervised Persons' personal social networking accounts (e.g., Facebook). Exceptions may be made only when such accounts are used for business purposes (e.g., LinkedIn) and when the content conforms to Firm's policies and procedures.

● The Firm generally allows use by Supervised Persons of the Firm's name and other "business card" information on an exclusive list of social networking sites approved in writing by the CCO (e.g., Facebook and LinkedIn), as long as such use does not include client information or investment related data such as investment recommendations, specific investment services, or investment performance.

● The Firm utilizes a third-party vendor for social media archive and review. All social media accounts used for business must be registered with the Firm's vendor.

● Supervised Persons of the Firm are prohibited from participating in discussions in internet forums, blogs or the firm's website, or posting to social media sites, without prior written approval from the CCO, regarding the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Firm's specific investment services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investment recommendations or advice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investment performance.

● Customer rating from services such as Yelp and Google My Business. As long as the Firm does not adopt or become entangled (see definition of *third-party content*) this is not considered marketing material.

**PUBLIC APPEARANCES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All public appearances must be pre-approved and must include any handouts.

● If the presentation is pre-planned such as a webinar or speech, the text or an outline must be submitted for pre-approval.

● If the presentation is not pre-planned, such as a media interview, any discussion of specific securities or account/composite/model performance is prohibited.

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**MARKETING DEFINITIONS**

*Principles-Based* -The Rule is principles-based and judgements are shaped by regulatory guidance and enforcement precedence. Marketing fluff and hyperbole are not acceptable. Regulators take a strict interpretation of factual statements. If there is one exception, the statement is false. Due to this strict interpretation, most marketing utilizes hedging language. For example, instead of stating "We help our clients achieve their financial objectives," a more appropriate hedged statement would be "Our goal is to help clients achieve their financial objectives."

***"Clear and Prominent Disclosure"***

In order to be clear and prominent, the disclosures must be at least as prominent as the testimonial or endorsement. In other words, we believe that the "clear and prominent" standard requires that the disclosures be included within the testimonial or endorsement, or in the case of an oral testimonial or endorsement, provided at the same time. Hyperlinks generally do not meet the clear and prominent standard. Finally, depending on the medium and nature of the material, layered disclosures (as opposed to all at the end) may be appropriate. For example, an advertisement intended to be viewed on a mobile device, may meet the standard in a different way than one intended to be seen as a print advertisement (e.g., a person viewing a mobile device could be automatically redirected to the required disclosure before viewing the substance of an advertisement). Other means of providing layered disclosure would include QR codes or mouse-over windows.

***"De minimis compensation"***

Compensation paid to a person for providing a testimonial or endorsement of a total of $1,000 or less (or the equivalent value in non-cash compensation) during the preceding 12 months.

***"Disqualifying Commission action"***

A Commission opinion or order barring, suspending, or prohibiting the person from acting in any capacity under the Federal securities laws.

***"Disqualifying event"***

Any of the following events that occurred within 10 years prior to the person disseminating an endorsement or testimonial:

1) A conviction by a court of competent jurisdiction within the United States of any felony or misdemeanor involving conduct described in paragraph (2)(A) through (D) of section 203(e) of the Act;

2) A conviction by a court of competent jurisdiction within the United States of engaging in, any of the conduct specified in paragraphs (1), (5), or (6) of section 203(e) of the Act;

3) The entry of any final order by any entity described in paragraph (9) of section 203(e) of the Act, or by the U.S. Commodity Futures Trading Commission or a self-regulatory organization (as defined in the Form ADV Glossary of Terms)), of the type described in paragraph (9) of section 203(e) of the Act;

4) The entry of an order, judgment or decree described in paragraph (4) of section 203(e) of the Act, and still in effect, by any court of competent jurisdiction within the United States; and

5) A Commission order that a person cease and desist from committing or causing a violation or future violation of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any scienter-based anti-fraud provision of the Federal securities laws, including without limitation section 17(a)(1) of the Securities Act of 1933 (15 U.S.C. 77q(a)(1)), section 10(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78j(b)) and 17 CFR 240.10b-5, section 15(c)(1) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(c)(1)), and section 206(1) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-6(1)), or any other rule or regulation thereunder; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section 5 of the Securities Act of 1933 (15 U.S.C. 77e);

6) A disqualifying event does not include an event described in paragraphs (4)(i) through of this section with respect to a person that is also subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An order pursuant to section 9(c) of the Investment Company Act of 1940 (15 U.S.C. 80a-3) with respect to such event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Commission opinion or order with respect to such event that is not a disqualifying Commission action; provided that for each applicable type of order or opinion described in paragraphs (4)(vi)(A) and (B) of this section:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The person is in compliance with the terms of the order or opinion, including, but not limited to, the payment of disgorgement, prejudgment interest, civil or administrative penalties, and fines; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For a period of 10 years following the date of each order or opinion, the advertisement containing the testimonial or endorsement must include a statement that the person providing the testimonial or endorsement is subject to a Commission order or opinion regarding one or more disciplinary action(s), and include the order or opinion or a link to the order or opinion on the Commission's website.

***"Extracted performance"***

The performance results of a subset of investments extracted from a portfolio.

***"Gross performance"***

The performance results of a portfolio (or portions of a portfolio that are included in extracted performance, if applicable) before the deduction of all fees and expenses that a client or investor has paid or would have paid in connection with the investment adviser's investment advisory services to the relevant portfolio.

***"Hypothetical performance"***

Performance results that were not actually achieved by any portfolio of the investment adviser. Hypothetical performance includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Performance derived from model portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Performance that is backtested by the application of a strategy to data from prior time periods when the strategy was not actually used during those time periods; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Targeted or projected performance returns with respect to any portfolio or to the investment advisory services with regard to securities offered in the advertisement. (iv) Hypothetical performance does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) An interactive analysis tool where a client or investor, or prospective client, or investor, uses the tool to produce simulations and statistical analyses that present the likelihood of various investment outcomes if certain investments are made or certain investment strategies or styles are undertaken, thereby serving as an additional resource to investors in the evaluation of the potential risks and returns of investment choices; provided that the investment adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Provides a description of the criteria and methodology used, including the investment analysis tool's limitations and key assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Explains that the results may vary with each use and over time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If applicable, describes the universe of investments considered in the a analysis, explains how the tool determines which investments to select, discloses if the tool favors certain investments and, if so, explains the reason for the selectivity, and states that other investments not considered may have characteristics similar or superior to those being a analyzed; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Discloses that the tool generates outcomes that are hypothetical in nature; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Predecessor performance that is displayed in compliance with paragraph (7) of this section.

***"Ineligible person"*** -

A person who is subject to a disqualifying Commission action or is subject to any disqualifying event, and the following persons with respect to the ineligible person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any employee, officer, or director of the ineligible person and any other individuals with similar status or functions within the scope of association with the ineligible person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the ineligible person is a partnership, all general partners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the ineligible person is a limited liability company managed by elected managers, all elected managers.

***"Net performance"***

The performance results of a portfolio (or portions of a portfolio that are included in extracted performance, if applicable) after the deduction of all fees and expenses that a client or investor has paid or would have paid in connection with the investment adviser's investment advisory services to the relevant portfolio, including, if applicable, advisory fees, advisory fees paid to underlying investment vehicles, and payments by the investment adviser for which the client or investor reimburses the investment adviser. For purposes of this rule, net performance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) May reflect the exclusion of custodian fees paid to a bank or other third-party organization for safekeeping funds and securities; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If using a model fee, must reflect one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The deduction of a model fee when doing so would result in performance figures that are no higher than if the actual fee had been deducted; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The deduction of a model fee that is equal to the highest fee charged to the intended audience to whom the advertisement is disseminated.

***"Portfolio"***

A group of investments managed by the investment adviser. A portfolio may be an account or a private fund and includes, but is not limited to, a portfolio for the account of the investment adviser or its advisory affiliate (as defined in the Form ADV Glossary of Terms).

**"Predecessor performance"**

Investment performance achieved by a group of investments consisting of an account or a private fund that was not advised at all times during the period shown by the investment adviser advertising the performance.

**"Private fund"**

The same meaning as in section 2(a)(29) of the Investment Company Act of 1940.

***"Related performance"***

Performance results of one or more related portfolios, either on a portfolio-by-portfolio basis or as a composite aggregation of all portfolios falling within stated criteria.

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***"Related portfolio****"*

Portfolio with substantially similar investment policies, objectives, and strategies as those of the services being offered in the advertisement.

***"Supervised person"***

The same meaning as in section 2(a)(25) of the Investment Company Act of 1940.

***"Third-Party Content****" -*

Definition of advertisement includes "any direct or indirect communication" of an adviser. This means that a communication distributed by an agent or intermediary on behalf of an adviser would generally be considered an "advertisement" of the adviser. The Adopting Release defined the concepts of "adoption" and "entanglement" in the context of third-party content on company websites, the Adopting Release also notes that third party information may be an indirect "advertisement" if the adviser has either endorsed or approved the information after publication or involved itself in the preparation of the information.

***"Third-party rating"***

A rating or ranking of an investment adviser provided by a person who is not a related person (as defined in the Form ADV Glossary of Terms), and such person provides such ratings or rankings in the ordinary course of its business.

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**ELECTRONIC COMMUNICATIONS**

Rule 204-2 ("Books and Records Rule") under the Investment Advisers Act of 1940 requires that investment advisers make and keep certain books and records relating to their business, including but not limited to all communications. This policy outlines the rules and procedures for all communications by all team members of our Firm. This policy aims to ensure compliance with Rule 204-2 and other relevant rules and regulations and to promote responsible and effective use of communications platforms by all team members.

For the purpose of this Communications Policy, all written or electronic communications discussing our clients, strategies, or anything related to the management of our business shall be considered part of our Firm's required books and records. The related communication records that the Firm must keep include the following:

● Originals or copies of all written or electronic communications sent and received of all communications sent by or to any team member relating to the advisory relationship.

● Originals or copies of all written or electronic communications sent and received of all communications sent by or to any team member relating to any aspect of the business of the Firm, including but not limited to marketing strategies, investment strategies, discussions regarding clients, or tasks being performed for clients.

Along with any hardcopy communications, electronic communications, including emails, instant messages, Chats, and social media communications, are considered written communications under Rule 204-2 and must be retained as part of the Firm's books and records. Rule 204-2 requires that all books and records be retained for a period of not less than five years from the end of the fiscal year during which the last entry was made on the record.

The Firm is responsible for maintaining and archiving all communications in compliance with Rule 204-2 and for ensuring that all communications are readily accessible and retrievable. This includes maintaining a system of indexing, storing, and retrieving all communications and ensuring that the system is secure and protected from unauthorized access. The Firm's CCO is responsible for overseeing the communications policy, testing the policy, and training the staff to comply with the policy and our procedures. The CCO may delegate the policy creation, training, and testing to internal team members or outsourced compliance consultants; however, the duty to ensure compliance with the books and records rules remains with the Firm. The entire staff of the Firm is responsible for adhering to the policies and procedures as indicated under the Communications section of our Written Policies and Procedures (Compliance Manual).

**POLICY:**

Employees must adhere to the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. Use only authorized devices to conduct every aspect of their job
duties.

&nbsp;&nbsp;&nbsp;&nbsp;2. Seek authorization from executive management, including the CCO,
if using any personal device to perform their job duties.

&nbsp;&nbsp;&nbsp;&nbsp;3. Communicate with clients, vendors, and other team members through
the use of our approved means of communication. (AKA approved channels)

&nbsp;&nbsp;&nbsp;&nbsp;4. Never communicate with clients, vendors, and other team members
on "off-channel" platforms.

*Off Channel* is generally understood as any communication that occurs outside of our approved methods of communication

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**ACCEPTABLE MEANS OF COMMUNICATION (APPROVED CHANNELS)**

Our Firm allows our staff to send and receive hardcopy communication from or to clients, prospects, vendors, and other team members by way of typed or handwritten correspondence in hardcopy format. The original hardcopy format shall be filed in our hardcopy files and scanned and filed with our electronic records to preserve and back up the records.

We recognize that most of the communication taking place originates in an electronic format. Electronic communication shall be conducted in a manner that is compliant with applicable rules and regulations, the same as any hardcopy communication should. We currently permit the use of the following platforms and means of electronic communication:

**Email**

Email is an accepted means of communication for both internal and external communication with clients, prospects, vendors, and other team members. The Firm requires that all emails be sent from the Firm's email system and that all emails be archived in compliance with the books and records rules in our archiving system. Only use the business email domain address to communicate by way of our Email service. *Never use your personal email address, including sending yourself articles or tasks to work on at home.*

**Instant Messaging/Texting**

The Firm allows the use of specific instant messaging services for the team members to communicate with each other only. The apps should be installed as part of the Firm's services and not the employee's personal apps or used only on a company-issued device. The use of Instant messaging and texting with clients, prospects, or vendors is prohibited.

**Social Media/Chat Rooms:**

The use of communications with clients, prospects, vendors, and each other is prohibited via any social media platform or chat room. In the event a client or anyone else communicates with you via one of these off-channel platforms, you are instructed to send a message to the client via an approved channel, such as an email indicating the following:

*Due to the regulations that govern our business, I am unable to communicate with you via*

*however, I can reply to your inquiry or message in this email communication. In the future, you may contact me here or at 555-555-5555. I look forward to hearing from you again.*

*(Proceed to address their off-channel communication message in the approved channel)*

Social Media for approved employees can be used as long as the platform is archived. Currently, that is:

● The Firm's LinkedIn, Facebook page and Twitter pages

● Certain employee's LinkedIn, Facebook page and Twitter pages

Employees marketing for the Firm must have their pages archived or receive a waiver from the CCO.

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In the event a client or anyone else communicates with you via one of these off-channel platforms, you are instructed to send a message to the client via an approved channel, such as an email indicating the following:

*Due to the regulations that govern our business, I am unable to communicate with you via however, I can reply to your inquiry or message in this email communication. In the future, you may contact me here or at 555-555-5555. I look forward to hearing from you again.*

**Research tools** The Firm utilizes Bloomberg and Morningstar but does not allow for the use of chat feature. The Firm conducts training on this policy throughout the year.

**Video Conferencing** The Firm allows staff to communicate with clients, prospects, vendors, and each other via Video Conferencing. Video conferencing may only be done on the approved channels. Whenever documents or written communications are shared within the video platform, they must also be retained by the Firm as part of our books and records requirements. *The Firm's approved video conferencing platforms such as Zoom Microsoft Teams. In the event the video conference itself is recorded, written authorization is required by the third party, including clients, prospects, and vendors, as well as your other team members. If the video conference is recorded, it must be maintained as part of our books and records.*

Staff may propose any communication platforms that they or the clients prefer to use for communicating. The CCO will collaborate with the executive and IT teams to evaluate the feasibility of integrating any new platforms and will provide guidance on the appropriate protocols to be implemented.

Due care shall be taken to ensure the privacy rules are followed as outlined in the Written Information Security Policy section of our manual with all communications.

**Personal Use:** We allow authorized personnel to use their personal cell phones and laptops to conduct business and perform their job duties. When the personal device is used for electronic communications, only the platforms referenced in approved channels will be used as assigned to the Firm, not the employees' personal accounts. The Firm will have the ability to wipe or delete the contents and applications from personal devices. The platforms shall be archived in accordance with the requirement of the books and records rules on our archiving platform. Personnel may not utilize any off-channel communication application on their personal device to communicate with clients, prospects, vendors, or other team members.

**Confidential Information:** The Firm requires that all electronic communications be conducted in a manner that protects the confidentiality of client and Firm information. Employees must not disclose any confidential information in electronic communications and must take appropriate measures to protect the security and privacy of electronic communications by following our written information security policy in this manual.

**RESTRICTIONS ON ELECTRONIC COMMUNICATIONS**

The following are prohibited means of electronic communication:

***Prohibition of Off-Channel Communications:*** The Firm prohibits the use of any means of communication that has not been approved by the Firm's compliance department and that is not archived in compliance with the books and records rules. This includes the use of personal email, personal social media accounts, and any other means of communication that has not been approved by the Firm. If the application or service is not listed in the approved channels above, it is prohibited. Refer to the approved channels section on how to handle communications sent to you via off-channel communications.

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***Personal Use:*** The Firm permits the limited personal use of Firm-approved electronic communication platforms, but employees must ensure that personal use does not interfere with their work duties or violate the Firm's policies and procedures.

**ARCHIVING, MONITORING, AND COMPLIANCE TESTING**

The Firm requires that all electronic communications be archived in compliance with the books and records rules. The Firm's CCO is responsible for monitoring electronic communications to ensure compliance with applicable rules and regulations. The CCO or their designee conducts regular compliance testing to ensure that all employees are following the Firm's policies and procedures for electronic communications.

The Firm does use archiving tool(s) to maintain and retain all of our electronic communications. The archiving solutions service provider must automatically capture, retain, and allow for the retrieval of all approved channel electronic communications. The service provider must also have reasonable safeguards in place to protect against data breaches or other security incidents. The retrieval of the archived electronic communications must be maintained in a non-rewriteable, non-erasable format (also known as WORM or write once, read many), which prevents the alteration or deletion of records after they have been created. This requirement is intended to prevent the destruction or modification of records for fraudulent or other illegitimate purposes. Electronic records must also be indexable, meaning organized and cataloged in a way that makes them searchable and retrievable for compliance and regulatory review. As part of the Firm's compliance testing program, the following steps may be taken to test the Firm's electronic communications policies and procedures:

●  ***Review of Electronic Communications:*** The Firm's CCO or their designee may review a sample of electronic communications, such as emails, archive texts, chats, or social media posts, to ensure that they are compliant with applicable rules and regulations.

●  ***Testing of Archiving Tools:*** The Firm's CCO or their designee may test the archiving tools used by our Firm to ensure that they are working properly and that all electronic communications are being archived in compliance with applicable rules and regulations.

●  ***Employee Training:*** The Firm's CCO or their designee may conduct training sessions for employees on the Firm's policies and procedures for electronic communications and may test employees on their understanding of these policies and procedures.

●  ***Random Sampling:*** The Firm's CCO or their designee may conduct random sampling of electronic communications to ensure that all employees are following the Firm's policies and procedures. The sampling may include keyword searches for many reasons, such as to help determine if other off-channel communications are being used.

The testing shall be done periodically and at least annually to help test the Firm's electronic communications policies and procedures. The Firm's CCO or their designee will maintain records of all compliance testing activities, including the results of any testing and any remedial action taken to address any issues identified during the testing process in our compliance files.

**VIOLATIONS**

The SEC has issued guidance and public statements on enforcement related to violations of the books and records rules as it relates to electronic communication, which resulted in monetary fines. Electronic Communication must be maintained as part of the Firm's compliance with the books and records rules, and all team members must work to comply with our policies and the books and records rules. Some possible consequences for violating the Firm's policies and procedures or violations of Rule 204-2 regarding electronic communications may include:

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&nbsp;&nbsp;&nbsp;&nbsp;1.  ***Reprimand or Warning:*** Minor violations of the Firm's policies on electronic communications
may result in a reprimand or warning from the Firm's CCO and/or the individual's supervisor. This may include a reminder of the Firm's policies
and procedures and training on best practices for electronic communications.

&nbsp;&nbsp;&nbsp;&nbsp;2.  ***Suspension of Pay*** : More serious violations may result in the suspension of pay for the
 employee responsible for the violation. This may be a temporary measure while the Firm investigates the violation and
 determines appropriate disciplinary action.

&nbsp;&nbsp;&nbsp;&nbsp;3.  ***Loss of Bonuses or Promotions:*** If an employee's
violation of the Firm's policies on electronic communications results in financial harm to the Firm, such as a loss of business or a
fine from regulators, the employee may lose out on bonuses or promotions.

&nbsp;&nbsp;&nbsp;&nbsp;4.  ***Termination:*** If an employee's violation of the Firm's
policies on electronic communications is severe or repeated, it may result in termination of employment. This may be necessary to protect
the Firm's reputation and ensure compliance with applicable rules and regulations.

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**ARTIFICIAL INTELLIGENCE ENGINES**

The Investment Advisers Act of 1940 ("Advisers Act") does not contain a definition of the term "AI" and there is no single universally agreed upon definition of AI. Investment advisers who use AI should consider the unique issues that their use of AI technology raises in light of an adviser's fiduciary duty to its clients and whether it is in their client's best interest.

For the purposes of this policy, the Firm defines AI as computer systems able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision making, and translation between languages, more commonly known as generative AI. The Firm understands that the use of AI is relatively new, and the regulatory landscape is evolving. In light of this, the policies and procedures herein are subject to change. The Firm recognizes that the applications and the use of AI are quickly emerging, the policies and procedures herein are periodically reviewed, as necessary, for updates.

The Firm must meet all existing investment adviser regulatory obligations regarding recordkeeping, storage, disclosures, and oversight for AI- generated inputs and outputs pertaining to its advisory business. For example, AI can be an effective tool for the Firm in conducting research, trading, portfolio management, marketing, and other operations, but the Firm must implement effective supervisory procedures to document methods, detect incorrect information and system errors, or mitigate any disruption if it threatens a material impact on the business or its clients.

AI can pose concerns not limited to data quality, copyright, trade secrets violations, confidentiality breaches, unauthorized access or malware risks, insider trading, breach of contract, cybersecurity, and privacy law violations. In developing these policies and procedures, the Firm has considered the material risks associated with using AI, which is set forth below:

● Supervised Persons use of unapproved AI that incorporates electronic communications to communicate the Firm's business-related information.

● The Firm fails to maintain adequate records of the generated dates, methods, inputs, and outputs.

● Supervised Persons are not trained on both acceptable and prohibited uses of AI.

● Using AI poses data quality and illegal bias risks.

● The use of AI can violate legal agreements or terms of use.

● The use of AI that contains Material Non-Public Information.

● The use of AI that contains Material Non-Public Personal information.

● The use of AI creates the risk that a third-party service provider has not incorporated adequate controls, including the risks noted above.

**FIRM POLICY**

The Supervised Persons may collect or use AI only after pre-approval from the Chief Compliance Officer ("CCO"). The CCO only approves the use of AI that does not:

● Violate local, federal, foreign, or international regulations;

● Violate legal agreements or terms of use;

● Violate the Firm's Insider Trading Policy and Procedures;

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● Violate the Firm's Privacy Protection and Cybersecurity Policy.

The CCO ensures that the use of AI is adequately disclosed to clients and investors, including its use, methods, conflicts, and risks.

With respect to the use of AI, the Firm shall initially and periodically thereafter:

● Conduct third-party due diligence, including that the Firm has the commercial rights to use or share the data provided, and confidentiality, privacy, and data security concerns are addressed as a recipient or provider of information and in accordance with the Firm's Review of Third-Party Service Providers Policy;

● Adhere to the Firm's data protection protocols, which are designed to secure confidential information pertaining to both the firm and its clients when utilizing such software;

● Obtain attestations by Supervised Persons that the AI has not collected material non-public Information;

● Obtain attestations by Supervised Persons that the AI has not collected non-public Personal Identifiable Information (PII);

● Provide training to Supervised Persons on the acceptable use and risks of the AI used;

● Appoint a person(s) responsible for reviewing and monitoring AI and data sets;

● Periodically review the AI used and the documentation associated with reviewing, verifying, and validating the AI methods and outputs;

● Maintain an inventory of the AI used;

● IT department is responsible for assessing if the AI-generated code poses any cybersecurity threats to the Firm;

● Ensure the adequacy of its books and recordkeeping obligations.

In accordance with this policy, the Firm is authorized to use ChatGPT and similar software responsibly and in compliance with regulations, ensuring the protection of confidential firm and client data while providing accurate and trustworthy investment guidance.

When a Supervised Person suspects that the AI was obtained or used in a fraudulent or illicit manner or has questions in assessing the output of AI regarding cybersecurity risks to the Firm, they must promptly contact the Firm's Chief Compliance Officer and they will take appropriate action as applicable.

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**CODE OF ETHICS**

Jackson Creek has developed a separate document to specifically address the Firm's policy and procedures for a Code of Ethics. Refer to the ***Code of Ethics*** located in ***Appendix B*** of this Compliance Manual.

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**PORTFOLIO MANAGEMENT**

**PORTFOLIO MANAGEMENT AND TRADING PROCESS**

The Firm provides discretionary [and non-discretionary] portfolio management on a continuous basis. Portfolio management services will not be rendered prior to the client entering into a written agreement for services, which shall be maintained in the requisite client file. It is Jackson Creek's strict policy that only RIA affiliated persons of the Firm shall exercise limited discretionary authority over client accounts.

Subject to a grant of discretionary authority, the Firm, through its IARs, shall invest and reinvest the securities, cash or other property held in the client's account in accordance with the client's stated investment objectives as identified by the client during initial interviews and information gathering sessions. The Firm's IARs are granted discretion pursuant to authorization provided in the executed agreement for services, which is maintained in the relevant client file.

When a transaction takes place, an IAR will create the order, route it to the trader who will then execute the trade.

**DEFINED CUSTODIAN**

Client accounts will be held in custody by a qualified custodian (the "Qualified Custodian") or the product vendor, and securities will be purchased or sold through qualified custodians or directly through the product vendor's trading platform. Clients must utilize the services of a Qualified Custodian in order to participate in asset management services offered by Jackson Creek.

**RESEARCH PROCESSES**

Research is conducted internally utilizing information obtained from a wide variety of sources. Increasingly, the Internet and new databases provide a wealth of ideas and information to enhance Jackson Creek's research. The priority is for IARs to build up their knowledge and insights on an industry or company, and to exploit the vast wealth of information that is increasingly available.

Industry research is used to supplement the Firm's own research efforts. Examples of on-line resources include, but are not limited to, Morningstar, Standard & Poors and Investment Business Daily.

**VALUATION OF SECURITIES**

Jackson Creek will use information provided by the client's custodian as its main pricing source for purposes of valuing client portfolios, both for fee billing and investment performance calculation purposes.

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In the rare instance where Jackson Creek believes that the custodian is not pricing a security fairly or where a security has halted trading, members of the Firm will determine a fair value for that security. When determining a fair value for a security, Jackson Creek will attempt to obtain a quote from at least one independent pricing source, preferably two or more. The Firm will make a determination as to whether these quotes represent fair value. If Jackson Creek is unable to obtain quotes or determine the quotes received do not represent fair value, the Firm will establish a fair valued price for the security based on their knowledge of the security and current market conditions, among any other considerations deemed appropriate. The Firm will also document the rationale used to establish a fair valued price for the security.

**ACCOUNT REVIEW POLICY**

The portfolio management function is a dynamic activity. Securities are constantly analyzed for investment merit within client accounts, and portfolios are periodically reviewed by the Firms COO and IARs. The Firm provides ongoing oversight review of the accounts by conducting surveillance procedures, including, but not limited to, the following:

**SUITABILITY**

Accounts are periodically reviewed for consistency between the investment objectives and risk tolerance as represented on a client's Clients Data Questionnaire / New Account Form, and the actual holdings in the client's account.

IARs with accounts noted for further review due to suitability exceptions are provided with a list of the noted accounts. IARs with accounts indicating further review are contacted by telephone, mail, email or facsimile, and are asked to review the accounts and take appropriate corrective action, which may be to rebalance the account consistent with the client's stated investment objectives, financial needs, and risk tolerance, with the client's authorization (for non-discretionary accounts), obtain a revised New Account Form updating the client's investment objectives and risk tolerance consistent with the account's current allocations, or a combination of both. Noted accounts and follow-up action are tracked to ensure issues are resolved.

**CONCENTRATED ACCOUNTS**

Accounts are periodically reviewed for high concentrations in individual positions and are targeted for further review. Accounts with concentrations in single asset positions that appear to be inconsistent with the client's stated investment objectives, financial needs, and risk tolerance are targeted for further review.

Consideration is given to other relevant factors, including related accounts with additional assets.

IARs with concentrated accounts targeted for further review are contacted by telephone, mail, facsimile or email, and are asked to review the accounts and take appropriate action, which may include liquidating a portion of the concentrated position, or obtaining the client's signature on a Concentrated Security Positions letter, in which the client acknowledges the risks associated with holding a concentrated position, the ongoing management fees assessed on that position, and the client's intent to continue to hold the position in the account. Noted accounts and follow-up action are tracked to ensure that any issues are resolved.

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**INACTIVE ACCOUNTS**

Jackson Creek periodically reviews inactive accounts and initiates contact with the IAR responsible for managing the accounts. In general, Jackson Creek considers an account to be "inactive" if the account has had no trading activity within the previous 12 months.

Although Jackson Creek does not encourage unnecessary trading activity, it is important that the IAR is able to provide evidence of continuous management of the account since the inception date. To this end, IARs are reminded to continually monitor their client accounts and discuss existing positions, particular client circumstances, reasons for inactivity, and potential changes to the portfolio that may be warranted or recommended in further management of their client accounts. IARs are further instructed to document all client conversations or meetings as a means to demonstrate their ongoing management of the accounts. IARs are free to use whatever means necessary or appropriate to document regular ongoing management and client contact.

IARs with accounts deemed inactive are contacted by the CCO. IARs are asked to review the account and provide a written description of the ongoing contact with the client or copies of documentation of written contact for each of the targeted client accounts to demonstrate that the allocation remains consistent with the client's stated objectives. Noted accounts and follow-up action are tracked to ensure discrepancies are resolved.

**REVIEW PROCEDURES**

Client accounts are monitored periodically. Formal reviews may be provided at the client's request, based on deposits and/or withdrawals in the account, material changes in the client's financial condition, or at the IAR's discretion. The Firm monitors the investment positions on a periodic basis.

**ACCOUNT STATEMENTS**

The custodian holding the client's funds and securities will send the client a confirmation of every securities transaction and a brokerage statement at least quarterly. Additional information related to the Firm's portfolio management and trading procedures is detailed in the executed agreement for services located in the specific client file, in the Form ADV 2A and Form CRS.

**COMPLIANCE WITH INVESTMENT POLICIES/PROFILES, GUIDELINES AND LEGAL REQUIREMENTS**

The following Policy is designed to ensure that the Firm manages each of its client accounts in accordance with the investment policies, restrictions, guidelines, and legal requirements (collectively, "Investment Restrictions") applicable to that account.

**PROHIBITED PRACTICES**

The following is a non-exhaustive list of activities in which advisors are prohibited from engaging.

● Recommending or engaging in acts designed to conceal or disguise a client's identity, the source of investment funds, or to avoid regulatory recordkeeping.

● Directly or indirectly sharing in the profits or losses of a client's account.

● Directly or indirectly sharing commissions received for a securities transaction with an unregistered person, or a person registered with another broker-dealer, without the prior written approval from CCO.

● Agreeing to repurchase a security from a client.

● Accepting a check from a client made payable to any person or entity other the registered investment advisory Firm or Custodian.

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● Forwarding, or agreeing to forward, original confirmations or account statements to an address other than the address provided on the client's New Account Application and Agreement.

● Accepting cash or money orders from a client.

● Establishing escrow or collateral accounts without the prior written approval of CCO.

● Taking proxy authority or voting proxies that are solicited for securities held in any advisory or brokerage account, unless Proxy Voting is part of the Firm's procedures for all clients.

● Recommending or using any form of credit related liquefied home equity from a client's primary residence, secondary residence, or any investment property for the purpose of investing in any security, variable insurance, approved outside products such as fixed insurance, investment advisory products, or any products and services offered or sold in the capacity of a registered representative or investment advisor representative. An accommodation for an Advisor to be able to discuss with a client obtaining liquefied equity on the client's property is subject to Compliance approval and may be considered under limited circumstances. For purposes of clarification, the use of excess mortgage proceeds for investment from the sale of a home (i.e., downsizing) would be permissible in the event it was not a strategy recommended to a client and the client did not obtain new mortgage related funds for the purchase of their residence.

● Providing tax advice to clients. Clients should be advised to consult their own tax advisor.

● Providing legal advice to clients. Prohibited legal advice includes, but is not limited to, advice on wills, joint ownership of property, transfers, or distribution of property after death or how to take title on an account.

● Providing Verification of Deposit (VOD) letters to third parties or creating a VOD letter with the intention of it being distributed to a third party. A Verification of Deposit, or VOD, is a document requested by a third party, usually a lender, and signed by the financial institution to verify a client's financial holdings. The verification of deposit must come from the Custodian as the holder of assets.

**SOURCE OF FUNDS**

Source of funds and long-term risk considerations are a concern for all types of accounts. While requirements do not specifically refer to age or life stage for risk, all of the following factors should be considered when making recommendations to investors:

● Source of funds

● Source of income

● Current and future prospects for employment

● Income needed to meet fixed or anticipated expenses

● Savings for retirement and how they are invested

● Liquidity needs

● Financial and investment goals

● Primary expenses including whether the customer still has a mortgage

Recommending or using any form of credit related to liquified home equity from a client's primary residence, secondary residence, or any investment property for the purpose of investing at our Firm is prohibited. This restriction applies to both an advisor representative soliciting this type of business as well as a client requesting such a transaction. Recommending, selling, or facilitating the sale of a reverse mortgage is also prohibited. Likewise, cash out refinances or reverse mortgages for investment purposes cannot be recommended.

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Once an advisor representative becomes aware that funds have been sourced from home credit, the advisor representative is required to refrain from investing it with the Firm. The prohibited forms of investing include any security, variable insurance, approved outside product such as a fixed insurance, investment advisory products, or any products and services offered or sold in the capacity of a registered representative or investment advisor representative.

Advisor representatives are permitted to provide clients with educational information regarding reverse mortgages, including how they work as well as the advantages and disadvantages and may also direct clients to the National Council on aging to obtain further information.

All inquiries regarding this policy at the Firm shall be directed to the CCO.

**SOURCES OF INVESTMENT RESTRICTIONS**

There may be a number of different sources of Investment Restrictions for a particular account. The principal sources of Investment Restrictions for client accounts typically include the investment advisory agreement or other instrument under which the account was established, and/or other directions or guidelines established by the client and communicated to the Firm.

In addition, there are various other possible sources of Investment Restrictions for each account, including the Firm's own internal policies (which may further restrict how an account may be managed) and applicable law, which may include, but is not limited to:

● the Advisers Act and interpretations thereunder;

● the Employee Retirement Income Security Act of 1974 ("ERISA"), and related regulations and interpretations of the U.S. Department of Labor (applicable to almost all pension funds, other than governmental and church funds);

● other state statutes, regulations and agency interpretations governing investments of various kinds of governmental assets, including assets belonging to state governments, municipal governments, state and municipal agencies, authorities and instrumentalities, and pension funds for public employees (these laws differ from state to state and for different categories of accounts even within a single state);

● U.S. state and federal laws, and foreign laws, regulating the amount of stock in certain kinds of companies that can be held by accounts owned or managed by a single Firm (or group of related companies); and

● insider trading laws.

In addition to laws that limit investments that can be made for a client account, there are other laws that prohibit or limit transactions between a client account and the Firm or its affiliates, and laws that prohibit or limit transactions between certain kinds of client accounts (e.g., ERISA/pension fund clients) and affiliates or other related parties of the client. Many of these laws are the subject of specific policies and procedures covered elsewhere in this Compliance Manual. If an IAR or other applicable Supervised Person has any question as to whether a particular investment or transaction is legally permissible for a particular account, he/she should consult with the CCO before taking any action.

**RESPONSIBILITY FOR COMPLIANCE WITH INVESTMENT RESTRICTIONS**

Primary responsibility for compliance with the Investment Restrictions applicable to each account rests with the IAR primarily responsible for the day-to-day management of the account.

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The IAR for an account is responsible for maintaining a file for that account, containing, among other things, a copy of the investment advisory agreement and/or other instrument establishing the account (including a new account form), a copy of any additional instructions, directions or guidelines established by the client, copies of governing and offering documents for a pooled vehicle, and copies of any correspondence with the client that may bear on the interpretation or application of the Investment Restrictions for that account.

It is the responsibility of each IAR to understand the Investment Restrictions and investor profile that apply to each account under his or her management, and to ensure that any transaction made by the Firm on behalf of each such account satisfies both: (1) the Investment Restrictions and/or Investor profile applicable to that account and (2) basic standards of suitability and prudence. The IAR is also responsible for the continuous review of the holdings of the accounts he or she manages.

The CCO is responsible for general oversight and administration of this Policy and, in this regard, shall conduct periodic reviews in consultation with each IAR of the accounts he or she oversees to assess whether the Investment Restrictions applicable to each such account have been appropriately documented and are understood by the IAR and have been followed in practice.

The foregoing summary is intended only as an overview of investment compliance matters, and questions may arise in the course of managing client accounts. It is the obligation of each IAR or other applicable employee to bring to the attention of the CCO any issues that come to his/her attention relating to compliance with the Investment Restrictions of any account and relating to compliance with applicable laws and regulations.

Upon completion, the information must be submitted to the CCO, who will be responsible for ensuring the information is accurate and complete and will sign the document as evidence of his or her review and approval. The review will include a review for whether the portfolio selected appears to be suitable for the client and whether the client appears to have selected the appropriate portfolio given the responses to the investor profile or a written override has been signed by the client. Any incomplete documentation will be rejected, and no transactions will be allowed for such client until complete information is received. This review and acceptance of new clients must be done prior to the completion of any initial transaction.

**Add this to Portfolio Management section if you participate in a ESG portfolio and investing AND use a rating provider.**

**ESG RATINGS**

**DEFINITION**

An ESG Rating is designed to measure a company's resilience to long-term, industry material environmental, social and governance (ESG) risks. An ESG third party rating vendor may use a rules-based methodology to identify industry leaders and laggards according to their exposure to ESG risks and how well they manage those risks relative to peers.

Typically, ESG fund or ETF scores a rating on a scale from CCC (laggard) to AAA (leader). The rating is based first on the weighted average score of the holdings of the fund or ETF. An ESG third party rating vendor then assesses ESG momentum to gain insight into the fund's ESG track record, which is designed to indicate a fund's exposure to holdings with a positive rating trend or worsening trend year over year.

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Finally, the ESG third party rating vendor may review the ESG tail risk to understand the fund's exposure to holdings with worst-of-class ESG Ratings of B and CCC.

**POLICY**

Our Firm evaluates ESG-focused ETFs to determine funds that we deem would be fit for the model, while providing global diversification amongst investments. The goal is to attempt to provide similar returns to a market-weighted sleeve of the same asset classes but providing a tilt towards ESG factors.

Upon annual evaluation, all ETFs in the applicable strategies are evaluated against the the ESG third party rating vendor's ESG Rating. Our Firm will consider replacing any fund that falls below an "A" rating.

**MUTUAL FUND SHARE CLASSES**

**GENERAL POLICY**

The Firm's policy when selecting mutual funds for a client portfolio is to offer the Institutional Share Class to clients. However, circumstances may be present in which other class shares are offered and in the best interest of the client. If a decision is made to offer a share class other than Institutional Shares, documentation will be maintained to document why the decision was in the best interest of the client. The CCO will review and approve Share Class exceptions.

**PROCEDURES**

● The policy and procedures are communicated to the IARs and relevant staff upon hire and annually through the compliance meeting;

● Training is provided on how to select and document the choice of mutual fund share classes for each client;

● For new transfer non-institutional share class mutual funds, the IAR will convert to institutional share class or document why the shares were not converted.

● IARs are responsible for the initial selection of the appropriate mutual fund share class for their clients and documenting the reason for the selection of any class other than institution shares either in the client file, the client relationship management system, or another record retention system.

● The CCO or designee will review and approve all exceptions for non-institutional share class uses.

● CCO or designee is responsible for performing a periodic review of all clients mutual fund holdings to ensure that the procedures are being followed. This review should take into account the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ whether a client's situation has changed,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ whether new share class options are available, with the goal
 of evaluating whether the client now qualifies for, or has access to, a lower-cost share
 class.

● Results of the review are documented in the Firm 's Compliance files.

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**CRYPTO-ASSET POLICY**

Jackson Creek prohibits its IARs from providing advisory advice regarding investments in crypto-currency (e.g., Bitcoin), initial coin offerings ("ICOs"), distributed ledger technology, blockchain and/or any related products and pooled investment vehicles ("Crypto-Assets"). As such, advisers cannot maintain investments in any existing accounts discovered after opening.

Advisors may, at their own risk, under their own discretion, and as they deem appropriate and reasonable, purchase actual cryptocurrencies for their own accounts. Note: Jackson Creek doesn't facilitate the purchase and sale of cryptocurrencies. These transactions would be required to be done at other firms in accordance with our Outside Investment Accounts Policy. Advisor must file the appropriate form/notification to the Compliance and get approval by Compliance.

If advisers are aware of any existing clients involved in the cryptocurrency and/or block chain trade, they should immediately report this information to the CCO.

**MARIJUANA POLICY**

Jackson Creek prohibits advisers from conducting business with any person or entity involved with marijuana production, distribution, or other ancillary operations. As such, advisers cannot establish new accounts for any of these entities or persons, or maintain any existing accounts discovered after opening.

If advisers are aware of any existing clients involved in the marijuana trade, they should immediately report this information to the CCO.

**FIDUCIARY DUTIES OWED TO CLIENTS**

Jackson Creek owes a fiduciary duty to each of its clients. This duty is akin to the "prudent man rule" applicable to a trustee, exercising that degree of care with respect to the client's affairs that a "prudent man" would observe with respect to his own. This duty is particularly evident where the client has given discretionary authority over his or her account to Jackson Creek. Consistent with this fiduciary duty, Jackson Creek must eliminate or at least expose all conflicts of interest that might incline it consciously or unconsciously to render advice that is not disinterested.

In order to carry out their general fiduciary duties to clients, the Firm and each Adviser Representative shall have the following specific duties:

● avoid all conflicts of interest and potential conflicts of interest, and, if unavoidable, fully disclose the material facts of each and every conflict of interest and mitigate material conflicts of interest;

● exercise the utmost and undivided loyalty to the client;

● monitor client's circumstances and investments over the course of relationship;

● as frequently as necessary, make a reasonable inquiry into the client's financial situation, level of financial sophistication, investment experience and investment objectives, as they may change over time;

● act prudently with the care, skill, and judgment of a professional;

● recommend suitable investments and otherwise providing personalized advice to clients including having a reasonable basis for advice in the best interest of the client based upon the client's profile;

● obtain best execution on client trades;

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● obtain client consent prior to making principal trades with a client;

● never engage in scalping (*i.e.,* engaging in a trade of a security in the adviser's account in advance of a client's trade in the same security in a manner that is a disadvantage to the client);

● treat each client fairly and perform services for them, including trading their accounts, in an equitable manner;

● communicate clearly and accurately;

● provide accurate information about the total fees and expenses paid by the client;

● receive only reasonable gifts, entertainment, and other benefits from service providers, including broker-dealers executing client trades;

● maintain a high level of competence regarding investment management knowledge and skills; and

● ensure that clients are offered or have access to all necessary investment products, funds and other investment management services that can be tailored to the needs of the client.

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**ALTERNATIVE INVESTMENTS**

Our Firm allows the use of Alternative Investments, if deemed suitable for the client portfolio.

Alternative Investments represent asset classes outside the realm of traditional stocks, bonds and cash equivalents and include, among other things, the following:

● Financial Futures/Equity Futures and Options

● Leveraged and Inverse ETFs

● Structured CDs

● Hedge Funds

● Private Placements

● Non-Traded REITS

● Direct Lending Programs

● Cryptocurrency

● Gold and Silver

The SEC Office of Compliance Inspections and Examinations (OCIE) acknowledges that IAs are increasingly recommending alternative investments to their clients. IAs are fiduciaries and thus must always act in their clients' best interests.

Our Firm requires that all Alternative Investment Products engaged by an IAR must be **approved in writing by our CCO prior to use with Clients**. All IARs interested in utilizing the services of an Alternative Product that is not currently on the approved list (Firm or Custodian platform) should provide a written request for approval of the product/sponsor.

Jackson Creek generally accepts investment ideas from any source, whether from a current client, an issuer or a third-party. For example, from time to time, clients may become aware of alternative investment opportunities from outside sources and request Jackson Creek's input, or potential issuers may reach out to Jackson Creek seeking that the firm consider their alternative investment opportunities. With regard to any alternative investment idea:

● No Jackson Creek personnel may recommend an alternative investment to a client until the Firm authorizes such action.

● **Neither Jackson Creek, nor any employees of the firm, may receive a finder's fee or any other compensation** from the issuer or issuer's broker-dealer.

**DUE DILLIGENCE OF ALTERNATIVE INVESTMENTS**

Before Jackson Creek makes a recommendation to a client regarding any investment, Jackson Creek must perform reasonable due diligence to determine that such investment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Meets the clients' investment objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Is in the best interest of the client in light of the client's
risk profile, liquidity requirements and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Is consistent with the investment principles and business strategies that were disclosed to
 Jackson Creek (e.g., as set forth in relevant documents, such as advisory disclosure documents, private offering memoranda,
 prospectuses, or other offering materials).

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The Due Diligence process is to ensure and understand financial background of the investment, the management of the firm offering the investment and the risks associated to Alternative Investment made available to clients. This review will typically include when available, but is not limited to:

● Review of audited financial statements

● Firm's offering documents

● Background of management persons of the firm

● Evaluation of the validity and integrity of the issuer's business model and how it fits into its business sector,

● Determination of the issuer's creditworthiness,

● The assets held by or to be acquired by the issuers,

● Review of information available from financial and other publishers,

● Independent verification of management's representations (contact with issuer's customers; lenders, vendors, lower-level employees, *etc.*),

● Review news articles and industry publications regarding the issuer, its market, and competition,

● Review of the company's internal documents such as operating plans, product literature, corporate records, financial statements, contracts and lists of distributors and customers,

● Physical inspection of the company's facilities,

● Contact with the issuer's auditor and other experts knowledgeable about the company,

● Contact with outside directors,

● Interviews of key personnel or customers,

● Review of the intended use of proceeds of the investment by the issuer,

● Liquidity availability and restrictions, if any.

The Firm shall keep and maintain a central file of all information and documents regarding a particular alternative investment idea. Documents shall be maintained in accordance with Jackson Creek's books and records procedures, reviewed and updated periodically, but no less than annually. The CCO and/or the investment committee is responsible for documenting the approval of any investment prior to use with any clients.

**TRAINING OF IARS**

The Firm will provide adequate education and training with regard to the alternative investments approved for use with clients by our firm. This is so that the IARs may understand the investment, its general features and material risks and the type of client the investment is suitable. Such education and training will be documented by Compliance.

**CLIENT REVIEW FOR USE OF ALTERNATIVE INVESTMENTS**

Our Firm has implemented specific client guidelines regarding the recommendation of Alternative Investments with clients. The Firm has specified minimums regarding client Net Worth and Income that must be met to make any recommendations for use of Alternative products. This is documented in the client's investment management agreement. Our Firm's IARs may only recommend the Alternative Investment to an Jackson Creek client when the recommendation has been determined to be in the best interest of the particular client.

Prior to recommending an alternative investment product, IARs should always consider the following:

● Liquidity

● Creditworthiness of the issuer/underlying collateral

● Principal and/or income is not guaranteed

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● Tax consequences or benefits

● Costs and fees associated with selling and purchasing

Our Firm also cautions against relying too heavily upon a client's financial status as a basis for recommending alternative <u>investments. Net</u> worth alone is not necessarily a determining factor when considering if a particular product is suitable for an investor.

Before any recommendation by Jackson Creek of an alternative investment, the client and IAR shall complete an ***Alternative Acknowledgement Form*** outlining the desire for such investments, amount of money to be invested in such opportunities and a risk profile showing ability to shoulder risk of such investments. When an alternative investment is recommended by Jackson Creek, the client shall execute an ***Alternative Acknowledgment Form***. The Form is designed to identify, and have the client acknowledge, the material risks attendant to the specific investment (e.g., speculative, illiquid, etc.) The Firm shall document the recommendation given to the client. Documents shall be reviewed and maintained in accordance with Jackson Creek's books and records procedures.

As noted above, from time to time, a client may identify investment opportunities from outside sources. In such cases, where the CCO determines that the alternative investment idea will not be reviewed by or Firm, and our firm determines that it cannot recommend the alternative investment as an appropriate investment, the client will be advised of such determination.

**DISCLOSURE OF RISKS**

IARs will maintain documentation of discussions with clients about use of Alternative Products. Language in Part 2A – Item 8 – Strategy and Risk of Loss will address the risk of loss concerning use of alternative investments. An ***Alternative Acknowledgement Form*** is used as documentation the Risks were disclosed to the client.

**ACCOUNT TYPE CONSIDERATIONS**

Some account types may not allow certain types of investments to be purchased or held in the account (based on trust document language, guardianship agreements, retirement plan documents, etc.). Additionally, some account types require financial information to be considered differently in order to determine the amount of an alternative investment that may be purchased. The following information must be considered:

**Trust Accounts:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Review the Trust documents in order to determine if these types of investments can be held in the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Irrevocable Trusts must use the trust's financial information only. If the trust is established
using its own tax identification number, the percentage guideline limit for age <70 is used along with the liquid net worth and investment
objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If the trust is established under an individual's social security number, as opposed to a Tax ID,
then the oldest living grantor should be considered for the guideline limits. Personal grantor trusts report annual income, liquid net
worth, and net worth, based on the personal financials of the grantor(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Assets from a trust established using its own tax identification number cannot be commingled with assets
of the trustee's personal assets.

**UTMA/UGMA/Guardianship/Custodial Accounts:**

● The financial information of the minor or ward should be used.

● The percentage of the client's liquid net worth is based on the account owner's assets.

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● For Guardianship accounts, review the court documents (if applicable), in order to determine if these types of investments can be held in the account.

**Profit Sharing Plans, 401K's, Corporate, and Non-Profit accounts:**

● Review the Corporate Charter documents (if applicable) or any other documents to determine if these types of investments can be held in the account.

● Use the entity's financial information.

● The percentage must be based on the account's investment objective and financials.

● Single Participant Profit Sharing Plans and Single Participant 401k plans should be included in the assets for the individual client/household for which the account is for the benefit of. Review of plan documents should be completed to determine if the plan is a single or multiple participant plan.

**Individual Accounts and IRA Accounts:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ In most cases it may be appropriate
 to use the spouse's information if the client lives in a community property state.
 However, if the client has a prenuptial agreement then they may not be able to. If the account
 owner decides to use their spouse's financial information, they must also include that
 spouse's Alternative Investment holdings for purposes of calculating allocation percentages.

**Joint Accounts:**

● Firm will consider the oldest account holder listed on the account to determine age suitability.

● Joint accounts must include current and pending Alternative Investment holdings of all owners whether or not the additionally disclosed holdings are held jointly or individually.

**PROSPECTUS/OFFERING MEMORANDUM REQUIREMENT**

Our Firm's procedures require that all IARs deliver to the client a copy of the prospectus or offering memorandum for any alternative investment product recommended or sold at the time of the recommendation or sale, if applicable. IARs should familiarize themselves with the contents of the fund prospectus/offering memorandum prior to recommending a purchase to clients. The prospectus or offering memorandum delivery is documented on the appropriate ***Alternative Acknowledgment Form*** for the product being sold or solicited.

**ACCURATE CLIENT INFORMATION**

When completing the appropriate alternative investment forms, it is important to fill out all paperwork in its entirety. Any omission of information may result in the purchase being rejected back to the IAR and can cause a delay in submitting paperwork to the sponsor. Any changes to a client signed document must be initialed and dated by the client.

**ALTERNATIVE INVESTMENT EXCEPTIONS REQUESTS**

As a general matter, the Firm does not grant exceptions to firm guidelines and only under a very limited set of facts and circumstances will an exception be granted. All exception requests must be presented to Compliance in writing. The information provided to Compliance should include: client financial information, beneficiaries, additional insurance policies, health of client, and a compelling reason why client should be allowed to exceed the policy limits. Each request is viewed on a case-by-case basis and may require additional documentation.

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**USE OF DISCLOSURES ON MATERIALS**

Advisors are required to make a full and fair disclosure of all material facts pertaining to alternative investments they solicit or sell. This may include, among other things, disclosing that the alternative investment generally is illiquid and the customer may not be able to liquidate or sell the securities in the future. Advisors are also required to verify, at the time of purchase, that the customer meets all suitability requirements specifically provided in the prospectus or offering memorandum for such security (e.g., minimum annual income and net worth, state regulations, etc). As a reminder, our Firm considers liquid net worth to include all assets that can be liquidated within thirty (30) days, exclusive of real estate holdings. Disclosures on materials referencing Alternative Investments shall include, as applicable:

● *Jackson Creek is acting solely on behalf of Jackson Creek clients in determining whether the alternative investment idea is an investment which may be suitable and in an Jackson Creek ' client's best interest.* 

● *Jackson Creek is not acting on behalf of the issuer (or issuer's broker-dealer) and has no obligations to the issuer (or issuer's broker-dealer) in connection with its review of the alternative investment idea.* 

● *Neither Jackson Creek nor its personnel will receive any transaction-based compensation in connection with providing investment advice to its clients.* 

● *Jackson Creek is not providing any services to the issuer and has not/ is not providing any assistance with regard to creating the security, negotiating the offering of such security, or the terms and conditions of the issuance of such security such as the pricing of the offering.* 

**ALTERNATIVE INVESTMENT LIQUIDATIONS AND REDEMPTIONS**

Generally, alternative investment products are meant to be held to maturity through a liquidity event as detailed in the prospectus or offering memorandum, however any planned liquidity event is not guaranteed and may be changed at the discretion of the program. For these such products, our Firm does not permit IARs to assist directly in the sale or redemption of an alternative investment unless the client is selling or redeeming back to the general partner or if they are accepting a tender offer. These sales or redemptions should not generally be a matter of solicitation as the investments are long term investments and the expectation is that they be held for the life of the fund.

There are some alternative investment products that have a perpetual life or duration, similar to how traditional investments are offered and redeemed at regular intervals. While these alternative investments are still long-term investments, it may be appropriate to redeem them at a later date based on changes to the client's investment objective, time horizon or specific financial needs.

Any customer who wishes to sell an alternative investment should be made fully aware that:

● Alternative investments usually sell at a very deep discount to their initial purchase price and may be assessed early redemption fees or other charges;

● The customer is responsible for paying all fees charged by the issuer or general partner in relation to the transfer;

● The transfer process may take longer than eight weeks to be completed;

● Redemptions may not always be possible and clients should be prepared that they may not be able to liquidate shares; and

● Investing the proceeds of a liquidated alternative investment into a new alternative investment for the purpose of achieving greater distribution should not be recommended, as the distribution rate is not guaranteed and may be reduced or eliminated at the discretion of the sponsor.

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Periodically, a client may wish to liquidate some or all of their alternative investment holdings. Though there are firms providing secondary markets with services designed to help individuals liquidate certain illiquid alternative investments, IARs must refrain from assisting clients in effecting transactions with such firms. Additionally, our Firm does not allow IARs to engage in cross trades for any alternative investment including limited partnerships.

**PRIVATE SECURITIES TRANSACTIONS**

In accordance with our Code of Ethics, all associated persons must provide written notice to the firm with which (s)he is associated describing in detail the proposed transaction and the associated person's proposed role therein and stating whether he has received or may receive selling compensation in connection with the transaction.

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**TRADING AND BROKERAGE POLICY/BEST EXECUTION**

As a registered investment adviser, the Firm recognizes its fiduciary obligation to obtain best execution of clients' transactions under the circumstances of the particular transaction. In all cases, the broker selected must be a registered entity with the SEC and a member of FINRA. In certain circumstances the transactions for the Firm's clients will be in mutual funds where the price is set by prospectus and does not vary from one Firm to another, and generally, mutual funds will be purchased at net asset value if that fund is available at net asset value in the client's account.

The Firm will, on a periodic basis, evaluate its relationships with executing Broker to determine execution quality. In deciding what constitutes best execution, the determinative factor is not the lowest possible commission cost, but whether the transaction represents the best *qualitative* execution. In making this determination, the Firm's policy is to consider the full range of the Broker's services, including without limitation the value of research provided, execution capabilities, commission rate, financial responsibility, administrative resources and responsiveness. As a part of this analysis, the Firm will also consider the quality and cost of services available from alternative brokers.

**REVIEW OF TRADE EXECUTION**

The Firm will periodically and systematically monitor and evaluate the execution and performance capabilities of the utilized Broker(s). From time-to-time, quantitative performance data about Broker will be acquired from the Broker or third-party evaluation services to assist the review process. Evidence of such reviews shall be appropriately documented.

**DISCLOSURE**

The brokerage practices of the Firm will be fully disclosed in the Firm's Form ADV Part 2A, including a summary of factors the Firm considers when selecting Brokers and determining the reasonableness of their commissions.

**CONFLICTS OF INTERESTS**

The Firm will be sensitive to various conflicts of interest that may arise when selecting Brokers to execute client trades, and where necessary, shall address such conflicts by disclosure.

**TRADE PROCESSING PROCEDURES**

Order Placement

The following describes the general procedures to be followed by IAR with respect to trades in securities:

● A trade is initiated by the IAR.

● The IAR trader enters the trade into the Broker's trading platform.

● The IAR organizes the trades and allocates the pro rata share to the applicable accounts. Settlement of all trades is handled at the Broker.

● Records of executed trades from the Broker(s) are maintained by the Firm's CCO.

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All trading discrepancies, error or mistakes shall be brought to the attention of the IAR or operations, who shall maintain a file evidencing the trading discrepancy, error or mistake, the review conducted by operations and any action taken by operations with respect thereto. Discrepancies are corrected in conformity with the Firm's Trading Error Procedures.

**T+ 1 SETTLEMENT**

The T+1 amendment to Rule 15c6-2 of the Securities Exchange Act of 1934 applies to the same securities transactions previously covered by the T+2 settlement cycle. These include transactions for stocks, bonds, municipal securities, exchange-traded funds, certain mutual funds and limited partnerships that trade on an exchange. The switch to T+1 also means that these transactions will align with the settlement times for options and government securities, which currently operate on a next-day settlement schedule.

Additionally, even though margin requirements in margin accounts are computed on a trade-date basis and aren't changing, the payment period for Regulation T (initial) margin calls also has been reduced by one day to T+3. This means that the change in settlement date doesn't change the time periods related to meeting maintenance margin calls, as these are set based on the date the call occurred.

This policy is applicable to all employees, supervised persons, and affiliated entities involved in the trade execution and settlement process, including those responsible for trade allocations, confirmations, and affirmations. For trades executed directly on the Custodian platform, the firm will document and verify that each allocation has been completed on trade date to ensure compliance with the T+1 settlement rule. The CCO is responsible for Monitoring Trade Settlement, ensuring that all trades settle within the T+1 timeframe.

**AGGREGATION AND ALLOCATION OF TRANSACTIONS**

The following sets forth policies and procedures to be followed by Jackson Creek (the "Firm") with respect to the allocation of investment opportunities and trade orders among client accounts and related matters. Jackson Creek may aggregate transactions if we believe that aggregation is consistent with the duty to seek best execution for our clients and is consistent with the disclosures made to clients and terms defined in the client Investment Advisory Agreement. We may make trades in individual accounts (that are not aggregated with others) so that we may address that client's unique circumstances. No advisory client will be favored over any other client, and each account that participates in an aggregated order will participate at the average share price (per custodian) for all transactions in that security on a given business day.

**ALLOCATION OF INVESTMENT OPPORTUNITIES**

We will aggregate trades with your trades, providing that the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Our policy for the aggregation of transactions shall be fully
disclosed to our existing clients (if any) and the Broker(s) through which such transactions will be placed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. We will not aggregate transactions unless we believe that aggregation
is consistent with our duty to seek the best execution (which includes the duty to seek best price) for you and is consistent
with the terms of our Investment Advisory Agreement with you for which trades are being aggregated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No advisory client will be favored over any other client; each client that participates in an aggregated
order will participate at the average share price for all our transactions in a given security on a given business day, with transaction
costs based on each client's participation in the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If the aggregated order is filled in its entirety, it will be allocated among clients in accordance with
the allocation statement; if the order is partially filled, the amounts filled will be allocated on a pro rata basis using the order quantities
of the participating clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Notwithstanding the foregoing, the order may be allocated on a basis different from that specified if
all client accounts receive fair and equitable treatment and the reason for difference of allocation is explained in writing and is reviewed
by our compliance officer. Our books and records will separately reflect, for each client account, the orders of which aggregated, the
securities held by, and bought for that account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. We will receive no additional compensation or remuneration of any kind as a result of the proposed aggregation;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Individual advice and treatment will be accorded to each advisory
client.

Whether and to what extent an account participates in an allocation is based on a number of considerations, including among others, the account's investment objective, policies and restrictions, its availability of cash balances, tax considerations, and whether the account already has sufficient holdings of similar securities. Based on these and any other relevant considerations, and except as noted below, each account is generally given the opportunity to participate in potential investments, which fall within that account's investment objective and policy restrictions, on a pro-rata basis based on the relative asset size of the account. In certain cases, Jackson Creek may determine to allocate a particular purchase order of securities based on account size (e.g. by allocating the order first to the smallest account and then to larger accounts in order of asset size or, alternatively, from the largest account to the smallest) where administrative efficiencies would be gained due to the size and timing of completion of the order and/or where round-lot issues are involved. However, there should be no allocation to an account or set of accounts based on account performance, the amount or structure of management fees, whether the Firm or its affiliates have an ownership interest in the account, or whether the account is public versus private.

With respect to investment opportunities that are made available to the Firm in limited quantities (such as initial public offerings and private placements) (a "Limited Offering"), Jackson Creek will determine in good faith whether the security falls within a specific, focused investment mandate of a particular account or accounts. Applicable focused accounts will ordinarily be given the first opportunity to participate in the Limited Offering securities on a pro rata basis (based on the relative asset size of each focused account). In the case of a focused account, Jackson Creek may determine not to utilize some or all of the account's allocation of the Limited Offering securities based on considerations including an account's existing positions in the same or similar securities, the cash availability of a particular account, an account's investment objectives, policies and restrictions and tax considerations. Any Limited Offering securities that are utilized by the focused account(s) would then be made available to all other suitable accounts (i.e., accounts for which the securities are appropriate based on the considerations referenced above) on a pro rata basis, based on relative assets. Limited Offerings that do not fall within a specific investment focus of a particular account or accounts will ordinarily be made available for allocation among all suitable accounts on a pro rata basis, based on relative assets. The Chief Investment Officer and Portfolio Manager must pre-approve any allocation that deviates from this policy.

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**AGGREGATED EXECUTIONS**

When orders are aggregated, each participating account will receive the weighted average price for all transactions in a particular security effected to fill such orders on a given business day, and transaction costs will be shared pro rata based upon each account's participation in the transaction.

The Firm's Chief Investment Officer is responsible for oversight and administration of this policy.

**COMPLIANCE MONITORING AND REPORTING**

The CCO will monitor and periodically review trading issues including, commissions, trading problems or errors, compliance issues and procedures.

Jackson Creek monitors accounts that appear to be inactive over a specified period of time by looking at trading activity. Although the firm does not encourage extensive trading activity, it is important for IARs to demonstrate continued management of an account even in the absence of transactions. To this end, IARs are urged to document all analysis of client account reviews including a copy of any review analysis. IARs may use the Annual Client Review form to document those reviews, which will be requested by supervision. Documenting client conversations or meetings is a means of demonstrating ongoing account management. IARs are reminded that annual client meetings are required for advisory accounts and should be conducted at least once every twelve months. Inactivity alerts are designed to verify that advisors are fulfilling their fiduciary duty to appropriately manage accounts. An account is flagged for inactivity if it has no trades (buys or sells) for a period of 12 months.

**PRINCIPAL AND CROSS TRANSACTIONS WITH CLIENTS**

Principal transactions are generally defined as transactions where an adviser, acting as principal for its own account, buys from or sells a security to an advisory client. It is the policy of Jackson Creek not to engage in principal transactions with clients. An adviser is deemed to have engaged in a principal transaction for its own account in any transaction involving an account more than 25% of which is owned by the adviser or its control persons. Principal transactions are subject to the requirements of Section 206(3) of the Advisers Act. The CCO is responsible for implementation and monitoring of our policy with respect to principal trading.

Cross trades are transactions for which an adviser has both a buyer and a seller for the same security. It is the policy of Jackson Creek not to engage in cross trades between clients.

**ECONOMIC BENEFITS FROM SECURITIES TRANSACTIONS**

It is Jackson Creek's policy not to accept products or services (other than execution and services from our Brokers) from a broker-dealer or a third party in connection with client securities transactions unless there has been a disclosure made to the client as required by SEC Rules. The CCO is responsible for monitoring this in a manner consistent with the Firm's policies and procedures and the Rules. Such products or services can be classified as a "soft dollar benefit" or "other economic benefit."

**SOFT DOLLAR BENEFITS – DEFINITION**

An adviser can enter into a type of arrangement with one or more Brokers whereby it receives some economic benefit in exchange for directing client transactions to that broker-dealer. These economic benefits can be paid for with what are commonly referred to as "soft dollars," and are referred to as "soft dollar benefits." In effect, the commissions paid by the adviser's clients generate these soft dollars that are used by the adviser to pay for these soft dollar benefits.

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Soft dollar arrangements present a conflict of interest for the adviser. The adviser has the incentive to direct client transactions to the broker-dealer that will provide it with the most soft dollar benefits. Nevertheless, Section 28(e) of the Securities Exchange Act of 1934 (the "1934 Act") provides a safe harbor that expressly permits soft dollar arrangements provided certain conditions are met. These conditions include the requirement that soft dollars only be utilized to obtain research or brokerage services and provided that the commissions are reasonable in consideration of the economic benefit to be purchased with the soft dollars. If the adviser "pays up for research" but meets the requirements of Section 28(e) of the 1934 Act, the adviser will not be deemed to breach its fiduciary duty to its client even if the client pays a commission higher than the lowest commission available to obtain the research or brokerage services. If the adviser acts outside of the Section 28(e) safe harbor, however, it will not necessarily be deemed to breach its fiduciary duty to its clients.

**OTHER ECONOMIC BENEFITS**

An adviser may receive from a broker-dealer or other financial institution, without cost, computer software and related systems support, which allow the adviser to better monitor client accounts maintained at that financial institution ("other economic benefit"). The adviser may receive the software and related support without cost because it renders investment management services to clients that, in the aggregate, maintain a certain level of assets at that financial institution.

While these arrangements do not typically qualify as soft dollar arrangements because they are not tied directly to client transactions or commissions, they present a conflict of interest for an adviser. An adviser has an indirect incentive to direct client transactions to the broker-dealer that will provide it with the most other economic benefits. If the adviser utilizes the services of a financial institution that provides the adviser with economic benefits, it will not be deemed to breach its fiduciary duty to its clients even if the clients pay a commission higher than the lowest commission available to obtain such economic benefits so long as certain conditions are met. These conditions include the requirement that such other economic benefit is in the best interest of the clients and that the benefit is disclosed to clients.

**Example**

The following illustrates typical other economic benefits that an adviser may receive:

● Receipt of duplicate client confirmations and bundled duplicate statements;

● Access to a trading desk that provides for specialized services;

● Access to block trading;

● Access to an electronic communication network for client order entry and account information;

● Software or other tools in connection with the Firm's delivery of investment advisory services;

● Travel, meals, entertainment, and admission to educational or due diligence programs; and

● Marketing support including sponsorship of client events.

The CCO will, at least periodically, review the Firm's practices regarding the receipt of products or services from financial institutions to ensure that the Firm continues to follow its policies and procedures. When the Firm accepts products or services (other than execution) from a broker-dealer or a third party in connection with client securities transactions, the CCO will characterize these products or services as either "soft dollars" or "other economic benefit."

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**SOFT DOLLAR ARRANGEMENTS**

Jackson Creek may receive research, products, or other services from broker-dealers in connection with client securities transactions ("soft dollar benefits"). Jackson Creek may enter into soft-dollar arrangements consistent with (and not outside of) the safe harbor contained in Section 28(e) of the Securities Exchange Act of 1934, as amended. There can be no assurance that any particular client will benefit from soft dollar research, whether or not the client's transactions paid for it, and Jackson Creek does not seek to allocate benefits to client accounts proportionate to any soft dollar credits generated by the accounts. Jackson Creek benefits by not having to produce or pay for the research, products or services, and Jackson Creek will have an incentive to recommend a broker-dealer based on receiving research or services. Clients have been informed via the Jackson Creek ADV 2A in Item 12 that Jackson Creek's acceptance of soft dollar benefits may result in higher commissions charged to the client.

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**TRADE ERROR PROCEDURES**

The following procedures provide guidance on how basic trading errors will be handled and identify the person or persons to whom issues regarding trading errors or potential trading errors should be directed to ensure that they are handled promptly and appropriately.

**DEFINITION OF TRADE ERROR**

A trading error is a deviation from the applicable standard of care in the placement, execution or settlement of a trade for a client account. In general, the following types of errors would be considered trading errors for the purposes of these Procedures if the error resulted from a breach in the duty of care that Jackson Creek owes to the client under the particular circumstances:

● The purchase or sale of the wrong security or wrong amount of securities;

● The over allocation of a security;

● The purchase or sale of a security in violation of client investment guidelines or other failure to follow specific client directives; and

● Purchase of securities not legally authorized for the client's account.

● For purposes of these Procedures, the following types of errors are not deemed to be trading errors:

● Good faith errors in judgment in making investment decisions for clients;

● Errors caught and corrected before execution;

● Ticket re-writes and similar mistakes that inaccurately describe properly executed trades; and

● Errors made by persons other than the Firm (e.g. broker-dealers, custodian).

**POLICY**

An overriding principle in dealing with a trading error made by the Firm (or any other party to the trade other than the client) is that the client never pays for losses resulting from such errors. In general, when the error and responsible party are identified, Jackson Creek works with the Broker to correct the trade error. The trade is broken immediately, if possible and the error is corrected the same day. Jackson Creek works with the Broker on making the Client's account whole with no loss to the Client's account. If there is a loss to the Client's account, Jackson Creek will work with the Broker to reimburse the Client account. Violations of these procedures are viewed as unacceptable by the management of the Firm and may result in written sanctions, monetary penalties or loss of position. Any questions regarding error correction, policy or procedures should be directed to the CCO.

**TRADE ERROR NOTIFICATION PROCEDURES**

Procedures to be followed in the event a potential trading error is identified include the following:

● Alert the CCO immediately.

● A determination should be made promptly as to: (a) whether a trading error has occurred, and (b) who is the responsible party.

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● Work with the Broker to correct the error immediately in the best interest of the client and in a manner consistent with the Policy outlined above.

● In the event of a loss, Jackson Creek will work with the Broker to reimburse the account for the full amount of the loss, including transaction costs.

● In the event of an erroneous profit, the profit is donated to a charity.

● A memo will be written by the CCO identifying: (1) the date of the trading error, (2) the account(s) involved, (3) the security involved (including CUSIP), (4) a brief description of the error, and (5) the amount of the gain or loss.

● Payments made to clients as a result of trade error correction are to be recorded in the Firm's accounting records.

● At no time may an IAR reimburse a client for a trading loss. Only Jackson Creek has the authority to reimburse clients.

● The CCO should determine if a pattern of errors exists that should otherwise be addressed.

● The Firm will maintain a record of all trade error reports for a period of five (5) years.

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**FINANCIAL PLANNING**

The Firm requires all financial planning activities conducted by IARs for compensation to be conducted through the Firm. By its general nature, financial planning is a broad term that may or may not include advice on securities. The financial planning activities offered by the Firm are:

● Financial Plan Analysis

● Retirement Planning

● Cash Flow Management

● Personal Risk Management

● Estate Planning

Additional financial planning activities may be offered by IARs to customers or prospective customers based on their needs and desires.

**REQUIRED AGREEMENTS**

Prior to entering into a relationship with a Client to provide the financial planning services, an IAR is required to execute a Financial Planning Agreement using the standard form supplied by the Firm.

**DUTIES IN PROVIDING FINANCIAL PLANNING SERVICES**

All IARs are responsible for conducting financial planning activities in a manner that is consistent as a fiduciary. In meeting such requirements, IARs have:

● A duty to have a reasonable, independent basis for his or her investment advice;

● A duty to ensure that his or her investment advice is suitable to the client's objectives, needs and circumstances; and

● A duty to be loyal to clients.

Under no circumstances may an IAR:

● Employ a device, scheme, or artifice to defraud a customer or a prospective customer;

● Engage in any practice, transaction, or course of business which defrauds or deceives a customer or a prospective customer

● Engage in fraudulent, manipulative or deceptive practices.

**RECORDKEEPING**

IARs are responsible for maintaining client files that include, but are not limited to:

● The Financial Planning Agreement entered into to provide financial planning services;

● Copies of any financial plans or documents provided to clients pursuant to the providing the financial planning services;

● Documents utilized by the IAR in formulating a financial plan;

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● Invoices sent to the client; and

● Copies of any checks or payments received by the client.

The CCO is responsible for maintaining a copy of all:

● Agreements entered into by the Firm to provide financial planning services,

● A copy of the invoices sent to clients, and

● A copy of any payments made by the client in connection with financial planning activities.

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**ERISA PLANS**

------

**POLICY**

The Firm may act as an investment manager for advisory clients which are governed by ERISA. Under certain circumstances, Jackson Creek will be treated as giving "investment advice" to a Plan, a Plan fiduciary, a Plan participant or beneficiary for purposes of section 3(21)(A)(ii) of ERISA. When giving "investment advice" with respect to a Plan, Jackson Creek will be treated as a ***fiduciary*** under ERISA. As an investment manager and a fiduciary with special responsibilities under ERISA, and as a matter of policy, Jackson Creek is responsible for acting solely in the interests of the plan participants and beneficiaries. Jackson Creek 's policy includes managing client assets consistent with the "Prudent Man Rule," maintaining any ERISA bonding that may be required, and obtaining written investment guidelines/policy statements, as appropriate.

**QDIA REGULATION**

The DOL adopted the QDIA Regulation (ERISA Section 404(c)(5)) to provide relief to a plan sponsor from certain fiduciary responsibilities for investments made on behalf of participants or beneficiaries who fail to direct the investment of assets in their individual accounts.

For the plan sponsor to obtain safe harbor relief from fiduciary liability for investment outcomes the assets must be invested in a "qualified default investment alternative" (QDIA) as defined in the regulation. While investment products are not specifically identified, the regulation provides for four types of QDIAs:

● A product with a mix of investments that take into consideration the individual's age or retirement date (e.g., a life-cycle or target date fund);

● An investment services product that allocates contributions among existing plan options to provide an asset mix that takes into consideration the individual's age or retirement date (i.e., a professionally-managed account);

● A product with a mix of investments that takes into account the characteristics of the group of employees as a whole rather than each individual (a balanced fund, for example); and

● A capital preservation product for only the first 120 days of participation (an option for plan sponsors wishing to simplify administration if employees opt-out of participation before incurring an additional tax).

A QDIA must either be managed by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) an investment manager,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) a plan trustee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) a plan sponsor, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) a committee primarily comprised of employees of the plan sponsor that is a named fiduciary, or it may be an investment company registered under the Investment Company Act of 1940. It is the policy of Jackson Creek that investment advice given by Jackson Creek with respect to Plans concerning default investment options for participants or beneficiaries ensures that Plan fiduciaries wanting to offer a QDIA may do so consistent with the QDIA Regulation.

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**ERISA DISCLOSURES - 408(B)(2)**

Under ERISA section 408(b)(2), investment advisers and other covered service providers are required to provide to the responsible plan fiduciary of certain of their ERISA plan clients with advance disclosures concerning their services and compensation. This regulation amends a prohibited transaction rule under ERISA and the Internal Revenue Code. That rule stated that it is a prohibited transaction for a 'covered plan' to enter into an arrangement with a covered service provider unless the arrangement is reasonable, and the compensation being received by the service provider is reasonable. The final regulation imposes specific disclosure requirements intended to enable the plan's responsible plan fiduciary to determine whether a service provider arrangement is reasonable and identifies potential conflicts of interest.

**INVESTMENT ADVICE – PARTICIPANTS AND BENEFICIARIES**

**POLICY**

A fiduciary adviser is permitted to render investment advice to participants – and receive compensation for such advice – pursuant to an "eligible investment advice arrangement." Such arrangement must provide for either:

● Level compensation, meaning that any direct or indirect compensation received by the fiduciary adviser may not vary depending on the participant's selection of a particular investment option, or

● A computer model, which an independent expert must certify as being unbiased.

IARs have the obligation to consider the client's best interest of any recommended rollover considering the above factors and others that may apply to the customer and the customer's investment objectives, tax situation, and finances. Additionally, IAR's have responsibilities when recommending a rollover or transfer of assets in an employer-sponsored retirement plan to an IRA and when marketing IRAs and associated services. A plan participant leaving an employer has typically four options (which may include a combination of options):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Leave the money at the employer's plan, if permitted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Roll over assets to a new employer's plan, if available and permitted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Roll over to an IRA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Cash out the account value

When recommending a particular IRA account (including rollovers or transfers of assets in a workplace retirement plan account to an IRA), the firm and IAR will consider:

&nbsp;&nbsp;&nbsp;&nbsp;o costs, fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Fees and expenses may be higher for an IRA; an employer may pay fees and expenses in its plan; IRA fees may include
 administrative, account set-up and custodial fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ IAR shall understand and consider the potential costs associated with investment recommendations and have a reasonable basis to believe that the recommendation does not place the firm's financial or other
 interest an IAR ahead of the interest of the client.

&nbsp;&nbsp;&nbsp;&nbsp;o level of services available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Services may differ between employer plans and various IRAs; such services include planning tools, telephone help lines,
 workshops, educational material, *etc.* 

▪ Investment options may be broader in an IRA, but the customer may be satisfied with options under an employer plan.

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&nbsp;&nbsp;&nbsp;&nbsp;o ability to take penalty-free withdrawals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Penalty-free withdrawals are available from an employer plan to an employee leaving a job between
 age 55 and 59 1/2, and it may be easier to borrow from the plan. Such withdrawals may be made from an IRA only after the investor
 reaches the age of 59 1/2.

&nbsp;&nbsp;&nbsp;&nbsp;o application of required minimum distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Required minimum distributions apply to individuals reaching the age 72 for both plans and IRAs.
 However, if the individual continues working past 72, minimum distributions from the current employer's plans are delayed past

&nbsp;&nbsp;&nbsp;&nbsp;o protections from creditors and legal judgments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Unlimited protection from creditors and legal judgments is available to plan assets under federal
 law. IRA assets are protected in bankruptcy only; state laws vary in protecting IRAs in lawsuits.

&nbsp;&nbsp;&nbsp;&nbsp;o holdings of employer stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Appreciated employee stock in a plan will be subject to negative tax consequences of taxation at
 ordinary income tax rates vs. long term capital gains if rolled into an IRA. A balancing factor is if the employee is
 overly-concentrated in the employer stock and is unable to reduce exposure in the plan.

&nbsp;&nbsp;&nbsp;&nbsp;o any special features of the existing account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ IRAs cannot be promoted as "no-fees" since the term could mislead investors who typically
 pay fees in some way to maintain an account. For example, the cost of a "no-fee" account may be subject to higher
 commissions instead of highlighted as a separate charge. This promotional strategy could attract investors into a rollover that may
 ultimately be more costly than staying in an employer plan.

While cost must be considered, it should never be the only consideration. Cost is only one of many important factors to be considered regarding the recommendation and that the standard does not necessarily require the "lowest cost option." IARs need to consider costs in light of other factors and the retail client's investment profile. Explanation of the reason and justification for a rollover must accompany the rollover transaction.

**DOCUMENTATION**

It is recommended that IARs document the rationale why the recommendation is considered to be in the Best Interest of the Client using a Rollover Rationale Form. This may include:

● Consideration of the Client's alternatives to a rollover, including leaving the money in his or her current employer's Plan, if permitted;

● The different levels of services and investments available under each option.

The services that will be provided for the fee.

**RESPONSIBILITY**

The CCO has the responsibility for the implementation and monitoring of the Firm's ERISA policy, practices, disclosures and recordkeeping.

**PROCEDURE**

The Firm has adopted various procedures to implement the Firm's policy, conducts reviews to monitor and ensure the Firm's policy is observed, properly implemented and amended or updated, as appropriate, which include the following:

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● On-going awareness and periodic reviews of an ERISA client's investments and portfolio for consistency with the "Prudent Man Rule;"

● In the event the Firm allows for proxy voting, a designated person or proxy committee for overseeing that any proxy voting functions are properly met and that ERISA plan client proxies are voted in the best interests of the plan participants;

● On-going awareness and periodic review of any client's written investment policy statement/guidelines so as to be current and reflect a client's objectives and guidelines;

● Verification that the plan fiduciaries or investment manager (if required by plan documents) have established, maintained and renewed on a periodic basis any ERISA bonding that may be required;

● Providing the responsible plan fiduciary of an ERISA-covered defined benefit plan or defined contribution plan with required disclosures to enable the plan fiduciary to determine the reasonableness of total compensation received for services rendered, while identifying any potential conflicts of interest;

● Identify and monitor any party in interest affiliations or relationships existing between the Firm and any client ERISA plans to avoid any prohibited transactions;

● Ensuring oversight of third-party service providers with regard to current disclosure requirements;

● Ensuring Plan participants are provided annual investment education;

● Ensuring assets are invested in a QDIA, when applicable;

● Ensuring that participants and beneficiaries have been given an opportunity to provide investment direction, but have not done so, while maintaining appropriate supporting documentation;

● Providing initial and annual notice to participants and beneficiaries in accordance with regulatory requirements;

● Ensuring participants and beneficiaries have an opportunity to direct investments out of a QDIA as frequently as from other plan investments, but at least quarterly; and

Ensuring that the plan offers a "broad range of investment alternatives" as defined under Section 404(c) of ERISA.

If the Firm is acting as a fiduciary adviser while providing investment advice to participants for separate compensation, ensure that such advice is provided under one of the following two arrangements:

● As a fiduciary adviser, where investment advice will only be provided to participants for separate compensation pursuant to an eligible investment advice arrangement that provides for either:

● Level compensation being earned, i.e., any direct or indirect compensation received will not vary depending upon the participant's selection of a particular investment option; or

● That such advice will be rendered utilizing a computer model which has been certified by an independent expert as being unbiased.

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**OPENING ACCOUNTS FOR SENIOR INVESTORS**

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**OBJECTIVE**

On Jan. 24, 2018 the United States House of Representatives passed the <u>Senior Safe Act.</u> The Senior Safe Act (referred to as "the Act," formerly H.R. 3758) encourages financial services firms to train employees to spot elder abuse, while granting limited immunity to individuals at financial institutions who report such abuse to law enforcement or regulators in accordance with the Act.

In response to the Senior Safe Act, our Firm has adopted the following best practices when dealing with Senior clients over the age of 62.

**DEFINITION OF TRUSTED CONTACT**

A "Trusted Contact" Person is intended to be a resource for firms in handling clients' accounts, protecting assets, and responding to possible financial exploitation of any vulnerable investors particularly Seniors.

Clients who name a Trusted Contact Person with our Firm provide written authorization to reveal certain information about the Client and the Client accounts to the Trusted Contact Person. While the Trusted Contact Person cannot direct transactions in the account, they may learn certain sensitive information about account balances, holdings and beneficiaries as well as other information related to the senior's health, estate planning (e.g., individuals designated with legal powers, trustees, guardianship, executor, etc.). The Firm is further authorized by the Clients to use discretion when providing the necessary disclosures to the Trusted Contact Person.

**PROCESS**

At the time of account opening, the IAR is encouraged to ask for information about a "Trusted Contact Person" when a senior Clients, age 62 and older, engages our Firm for investment management services, or for existing accounts when the Firm normally updates its Client profiles. The senior Client is not required to provide the name of a Trusted Contact Person, but the Firm should make a reasonable effort to collect this information. A Trusted Contact Person must be a person over age 18; however, the amendment does not include any other requirements, for example: joint account holders, trustees, and persons having powers of attorney may be named as a Trusted Contact Person.

When opening accounts, the following should be considered when serving senior investors:

● encourage Clients to identify a Trusted Contact Person and obtain permission to contact that person in the event there is an issue or event that requires clarification (such as the Clients suffers diminished mental capacity in the future); document in the file if the Client refuses to identify a contact person

● indicate "retired" on the new account form to assist in evaluating the investor's status as someone potentially withdrawing from investments vs. accumulating assets

● obtain "lifestyle" information such as when the investor plans to retire, if not already retired; how much money will be needed after retirement; whether there are prospects for future employment; whether a dependent is supported by the investor; other expenses including healthcare expenses anticipated by the investor; the existence of a will and financial power of attorney

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If there is evidence of financial abuse or diminished capacity, before opening an account, contact the CCO.

The absence of the name of or contact information for a Trusted Contact Person shall not prevent the Firm from opening or maintaining an account for a Client, provided that the Firm makes reasonable efforts to obtain the name of and contact information for a Trusted Contact Person.

**DIMINISHED MENTAL CAPACITY**

A difficult issue is a Client who appears to be suffering from diminished mental capacity. If a Client's behavior suggests reduced capacity, it is important to take steps to protect the Client, the IAR and the Firm. Relatives or estate beneficiaries may file a complaint or lawsuit if they believe the Client was unable to understand what was occurring in his or her account.

There are a number of steps that may be taken to address the issue:

● Contact the Trusted Contact Person

● Have a conversation with the Client or CCO present to assist in making a determination.

● Raise the issue with family members and determine if the Client has given power of attorney to another person.

● Document meetings, conversations, and other exchanges with relatives about the situation.

● Document communications with the Client about investments.

● As a final alternative, decide not to continue doing business with the Client.

● Contact Compliance with questions about a proper course of action.

**POTENTIAL INDICATION OF ELDER FINANCIAL EXPLOITATION**

Firms may become aware of persons or entities perpetrating illicit activity against the elderly through monitoring transaction activity that is not consistent with expected behavior. In addition, Firms may become aware of such scams through their direct interactions with elderly Clients who are being financially exploited. Such activity may include erratic or unusual transactions, or changes in account patterns and/or suspicions interaction with a client's caregiver.

**TRAINING**

As needed and during the Firm's Annual Compliance Meeting, the Firm will address the red flags to be aware of when IARs are dealing with clients over the age of 62. Any questions regarding dealing with senior investors should be referred to Compliance.

Suspected elder abuse including financial abuse (contacting appropriate state or other authorities may be necessary; confer with the CCO regarding such referrals) Suspected diminished capacity

Having Compliance make direct contact with the investor or Trusted Contact Person might be appropriate.

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**COMPLAINTS**

**SUPERVISORY RESPONSIBILITY**

The CCO shall be responsible for ensuring that all written and electronically transmitted customer complaints are handled in accordance with all applicable laws, rules and regulations and in keeping with the provisions of this Section.

**DEFINITION**

The Firm defines a "complaint" as any statement (whether delivered in writing, orally or electronically) made by a customer, or any person acting on behalf of a customer, alleging a grievance involving the activities of those persons under the control of Jackson Creek in connection with its management of the client's account.

**HANDLING OF CUSTOMER COMPLAINTS**

● Jackson Creek takes any and all customer complaints seriously and the CCO shall promptly initiate a review of the factual circumstances surrounding any complaint that has been received.

● Employees must notify the CCO immediately upon his or her receipt of a written or oral customer complaint and provide the CCO with all information and documentation in his or her possession relating to such complaint.

● Employees are expected to cooperate fully with Jackson Creek and with regulatory authorities in the investigation of any customer complaint.

● Jackson Creek shall maintain a separate file for all written, oral and electronically transmitted customer complaints in its Main Office, to include the following information:

● Identification of each complaint;

● The date each complaint was received;

● Identification of each employee servicing the account;

● A general description of the matter complained of;

● Copies of all correspondence involving the complaint; and

● The written report of the action taken with respect to the complaint.

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**CORRESPONDENCE**

------

Employees should use discretion in communicating information to advisory clients and prospective clients. This policy applies to all communications used with existing or prospective clients, including information available in electronic form such as on a web site.

At all times, Jackson Creek will endeavor to ensure all client communications are presented fairly to clients in a balanced manner and are not misleading. In addition, the Firm will endeavor to disclose all material facts known to it to our clients.

**DEFINITION**

Correspondence includes incoming and outgoing written and other communications to clients or prospective clients, regardless of the method of transmission (mail, facsimile, personal delivery, courier services, electronic mail, etc.). Correspondence also includes portfolio seminars, panel presentations, speeches and other types of information originated by an employee of Jackson Creek and provided to one or more clients or prospective clients. Interactive conversations (e.g., personal meetings, telephone conversations, other than scripted sales calls generally are not considered correspondence.

**OUTGOING CORRESPONDENCE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Responsibility**

● The CCO shall be responsible for spot check outgoing correspondence regarding client investments is approved, reviewed and retained in compliance with the following Firm guidelines and the applicable laws, rules and regulations governing the activities of Jackson Creek. All employees who transmit any correspondence regarding client investments shall ensure that a copy of the correspondence is reviewed by the CCO or designee. The CCO shall initial a copy of all correspondence reviewed and such copy shall be maintained in Jackson Creek's compliance files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **General Guidelines for Outgoing Correspondence**

● Employees shall send and receive all correspondence at such locations and through such channels as are designated by Jackson Creek. No Firm related correspondence of any kind, including electronic correspondence, may be sent or received through the home or home computer of an employee without the pre-approval of the CCO.

● Truthfulness and good taste shall be required.

● Exaggerated or outrageous language should be avoided.

● Projections and predictions are never permitted except when in accordance with Jackson Creek's policies regarding advertising.

● Jackson Creek prohibits photocopying and distributing copyrighted material in violation of copyright law.

● Use of Jackson Creek's letterhead and other official stationery is limited to Firm-related matters.

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● No material marked "For Internal Use" or with words of similar effect may be sent to anyone outside Jackson Creek.

● No employee is authorized to make any statements or supply any information about a security that is the subject of a securities offering other than the information contained in offering materials that have been approved for such offering.  ***<u>Violations of this policy can subject the employee and Jackson Creek to severe civil and, in some cases, criminal liability</u>.*** 

**INCOMING CORRESPONDENCE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **General**

All incoming correspondence may be opened and reviewed by the Firm's CCO or other designee. Correspondence subject to this policy includes letters, facsimiles, courier deliveries and other forms of communication, including, but not limited to, communications marked "personal," "confidential," or words to this effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Procedures**

● Obvious non-client correspondence may be forwarded directly to the addressee.

● Complaints will be immediately forwarded to the CCO.

● Original client correspondence will be retained in the Firm's files.

**APPROVAL**

Review of correspondence shall be evidenced by (as applicable):

● Initialing and dating Jackson Creek's file copy of written correspondence; or

● Electronically initialing and dating Jackson Creek's electronic file copy.

**RECORDS**

Copies of all reviewed correspondence shall be maintained at Jackson Creek's principal place of business for a period of not less than five (5) years, or longer if required by applicable SEC or state regulations. Electronic correspondence may be retained in the format in which it was received.

**PERSONAL MAIL**

Personal mail may not be distinguishable from Firm mail and as result, employees should direct all personal mail to their home address. Furthermore, because of this inability to distinguish between personal and other mail, any personal mail received at the Firm's location is subject to Jackson Creek 's incoming mail review policies.

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**PRIVACY PROTECTION AND INFORMATION SECURITY POLICIES<br> REGULATION S-P**

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Regulation S-P ("Reg S-P") requires registered investment advisers to adopt and implement policies and procedures that are reasonably designed to protect the confidentiality of nonpublic personal records. Reg S-P applies to "consumer" records, meaning records regarding individuals, families, or households. Jackson Creek is committed to protecting the confidentiality of all non-public information regarding its Clients and Employees ("Nonpublic Personal Information").

Reg S-P requires Jackson Creek to provide its individual Clients with notices describing its privacy policies and procedures. These privacy notices must be delivered to all new individual Clients upon entering into an advisory agreement, and thereafter only when there is a change to the policy. Reg S-P does not require the distribution of privacy notices to companies or to individuals representing legal entities.

In addition to Reg S-P, certain states have adopted consumer privacy laws that may be applicable to investment advisers with Clients who are residents of those states.

In the event of new privacy-related laws or regulations affecting the information practices of the Firm, this Privacy Policy will be revised as necessary and any changes will be disseminated and explained to all personnel.

**SCOPE OF POLICY**

This Privacy Policy covers the practices of the Firm and applies to all nonpublic personally identifiable information of our current and former customers.

**OVERVIEW OF THE GUIDELINES FOR PROTECTING CUSTOMER INFORMATION**

In Regulation S-P, the SEC published guidelines that address the steps a financial institution should take in order to protect customer information. The overall security standards that must be upheld are:

● Ensure the security and confidentiality of customer records and information;

● Protect against any anticipated threats or hazards to the security or integrity of customer records and information; and

● Protect against unauthorized access to or use of customer records or information that could result in substantial harm or inconvenience to any customer.

**EMPLOYEE RESPONSIBILITY**

● Each employee has a duty to protect the nonpublic personal information of customers collected by and/or in the possession of Firm.

● No employee is authorized to disclose or use the nonpublic information of customers on behalf of the Firm without the prior written consent of the customer.

● Each employee has a duty to ensure that the nonpublic personal information of the Firm's customers is shared only with employees and others in a way that is consistent with the Firm's Privacy Notice and the procedures contained in this Policy.

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● Each employee has a duty to ensure that access to the nonpublic personal information of the Firm's customers is limited as provided in the Privacy Notice and this Policy. Although these principles, policies and procedures apply specifically to nonpublic personal information, employees must be careful to protect all of Jackson Creek's proprietary information.

● No employee is authorized to sell, on behalf of the Firm or otherwise, nonpublic information of the Firm's customers.

● Unauthorized dissemination of proprietary information and/or personal and sensitive client data is prohibited and a violation of Regulation SP. This includes sending client nonpublic information to personal emails. Unauthorized downloading of confidential client information to a thumb or zip drive is also prohibited.

● Employees with questions concerning the collection and sharing of, or access to, nonpublic personal information of the Firm's customers must look to the Firm's CCO for guidance.

● Improper use of Jackson Creek's proprietary information, including Nonpublic Personal Information, is cause for disciplinary action, up to and including termination of employment for cause and referral to appropriate civil and criminal legal authorities.

**INFORMATION PRACTICES**

The Firm collects nonpublic personal information about customers from various sources. These sources and examples of the types of information collected include:

● Product and service applications or other forms, such as customer surveys, agreements, etc., typically including, but not limited to, name, address, age, social security number or taxpayer ID number, assets and income;

● Past Transactions, which may include, but are not limited to, account balance(s), types of transactions and investments;

● Other third-party sources.

**DISCLOSURE OF INFORMATION TO NONAFFILIATED THIRD PARTIES – "DO NOT SHARE" POLICY**

The Firm has a "Do Not Share" Privacy Policy. It does not disclose any nonpublic personal information about customers or former customers to nonaffiliated third parties.

Under no circumstances does the Firm share credit-related information, such as income, total wealth and other credit header information with these nonaffiliated third parties.

**TYPES OF PERMITTED DISCLOSURES – THE EXCEPTIONS**

Regulation S-P contains several exceptions which permit Jackson Creek to disclose customer information (the "Exceptions"). For example, Jackson Creek is permitted under certain circumstances to provide information to non-affiliated third parties to perform services on the Firm's behalf. In addition, there are several "ordinary course" exceptions which allow Jackson Creek to disclose information that is necessary to effect, administer or enforce a transaction that a customer has requested or authorized. A more detailed description of these Exceptions is set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Service Providers**

The Firm may from time to time have relationships with nonaffiliated third parties that require it to share customer information in order for the third party to carry out services for the Firm. These nonaffiliated third parties would typically represent situations where Jackson Creek or its employees offer products or services jointly with another financial institution, thereby requiring the Firm to disclose customer information to that third party.

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Every nonaffiliated third party that falls under this exception is required to enter into an agreement that will include the confidentiality provisions required by Regulation S-P, which ensure that each such nonaffiliated third party uses and re-discloses customer nonpublic personal information only for the purpose(s) for which it was originally disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Processing and Servicing Transactions**

The Firm may also share information when it is necessary to effect, administer or enforce a transaction for our customers or pursuant to written customer requests. In this context, "Necessary to effect, administer, or enforce a transaction" means that the disclosure is required, or is a usual, appropriate or acceptable method:

● To carry out the transaction or the product or service of which the transaction is a part, and record, service, or maintain the consumer's account in the ordinary course of providing the financial service or financial product;

● To administer or service benefits or claims relating to the transaction or the product or service of which it is a part;

● To provide a confirmation, statement, or other record of the transaction, or information on the status or value of the financial service or financial product to the consumer or the consumer's agent or broker; or

● To accrue or recognize incentives or bonuses associated with the transaction that are provided by the Firm or any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Sharing as Permitted or Required by Law**

The Firm may disclose information to nonaffiliated third parties as required or allowed by law. This may include, for example, disclosures in connection with a subpoena or similar legal process, a fraud investigation, recording of deeds of trust and mortgages in public records, an audit or examination, or the sale of an account to another financial institution. The Firm has taken the appropriate steps to ensure that it is sharing customer data only within the Exceptions noted above. The Firm has achieved this by understanding and limiting how the Firm shares data with its customers, their agents, service providers, parties related to transactions in the ordinary course or joint marketers.

**PROVISION OF OPT OUT**

As discussed above, Jackson Creek currently operates under a "Do Not Share" policy and therefore does not need to provide the right for its customers to opt out of sharing with nonaffiliated third parties. If our information sharing practices change in the future, Jackson Creek will implement opt-out policies and procedures and make appropriate disclosures to our customers.

**SAFEGUARDING OF CLIENT RECORDS AND INFORMATION**

The Firm has implemented internal controls and procedures designed to maintain accurate records concerning customers' personal information. The Firm's customers have the right to contact the Firm if they believe that Firm records contain inaccurate, incomplete or stale information about them. The Firm will respond in a timely manner to requests to correct information. To protect this information, Jackson Creek maintains appropriate security measures for its computer and information systems, including the use of passwords and firewalls. (See also ***Written Information Security Policy*** below.)

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Additionally, the Firm will use shredding machines, locks and other appropriate physical security measure to safeguard client information stored in paper format. For example, employees are expected to secure client information in locked cabinets when the office is closed.

**SECURITY STANDARDS**

Jackson Creek maintains physical, electronic and procedural safeguards to protect the integrity and confidentiality of customer information. Internally, Jackson Creek limits access to customers' nonpublic personal information to those employees who need to know such information in order to provide products and services to customers. All employees are trained to understand and comply with these information principles.

**PRIVACY POLICY**

Jackson Creek has developed a Privacy Notice, as required under Regulation S-P, to be delivered to customers initially. The notice discloses the Firm's information collection and sharing practices and other required information and has been formatted and drafted to be clear and conspicuous. The notice will be revised as necessary any time information practices change. Jackson Creek would notify clients of any change to this Privacy Notice.

**PRIVACY POLICY DELIVERY**

**Initial Privacy Notice -** As regulations require, all new clients will receive an initial Privacy Notice at the time when the client relationship is established, specifically, upon the execution of the agreement for services.

**REVISED PRIVACY POLICY**

Regulation S-P requires that the Firm amend its Privacy Policy and distribute a revised disclosure to clients if there is a change in the Firm's collection, sharing or security practices.

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**REG S-ID IDENTITY THEFT PREVENTION PROGRAM (ITPP)**

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It is the policy of Jackson Creek to protect our clients and their accounts from identity theft and to comply with the SEC's Red Flags Rule. We will do this by developing and implementing this written policy, which is appropriate to our size and complexity, as well as the nature and scope of our activities. This section addresses:

● identifying relevant identity theft red flags for our firm

● detecting those red flags

● responding appropriately to any that are detected to prevent and mitigate identity theft

● updating our ITPP policy periodically to reflect changes in risks.

Our identity theft policies and procedures will be reviewed and updated periodically to ensure they account for changes both in regulations and in our business.

**IDENTIFYING RELEVANT RED FLAGS**

To identify relevant identity theft Red Flags, our firm assessed these <u>risk factors</u>:

● the types of accounts the firm offers,

● the methods it provides to open or access these accounts,

● any previous experience with identity theft.

Our firm also considered red flags from the following five categories A of the SEC's Red Flags Rule, as they fit our situation:

● alerts, notifications or warnings from a credit reporting agency;

● suspicious documents;

● suspicious personal identifying information;

● suspicious account activity; and

● notices from other sources.

**DETECTING RED FLAGS**

Jackson Creek has reviewed our client accounts, how we open and maintain them, and how to detect red flags that may have occurred in working with our clients. Our detection of those red flags is based on our methods of getting information about clients, working with our Custodian for discrepancy in client information, verifying clients who access their accounts, and monitoring transactions and change of address requests. For opening new accounts, that can include gathering information about the applicant and verifying the identity of the person opening the account with our Custodian. For existing covered accounts, it can include authenticating clients, monitoring transactions, and verifying the validity of changes of address. Refer to the firm's Red Flag Identification and Detection Grid, below.

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**PROCEDURES TO PREVENT AND MITIGATE IDENTITY THEFT**

When Jackson Creek has been notified of a red flag or our detection procedures show evidence of a red flag, we will take the steps outlined below, as appropriate to the type and seriousness of the threat:

**APPLICANTS:** FOR RED FLAGS RAISED BY SOMEONE ATTEMPTING TO BECOME A CLIENT.

*Review the Application*

We will collect the applicant's information for our firm records and Custodian paperwork (*e.g.*, name, date of birth, address, and an identification number such as a Social Security Number or Taxpayer Identification Number).

*Seek Additional Verification from Custodian or OFAC*

If the potential risk of identity theft indicated by the red flag, we may also verify the person's identity through non-documentary methods, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Contacting the custodian for verification check

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Checking references with other affiliated financial institutions, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** Obtaining a financial statement

*Deny the Application*

If we find that the applicant is using an identity other than his or her own, we will deny engaging the client.

*Report*

If we find that the applicant is using an identity other than his or her own, we will report it to appropriate local and state law enforcement. We may also report the findings to the SEC, state regulatory authorities, such as the state securities commission; and the Custodian.

**SEEKERS:** FOR RED FLAGS RAISED BY SOMEONE SEEKING TO ACCESS AN EXISTING CLIENT'S ACCOUNT:

*Watch*

We will monitor, limit, or temporarily suspend activity in the account until the situation is resolved.

*Check with the Clients*

We will contact the clients using our existing contact information on file for them, describe what we have found, and verify with them that there has been an attempt at identify theft.

*Heightened Risk*

We will determine if there is a particular reason that makes it easier for an intruder to seek access, such as a client's lost wallet, mail theft, a data security incident, or the client's giving account information to an imposter pretending to represent the firm or to a fraudulent website.

*Check Similar Accounts*

We will review similar accounts the firm has to see if there have been attempts to access them without authorization.

*Collect Incident Information*

For a serious threat of unauthorized account access, we may collect additional information, if available:

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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;&nbsp;&nbsp;&nbsp;&nbsp;i. Custodian contact name and telephone number

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Dates and times of activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Securities involved (name and symbol)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Details of trades or unexecuted orders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Details of any wire transfer activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Client's accounts affected by the activity, including name and account number, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Whether the clients will be reimbursed and by whom.

*Report*

If we find unauthorized account access, we will report it to appropriate local and state law enforcement, We may also report the findings to the SEC, state regulatory authorities, such as the state securities commission, and the Custodian.

*Notification*

If we determine personally identifiable information has been accessed that results in a foreseeable risk for identity theft, we will prepare any specific notice to clients or other required notice under state law.

*Assist the Clients*

We will work with our clients to minimize the impact of identity theft by taking the following actions, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Offering to change the password, security codes or other ways to access the threatened account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Offering to close the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Instructing
the clients to go to the FTC Identity Theft Website to learn what steps to take to recover from identity theft, including filing a complaint
using its online complaint form, calling the FTC's Identity Theft Hotline 1-877-ID-THEFT (438-4338), TTY 1-866-653-4261, or writing
to Identity Theft Clearinghouse, FTC, 6000 Pennsylvania Avenue, NW, Washington, DC 20580.

**CUSTODIAN AND OTHER SERVICE PROVIDERS**

All of our advisory clients hold their accounts at a qualified Custodian. We have a process to confirm that our recommended Custodian and any other service provider that performs activities in connection with the covered accounts, especially other service providers that are not otherwise regulated, comply with reasonable policies and procedures designed to detect, prevent and mitigate identity theft. We will require our service providers by contract to have such policies and procedures and either report the red flags that may arise in the performance of the service providers' activities to us, or take appropriate steps of their own to prevent or mitigate the identify theft or both.

**UPDATES AND ANNUAL REVIEW**

Jackson Creek will update this plan whenever we have a material change to our operations, structure, business or location or to those of our recommended Custodian. Our firm will also follow new ways that identities can be compromised and evaluate the risk they pose for our firm.

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This grid provides Red Flags Rule categories and examples of potential red flags. Please note these examples are neither an exhaustive nor a mandatory checklist, but a way to help our firm evaluate relevant red flags in the context of its business.

Red Flag <u>Detecting the Red Flag</u>

**Category: Suspicious Documents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Identification documents look altered or forged. | &nbsp;&nbsp;&nbsp;&nbsp;Our staff who deals with clients and their supervisors will scrutinize identification presented in person to make sure it is not altered or forged. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other information on the identification does not match other information our firm has on file for the presenter. (Example: the original account application, signature card or a recent check). | &nbsp;&nbsp;&nbsp;&nbsp;Our staff who deals with clients and their supervisors will ensure that the identification presented and other information we have on file from the account. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The application looks like it has been altered, forged or torn up and reassembled. | &nbsp;&nbsp;&nbsp;&nbsp;Our staff who deals with clients and their supervisors will scrutinize each application to make sure it is not altered, forged, or torn up and reassembled. |

---

**Category: Suspicious Personal Identifying Information**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Inconsistencies exist between the personal identifying information presented and other things we know about the presenter or can find out by checking readily available external sources, such as an address that does not match a consumer report, or the Social Security Number (SSN) has not been issued or is listed on the Social Security Administration's (SSA's) Death Master File. | &nbsp;&nbsp;&nbsp;&nbsp;Our staff will check personal identifying information presented to us to ensure that the SSN given has been issued but is not listed on the SSA's Master Death File. If we receive a consumer report, they will check to see if the addresses on the application and the consumer report match. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Inconsistencies exist in the personal identifying information that the clients give us, such as a date of birth that does not fall within the number range on the SSA's issuance tables. | &nbsp;&nbsp;&nbsp;&nbsp;Our staff will check personal identifying information presented to us to make sure that it is internally consistent by comparing the date of birth to see that it falls within the number range on the SSA's issuance tables. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Personal identifying information presented has been used on an account our firm knows was fraudulent, such as the address or phone number provided on the application is the same as the address or phone number on a fraudulent application. | &nbsp;&nbsp;&nbsp;&nbsp;Our staff will compare the information presented with addresses and phone numbers on accounts or applications we found or were reported were fraudulent. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Personal identifying information presented is a type commonly associated with fraud, such as an address that is fictitious, a mail drop, or a prison; or a phone number is invalid, or is for a pager or answering service. | &nbsp;&nbsp;&nbsp;&nbsp;Our staff will validate the information presented when opening an account by looking up addresses on the Internet to ensure they are real and not for a mail drop or a prison, and will call the phone numbers given to ensure they are valid and not for pagers or answering services. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The SSN presented was used by someone else opening an account or other clients. | &nbsp;&nbsp;&nbsp;&nbsp;Our staff will compare the SSNs presented to see if they were given by others opening accounts or other clients. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The address or telephone number presented has been used or is similar to those used by many other people opening accounts or other clients. | &nbsp;&nbsp;&nbsp;&nbsp;Our staff will compare address and telephone number information to see if they were used by other applicants and clients. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The person opening the account or the clients omits required personal identifying information on an application or in response to notification that the application is incomplete. | &nbsp;&nbsp;&nbsp;&nbsp;Our staff will track when applicants or clients have not responded to requests for required information and will follow up with the applicants or clients to determine why they have not responded. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Inconsistencies exist between the personal identifying information that is presented and what our firm has on file. | &nbsp;&nbsp;&nbsp;&nbsp;Our staff will verify key items from the data presented with information we have on file. |

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**Category: Unusual Use of, or Suspicious Activity Related to, the Covered Account**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Soon after we get a change of address request for an account, we receive a request for new or additional access means (such as debit cards or checks) or authorized users for the account. | &nbsp;&nbsp;&nbsp;&nbsp;We will verify change of address requests by sending a notice of the change to both the new and old addresses so the clients will learn of any unauthorized changes and can notify us. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. An account develops new patterns of activity, such as nonpayment inconsistent with prior history; a material increase in the use of available credit; or a material change in spending patterns or electronic fund transfers. | &nbsp;&nbsp;&nbsp;&nbsp;We will review our accounts on at least a monthly basis and check for suspicious new patterns of activity such as nonpayment, a large increase in credit use, or a big change in spending or electronic fund transfers. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Mail our firm sends to a client is returned repeatedly as undeliverable even though the account remains active. | &nbsp;&nbsp;&nbsp;&nbsp;We will note any returned mail for an account and immediately check the account's activity. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. We learn that a client is not getting his or her paper account statements. | &nbsp;&nbsp;&nbsp;&nbsp;We will record on the account any report that the clients is not receiving paper statements and immediately investigate them. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. We are notified that there are unauthorized charges or transactions to the account. | &nbsp;&nbsp;&nbsp;&nbsp;We will verify if the notification is legitimate and involves a firm account, and then investigate the report. |

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**Category: Notice from Clients, Victims of Identity Theft, Law Enforcement Authorities, or<br> Other Persons Regarding Possible Identity Theft in Connection with Covered Account**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. We learn that unauthorized access to the client's personal information took place or became likely due to data loss (e.g., loss of wallet, birth certificate, or laptop), leakage, or breach. | &nbsp;&nbsp;&nbsp;&nbsp;We will contact the client to learn the details of the unauthorized access to determine if other steps are warranted. |

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**CYBERSECURITY / WRITTEN INFORMATION SECURITY POLICY ("WISP")**

**OVERVIEW**

This policy serves to further provide protection of any and all personal information for persons related to business with Jackson Creek and shall further identify all procedures to be carried out in the event of a security breach as defined by the Privacy Protection and Information Security Policy above.

It shall be the responsibility of Jackson Creek to provide adequate protection and confidentiality of all corporate data and any and all personal information whether held centrally, on local storage media, or remotely to ensure the continued availability of data and programs to all authorized members of staff and to ensure the integrity of all data and configuration controls.

**SCOPE**

This policy applies to employees, contractors, consultants, Investment Adviser Representatives, and other workers at Jackson Creek, including all personnel affiliated with third parties. This policy applies to all equipment that is owned or leased by Jackson Creek. The policy further applies to any and all Firm records that may contain personal information about a current client, whether electronic, paper, computing systems, storage media, laptops, portable devices, and other records.

**GENERAL USE AND OWNERSHIP**

● While Jackson Creek desires to provide a reasonable level of privacy, users should be aware that data that they create on the corporate systems remains the property of Jackson Creek. Because of the need to protect the Jackson Creek network, confidentiality of information stored on any network device belonging to Jackson Creek cannot be guaranteed.

● All information held on the network including email, file systems and databases are the property of Jackson Creek and staff should have no expectation of privacy for this data.

● Although it is not the general practice of Jackson Creek to monitor stored files, and Internet access for their general content, Jackson Creek reserves the right to do so for the protection of staff, for system performance, maintenance, auditing, security or investigative functions (including evidence of unlawful activity or breaches to Jackson Creek policy) and to protect itself from potential corporate liability.

● Jackson Creek's general policy is to review a sample of incoming and outgoing email for compliance purposes either internally or by outsourcing to an appropriate software vendor.

● Jackson Creek reserves the right to audit networks and systems on a periodic basis to ensure compliance with this policy.

● Network Access is controlled through the use of user names and passwords.

● Each user shall be assigned an individual username and password. Passwords must not be written down or disclosed to any other individual. The owner of a given username will be held responsible for all actions performed under use of that username.

● Jackson Creek users will be forced to change passwords at least every four months (120 days) for any system that contains personal information about a client.

● A list of DONTs for passwords:

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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;○ Don't reveal a password over the phone to ANYONE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Don't reveal a password in an email message

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Don't reveal a password to any individual

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Don't talk about a password in front of others

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Don't hint at the format of a password (e.g., my street name)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Don't reveal a password on questionnaires or security forms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Don't share a password with family members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Don't reveal a password to co-workers while on vacation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Passwords must be chosen with a reasonable effort to avoid passwords that may be easily guessed or logical

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Passwords must not be inserted into email messages or other forms of electronic communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Password Manager software may only be used if it is approved by the Firm. Generally, the Firm requires that the software:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Utilizes 256 bit or stronger encryption to protect stored data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Utilizes a master password for access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Do not write passwords down and store them anywhere in your office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Do not store passwords on ANY computer system including handheld devices without encryption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If an account or password is suspected to have been compromised, immediately report the incident to the appropriate IT resource.

**PC AND NOTEBOOK SECURITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● General

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ PCs and notebook computers must not be left unattended for long periods while signed-on (i.e., during lunch, coffee breaks, etc.) Users must either logoff or activate a password-controlled screensaver if they are leaving their pc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ All reasonable precautions must be taken to protect equipment against damage, loss and theft. The equipment must not be left unattended in any public place. Damage, loss or theft must be immediately reported to the appropriate IT source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ All PCs and notebook computers used for business purposes must be protected with hard drive encryption that requires a password before booting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ All PCs and notebook computers shall be inventoried as they are purchased and destroyed, and the inventory must be verified at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Software

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Software must not be copied, removed or transferred to any third party or non-organizational equipment such as home PCs without authorization from the appropriate manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Only software that has been authorized may be used on PC's and notebook computers connected to Jackson Creek's network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Downloading of any executable files (.exe) or software from the internet is forbidden without authorization from the appropriate manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Jackson Creek reserves the right to remove any files or data from IT systems including any information it views as offensive or illegal.

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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;○ All software platforms and applications utilized by the Firm shall be inventoried as they are implemented. An annual verification of the inventory shall be conducted to ensure the Firm has an updated list of current software in use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Confidential data held on computer media (e.g. cd/DVD) must be stored securely when not in use. Files must be password-protected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ PCs and notebooks for disposal must have the hard disk 'wiped clean' and physically destroyed by a Firm-approved vendor before disposal.

**INTERNET AND EMAIL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Internet

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ All staff has a responsibility to use the Internet in a professional, ethical and lawful manner. Users must regard Internet access as a privilege which can be revoked.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Users should exercise caution when making payments over the Internet, as the security of credit card details cannot be guaranteed. Jackson Creek will accept no liability for losses arising through the transmission of personal or financial information (e.g. credit card numbers) over the internet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Users must not use the same passwords for login to Internet websites as they do internally for Jackson Creek.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Email

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ If any person receives email which they deem to be inappropriate, offensive or illegal, they must inform their appropriate manager. Immediate reporting of incidents facilitates more successful identification of the source and other details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ All emails that are sent externally must carry a standard Jackson Creek signature with disclosure. Users must not attach their own disclaimers to emails.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Jackson Creek reserves the right to review, audit, intercept, access and disclose all access to the Internet. This includes emails sent and received in addition to websites visited and files downloaded from the internet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Email that is known to contain sensitive data must be sent using a Firm-approved encryption tool. Any questions about the use of the encryption tool shall be directed to the technical designee appointed by the Firm.

**REMOVABLE AND MOBILE MEDIA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Jackson Creek staff is prohibited from storing sensitive client data on removable media unless pre-approved by management for a specific purpose. In this case, the files on the removable media must be password protected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The email address populated into the mobile device to receive business email must be a Firm-approved email address and must have a signature with the appropriate Firm disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Employees are responsible for the security of all mobile devices. The device must be set up with password protection and a time-out feature that shuts down the device no more than 30 minutes from last use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Both Encryption Software AND Anti-Virus Scanning Software are required for the mobile device. The exception to this requirement is for Apple iOS 6 or later products, which have built-in data protection.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The loss or theft of a mobile device used for business purposes must be reported immediately to the appropriate IT resource.

**REMOTE ACCESS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Wireless Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ The Firm and its IT consultant review all cloud-based software to ensure its security for working remotely via a wireless network. Email accounts are encrypted for both Webmail and desktop software, and client data not kept at the Firm is only stored on the servers of cloud-based software which use SSL and encryption to protect the data and provide a secure connection. At this time, it has been determined by the IT consultant that the Firm does not need to have a requirement for the security of Wireless connections (Wi-Fi Networks) utilized by staff when working remotely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Prevention of Data Loss

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All laptops and other electronic devices that are taken off site will have the following security configured, to prevent data loss in the event of theft:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All computers, whether laptop or desktop, will be protected with hard drive encryption that requires a password to boot

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sensitive documents will be accessed remotely and not downloaded to the laptop or PDA whenever possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All laptops are required to have a password protected screensaver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Remote Device Protection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Anti-virus software configured to automatically download the latest virus signatures will be installed and utilized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Authentication

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Authentication for remote access will use two-stage authentication. As a minimum, this will comprise two-stage username and password verification.

**BACKUPS OF SENSITIVE DATA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Backup files containing sensitive data shall be secured with either password protection or encryption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any and all media used for backups of sensitive data will be securely stored when not in use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If or when backup media is rendered unusable, tapes or disks will be formatted or otherwise wiped clean and safely discarded.

**THIRD PARTY ACCESS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Third Party Access can be defined as "Access to Jackson Creek's IT resources or data to an individual who is not an employee of Jackson Creek. "

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Such individuals may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Software vendor providing technical support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Contractor or consultant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ An individual providing outsourced services to Jackson Creek requiring access to applications and data.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Third party access will only be permitted to facilities and data which are required to perform specific agreed tasks as identified by Jackson Creek.

**ENCRYPTION**

The requirements for encrypting data for Jackson Creek shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any employee with a Firm issued computer shall be responsible for securing sensitive data contained thereon with the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ The user is required to encrypt the entire disk with a full disk utility approved by the Firm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Passcodes or passphrases for encryption software are subject to all security requirements as those of network passwords and are not to be shared or distributed electronically, verbally or otherwise with any other individual unless the appropriate IT resource has justified cause to access said data.

**EMPLOYEE OR EQUIPMENT CHANGES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Staff must notify the appropriate IT resource when moving to a new position or location within Jackson Creek to ensure required network adjustments are made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Managers must notify the appropriate IT resource of all staff changes that might affect security. An example of this would be an individual who has access to restricted confidential information and moves to another role where this access is not required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Requests to access the computer account of a member of staff who is absent from the office must be directed to the appropriate IT resource. The access is given effect by changing the user's password and allowing the appropriate manager or a colleague to access the account directly. Where this access is granted it must be used for enquiry purposes only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● In the event of an employee departure from Jackson Creek whether termination or voluntary, the following steps must be taken immediately by the appropriate IT resource:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ the employee network account is to be disabled immediately

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ the employee's cloud-based logins must be "frozen" with no login access until the appropriate IT resource is able to deactivate the account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ his or her password must be changed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ the workstation is to be inspected and prepared for re-distribution to ensure that any and all data saved locally is moved to a secure place on the network in order that there is no sensitive personal or Firm data accessible on the local drive.

If an employee is demoted or promoted, the appropriate IT resource should be informed of the change immediately in order that network permission levels can be adjusted as required and appropriate for the new role.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Managers must inform the appropriate IT resource of any employee departure immediately in order that the IT resource can ensure their accounts are adjusted as required for compliance with this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Requests for and acquisition of additional or alternate workstations must be requested, authorized and provided by the appropriate IT resource before use by an employee.

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**PAPER RECORDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any and all paper records that may contain personal information are required to be secured in a locked cabinet, drawer or alternate container. Keys, safe codes or combinations are to be kept securely with the appropriate manager and not distributed verbally or electronically to any other individuals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any records that are used for business purposes and may contain personal information related to Jackson Creek that are not to be maintained, must be immediately destroyed upon completion of use as required for business purposes. Paper documents should be shredded or otherwise destroyed as opposed to simply being discarded in a trash receptacle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● No paper records of any kind related to Jackson Creek, its business practices, clients, or affiliates are to be removed from the organization without prior authorization by an appropriate manager and solely for required business use.

**CONTOL OF COMPUTER MEDIA AND DOCUMENTATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Control of Computer Media and Documentation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Computer media, disks, and documentation must be stored securely, e.g. in locked cabinets, when not in use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Magnetic media that is no longer required and which may contain confidential data must be disposed of securely, i.e. all data must be erased or the media must be rendered inoperable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Backups of sensitive, critical, and valuable information that are no longer required must be rendered inoperable or permanently deleted.

**FRAUDULENT EMAIL REQUESTS AND COMPROMISED CLIENT EMAIL ACCOUNTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To protect clients against compromised email accounts, no trading, withdrawal, or transfer instructions may be accepted via email. Should an employee receive an email requesting a trade or withdrawal, they must immediately respond to the request letting the client know that we must speak to them by phone and we will be calling them at the phone number listed in our records to verify the request. Do not use a phone number listed in the email if it is not a phone number we currently have on record for the client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Some fraud perpetrators are using technology which allows them to broadcast a number of their choosing to caller ID devices. It is important that employees do not accept trade or withdrawal requests from an incoming call without verifying the identity of the client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● It is the Firm's responsibility to know our clients and protect against possible fraud, even though the verification might be a slight inconvenience to the client. Employees with client contact are the first line of defense. When in doubt, err on the side of caution and request additional verification.

**DATA SECURITY COORDINATOR**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Jackson Creek shall assign the role of Data Security Coordinator to one employee that shall serve as the primary point of contact for all matters related to this written policy, for initial implementation of the policy, for training employees, to perform regular testing of the plan's safeguards, and to help facilitate proper handling of procedures in the event of a breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Data Security Coordinator shall maintain documentation in connection with the program including a log of any breach incidents, program revisions, etc.

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John Riddler, CIO/Managing Member shall serve as Data Security Coordinator for Jackson Creek.

**TRAINING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All employees will have access to the WISP and shall be directed to read it in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Training shall be held on an annual basis by the Data Security Coordinator to offer employees an understanding of requirements and Firm practices associated with data protection and encryption. Further, said training sessions shall include information to update employees on current issues associated with the WISP and any changes to the Firm policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All training sessions and any and all updates to the provisions or the Firm's policy shall be documented.

**RISK ANALYSIS**

Periodic security checks will be performed by the designated IT consultant or vendor to ensure compliance with the written information security program. Intentional attempts to access personal or sensitive information on workstations or the network generally will help to ensure that network safeguards for data security are current, effective, and compliant with the requirements.

**ENFORCEMENT**

Any employee found to have violated this policy may be subject to disciplinary action, up to and including termination.

**RESPONSE TO SECURITY BREACH**

In the event of a suspected or known security breach of personal information, the following steps are required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● An immediate meeting between the Data Security Coordinator, appropriate manager(s), and all involved parties (e.g., employee(s)) shall be held to determine the root cause and consequence of the incident.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Data Security Coordinator shall contact the affected party immediately to bring the breach to their attention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Depending on the nature of the breach, any and all efforts should be made to recover from the breach (i.e., retrieve sensitive documents from inappropriate recipient, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If applicable, any new safeguards required for prevention of such a breach in the future will be put in place as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Data Security Coordinator will document the incident and keep it on record in the WISP log.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If disciplinary action is required, the appropriate manager shall take action as deemed appropriate, up to and including termination.

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**BUSINESS CONTINUITY PLAN ("BCP")**

This policy outlines Jackson Creek's immediate and long-term contingency planning and recovery process. The purpose of this Business Continuity Plan is to provide specific guidelines for Jackson Creek to follow in the event of a failure of any critical business capability. Business Continuity relates to Jackson Creek's ability to resume normal business activities following a disaster. Disasters can come from outside sources, such as terrorist activities and weather-related events, or from personal events such as the death or disability of a key person.

Jackson Creek has a Business Continuity Plan in place which will be implemented in the event of significant business disruption. Please refer to the BCP document for the specific guidelines in the event of failure of any critical business capability.

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**PAY TO PLAY POLICY**

**STATEMENT OF POLICY**

Jackson Creek, as a matter of policy and practice, and consistent with industry best practices, Advisers Act and the SEC requirements (Rule 206 (4) – 5 or "The Rule," under the Advisers Act), has adopted the following procedures which are designed to prevent violations of the Rule. These procedures cover Jackson Creek and all of its Covered Associates, as defined below.

**DEFINITIONS**

For the purpose of Jackson Creek's compliance with Rule 206 (4) -5, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● "Contribution" means:

&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 gift, subscription, loan, advance, deposit of money, or anything of value made for the purpose of influencing an election for a federal, state or local office, including any payments for debts incurred in such an election. It also includes transition or inaugural expenses incurred by a successful candidate for state or local office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● "Covered Associates" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ An adviser's general partners, managing members, executive officers or other individual with a similar status or function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Any employee who solicits a government entity for the investment adviser (even if not primarily engaged in solicitation activities) and any person who supervises, directly or indirectly, such employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ A political action committee controlled by the investment adviser or by any of its Covered Associates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● "Covered Investment Pool" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ any investment Firm registered under the Investment Firm Act of 1940 that is an investment option of a plan or program of a government entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ any Firm that would be an investment Firm under section 3(a) of the Act but for the exclusion provided from that definition by section 3(c) (1), section3 (c)(7) or section 3(c)(11) of that Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● "De Minimis" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ any aggregate contributions of up to $350, per election, to an elected official or candidate for whom the individual is entitled to vote, and up to $150, per election, to an elected official or candidate for whom the individual is not entitled to vote. De Minimis exceptions are available only for contributions by individual covered associates, not the advisory Firm itself. Under both exceptions, primary and general elections are considered separate elections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● "Entitled to vote for an official" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ the covered associate's principal residence is in the locality in which the official seeks election.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● "Government entity" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ any U.S. state or political subdivision of a U.S. State, including any agency, authority, or instrumentality of the State or political subdivision, a plan, program, or pool of assets sponsored or established by the State or political subdivision or any agency, authority or instrumentality thereof; and officers, agents, or employees of the State or political subdivision or any agency, authority, or instrumentality thereof, acting in their official capacity. As such, government entities include all state and local governments, their agencies and instrumentalities, and all public pension plans and other collective government funds, including participant-directed plans such as 403 (b), 457 and 529 plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● An "official" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ an incumbent, candidate or successful candidate for elective office of a government entity if the office is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser or has the authority to appoint any person who is directly or indirectly responsible for or can influence the outcome of the hiring of an investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● "Political contribution" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ any gift, subscription, loan advance, deposit of money, or anything of value made for the purpose of influencing an election for a federal, state or local office, including any payments for debts incurred in such an election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● "Solicit" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ with respect to investment advisory services, to communicate, directly or indirectly, for the purpose of obtaining or retaining a client for, or referring a client to, an investment adviser.

**REGULATORY REQUIREMENT**

In July 2010, the SEC adopted Rule 206(4)-5 which was designed to prevent "pay-to-play" abuses in the industry. The rule applies to any SEC-registered investment adviser, or those investment advisers who are unregistered in reliance on the exemption available under section 203 (b)(3) of the Advisers Act.

Rule 206 (4)-5 makes it unlawful for an adviser or any of its Covered Associates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Receive compensation for providing advisory services to a government entity for a 2-year period after the adviser or any of its Covered Associates makes a political contribution of more than de Minimis amounts to a public official of a government entity or candidate for such office who is or will be in a position to influence the award of advisory business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Pay third parties to solicit government entities for advisory business unless such third parties are registered broker dealers or registered investment advisers (which subject such solicitors to pay-to-play restrictions themselves under SEC rules or FINRA rules).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Solicit or coordinate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) contribution to an official of a government entity to which the adviser is seeking to provide advisory services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) payments to a political party of a state locality where the adviser is providing or seeking to provide advisory services to a government entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Do anything indirectly which, if done directly, would result in a violation of the Rule.

Each of the above prohibitions extends to an investment adviser that manages assets of a government entity through a Covered Investment Pool.

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The Rule also contains a look-back provision which attributes to an adviser contribution made by a person within two years (or 6 months if the person will not solicit business for the adviser) of becoming a Covered Associate of the adviser. That is, when an employee becomes a Covered Associate, the adviser must "look back" in time to that employee's contributions to determine whether the time out applies to the adviser. Therefore, if a contribution greater than de Minimis was made less than two years (or six months) from the time the person becomes a Covered Associate, the rule prohibits the adviser that hires or promotes the contributing Covered Associate from receiving compensation for providing advisory services from the hiring or promotion date until two-year period has run.

Finally, the Rule provides an exception that provides an adviser with limited ability to ensure the consequences of an inadvertent political contribution to an official for whom the Covered Associate making it is not entitled to vote (i.e. under the Rule, limited to a $150 contribution per election). The exception is available for contributions that, in the aggregate, do not exceed $350 to any one official, per election. The adviser must have discovered the contribution which resulted in the prohibition within four months of the date of such and, within 60 days after learning of the triggering contribution, the contributor must obtain the return of the contribution. However, an adviser is limited to relying on this exception to three such events per 12-month period if it has more than 50 employees who perform advisory functions (as reported on Item 5A of Form ADV Part I), and two such events per 12-month period if it has less than 50 employees who perform advisory functions. In addition, the Rule only permits one such exception for each Covered Associate regardless of timeframe.

Corresponding amendments to Rule 204-2 regarding investment adviser book and record-keeping requirements also require every SEC-registered adviser to maintain (in addition to other 204-2 requirements) the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The names, titles and business and residence addresses of all Covered Associates of the investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All government entities to which the investment adviser provides or has provided investment advisory services, or which are or where investors in any Covered Investment Pool to which the investment adviser provides or has provided investment advisory services, as applicable, in the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All direct or indirect contributions made by the investment adviser or any of its Covered Associates to an official of a government entity, or payments to a political party of a state or political subdivision thereof, or to a political action committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The name of business address of each regulated person to whom the investment adviser provides or agrees to provide, directly or indirectly, payment to solicit a government entity for investment advisory services on its behalf.

An adviser's records of contributions and payments are required to (1) be listed in chronological order, (2) identifying each contributor and recipient, (3) the amounts and dates of each contribution or payment, and (4) whether such contribution or payment was subject to the exception for certain returned contribution.

**PROCEDURES**

In order for Jackson Creek Investment Advisors to maintain compliance with the Rule, the following procedures apply:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All employees are required to pre-clear any political contributions with the CCO prior to making such a contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All new employees, within 5 business days of employment, are required to provide the CCO with a list indicating to whom the employee has made any political contributions in the 2 years (either directly or via a political action committee which the employee controls) preceding the date of employment with Jackson Creek Investment Advisors .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The CCO is responsible for monitoring all political contributions made by employees against a list of any potential clients of Jackson Creek Investment Advisors to ensure that Jackson Creek Investment Advisors will not be precluded from accepting and/or receiving compensation for the proscribed timeframes from potential clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The CCO must be aware of any potential solicitation agreements (i.e. prior to signing of the agreement) with third-parties to ensure that such meet Rule registration requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The CCO is responsible for providing adequate training to each employee of Jackson Creek Investment Advisors with respect to all Rule requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The CCO is responsible for ensuring that all books and records requirements pursuant to Rule 204-2 with respect to political contributions are met and maintained.

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**DOCUMENT DESTRUCTION POLICY**

Jackson Creek is required to create and retain a number of documents and records ("records") under various legal, regulatory, contractual and general business obligations. The Advisers Act requires all registered advisers to adhere to extensive recordkeeping requirements. The Firm maintains typical business accounting records along with certain records the SEC believes an adviser should organize in light of the special fiduciary nature of the adviser/client relationship. In addition to creating and maintaining records, it is important for the Firm to destroy records periodically when they are no longer necessary. In some cases, such destruction may be legally or contractually required. The policy below memorializes the Firm's general policies concerning document destruction (hereinafter referred to as the "Document Destruction Policy").

**ADMINISTRATION & SUPERVISION OF RECORDS RETENTION AND DESTRUCTION**

Jackson Creek's CCO is the Officer in charge of the administration of this Document Destruction Policy and the implementation of processes and procedures to ensure that records are maintained for the appropriate period of time and the appropriate process and procedures are followed for the destruction of records.

The CCO is also authorized to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Make modifications to record retention policies from time to time to ensure compliance with local, state and federal laws for the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Monitor local, state and federal laws regarding record retention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Document and supervise the destruction of all records; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Monitor compliance with this Document Destruction Policy.

**SUSPENSION OF RECORD DISPOSAL IN EVENT OF LITIGATION OR CLAIMS OR REGULATORY INQUIRY**

Certain circumstances will require the destruction of documents in accordance with this Document Destruction Policy be suspended with respect to a particular group or class of documents. In the event the Firm is served with any subpoena or request for documents or any employee becomes aware of a governmental investigation or audit concerning the Firm or the commencement of any litigation against or concerning the Firm, employees shall inform the CCO and any further disposal of documents shall be suspended until the CCO, with the advice of legal counsel, determines otherwise. The CCO shall take such steps as is necessary to promptly inform all staff of any suspension in the further disposal of documents.

Federal law makes it a crime, punishable by imprisonment and monetary fines, for anyone who knowingly alters, destroys, mutilates, conceals, covers up, falsifies, or makes a false entry in, any record or document with the intent of impeding, obstructing or influencing an investigation or administrative proceeding within the jurisdiction of any department or agency of the United States. The destruction of documents while an investigation or litigation is ongoing or anticipated can also constitute obstruction of justice or lead to monetary sanctions or other penalties. Liability for such conduct depends upon the facts and circumstances but it is best to err on the side of caution and to cease the deletion, destruction or alteration of any records when an investigation or litigation is anticipated or ongoing.

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If an employee is in doubt as to whether a particular record pertains to the subject matter of an investigation, litigation, proceeding or foreseeable claim the employee should not destroy the record unless they receive authorization to do so from the Firm's CCO.

**POLICY STATEMENT**

The Firm's policy is to effectuate an orderly, efficient and documented destruction of specified records. Certain records must be maintained for specified periods of time, as required by applicable laws, regulations or contractual obligations. A duty to maintain the record may also exist if it is reasonably foreseeable that such record may be used as evidence in a trial. During these periods of time, the Firm has a legal obligation to preserve the property.

The Firm's documents are managed in accordance with separate records retention policies and documents will be destroyed only in accordance with a formal Document Destruction Memorandum (See Formal Document Destruction Memorandum Section Below). All document destruction memorandums will be maintained as "Exhibits" separate from this Document Destruction Policy as part of the Firm's books and records.

**PURPOSE OF POLICY**

The Firm promulgates this Document Destruction Policy because the Firm is committed to the effective management of its records in accordance with legal and contractual requirements, the optimal use of its space and resources and the elimination and destruction of outdated and unnecessary records. Consistent with those commitments, the purpose of this Document Destruction Policy is to mandate appropriate policies or memorandum of documents to destroy, and inform all necessary personnel of, the Firm's document destruction policies and procedures. No policy can, however, adequately cover every document management issue or situation. It is possible that you may encounter documents which appear not to be covered by any stated policy. Any questions concerning document creation, retention or destruction that is not answered in this document should be referred to the Firm's CCO. The Firm's record retention and destruction policies are always subject to review, update and change.

**PROCEDURE FOR DESTRUCTION OF RECORDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**● Formal Document Destruction Memorandum**

The Firm's CCO will create a formal Document Destruction Memorandum (i.e. policy addendums) prior to the destruction of any records detailing the applicable record(s) that will be destroyed and the timeline when those records will be destroyed. Upon completion of the Document Destruction Memorandum, the CCO, the Firm's Managing Member and any other Firm Officers, as applicable, will formally sign-off on the Document Destruction Memorandum.

Upon finalization and sign-off on the Document Destruction Memorandum, the Firm will proceed with the destruction of any applicable "hard" copies and electronic copies of the records according to the procedures below. The CCO will follow the ongoing destruction of the applicable record(s) in accordance with the timeline spelled out in the Document Destruction Memorandum. All Document Destruction Memorandums will be maintained as "Exhibits" to this Document Destruction Policy and are archived separately as part of the Firm's books and records.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Destruction of "Hard" Copies**

Destruction of applicable "hard" copies (i.e., documents not maintained in electronic form) may be accomplished through the use of a Firm-owned shredder or the use of a reputable commercial record destruction service with appropriate document destruction certification. Documents must be shredded rather than placed in a rubbish bin. A record is not considered "destroyed" until it is actually physically destroyed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Retirement and Destruction of Computer Hardware**

Computer hardware and devices being replaced or retired as a Firm asset will be reviewed by The Firm's IT Consultant ("IT") for any further practical deployment. Computers, including, but not limited to, CPUs and laptops, designated for donation or recycling, and containing Firm information on Hard Disk Drives, will first have such Hard Disk Drives removed from the computers and physically destroyed in a manner not permitting the drives to ever be powered on, or data platters within from having stored data accessed. In the event a hard drive is not able to be removed from a device, steps must be taken to permanently "erase," "reset" or destroy the information contained on the device so that its data may not be accessed. This policy shall apply to all devices capable of storing information, including but not limited to, External USB Hard Drives, solid state "Flash Drives" or "Thumb Drives," tablets such as iPads and smart telephones such as iPhones or those similar. Computers and devices now without internal Hard Disk Drives, or having been appropriately erased or reset, can be recycled or donated at The Firm's discretion. All destruction of computer hardware will be supervised by the CCO. The CCO will document such destruction with a Data Destruction Memorandum.

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**CHARITABLE GIVING POLICY**

------

The following sets forth policies and procedures to be followed by the Firm with respect to the charitable giving by its Supervised Persons and Firm. All Supervised Persons of the Firm are subject to this policy.

**POLICY**

Associated Persons may make charitable contributions, on their own behalf, as an individual, but may not use or associate the Firm's name with such contributions or payments.

Officers and Directors of the Firm may request to make charitable contributions on behalf of the Firm. All charitable contribution requests to be made on behalf of the firm must be pre-approved by the CCO.

To avoid potential conflicts of interest, the Firm has established the following guidelines for handling such requests.

Charitable contributions must be pre-approved by the CCO if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Solicited or directed by Advisory Clients or prospective clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Made on behalf of Advisory Clients or prospective clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Made on behalf of the Firm.

Associated Persons should notify the CCO about any actual or apparent conflict of interest in connection with any charitable contribution, or about any contribution, that could give an appearance of impropriety. Any questions as to the appropriateness of charitable contributions should be discussed with the CCO or Managing Partner/Owner of the Firm.

Apparent Conflict may include, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Made for the purpose of influencing the award or continuation of a business relationship with such Advisory Client or prospective client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Donations by employees to charities with the intention of influencing such charities to become clients are strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Contributions cannot be based on the actual or anticipated level of business done by the customer.

The Charitable Review Checklist that follows shall be used for charitable contributions requiring pre-approval by the CCO.

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------

**CHARITABLE CONTRIBUTION CHECKLIST**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Name of IAR: | &nbsp;&nbsp;Name of Firm: | &nbsp;&nbsp;Name of Firm: | &nbsp;&nbsp;Name of Firm: |
| &nbsp;&nbsp;Proposed Charity: | &nbsp;&nbsp;Proposed Contribution: | &nbsp;&nbsp;Proposed Contribution: | &nbsp;&nbsp;Proposed Contribution: |
| &nbsp;&nbsp;Code of Ethics | &nbsp;&nbsp;Code of Ethics | YES | NO |
| &nbsp;&nbsp;Is the gift viewed as overly generous? | &nbsp;&nbsp;Is the gift viewed as overly generous? |  |  |
| &nbsp;&nbsp;Is the gift aimed at influencing the decision making of a client? | &nbsp;&nbsp;Is the gift aimed at influencing the decision making of a client? |  |  |
| &nbsp;&nbsp;Would the gift make the client feel beholden to the Firm or Code Person? | &nbsp;&nbsp;Would the gift make the client feel beholden to the Firm or Code Person? |  |  |
| &nbsp;&nbsp;Form ADV | &nbsp;&nbsp;Form ADV | YES | NO |
| &nbsp;&nbsp;Does the Form ADV Part 2A make specific disclosures with respect to charitable giving? | &nbsp;&nbsp;Does the Form ADV Part 2A make specific disclosures with respect to charitable giving? |  |  |
| &nbsp;&nbsp;Does the Part 2A prohibit charitable giving? | &nbsp;&nbsp;Does the Part 2A prohibit charitable giving? |  |  |
| &nbsp;&nbsp;ERISA | &nbsp;&nbsp;ERISA | YES | NO |
| &nbsp;&nbsp;Does the charitable organization have any involvement with pension plans or governmental entities? | &nbsp;&nbsp;Does the charitable organization have any involvement with pension plans or governmental entities? |  |  |
| &nbsp;&nbsp;FEES | &nbsp;&nbsp;FEES | YES | NO |
| &nbsp;&nbsp;If the charitable giving is related to a client, are the fees charged by Adviser fair and reasonable for the services provided? | &nbsp;&nbsp;If the charitable giving is related to a client, are the fees charged by Adviser fair and reasonable for the services provided? |  |  |
| &nbsp;&nbsp;CHARITY | &nbsp;&nbsp;CHARITY | YES | NO |
| &nbsp;&nbsp;Is the charity bona fide? | &nbsp;&nbsp;Is the charity bona fide? |  |  |
| &nbsp;&nbsp;Has Adviser given to this charity before? | &nbsp;&nbsp;Has Adviser given to this charity before? |  |  |
| &nbsp;&nbsp;If so, how when and how much? | &nbsp;&nbsp;If so, how when and how much? |  |  |
| &nbsp;&nbsp;BUDGET | &nbsp;&nbsp;BUDGET | YES | NO |
| &nbsp;&nbsp;Is the requested contribution in line with other contributions made by Adviser? | &nbsp;&nbsp;Is the requested contribution in line with other contributions made by Adviser? |  |  |
| &nbsp;&nbsp;Is the requested contribution a large percentage of the Firm's budget for charitable giving? | &nbsp;&nbsp;Is the requested contribution a large percentage of the Firm's budget for charitable giving? |  |  |

---

NOTE: If you have answered YES to any of the above, please contact your CCO for additional required reporting.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Acknowledgement: By signing below, I acknowledge that the information I have reported herein is true and correct to the best of my knowledge and belief. If any information changes, I will notify the Chief Compliance Officer, as soon as possible. | &nbsp;&nbsp;&nbsp;Acknowledgement: By signing below, I acknowledge that the information I have reported herein is true and correct to the best of my knowledge and belief. If any information changes, I will notify the Chief Compliance Officer, as soon as possible. | &nbsp;&nbsp;&nbsp;Acknowledgement: By signing below, I acknowledge that the information I have reported herein is true and correct to the best of my knowledge and belief. If any information changes, I will notify the Chief Compliance Officer, as soon as possible. | &nbsp;&nbsp;&nbsp;Acknowledgement: By signing below, I acknowledge that the information I have reported herein is true and correct to the best of my knowledge and belief. If any information changes, I will notify the Chief Compliance Officer, as soon as possible. | &nbsp;&nbsp;&nbsp;Acknowledgement: By signing below, I acknowledge that the information I have reported herein is true and correct to the best of my knowledge and belief. If any information changes, I will notify the Chief Compliance Officer, as soon as possible. |
| &nbsp;&nbsp;&nbsp;Investment Advisor Representative Signature: | &nbsp;&nbsp;&nbsp;Investment Advisor Representative Signature: | &nbsp;&nbsp;&nbsp;Investment Advisor Representative Signature: | &nbsp;&nbsp;&nbsp;Date: | &nbsp;&nbsp;&nbsp;Date: |
| &nbsp;&nbsp;&nbsp;CCO Signature & Review Confirmation: | &nbsp;&nbsp;&nbsp;Contribution Granted | &nbsp;&nbsp;&nbsp;¨ | &nbsp;&nbsp;&nbsp;Contribution Granted | &nbsp;&nbsp;&nbsp;¨ |

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**OVERSIGHT OF SERVICE PROVIDERS**

Jackson Creek may contract with outside vendors to perform certain functions for the Firm. While Jackson Creek may never contract its supervisory and compliance activities away from its direct control, it may outsource certain activities that support the performance of its supervisory and compliance responsibilities. Such activities may include custodians, broker/dealers, sub-advisers, email retention providers, accounting/finance (payroll, expense account reporting), legal and compliance, information technology, operations functions (statement production, disaster recovery services), and administration functions (human resources, internal audits).

The CCO or designee will oversee Jackson Creek's service providers that impact the operations or that could pose a risk to the Firm's operations or its clients ("service provider"). The CCO should be familiar with each service provider's operations and understand those aspects of their operations that expose the Firm to compliance risks. The Firm will follow the policies and procedures established by the service provider after the Firm confirms they are in line with their operations.

Jackson Creek will evaluate the service provider's ability to fulfill those needs. Each service provider agreement should clearly outline the scope of the provider's responsibilities. The service provider's written agreement will be maintained by the CCO and in accordance with the Firm's document retention policy. Agreements will properly reflect protection of any confidential information, including, but not limited to, that of the Firm, as well as nonpublic customer information. Agreements must be maintained, must be current, and must be available for review by regulators, when requested. If the Agreement does not contain a confidentiality agreement, the Firm must obtain a separate agreement to be maintained in the file with the vendor contract and in accordance with the Firm's document retention policy.

When evaluating a service provider for the first time, the CCO will review and consider the following information, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The service provider's history and reputation in the industry, including the experiences of similar entities serviced by this provider and the provider's history of client retention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The service provider's financial condition and ability to devote resources to the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Recent corporate transactions (such as mergers and acquisitions) that involve the service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The level of service that will be provided to the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The nature and quality of the services to be provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The extent to which, if at all, the service provider adopts and abides by Global Investment Performance Standards ("GIPS").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The experience and quality of the staff providing services and the stability of the workforce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The service provider's operational resiliency, including its disaster recovery and business continuity plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The technology and process it uses to maintain information security, including the privacy of customer data and its cybersecurity policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The service provider's communications technology;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The service provider's literature and advertising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The service provider's insurance coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The reasonableness of fees in relation to the nature of the services to be provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Where potential conflicts of interest exist, the CCO must evaluate the extent to which such potential conflicts are mitigated.

The CCO shall be responsible for monitoring all service providers to ensure compliance with the terms and conditions of the agreement. Periodically and in order to determine this compliance with the terms and conditions of the agreement, a review, assessment and re-evaluation of the following will be completed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The service provider's financial condition and ability to devote resources to the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Recent corporate transactions (such as mergers and acquisitions) that involve the service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The level of service provided to the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The service provider's performance on behalf of the Firm to date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The extent to which the service provider abides by GIPS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The reasonableness of fees in relation to the nature of the services to be provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The potential for conflicts of interest that could unfairly benefit the Firm or others to the detriment of Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The experience and quality of the staff providing services and the stability of the workforce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The service provider's operational resiliency, including its disaster recovery and business continuity plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The technology and process it uses to maintain information security, including the privacy of customer data as well as its cybersecurity processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The service provider's communications technology;

Where potential conflicts of interest exist, the CCO must evaluate the extent to which such potential conflicts are mitigated.

In evaluating service provider arrangements, Jackson Creek and the CCO should be alert for any arrangements that could unfairly benefit the adviser or others to the detriment of Jackson Creek or its Clients. When evaluating an arrangement with an affiliated service provider that in turn subcontracts to an unaffiliated service provider, the Firm and CCO shall inquire about the respective roles of the two entities and whether management or the affiliated service provider receives any benefit, directly or indirectly, other than the fees payable under the contract. The CCO must evaluate the fees paid to the affiliated service provider and any unaffiliated service provider, relative to the services each will perform.

Conflicts of interest also may arise in arrangements with unaffiliated service providers. The Firm shall also inquire about other business relationships between affiliates of the adviser and the service provider or any of the service provider's affiliates.

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**DEFINITIONS**

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**ACCESS PERSON**

An Access Person is an Employee who has access to non-public information regarding trading who is involved in making Securities recommendations to Clients, or who has access to non-public Securities recommendations. All persons performing advisory functions on behalf of the Firm and those who have access to client transactions or recommendations are considered Access Persons.

**ACCREDITED INVESTOR**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any natural person who had individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; spousal equivalents may pool their finances for the purpose of qualifying as accredited investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any natural person whose individual net worth, or joint net worth with that person's spouse, exceeds $1 million (excluding the value of primary residence); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Directors, executive officers, and general partners of the issuer or of the general partner of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. With respect to investments in a private fund, natural persons who are "knowledgeable employees" of the fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Natural persons with certain professional certifications, designations or credentials or other credentials issued by an accredited educational institution; holders in good standing of the Series 7, Series 65, and Series 82 licenses as qualifying natural persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Limited liability companies with $5 million in assets may be accredited investors and add SEC- and state-registered investment advisers, exempt reporting advisers, and rural business investment companies (RBICs) to the list of entities that may qualify;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Any entity, including Indian tribes, governmental bodies, funds, and entities organized under the laws of foreign countries, that own "investments," as defined in Rule 2a51-1(b) under the Investment Company Act, in excess of $5 million and that was not formed for the specific purpose of investing in the securities offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. "Family offices" with at least $5 million in assets under management and their "family clients," as each term is defined under the Investment Advisers Act

**ADVISERS ACT**

The Investment Advisers Act of 1940.

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| | |
|:---|:---|
| **AFFILIATE ACCOUNT** | Means, as to any |

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Access Person, an Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Of any Family Member of the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For which the Access Person acts as a custodian, trustee or other fiduciary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Of any corporation, partnership, joint venture, trust, company or other entity which is neither subject to the reporting requirements of section 13 or 15(d) of the 1934 Act nor registered under the Investment Company Act of 1940 (the "Company Act") and in which the Access Person or a Family Member has a direct or indirect Beneficial Ownership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Of any Access Person of the Firm.

**CLIENT**

The person or entity to whom Firm provides investment advisory services.

**EMPLOYEE**

Firm's officers, directors, partners, members, employees or any other person who provides investment advice on the Company's behalf and is subject to the Company's supervision or control. SEC definition includes independent contractors.

**"FAMILY MEMBER" OF AN ACCESS PERSON**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) That person's spouse or minor child who resides in the same household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any adult related by blood, marriage or adoption to the Access Person (a "relative") who shares the Access Person's household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any relative dependent on the Access Person for financial support; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other relationship (whether or not recognized by law) which the Chief Compliance Officer determines could lead to the possible conflicts of interest or appearances of impropriety this Code of Ethics is intended to prevent.

**FEDERAL SECURITIES LAWS**

The Federal Securities Laws include the Securities Act, the Exchange Act, the Sarbanes-Oxley Act of 2002, the IC Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to investment companies and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

**FRONT-RUNNING**

Trading a favored account ahead of other accounts.

**HIGH NET WORTH INDIVIDUAL**

A natural person with $1,000,000 in investable assets or $2.0 million in net worth.

**HOUSEHOLD**

Combining account(s) or asset(s) of "family members" for the purposes of mailing or calculating assets under management. "Family Member" is defined as a person's spouse, parents, children, siblings, mothers- and fathers-in-law, sons- and daughters-in-law, brothers- and sisters-in-law, and anyone (other than domestic employees) who shares the person's home.

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**MATERIAL NON-PUBLIC INFORMATION**

Information that (i) has not been made generally available to the public, and that (ii) a reasonable investor would likely consider important in making an investment decision.

**QUALIFIED CLIENT or QUALIFIED PURCHASER**

1. A natural person who, or a company that, immediately after entering into the contract has at least $1,000,000 under the management of the investment adviser;

2. A natural person who, or a company that, the investment adviser entering into the contract (and any person acting on his behalf) reasonably believes, immediately prior to entering into the contract, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Has a net worth (together, in the case of a natural person, with assets held jointly with a spouse) of more than $2,000,000. For purposes of calculating a natural person's net worth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The person's primary residence must not be included as an asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Indebtedness secured by the person's primary residence, up to the estimated fair market value of the primary residence at the time the investment advisory contract is entered into may not be included as a liability (except that if the <u>amount</u> of such indebtedness outstanding at the time of calculation exceeds the <u>amount</u> outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the <u>amount</u> of such excess must be included as a liability); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the residence must be included as a liability; or

3. Is a qualified purchaser as defined in section 2(a)(51)(A) of the <u>Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(51)(A))</u> at the time the contract is entered into; or

4. A natural person who immediately prior to entering into the contract is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An <u>executive officer</u>, director, trustee, general partner, or person serving in a similar capacity, of the investment adviser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. An <u>employee</u> of the investment adviser (other than an <u>employee</u> performing solely clerical, secretarial or administrative functions with regard to the investment adviser) who, in connection with his or her regular functions or duties, participates in the investment activities of such investment adviser, provided that such <u>employee</u> has been performing such functions and duties for or on behalf of the investment adviser, or substantially similar functions or duties for or on behalf of another company for at least 12 months.

**QUALIFIED CUSTODIAN**

Financial institutions that clients and advisers customarily turn to for custodial services. These include banks and savings associations and registered broker-dealers.

**QUALIFIED INSTITUTIONAL BUYER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A company that manages a minimum investment of $100 million in securities on a discretionary basis or is a registered broker-dealer with at least a $10 million investment in non-affiliated securities. The range of entities deemed qualified institutional buyers (QIB's) include savings and loans associations (which must have a net worth of $25 million), banks, investment and insurance companies, employee benefit plans and entities completely owned by accredited investors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Limited Liability companies and RBICs if they meet the $100 million in securities owned and invested threshold in the definition.

**REGULATORY ASSETS UNDER MANAGEMENT**

The SEC staff defines AUM for the purposes of Item 5.F on the Form ADV Part 1 as *securities portfolios for which you provide continuous and regular supervisory or management services*. The SEC staff further expands on what constitutes a *securities portfolio* as well as *regular supervisory or management services.*

The SEC's definition of *securities portfolios*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Cash and cash equivalents are considered securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● At least 50% of the total value of the account must consist of securities for the account to be considered a *securities portfolio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Family accounts, accounts for which you receive no compensation, accounts for non-US persons, and all assets within in a private fund, including any uncalled mandatory commitments, must all be counted as securities.

The SEC's definition of *continuous and regular supervisory or management services*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Firm has discretion over an account, and your advisory firm provides ongoing supervisory or management services with respect to the account, (or)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Firm does not have discretion over an account, but you have an ongoing duty to select or make recommendations based upon the needs of your client and **if the client accepts your investment recommendation, you are responsible for arranging or effecting the purchase or sale.**

**REPORTABLE SECURITY**

A Security as defined in the Code of Ethics, but does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Money market instruments, bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality short-term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Shares issued by other mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Shares issued by unit investment trusts that are invested exclusively in one or more mutual funds.

**RESTRICTED SECURITY**

Any Security on the Firm's Restricted Security List. In general, this list will include securities of public companies which are clients of the Firm, or whose senior management are clients of the Firm.

**RETAIL CLIENT**

Retail client is defined as a "natural person, or the legal representative of such natural person, who: (i) receives a recommendation of any securities transaction or investment strategy involving securities from a broker, dealer, or a natural person who is an associated person of a broker or dealer; and (ii) uses the recommendation primarily for personal, family, or household purposes." We note that the definition of "retail client" does not exclude high-net worth natural persons and natural persons that are accredited investors.

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**SECURITY**

The SEC defines the term "Security" broadly to include stocks, bonds, certificates of deposit, options, interests in Private Placements, futures contracts on other Securities, participations in profit-sharing agreements, and interests in oil, gas, or other mineral royalties or leases, among other things. "Security" is also defined to include any instrument commonly known as a Security.

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**APPENDIX A - ACKNOWLEDGEMENT OF RECEIPT AND ACCEPTANCE**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ ***Initial***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ ***Annual***

By signing below, I certify that I have received, read, understand, have abided by, and will continue to abide by **Jackson Creek's Compliance Manual**, which includes Jackson Creek's Code of Ethics. I understand that any questions about Jackson Creek's Manual (including the Code) should be directed to the CCO.

<u>Print Name:</u>  

<u>Signature:</u>  

Date:

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**APPENDIX B – RETENTION OF BOOKS AND RECORDS**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Name of <br> Law | Legal Cite | Record Type | Retention <br> Period | Record <br> Retention | Storage <br> Media | Summary of Law |
| Advisers Act | Rule 204- 1(c) | Form ADV, Part 2A | Permanently (per law: none specified) | None Specified | Paper, microfilm, electronic | Part 2A of Form ADV |
| Advisers Act | Rule 204- 2(e)(2) | Articles of Incorporation | Permanently; 3 years after termination of business | Onsite (principal office of adviser) | Paper, microfilm, electronic | Partnership articles and any amendments thereto, articles of incorporation, charters, minute books and stock certificate books. |
| Advisers Act | Rule 204- 2(e)(2) | Bylaws | Permanently; 3 years after termination of business | Onsite (principal office of adviser) | Paper, microfilm, electronic | Partnership articles and any amendments thereto, articles of incorporation, charters, minute books and stock certificate books. |
| Advisers Act | Rule 204- 2(e)(2) | Minute Books | Permanently; 3 years after termination of business | Onsite (principal office of adviser) | Paper, microfilm, electronic | Partnership articles and any amendments thereto, articles of incorporation, charters, minute books and stock certificate books. |
| Advisers Act | Rule 204- 2(e)(2) | Stock Certificate Book | Permanently; 3 years after termination of business | Onsite (principal office of adviser) | Paper, microfilm, electronic | Partnership articles and any amendments thereto, articles of incorporation, charters, minute books and stock certificate books. |

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|:---|:---|:---|:---|:---|:---|:---|
| Name of <br> Law | Legal Cite | Record Type | Retention <br> Period | Record<br> Retention | Storage <br> Media | Summary of Law |
| Advisers Act | Rule 204- 2(a)(1), Rule 204- 2(e)(1) | Accounting/Journals | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | A journal or journals, including cash receipts and disbursement records, and any other records of original entry forming the basis for entries in any ledger. |
| Advisers Act | Rule 204- 2(a)(2), Rule 204- 2(e)(1) | Accounting/Ledgers | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | General and auxiliary ledgers (or other comparable records) reflecting asset, liability, reserve, capital, income and expense accounts. |
| Advisers Act | Rule 204- 2(a)(4), Rule 204- 2(e)(1) | Accounting/Bank Statements | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | All check books, bank statements, canceled checks and cash reconciliation of the adviser. |
| Advisers Act | Rule 204- 2(a)(5), Rule 204- 2(e)(1) | Accounting/Bills or Statements | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | All bills or statements (or copies thereof), paid or unpaid, relating to the business of the adviser. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Name of <br> Law | Legal Cite | Record Type | Retention <br> Period | Record <br> Retention | Storage <br> Media | Summary of Law |
| Advisers Act | Rule 204- 2(a)(6), Rule 204- 2(e)(1) | Accounting/Financial Statements | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | All trial balances, financial statements, and internal audit working papers relating to the business of the adviser. |
| Advisers Act | Rule 204- 2(a)(3), Rule 204- 2(e)(1)<br>Also applies: 1940 Act Rules 31a- 1(f), Rule 31a-1(e) – 6 years | Trade Tickets/ Memorandum | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | A memorandum of each order given by the adviser, any instruction received by the adviser from the client, and any modification or cancellation of any such order or instruction relating to the purchase or sale of any security. |
| Advisers Act | Rule 204- 2(a)(7), Rule 204- 2(e)(1)<br>Also applies: 1940 Act Rules 31a- 1(f), Rule 31a-1(e) – 6 years | Recommendations | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | Originals of all written communications received and sent by the adviser relating to any recommendation made or proposed to be made and any advice given or proposed to be given. |
| Advisers Act | Rule 204- 2(a)(7), Rule 204- 2(e)(1)<br>Also applies: 1940 Act Rules 31a- 1(f), Rule 31a-1(e) – 6 years | Delivery Instructions | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | Originals of all written communication received and copies of all written communications sent by the adviser and relating to any receipt, disbursement or delivery of funds or securities. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Name of <br> Law | Legal Cite | Record Type | Retention <br> Period | Record<br> Retention | Storage<br> Media | Summary of Law |
| Advisers Act | Rule 204- 2(a)(7), Rule 204- 2(e)(1)<br>Also applies: 1940 Act Rules 31a- 1(f), Rule 31a-1(e) – 6 years | Trade Confirmation | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | Originals of all written communication received and copies of all written communications sent by the adviser relating to the placing or execution of any order to purchase or sell any securities. |
| Advisers Act | Rule 204- 2(a)(8), Rule 204- 2(e)(1)<br>Also applies: 1940 Act Rules 31a- 1(f), Rule 31a-1(e) – 6 years | List of Discretionary Accounts | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | A list or other record of all accounts in which the adviser is vested with any discretionary power with respect to the funds, securities or transactions of any client. |
| Advisers Act | Rule 204- 2(a)(9), Rule 204- 2(e)(1) | Powers of Attorney | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | All powers of attorney and other evidence of the granting of any discretionary authority by any client to the adviser, or copies thereof. |
| Advisers Act | Rule 204- 2(a)(10), Rule 204- 2(e)(1) <br>Also applies: 1940 Act Rules 31a- 1(f), Rule 31a-1(e) – 6 years | Advisory Agreements (Funds) | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | All written agreements (or copies thereof) entered into by the adviser with any client or otherwise relating to the business of the adviser as such. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Name of <br> Law | Legal Cite | Record Type | Retention <br> Period | Record<br> Retention | Storage <br> Media | Summary of Law |
| Advisers Act | Rule 204- 2(a)(10), Rule 204- 2(e)(1) <br>Also applies: 1940 Act Rules 31a- 1(f), Rule 31a-1(e) – 6 years | Sub-Advisory Agreements (Funds) | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | All written agreements (or copies thereof) entered into by the adviser with any client or otherwise relating to the business of the adviser as such. |
| Advisers Act | Rule 204- 2(a)(10), Rule 204- 2(e)(1) | Advisory Agreements (Managed Accounts) | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | All written agreements (or copies thereof) entered into by the adviser with any client or otherwise relating to the business of the adviser as such. |
| Advisers Act | Rule 204- 2(a)(10), Rule 204- 2(e)(1) | Advisory Agreements (Commingled Fund Accounts) | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | All written agreements (or copies thereof) entered into by the adviser with any client or otherwise relating to the business of the adviser as such. |
| Advisers Act | Rule 204- 2(a)(10), Rule 204- 2(e)(1) | Subscription Agreements (Commingled Funds) | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | All written agreements (or copies thereof) entered into by the adviser with any client or otherwise relating to the business of the adviser as such. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Name of <br> Law | Legal Cite | Record Type | Retention <br> Period | Record <br> Retention | Storage <br> Media | Summary of Law |
| Advisers Act | Rule 204- 2(a)(10), Rule 204- 2(e)(1) | Alliance Agreements | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | All written agreements (or copies thereof) entered into by the adviser with any client or otherwise relating to the business of the adviser as such. |
| Advisers Act | Rule 204- 2(a)(10), Rule 204- 2(e)(1) <br>Also applies: 1940 Act Rules 31a- 1(f), Rule 31a-1(e) – 6 years | Pricing Vendor Agreements | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | All written agreements (or copies thereof) entered into by the adviser with any client or otherwise relating to the business of the adviser as such. |
| Advisers Act | Rule 204- 2(a)(10), Rule 204- 2(e)(1) <br>Also applies: 1940 Act Rules 31a- 1(f), Rule 31a-1(e) – 6 years | Soft Dollar Agreements | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | All written agreements (or copies thereof) entered into by the adviser with any client or otherwise relating to the business of the adviser as such. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Name of <br> Law | Legal Cite | Record Type | Retention <br> Period | Record <br> Retention | Storage <br> Media | Summary of Law |
| Advisers Act | Rule 204- 2(a)(10), Rule 204- 2(e)(1)<br>Also applies: 1940 Act Rules 31a- 1(f), Rule 31a-1(e) – 6 years | Directed Brokerage Agreements | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | All written agreements (or copies thereof) entered into by the adviser with any client or otherwise relating to the business of the adviser as such. |
| Advisers Act | Rule 204- 2(a)(10), Rule 204- 2(e)(1) | Employment Agreements | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | All written agreements (or copies thereof) entered into by the adviser with any client or otherwise relating to the business of the adviser as such. |
| Advisers Act | Rule 204- 2(a)(10), Rule 204- 2(e)(1) | Leases | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | All written agreements (or copies thereof) entered into by the adviser with any client or otherwise relating to the business of the adviser as such. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Name of <br> Law | Legal Cite | Record Type | Retention <br> Period | Record <br> Retention | Storage <br> Media | Summary of Law |
| Advisers Act | Rule 204- 2(a)(10), Rule 204- 2(e)(1) <br>Also applies if fund is a party: 1940 Act Rules 31a- 1(f), Rule 31a-1(e) – 6 years | Other Agreements | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | All written agreements (or copies thereof) entered into by the adviser with any client or otherwise relating to the business of the adviser as such. |
| Advisers Act | Rule 204- 2(a)(11), Rule 204- 2(e)(3) <br>Also applies: 1940 Act Rules 31a- 1(f), Rule 31a-1(e) – 6 years | Sales Literature/ General | 5 years from last use (per law: end of fiscal year of) | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of investment adviser) | Paper, microfilm, electronic | A copy of each notice, circular, advertisement, newspaper article, investment letter, bulletin or other communication circulated to 10 or more persons. |
| Advisers Act | Rule 204- 2(a)(16), Rule 204- 2(e)(3) <br>Also applies: 1940 Act Rules 31a- 1(f), Rule 31a-1(e) – 6 years | Sales Literature/Backup | As long as needed to support performance (per law: not less than 5 years from end of fiscal year of last use) | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of investment adviser) | Paper, microfilm, electronic | All accounts, books, internal working papers, and any other records or documents that are necessary to form the basis for or demonstrate the calculation of the performance or rate of return of any or all managed accounts or securities recommendations used in any sales literature. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Name of <br> Law | Legal Cite | Record Type | Retention <br> Period | Record<br> Retention | Storage <br> Media | Summary of Law |
| Advisers Act | Rule 204- 2(a)(12), Rule 204- 2(e)(1) <br>Also applies: 1940 Act Rules 31a- 1(f), Rule 31a-1(e) – 6 years | Personal Transaction Reports/Confirmations | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | A record of every transaction in a security in which the investment adviser or any advisory representative of the investment adviser has, or by reason of the transaction acquires, any direct or indirect beneficial ownership. |
| Advisers Act | Rule 204- 2(a)(14), Rule 204- 2(e)(1) | Written Disclosure Statement (Part II of Form ADV) | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | A copy of each written statement and amendment or revision given or sent to any client or prospective client in accordance with provisions of Rule 204-3 and a record of the dates that each written statement was given or offered to be given to any client or prospective client. |
| Advisers Act | Rule 204- 2(a)(15), Rule 204- 2(e)(1) | Solicitor Documents | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | All written acknowledgements of receipt obtained from clients pursuant to the solicitor's rule and copies of disclosure documents delivered to clients by solicitors pursuant to Rule 206(4)-3. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Name of <br> Law | Legal Cite | Record Type | Retention <br> Period | Record <br> Retention | Storage <br> Media | Summary of Law |
| Advisers Act | Rule 204- 2(c)(1), Rule 204- 2(e)(1) <br>Also applies: 1940 Act Rules 31a- 1(f), Rule 31a-1(e) – 6 years | Client Account Records | 5 years from end of fiscal year in which last entry was made | Onsite (2 years), offsite remainder (per law: 5 years easily accessible and 2 years in appropriate office of adviser) | Paper, microfilm, electronic | Records showing separately for each such client the securities purchased and sold, and the date, amount and price of each such purchase and sale. |
| Advisers Act | Rule 204- 2(c)(2), <br>Also applies: 1940 Act Rules 31a- 1(f), Rule 31a-1(e) – 6 years | Position Reports | None Specified | None specified | Paper, microfilm, electronic | For each security in which any such client has a current position, information from which the investment adviser can promptly furnish the name of each such client, and the current amount or interest of such client. |
| Advisers Act | Section 204 | Form ADV and all amendments | Permanently (per law: none specified) | None specified | None specified | Not addressed, but recommended. |
| Advisers Act | Section 204 | Form ADV-S | Permanently (per law: none specified) | None specified | None specified | Not addressed, but recommended. |
| Advisers Act | Section 204 | Other Filings (e.g., Form ADV-Y2K) | Permanently (per law: none specified) | None specified | None specified | Not addressed, but recommended. |
| Advisers Act | Section 204A | Insider Trading Policy | Permanently (per law: none specified) | None specified | None specified | Not addressed, but recommended. |
| Advisers Act | General Fiduciary Standards | Allocation Procedures | Permanently | None specified | None specified | Not addressed, but recommended. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Name of<br> Law | Legal Cite | Record Type | Retention <br> Period | Record<br> Retention | Storage <br> Media | Summary of Law |
| Advisers Act | General Fiduciary Standards | Trading Error Procedures | Permanently | None specified | None specified | Not addressed, but recommended. |
| Advisers Act | General Fiduciary Standards | Pricing Procedures | Permanently | None specified | None specified | Not addressed, but recommended. |
| Advisers Act | General Fiduciary Standards | Trading Error Correction Procedures | Permanently | None specified | None specified | Not addressed, but recommended. |
| Advisers Act, ERISA | General Fiduciary Standards | Proxy Voting Procedures | Permanently | None specified | None specified | Not addressed, but recommended. |
| 1940 Act | Rule 17j- 1(f)(1)(A)- (E) | Ethics Code Records | All records required under Rule 17j-1. See books and records chart for registered investment companies. | All records required under Rule 17j-1. See books and records chart for registered investment companies. | All records required under Rule 17j-1. See books and records chart for registered investment companies. | All records required under Rule 17j-1. See books and records chart for registered investment companies. |
| 1940 Act | Rule 31a- 1(f) Rule 31a- 2(e) | Rule 204-2 Records | 6 years | None specified | Paper, microfilm, electronic | Such accounts, books, records and other documents required to be maintained pursuant to Rule 204-2 to the extent necessary or appropriate to record such person's transaction with each registered investment company. |
| 1934 Act | Rule 13d-1 | Schedule 13Gs & 13Ds | Permanently (per law: none specified) | None specified | None specified | Not addressed, but recommended. |
| 1934 Act | Section 28(e) | Soft Dollar Allocations | Permanently | None specified | None specified | Internal records supporting allocation of mixed use items (recommended). |
| Regulation S-P | Section 248.9 | Privacy Notices | Permanently | None specified | None specified | Not addressed, but recommended. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Name of <br> Law | Legal Cite | Record Type | Retention <br> Period | Record<br> Retention | Storage <br> Media | Summary of Law |
| Regulation S-P | Section 248.30 | Privacy Procedures | Permanently | None specified | None specified | Not addressed, but recommended. |
| Blue Sky Law | Varies by State | Advisory Representative Licensing | Permanently | None specified | None specified | Not addressed, but recommended. |
| Blue Sky Law | Varies by State | Notice fillings | Permanently | None specified | None specified | Not addressed, but recommended. |
| Blue Sky Law | Varies by State | Renewal fillings | Permanently | None specified | None specified | Not addressed, but recommended. |

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**APPENDIX C – CODE OF ETHICS**

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**GENERAL PRINCIPLES**

This Code of Ethics has been adopted by Jackson Creek Investment Advisors ("the Firm" or "Jackson Creek ") and is designed to comply with Rule 204A-1 under the Investment Advisors Act of 1940 ("Advisors Act"). It will set forth the standards of conduct expected of Jackson Creek ("Jackson Creek ") personnel and will address, among other things, personal trading by personnel, gifts, the prohibition against the use of inside information and other situations where there is a possibility for conflicts of interest.

The ethical culture of the Firm is of critical importance and must be supported at the highest levels of our Firm. This Code of Ethics is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Protect the Firm's clients by deterring misconduct by personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Educate personnel regarding the Firm's expectations and the laws governing their conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Remind personnel that they are in a position of trust and must act with complete propriety at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Protect the reputation of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Prevent unauthorized trading in client or personnel accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Guard against violation of the securities laws; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Establish procedures for personnel to follow so that the Firm may determine whether its personnel are complying with the Firm's ethical principles.

Jackson Creek and its employees are subject to the following specific fiduciary obligations when dealing with clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The duty to have a reasonable, independent basis for the investment advice provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The duty to ensure that investment advice meets the client's individual objectives, needs and circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A duty to be loyal to clients.

**SCOPE OF THE CODE**

Honesty, integrity and professionalism are hallmarks of the Firm. The Firm maintains the highest standards of ethics and conduct in all of its business relationships. This Code of Ethics covers a wide range of business practices and procedures and applies to all personnel when conducting the business and affairs of the Firm.

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The activities of any officer, director or other personnel of the Firm will be governed by the following general principles: (1) honest and ethical conduct will be maintained in all personal securities transactions and such conduct will be in a manner that is consistent with the Code of Ethics, thus avoiding or appropriately addressing any actual or potential conflict of interest or any abuse of a personnel's position of trust and responsibility, (2) personnel shall not take inappropriate advantage of their positions with the Firm, (3) personnel shall have a responsibility to maintain the confidentiality of the information concerning the identity of securities holdings and financial circumstances of all clients, and (4) independence in the investment decision-making process is paramount.

Failure to comply with this Code of Ethics may result in disciplinary action, including the termination of employment by the Firm.

**PERSONS COVERED BY THE CODE**

All access and supervised persons are subject to the Firm's Code of Ethics

If you are a "supervised person"<sup>1</sup> or "access person"<sup>2</sup> as defined in Rule 204A-1, or have been designated by the Chief Compliance Officer ("CCO"), you are required to comply with the Firm's Code of Ethics. Any questions as to whether an individual is required to comply with the Firm's Code of Ethics should be directed to the CCO.

All individuals listed above, any other individuals who are "supervised persons" or "access persons," and any individuals designated by the CCO required to comply with the Firm's Code of Ethics are collectively referred to as "Code Persons."

**SECURITIES COVERED BY THE CODE**

"Reportable Security" typically means any stock, bond, future, investment contract or any other instrument that is considered a "security" under the Advisers Act. The term "Reportable Security" is very broad and includes items you might not ordinarily think of as "securities," including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Options on securities, indexes and currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Limited partnership interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Foreign unit trusts and foreign mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Private investment funds, hedge funds and investment clubs.

Exceptions from the term "Reportable Security" as expressly excluded from the reporting requirements of Rule 204A-1 include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct obligations of the U.S. government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Banker's acceptances, bank certificates of deposit, commercial paper and high quality short-term debt obligations, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ▪ <sup>1</sup> A supervised person includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Directors, officers and partners of the Firm or other persons occupying a similar status or performing similar functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Employees of the Firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Persons who provide investment advice on behalf of the Firm and are subject to the Firm's supervision and control.

<sup>2</sup> An "access person" includes any supervised person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Has access to nonpublic information regarding any client's purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any fund for which the Firm serves as an investment adviser as defined in Section 2(a) (20) of the Investment Company Act of 1940; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Is involved in making securities recommendations to clients, or has access to such recommendations that are nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ All directors, officers and partners are presumed to be "access persons."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Shares of open-end mutual funds that are registered under the Investment Company Act (mutual funds), and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Shares issues by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are funds advised or sub-advised by the Firm.

**STANDARDS OF BUSINESS CONDUCT**

Pursuant to Rule 204A-1, the Firm is required to establish a standard of business conduct for its Code Persons. This section sets forth those standards.

**COMPLIANCE WITH LAWS AND REGULATIONS**

All Code Persons must comply with applicable federal and state securities laws. Code Persons are not permitted, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by a client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To defraud such client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To mislead such client, including making a statement that omits material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To engage in any act, practice or course of conduct which operates or would operate as fraud or deceit upon such client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To engage in any manipulative practice with respect to such client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To engage in any manipulative practice with respect to securities, including price manipulation.

**CONFLICTS OF INTEREST**

As a fiduciary, the Firm and all Code Persons have an affirmative duty of care, loyalty, honesty and good faith to act in the best interests of its clients. With this duty, the Firm and its Code Persons can achieve this obligation by trying to avoid conflicts of interest and by fully disclosing all material facts concerning any conflict that does arise with respect to any client. A "conflict of interest" may occur when a Code Person's private interests may be inconsistent with the interests of the Firm's clients and/or his or her service to the Firm. Additionally, Code Persons must try to avoid situations that have even the appearance of conflict or impropriety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Conflicts Among Client Interests**

Conflicts of interest may arise where the Firm or its Code Persons have reason to favor the interests of one client over another client (e.g., larger accounts over smaller accounts, accounts compensated by performance fees over accounts not so compensated, accounts in which employees have made material personal investments, accounts of close friends or relatives of Code Persons). The Firm prohibits inappropriate favoritism of one client over another client that would constitute a breach of fiduciary duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Competing with Client Trades**

The Firm prohibits Code Persons from using knowledge about pending or currently considered securities transactions for clients to profit personally, directly or indirectly, as a result of such transactions, including purchasing or selling such securities.

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**INSIDER TRADING**

Code Persons are prohibited from trading, either personally or on behalf of others, while in possession of material, nonpublic information. Additionally, the Firm's Code Persons are prohibited from communicating material nonpublic information to others in violation of the law. The Firm has insider trading policies and procedures that can be found in the Firm's Compliance Policy and Procedures Manual. A brief discussion is included in this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Penalties**

Should a Code Person violate the Firm's insider trading policies and procedures, potential penalties may include, but are not limited to, civil injunctions, permanent bars from employment in the securities industry, civil penalties up to three times the profits made or losses avoided, criminal fines, and jail sentences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Material Nonpublic Information**

The SEC's position is that the term "material nonpublic information" relates not only to issuers, but also to the Firm's securities recommendations and client securities holdings and transactions.

**PERSONAL SECURITIES TRANSACTIONS**

The Firm requires all Code Persons to strictly comply with the Firm's policies and procedures regarding personal securities transactions outside of the Firm. The following procedures are designed to assist the Firm in detecting and preventing abusive sales practices.

**POLICY**

It is the express policy of Jackson Creek that no person employed by the Firm may purchase or sell any security prior to a transaction(s) being implemented for an advisory account during the same day unless such transactions are at a price equal to or inferior to the price obtained by advisory clients, and therefore, preventing such Code Person from benefiting from transactions placed on behalf of advisory accounts. This includes orders in securities that are derivatives (e.g., options, warrants) of the security being purchased or sold by the client. Jackson Creek may utilize batched orders to carry out this policy. The Firm will monitor trades through monthly Trade Blotter reviews to ensure front running is not occurring.

When reviewing these items, consider the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If an advisor decides to buy or sell a security in their own personal or a related account, they must first determine if they would recommend the same security to any of their clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If the advisor contacted a client with a recommendation, did the advisor allow the client a reasonable time to respond should allow the client a reasonable amount of time to respond?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Whether there were extenuating circumstances (e.g., personal emergency or severe rapid market movements) that warranted execution of the advisor's personal trade prior to waiting for a reasonable period of time for the client to respond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If the advisor is an Investment Advisor Representative (IAR) with full discretionary authority, did the advisor consider whether or not any of the accounts over which the advisor has been granted discretion contain the equity they are planning to trade and whether or not it is appropriate to take action in the client's account?

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**PROCEDURE**

If the client's trade is made after the advisor's personal trade, check the price of the security traded. If the advisor received the better price, consider appropriate actions to correct the trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Front Running- Prohibition.**

Defined as an advisor, employee, or related account order being placed before client orders. This includes orders in securities that are derivatives (e.g., options, warrants) of the security being purchased or sold by the client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Initial Public Offerings – Prohibition.**

Code Persons are prohibited from directly or indirectly acquiring beneficial ownership<sup>3</sup> of any security in an initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Limited or Private Offerings – Pre-Clearance.**

Code Persons are prohibited from directly or indirectly acquiring beneficial ownership of any security in a limited or private offering, without the specific, advance written approval of the CCO, which the CCO may deny for any reason.

In determining whether to grant permission for such limited or private placement, the CCO shall consider, among other things, whether such offering should be reserved for a client and whether such transaction is being offered to the person because of his or her position with the Firm.

Any person who has received such permission shall be required to disclose such an investment when participating in any subsequent consideration of such security for purchase or sale by client of the Firm, and that the decision to purchase or sell such security shall be made by persons with no personal, direct, or indirect, interest in the security.

If you have any question as to whether a possible investment is an initial public offering or a limited or private placement, please consult with the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **48 -hour Blackout Period**

No Code Person may purchase or sell any Reportable Security within 24 hours immediately before or after a day on which any client account managed by the Firm purchases or sells that Reportable Security (or any closely related security, such as an option or a related convertible or exchangeable security), *unless the Code Person had <u>no actual knowledge</u> that the reportable security (or any closely related security) was being considered for purchase or sale for any client account. If any such transaction occurs, the Firm will normally require any profits from the transaction to be disgorged for donation by the Firm to charity. Note that the total blackout period is two (2) business days (one [1] business days before and one [1] business day after). **Code Persons may trade alongside clients, as long as such transactions are at a price equal to or inferior to the price obtained by clients.***

<sup>3</sup> The term "beneficial ownership" as used in this Code of Ethics is to be interpreted by reference to Rule 16a-1 under the U.S. Securities Exchange Act of 1934, as amended. Under the Rule, a person is generally deemed to have beneficial ownership of securities if the person, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the securities. The term "pecuniary interest" means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the subject securities.

Notwithstanding the fact that a Code Person has not purchased a security for his/her own account or the account of an immediate family member, if at any time a Code Person becomes aware that he or she has become a beneficial owner of a security in an initial public, limited or private offering (e.g., a purchase made by an immediate family member, which is any relative by blood or marriage living in the Code Person's household), the Code Person shall promptly report such interest to the CCO who shall determine the appropriate action, if any.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Restricted List**

The Firm maintains a list of restricted securities. Code Persons are prohibited from purchasing or selling those securities while they are on the restricted list without prior written approval of the CCO unless the Code Person is trading at the same time and price as the Firm's clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Prohibition on Participation in Investment Clubs**

Code Persons are prohibited from participating in or making investments with or through any investment club or similar association or entity except with the specific, advance written approval of the **CCO**, which the CCO may deny for any reason. If you have any doubt or uncertainty as to whether a particular association or entity is an Investment Club, you should ask the CCO <u>before</u> you become in any way involved with the association or entity.

Code Persons are prohibited from directly or indirectly advising or causing any immediate family member (i.e., any relative by blood or marriage living in the Code Person's household) to engage in conduct the Code Person is prohibited from engaging in under the Firm's Code of Ethics.

It sometimes happens that a Code Person (e.g., one who is responsible for making investment recommendations or final investment decisions for client accounts -- an IAR or research analyst) determines--within 48 hours immediately before or after he or she has purchased or sold for his or her own account a Reportable Security that was not, to the Code Person's knowledge, then under consideration for purchase by any client account--that it would be desirable for client accounts as to which the Code Person is responsible for making investment decisions to purchase or sell the same Reportable Security (or a closely related security). In this situation, the Code Person MUST put the clients' interests first and promptly make the investment recommendation or decision in the clients' interest, rather than delaying the recommendation or decision for clients until after the 48 hours following the day of the transaction for the Code Person's own account to avoid a possible conflict with the blackout provisions of this Code.

**GIFTS AND ENTERTAINMENT**

Code Persons should not accept gifts, favors, entertainment, special accommodations or other things of material value that could influence their decision-making or make them feel obligated to do business with a person or Firm. Similarly, a Code Person should not offer gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel obligated to do business with the Firm or the Code Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Gifts**

No Code Person may receive any gift, service or other thing of more than de Minimis value from any person or entity that does business with or on behalf of the Firm. No Code Person may give or offer any gift of more than de Minimis value to existing clients, prospective clients, or any entity that does business with or on behalf of the Firm without pre-approval by the CCO. Gifts, other than cash, given in connection with special occasions (e.g., promotions, retirements, weddings), of reasonable value are permissible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Cash**

No Code Person may give or accept cash gifts or cash equivalents to or from a client, prospective client, or any entity that does business with or on behalf of the Firm. This includes cash equivalents such as gift certificates, bonds, securities, or other items that may be readily converted to cash.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Entertainment**

No Code Person may provide or accept extravagant or excessive entertainment to or from a client, prospective client, or any person or entity that does or seeks to do business with or on behalf of the Firm. Code Persons may provide or accept a business entertainment event, such as dinner, a sporting event, golf outings, etc. provided that such activities involve no more than customary amenities.

**CONFIDENTIALITY**

All Code Persons of the Firm shall exercise care in maintaining the confidentiality of any confidential information, except where disclosure is authorized or legally mandated. Confidential information includes non-public information, the identity of security holdings and financial circumstances of clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Firm Duties**

The Firm will keep all information about clients (including former clients) in strict confidence, including client's identity (unless the client consents), the client's financial circumstances, the client's security holdings, and advice furnished to the client by the Firm or its vendors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Code Persons' Duties**

The Firm strictly prohibits Code Persons from disclosing to persons outside the Firm any material nonpublic information about any client, the securities investments made by the Firm on behalf of the client, information about contemplated securities transactions, or information regarding the Firm's trading strategies, except as required to perform a securities transaction on behalf of a client or for other legitimate business purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Internal Walls**

The Firm prohibits Code Persons from disclosing nonpublic information concerning clients or securities transactions to any other person within the Firm, except as required for legitimate business purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Physical Security**

Firm files containing material nonpublic information will be sealed and/or locked when not being used or accessed and access to computer files containing such information is restricted to certain permitted employees via user-specific logins and codes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Regulation S-P**

The Firm maintains policies and procedures in compliance with Regulation S-P. For specific procedures and policies these documents should be reviewed and understood. The Firm requires that all Code Persons comply with the Firm's privacy policy. NOTE: Regulation S-P covers only a subset of the Firm's confidentiality standards. Regulation S-P applies only to natural persons and only to personal information. The Firm's fiduciary duty to keep client information confidential extends to all of the Firm's clients and information, including, but not limited to corporations, limited liability organizations, trusts and estates.

**SERVICE OF BOARD OF DIRECTORS**

Service on Boards of publicly traded companies should be limited to a small number of instances. However, such service may be undertaken after advanced written notice and approval from the CCO**.** Code Persons serving as Directors will not be permitted to participate in the process of making investment decisions on behalf of clients which involve the subject company, or in any other respect if making such a decision would create the illusion of, or an actual conflict of interest.

**OTHER OUTSIDE ACTIVITIES**

All Code Persons must report outside business activities upon employment at the Firm, prior to engaging in any outside business activity whether or not such activity requires prior approval, and on an annual basis. (See Outside Business Activity Form).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Executorships**

The Firm discourages acceptance of executorships by Code Persons of the Firm. However, business considerations and family relationships may make it desirable to accept executorships under certain circumstances. In all cases, it is necessary for the individual to have written authorization from the CCO to act as an executor. All such existing or prospective relationships should be reported in writing to the CCO**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Custodianships and Powers of Attorney**

It is expected that most custodianships and powers of Attorney will be for minors or other members of the immediate family. These will be considered as automatically authorized and do not require approval from the Firm. However, approval of the Firm is required for all other custodianships. Entrustment with a Power of Attorney to execute securities transactions on behalf of another requires prior written approval from the CCO**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Insurance Agents**

IARs act as agents appointed with various life, long term care or other insurance companies, and receive commissions, trails, or other compensation from the respective product sponsors and/or as a result of effecting insurance transactions for clients. Clients have the right to purchase insurance products away from the Firm. As a result, this creates a conflict of interest between the Clients interests and the Firm's interest. At all times the Firm and Code Persons will act in the client's best interest and act as a fiduciary in carrying out services provided to the Firm's Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Disclosure.**

Regardless of whether an activity is specifically addressed in this Code, Code Persons are required to disclose in writing, any personal interest that might present a conflict of interest or harm the reputation of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Trustees.**

It is the Firm's policy that neither the Firm, nor any employee or supervised person will act as a trustee except in situations where there is a clear prior personal relationship. All such existing or prospective relationships should be reported to the CCO.

**MARKETING AND PROMOTIONAL ACTIVITIES**

The Code Persons of the Firm are reminded that all oral and written statements, including those made to clients, prospective clients, their representatives, or the media, must be professional, accurate, balanced, and not misleading in any way.

**COMPLIANCE PROCEDURES**

**PERSONAL SECURITIES TRANSACTION PROCEDURES AND REPORTING**

General Policy/ Preclearance

It is the general policy of the Firm to allow Code Persons to buy or sell all other securities, subject to the preclearance requirements and the prohibitions listed above. Code Persons are required to obtain preclearance for all securities on the Firm's restricted list and Code Persons are required to notify the CCO about the purchase or sales of ALL Reportable Securities, **except** the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchases or sales over which a code Person has no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchases or sales pursuant to an automatic investment plan;

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&nbsp;&nbsp;&nbsp;&nbsp;&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 its 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;&nbsp;&nbsp;&nbsp;&nbsp;● Acquisition 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;&nbsp;&nbsp;&nbsp;&nbsp;● Open end investment company shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Certain closed-end index funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Unit investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ETFs and ETNs that are based on a broad-based securities index;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Futures and options on currencies or on a broad-based securities index;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Other non-volitional events, such as assignment of options or exercise of an option at expiration; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Code Person is trading alongside clients and receives the same or inferior price as clients.

Any violation may require the Code person to obtain preclearance on all reportable securities going forward.

**PRE-CLEARANCE PROCEDURES**

The pre-clearance requirements and associated procedures are designed to identify any prohibition or limitation applicable to a proposed investment. Pre-clearance procedures include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Code Persons must submit detailed information about the proposed transaction and any additional information as requested by the CCO or his or her designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All information must be submitted before the proposed transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The CCO or other designated person shall authorize/deny the requested transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Documentation of the transaction, the approval/ denial of and rationale supporting the decision shall be maintained for at least five (5) years after the end of the fiscal year in which the approval/denial was issued.

The CCO or his or her designee may deny or revoke a preclearance request for any reason. In no event will preclearance be granted for any transaction if the Firm has a buy or sell order pending for that same security or a closely related security (such as an option relating to that security, or a related convertible or exchangeable security). Furthermore, in no event will preclearance be granted for any transaction if the purchase or sale of such security is inconsistent with the purposes of this Code of Ethics and Advisers Act. If approved, preclearance is valid only for the day on which it is granted and the following one (1) business day. The Chief Executive Officer shall authorize/ deny preclearance requests of the CCO or other person that authorizes transactions.

A duplicate confirmation will be obtained and checked against the file of pre-clearance approvals.

**REPORTING REQUIREMENTS**

The Firm requires Code Persons to submit to the CCO a report of all holdings in Reportable Securities which the Code Person has a direct or indirect beneficial ownership as defined by Rule 204A-1, within 10 days of becoming a Code Person and thereafter on an annual basis.

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For the purposes of personal securities reporting requirements, a Code Person's holdings include the holdings of a Code Person's immediate family (including any relative by blood or marriage living in the Code Person's household), and holdings in any account in which the Code Person has direct or indirect beneficial ownership, such as a trust.

The holdings report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the title and exchange ticker symbol or CUSIP number, type of security, number of shares and principal amount (if applicable) of each reportable security in which the Code Person has any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the name of any broker, dealer or bank with which the Code Person maintains an account in which any securities are held for the Code Person's direct or indirect benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the date the report was submitted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the specific account numbers or identifiers in the holdings report.

**QUARTERLY TRANSACTION REPORTS**

All Code Persons must submit to the CCO transaction reports no later than 30 days after the end of each calendar quarter covering all transactions in Reportable Securities during the quarter.

For the purposes of quarterly transaction reports, a Code Person's transactions include the transactions of a Code Person's immediate family (including any relative by blood or marriage living in the Code Person's household), and transactions in any account in which the Code Person has direct or indirect beneficial ownership, such as a trust.

The report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the date of the transaction, the title and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, the number of shares, and principal amount of each reportable security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the nature of the transaction (e.g., purchase or sale);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the date the report is submitted.

**CONFIDENTIALITY OF REPORTS**

All reports provided by Code Persons concerning their transactions and holdings will be maintained in confidence, except to the extent necessary to implement and enforce the provisions of the Code or to comply with requests for information from government agencies.

**REPORTING EXEMPTIONS**

Under the rule, Code Persons are not required to submit: (a) any report with respect to securities held in accounts over which the Code Person has no direct or indirect influence or control; (b) a transaction report with respect to transactions effected pursuant to an automatic investment plan, including dividend reinvestment plans; (c) a transaction report if the report would duplicate information contained in broker trade confirmations or account statements that the Firm holds in its records. The confirmations or statements must be received no later than 30 days after the end of the applicable calendar quarter.

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**DUPLICATE BROKERAGE CONFIRMATIONS AND STATEMENTS**

The Firm requires each Code Person to disclose the broker/dealers in which the Code Person maintains accounts. The Code Person shall direct their brokers to provide to the CCO or other designated compliance official, on a timely basis, duplicate copies of confirmations of all personal securities transactions and copies of periodic statements for all securities accounts in which they have an interest. Code Persons may use such duplicate brokerage confirmation and account statements in lieu of submitting holdings and transaction reports, provided that all required information is contained in those confirmations and statements.

**MONITORING OF PERSONAL SECURITIES TRANSACTIONS**

The Firm will review personal securities transactions and holdings reports periodically. The Firm has developed these procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Firm designates the CCO ("Reviewer") to review and monitor personal securities transactions and trading patterns of Code Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Firm designates the CIO/Managing Member to review and monitor the personal securities transactions of the Reviewer and for taking the responsibility of the Reviewer in the Reviewer's absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Should the Reviewer become aware of potential violations of the code, a written report explaining the potential violations and the supporting documents will be presented to the Managing Partner of the Firm.

The Reviewer shall follow these steps in reviewing personal securities holdings and transactions reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Assess whether Code Person has followed required internal procedures, such as pre-clearance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Compare personal trading to any restricted lists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Assess whether the Code Person is trading for his or her own account in the same securities the Firm is trading for clients; and if so, whether the clients are receiving terms as favorable as the Code Person takes for him or herself;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Periodically analyze the Code Person's trading for patterns that may indicate abuse, including market timing; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investigate any substantial disparities between the percentage of trades that are profitable when the Code Person trades for his or her own account and the percentage that are profitable when he or she places trades for clients.

**CERTIFICATION OF COMPLIANCE**

**INITIAL CERTIFICATION**

The Firm requires all Code Persons to certify in writing that they have: (a) received, read and understood the amendments to the Code; (b) read and understood all provisions of the Code; and (c) agreed to comply with the terms of the Code. This is done when the Code Person signs the ***Acknowledgement of Receipt of Compliance Manual*** in the ***Code of Ethics Exhibit* A**.

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**ACKNOWLEDGEMENT OF AMENDMENTS**

All amendments to the Firm's Code of Ethics will be provided to Code Persons, who will submit written acknowledgement that they have received, read, and understood the amendments to the Code, in the form attached hereto as ***Acknowledgment of Receipt and Acceptance of Amendment to Code of Ethics*** in the ***Code of Ethics*** in ***Exhibit B****.*

**ANNUAL CERTIFICATION**

All Code Persons shall annually certify that they have read, understood, and complied with the Code of Ethics. In addition, Code Persons shall annually certify that the Code Person has submitted the reports required by the Code and has not engaged in any prohibited conduct, in the form attached hereto as ***Annual Certification*** in ***Code of Ethics Exhibit C****.* If a Code Person is unable to make such representation, the Firm shall require the person to self-report any violations.

**RECORDKEEPING**

The Firm will maintain the following records in a readily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A copy of each Code that has been in effect at any time during the past five (5) years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A record of any violation of the Code and any action taken as a result of such violation for five (5) years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A record of all written acknowledgements of receipt of the Code and amendments for each person who is currently, or within the past five (5) years was, a Code Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Holdings and transaction reports made pursuant to the Code, including any brokerage confirmation statements submitted in lieu of these reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A list of the names of person who are currently, or within the past five (5) years were, Code Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A record of any decision, and supporting reasons for approving, the acquisition of securities by a Code Person in private or limited offerings for at least five (5) years after the end of the fiscal year in which approval was granted.

**FORM ADV DISCLOSURE**

The Firm shall include in Form ADV, Part 2A or similar document, a summary of the Firm's Code and shall state that the Firm will provide a copy of the Code to any client or prospective client upon request.

**ADMINISTRATION AND ENFORCEMENT OF THE CODE**

**TRAINING AND EDUCATION**

The CCO, or a designated person, shall be responsible for training and educating Code Persons regarding the Code. Such training shall occur periodically and all Code Persons are required to attend any training sessions or read any applicable materials.

**ANNUAL REVIEW**

The CCO shall review, at least annually, the adequacy of the code and the effectiveness of its implementation.

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**REPORT TO SENIOR MANAGEMENT**

The CCO shall report to senior management the annual review of the Code and bring material violations to their attention.

**REPORTING VIOLATIONS**

All Code Persons shall report violations of the Firm's Code of Ethics promptly to the CCO or other appropriate personnel designated in the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Confidentiality**

All reports of violations shall be treated confidentially to the extent permitted by laws and investigated promptly and appropriately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Alternate Designee**

The alternate person to whom personnel may report violations in case the CCO or other primary designee is involved in the violation or is unreachable is the CIO/Managing Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Types of Reporting**

Examples of the types of reporting required under this Code include: noncompliance with applicable laws, rules and regulations; fraud or illegal acts involving any aspect of the Firm's business; material misstatements in regulatory filings, internal books and records, clients' records or reports; activity that is harmful to clients and deviations from required controls and procedures that safeguard clients and the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Apparent Violations**

Code Persons shall report "apparent" or "suspected" violations in addition to actual or known violations of the code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Retaliation**

Retaliation against an individual who reports a violation is prohibited and constitutes a further violation of the Code.

**WHISTLEBLOWER PROGRAM**

Whistleblower Program. Effective August 12, 2011, The Dodd-Frank Wall Street Reform and Consumer Protection Act (aka the Whistleblower Program) provided the SEC the authority to pay financial rewards to whistleblowers who provide new and timely information about any securities law violation. To be eligible, the whistleblower's information must lead to a successful SEC enforcement action with more than $1,000,000 in monetary sanctions. While the rules incent rather than require prospective whistleblowers to use internal Firm compliance program, the regulations clarify that the SEC, when considering the amount of an award, will consider to what extent (if any) the whistleblower participated in the internal compliance processes of the Firm.

More information regarding eligibility and how to report anonymously can be found via the following link: <u>SEC Whistleblower</u>. A person must be acting in good faith in reporting a complaint or concern and must have reasonable grounds for believing a deliberate misrepresentation has been made regarding accounting or audit matters or a breach of this Manual or the Firm's Code of Ethics. A malicious allegation known to be false is considered a serious offense and will be subject to disciplinary action that may include termination of employment.

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It is further Jackson Creek's policy that any misconduct by any Firm owner, management personnel or Supervised Person (exempt or non-exempt) shall be reported to the CCO. If the misconduct being reported is regarding the CCO, reports shall be made to other owners, management personnel or applicable regulators. If reported to an owner or management personnel, Jackson Creek will protect the reporting person's identity and will not cause or threaten retaliation of any sort in connection with these reports. Reports may be filed online or via Form TCR (Tip, Complaint or Referral) available at the above link.

**SANCTIONS**

Code Persons that violate the Code may be subject to disciplinary action that a designated person or group (e.g. CCO**,** Managing Partner) deems appropriate, including but not limited to a warning, fines, disgorgement, suspension, demotion, or termination of employment. In addition to sanctions, violations may result in referral to governmental or self-regulatory authorities when appropriate.

**FURTHER INFORMATION REGARDING THE CODE**

Should a Code Person require additional information about the Code or have any other ethics-related questions, they should contact the CCO.

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**CODE OF ETHICS EXHIBIT A**

**ACKNOWLEDGEMENT OF RECEIPT AND ACCEPTANCE OF CODE OF ETHICS**

------

By signing below, I certify that I have received, read, understand, have abided by, and will continue to abide by Jackson Creek's **Code of Ethics**. I understand that any questions about Jackson Creek's **Code of Ethics** should be directed to the CCO.

<u>Print Name:</u>  

<u>Signature:</u>  

Date:

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**CODE OF ETHICS EXHIBIT B**

**ACKNOWLEDGEMENT OF RECEIPT AND ACCEPTANCE OF AMENDMENT TO**

**CODE OF ETHICS**

------

By signing below, I certify that I have received, read, understand, have abided by, and will continue to abide by Jackson Creek's **Amendment to Code of Ethics**. I understand that any questions about Jackson Creek's **Code of Ethics** should be directed to the CCO.

<u>Print Name:</u>  

<u>Signature:</u>  

Date:

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**CODE OF ETHICS EXHIBIT C**

**ANNUAL CERTIFICATION OF COMPLIANCE WITH THE CODE OF ETHICS**

------

I certify that during the year ended as of the date written below, I have complied with **Jackson Creek's Code of Ethics** in all respects

<u>Print Name:</u>  

<u>Signature:</u>  

Date:

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**APPENDIX D – INSIDER TRADING**

------

**STATEMENT OF POLICIES AND PROCEDURES**

**WITH RESPECT TO THE FLOW AND USE OF MATERIAL**

**NONPUBLIC (INSIDE) INFORMATION**

This is a Statement of Policies and Procedures with Respect to the Flow and Use of Material Nonpublic (Inside) Information (the "Statement") of Jackson Creek Investment Advisors ("Jackson Creek ").

A reputation for integrity and high ethical standards in the conduct of the affairs of Jackson Creek is of paramount importance to us. To preserve this reputation, it is essential that all transactions in securities be effected in conformity with applicable securities laws.

This Statement has been adopted in response to the requirements of the Insider Trading and Securities Fraud Enforcement Act of 1988 (the "Act"). The Act was designed to enhance the enforcement of the securities laws, particularly in the area of insider trading, by:

(i) imposing severe penalties on persons who violate the laws by trading on material, nonpublic information and

(ii) requiring Custodian and investment advisers to establish, maintain and enforce written policies and procedures reasonably designed to prevent the misuse of inside information. All Supervised Persons of Jackson Creek are required to comply with this Statement.

The purpose of this Statement is to explain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the general legal prohibitions regarding insider trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the meaning of the key concepts underlying the prohibition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the sanctions for insider trading and expanded liability for controlling persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Jackson Creek's educational program regarding insider trading.

**THE BASIC INSIDER TRADING PROHIBITION**

The Act does not define insider trading. However, in general, the "insider trading" doctrine under U.S. federal securities laws prohibits any person (including investment advisers) from knowingly or recklessly breaching a duty owed by that person by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● trading while in possession of material, nonpublic information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● communicating ("tipping") such information to others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● recommending the purchase or sale of securities on the basis of such information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● providing substantial assistance to someone who is engaged in any of the above activities.

In addition, rules of the U.S. Securities and Exchange Commission ("SEC") prohibit an individual from trading while in possession of material, nonpublic information relating to a tender offer, whether or not trading involves a breach of duty, except for a Firm acting in compliance with "Chinese Wall" procedures.

Possession Versus Use of Inside Information (Meaning of "on the basis of")

Jackson Creek Investment Advisors<br> Compliance Manual - June 2025<br> Page 164 of 168

Until fairly recently, an unsettled issue under U.S. insider trading laws was whether an alleged violator must have "used" material nonpublic information or whether mere "possession" is enough. To clarify this issue, the SEC adopted Rule 10b5-1 under the Securities Exchange Act of 1934, which states that "a purchase or sale of a security of an issuer is '<u>on the basis of</u> 'material nonpublic information about that security or issuer <u>if the person making the purchase or sale was aware of the material nonpublic information when the person made the purchase or sale</u>." In other words, if a person trades with respect to a security or issuer while he or she has knowing possession of material nonpublic information about the security or issuer, the person will likely be deemed to have traded "on the basis of "that information (in possible violation of insider trading laws) even if the person did not actually use the information in making the trade.

**No Fiduciary Duty to Use Inside Information.** Although Jackson Creek has a fiduciary relationship with its clients, it has no legal obligation to trade or recommend trading on the basis of information its employees know to be "inside" information. In fact, such conduct could violate the federal securities laws.

**BASIC CONCEPTS**

As noted, the Act did not specifically define insider trading. However, federal law prohibits knowingly or recklessly purchasing or selling directly or indirectly a security while in possession of material, nonpublic information or communicating ("tipping") such information in connection with a purchase or sale. Under current case law, the SEC must establish that the person misusing the information has breached either a fiduciary duty to company shareholders or some other duty not to misappropriate insider information.

Thus, the key aspects of insider trading are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Materiality**

Insider trading restrictions arise only when information that is used for trading, recommending or tipping is "material." Information is considered "material" if there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or if it could reasonably be expected to affect the price of a company's securities. It need not be so important that it would have changed the investor's decision to buy or sell. On the other hand, not every tidbit of information about a security is material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Nonpublic Information**

Information is considered public if it has been disseminated in a manner making it available to investors generally (e.g., national business and financial news wire services, such as Dow Jones and Reuters; national news services, such as The Associated Press, The New York Times or The Wall Street Journal; broad tapes; SEC reports; brokerage Firm analysts' reports that have been disseminated to Jackson Creek's customers). Just as an investor is permitted to trade on the basis of nonpublic information that is not material, he or she may also trade on the basis of information that is public. However, as an example, information given by a company director to an acquaintance of an impending takeover prior to that information being made public would be considered both "material" and "nonpublic." Trading by either the director or the acquaintance prior to the information being made public would violate the federal securities laws.

Jackson Creek Investment Advisors<br> Compliance Manual - June 2025<br> Page 165 of 168

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Knowing**

Under the federal securities laws, a violation of the insider trading limitations requires that the individual act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) with "scienter" – with knowledge that his or her conduct may violate these limitations – or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) (ii) in a reckless manner. "Recklessness" involves acting in a manner that ignores circumstances that a reasonable person would conclude would result in a violation of insider trading limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Fiduciary Duty**

The general tenor of recent court decisions is that insider trading does not violate the federal securities laws if the trading, recommending or tipping of the insider information does not result in a breach of duty. Over the last decade, the SEC has brought cases against accountants, lawyers and stockbrokers because of their participation in a breach of an insider's fiduciary duty to the corporation and its shareholders. The SEC has also brought cases against non-corporate employees who misappropriated information about a corporation and thereby allegedly violated their duties to their employers. The situations in which a person can trade on the basis of material, nonpublic information without raising a question whether a duty has been breached are so rare, complex and uncertain that the only prudent course is not to trade, tip or recommend while in possession of or based on inside information. In addition, trading by an individual while in possession of material, nonpublic information relating to a tender offer is illegal irrespective of whether such conduct breaches a fiduciary duty of such individual. Set forth below are several situations where courts have held that such trading involves a breach of fiduciary duty or is otherwise illegal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Corporate Insider**

In the context of interviews or other contact with corporate management, the Supreme Court held that an investment analyst who obtained material, nonpublic information about a corporation from a corporate insider does not violate insider trading restrictions in the use of such information unless the insider disclosed the information for "personal gain." However, personal gain may be defined broadly to include not only a pecuniary benefit, but also a reputational benefit or a gift. Moreover, selective disclosure of material, nonpublic information to an analyst might be viewed as a gift.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Tipping Information**

The Act includes a technical amendment clarifying that tippers can be sued as primary violators of insider trading prohibitions, and not merely as aiders and abettors of a tippee's violation. In enacting this amendment, Congress intended to make clear that tippers cannot avoid liability by misleading their tippees about whether the information conveyed was nonpublic or whether its disclosure breached a duty. However, Congress recognized the crucial role of securities analysts in the smooth functioning of the markets, and emphasized that the new direct liability of tippers was not intended to inhibit "honest communications between corporate officials and securities analysts."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Corporate Outsider**

Additionally, liability could be established when trading occurs based on material, nonpublic information that was stolen or misappropriated from any other person, whether a corporate insider or not. An example of an area where trading on information may give rise to liability, even though from outside the company whose securities are traded, is material, nonpublic information secured from an attorney or investment banker employed by the company.

Jackson Creek Investment Advisors<br> Compliance Manual - June 2025<br> Page 166 of 168

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Tender Offers**

The SEC has adopted a rule specifically prohibiting trading while in possession of material information about a prospective tender offer before it is publicly announced. This rule also prohibits trading while in possession of material information during a tender offer which a person knows or has reason to know is not yet public. Under the rule, there is no need for the SEC to prove a breach of duty. Furthermore, in the SEC's view, there is no need to prove that the nonpublic, material information was actively used in connection with trading before or during a tender offer. However, this rule has an exception that allows trading by one part of a securities Firm where another part of that Firm has material, nonpublic information about a tender offer if certain strict "Chinese Wall" procedures are followed.

**SANCTIONS AND LIABILITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Sanctions**

Insider trading violations may result in severe sanctions being imposed on the individual(s) involved and on Jackson Creek. These could involve SEC administrative sanctions, such as being barred from employment in the securities industry, SEC suits for disgorgement and civil penalties of, in the aggregate, up to three times profits gained or losses avoided by the trading, private damage suits brought by persons who traded in the market at about the same time as the person who traded on inside information, and criminal prosecution which could result in substantial fines and jail sentences. Even in the absence of legal action, violation of insider trading prohibitions or failure to comply with this Statement or the Code may result in termination of your employment and referral to the appropriate authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Controlling Persons**

The Act increases the liability of "controlling persons" -- defined to include both an employer and any person with the power to influence or control the activities of another. For example, any individual that is a manager or director or officer exercising policy making responsibility is presumed to be a controlling person. Thus, a controlling person may be liable for another's actions as well as his or her own.

A controlling person of an insider trader or tipper may be liable if such person failed to take appropriate steps once such person knew of, or recklessly disregarded the fact that the controlled person was likely to engage in, a violation of the insider trading limitations. The Act does not define the terms, but "reckless" is discussed in the legislative history as a "heedless indifference as to whether circumstances suggesting employee violations actually exist."

A controlling person of an insider trader or tipper may also be liable if such person failed to adopt and implement measures reasonably designed to prevent insider trading. This Statement and the Code are designed for this purpose, among others.

**RESTRICTIONS AND REQUIRED CONDUCT TO PREVENT INSIDER TRADING**

In order to prevent even inadvertent violations of the ban on insider trading, or even the appearance of impropriety regarding other forms of personal trading, the following standards of conduct must be observed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All information about Jackson Creek's clients and about securities in which Jackson Creek or its clients invest, including but not limited to the value of accounts; securities bought, sold or held; current or proposed business plans; acquisition targets; confidential financial reports or projections; borrowings, etc., must be held in strictest confidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. When obtaining material information about an issuer or portfolio from insiders, Jackson Creek will determine whether the information learned has already been disseminated through public channels. In discussions with securities analysts, it also may be appropriate to determine whether the information the analyst provides has been publicly disseminated.

Jackson Creek Investment Advisors<br> Compliance Manual - June 2025<br> Page 167 of 168

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If you suspect that you or Jackson Creek has learned material, non-public information about an issuer, you must take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Report the information and any proposed trade in that security to the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Do not buy or sell the securities for you own account or for the account of anyone else, including a Firm client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. After reviewing the issue, the CCO will make a determination as to whether the information is "inside" information. If it is, the CCO will so inform all Supervised Persons, and no one at Jackson Creek may trade based on such information until the CCO determines that the information has been made public. At that time, the CCO shall notify Jackson Creek's Supervised Persons in writing that the ban on trading based on such information has been lifted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. At all times, decisions regarding investments for clients will be made independently of decision concerning the accounts of supervised Persons or affiliates of Jackson Creek. Under no circumstances may action be taken for client accounts in order to benefit a Supervised Person's account or those of the Supervised Person's Family/Household.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. No Supervised Person shall recommend any securities transaction for an advisory client without having disclosed his or his interest, if any, in such securities or the issuer of the securities, including without limitation: (1) his or her direct or indirect beneficial ownership of any securities of such issuer; (2) any contemplated transaction by such person in such securities; (3) any position with such issuer or its affiliates; and (4) any present or proposed business relationship between such issuer or its affiliates and such person or any party in which such person has a significant interest.

Jackson Creek Investment Advisors<br> Compliance Manual - June 2025<br> Page 168 of 168

## Ex-99.B(P)(28)

**Exhibit 99.B(p)(28)**

![](tm2522623d1_ex99-bxpx28img1.jpg)

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contents** |  |
| Contents | 1 |
| I. Code of Ethics Policy | 3 |
| &nbsp;&nbsp;&nbsp;Overview | 3 |
| &nbsp;&nbsp;&nbsp;Standards of Professional Conduct | 3 |
| &nbsp;&nbsp;&nbsp;Related Policies | 4 |
| II. Personal Trading Policy | 4 |
| &nbsp;&nbsp;&nbsp;Key Principles | 5 |
| III. Personal Trading Procedures | 5 |
| &nbsp;&nbsp;&nbsp;Section 1: Employee Monitoring Classifications | 6 |
| &nbsp;&nbsp;&nbsp;Section 2: Securities Account Maintenance | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Accounts and Authorized Broker-Dealers | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual Fund Only Accounts and 529 Accounts | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discretionary Managed Accounts | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cryptocurrency | 7 |
| &nbsp;&nbsp;&nbsp;Section 3: Preclearance Requirements | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preclearance Requirements – General | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preclearance Requirements – Margin Accounts and Limit Orders | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preclearance Requirements – Voluntary Corporate Actions | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preclearance Requirements – Gifts of Covered Securities | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Submitting a Preclearance Request | 8 |
| &nbsp;&nbsp;&nbsp;Section 4: General Trading and Other Restrictions | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material Nonpublic Information (MNPI): | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackout Period | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exceptions to the Blackout Period | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Persons | 10 |

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|:---|:---|
| ![](tm2522623d1_ex99-bxpx28img2.jpg) | ![](tm2522623d1_ex99-bxpx28img2.jpg) |

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**Code of Ethics and Personal Trading Policy and Procedures**<sub>2</sub>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing in Affiliated Open-End Mutual Funds | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixty Day Covered Security Holding Period | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Sales | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excessive Trading | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Ownership | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Securities | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employer-issued Stock Option Transactions | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct Stock Purchase Plans | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options and Futures | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Public Offerings | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Investments | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Lists | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Clubs | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spread Betting | 13 |
| &nbsp;&nbsp;&nbsp;Section 5: Additional Requirements for Designated Persons | 13 |
| &nbsp;&nbsp;&nbsp;Section 6: Additional Requirements for Dual Hat Employees | 13 |
| &nbsp;&nbsp;&nbsp;Section 7: Certifications | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial and Quarterly Compliance Policy Certification | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial and Quarterly Securities Accounts Certification | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Transaction Certification | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial and Annual Holdings Certifications | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker Consent | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial and Quarterly Information Barrier Standards Certification | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Compliance Acknowledgements and Certifications | 15 |
| &nbsp;&nbsp;&nbsp;Section 8: Exceptions | 15 |
| &nbsp;&nbsp;&nbsp;Section 9: Violations | 15 |
| IV. Internal Controls | 16 |
| V. Escalating Concerns | 16 |
| VI. Discipline and Sanctions | 16 |
| Exhibit A – Glossary | 17 |
| Exhibit B – Compliance and Reporting of Personal Transactions Matrix | 20 |

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|:---|:---|
| ![](tm2522623d1_ex99-bxpx28img2.jpg) | ![](tm2522623d1_ex99-bxpx28img2.jpg) |

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**Code of Ethics and Personal Trading Policy and Procedures**<sub>3</sub>

**I. Code of Ethics Policy**

**Overview**

Rule 204A-1 under the Investment Advisers Act of 1940 as amended requires investment advisers to adopt a written code of ethics designed to prevent fraud by reinforcing the principles that govern the conduct of investment advisory firms and their personnel. In addition, the Code of Ethics must set forth specific requirements relating to personal securities trading activity including reporting transactions and holdings.

Jennison's Code of Ethics and Personal Trading Policy (the "Code") applies to all employees. Jennison Associates ("Jennison" or the "Company") expects that all employees will adhere to this Code without exception.

**Standards of Professional Conduct**

It is Jennison 's policy that its employees adhere to the highest ethical standards when discharging their investment advisory duties to our clients or in conducting general business activity on behalf of the Company. Actions, which expose any of us or the organization to even the appearance of an impropriety, must not occur. As a fiduciary<sup>1</sup>, Jennison owes its clients a duty of honesty, good faith, and fair dealing when discharging our investment management responsibilities. It is a fundamental principle of the Company to ensure that the interests of our clients come before those of Jennison or any of its employees. Therefore, as an employee of Jennison, we expect you to uphold these standards of professional conduct by not taking inappropriate advantage of your position, such as using information obtained as a Jennison employee to benefit yourself or anyone else in any way. It is particularly important to adhere to these standards when engaging in personal securities transactions and maintaining the confidentiality of information concerning the identity of security holdings and the financial circumstances of our clients. Any investment advice provided must be unbiased, independent and confidential. It is extremely important to not violate the trust that Jennison and its clients have placed in its employees.

The prescribed guidelines and principles, as set forth in the policies that follow, are designed to reasonably assure that these high ethical standards long maintained by Jennison continue to be applied and to protect Jennison's clients by deterring misconduct by its employees. It is each employee's responsibility to ensure that we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Nurture
a company culture that is highly moral and make decisions based on what is right

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Build
 lasting customer relationships by offering only those products and services that are appropriate
 to customers' needs and provide fair value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Maintain
 an environment where employees conduct themselves with courage, integrity, honesty and fair
 dealing at all times

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ensure
 no individual's personal success or business group's bottom line is more important
 than preserving the name and goodwill of Jennison

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Regularly
monitor and work to improve our ethical work environment

1 Investments Advisers frequently are fiduciaries for clients. Fiduciary status may exist under contract; common law; state law; or federal laws, such as the Investment Advisers Act of 1940, the Investment Company Act of 1940 and ERISA.

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|:---|:---|
| ![](tm2522623d1_ex99-bxpx28img2.jpg) | ![](tm2522623d1_ex99-bxpx28img2.jpg) |

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**Code of Ethics and Personal Trading Policy and Procedures**<sub>4</sub>

Jennison employees should use the Code, as well as the related policies and procedures, as an educational guide that is complemented by Jennison's training protocol.

Each Jennison employee has the responsibility to be fully aware of and strictly adhere to the Code of Ethics and the accompanying policies that support the Code. It should be noted that because ethics is not a science, there may be gray areas that are not covered by laws or regulations. Jennison and its employees will nevertheless be held accountable to such standards. Individuals are expected to seek assistance for help in making the right decision.

**Related Policies**

In addition to this document the following policies are designed to manage actual and potential conflicts of interest related to employees and abuse of an employee's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Conflicts of Interest Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Gifts and Entertainment Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Personal Conflicts and Outside Business Activities Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Political Contribution Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Safeguarding the Receipt of MNPI Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Prudential Code of Conduct – Making the Right Choices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Prudential Information Barrier Standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II. Personal Trading Policy**

Jennison and its Employees owe a fiduciary duty to our Clients to conduct our affairs in a manner that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· avoids
placing our own personal interests ahead of the interests of our Clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· avoids
taking inappropriate advantage of our position with the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· avoids
any actual or potential conflicts of interest.

As such, Jennison has adopted this Personal Trading Policy ("Policy") to ensure that Employees conduct their personal trading in a manner consistent with our fiduciary duty. This Policy is also designed to comply with various securities laws and regulations, including the Insider Trading and Securities Fraud Enforcement Act of 1988, the Conduct Rules of FINRA, Rule 204A-1 under the Investment Advisers Act of 1940 and Rule 17(j) under the Investment Company Act of 1940, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Capitalized
terms used throughout this Policy are defined in the Glossary in Exhibit A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
Matrix of Jennison's pre-approval and reporting requirements is listed in Exhibit B

If you are unclear as to your personal trading and reporting responsibilities, or have any questions concerning any aspect of this Policy, please contact the Personal Trading Compliance Team (<u>PersonalTrading@jennison.com</u>).

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|:---|:---|
| ![](tm2522623d1_ex99-bxpx28img2.jpg) | ![](tm2522623d1_ex99-bxpx28img2.jpg) |

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**Code of Ethics and Personal Trading Policy and Procedures**<sub>5</sub>

**Key Principles**

Before engaging in any investment-related activity or transaction, you must carefully consider the nature of your responsibilities and the type of information that you might be deemed to possess regarding a particular securities transaction. In addition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employees
may not trade based on Material Non-public Information (MNPI or Inside Information)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 may not profit, or cause others to profit, based on their knowledge of completed or contemplated
 client transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 may not improperly benefit by causing a client to act, or fail to act, in making investment
 decisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 may not trade in any manner that conflicts with the interests of our clients, the parameters
 set by the Policy, or the restrictions imposed by Jennison's restricted list

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 may not use a derivative (futures, options, and other types) or any other instrument or means
 to circumvent the Policy if a direct investment in the underlying security is prohibited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III. Personal Trading Procedures**

The following rules, regulations and restrictions apply to the personal security transactions of all Employees.

**Section 1: Employee Monitoring Classifications**

Some of the more frequent Employee monitoring classifications are listed below. Please see the Glossary in Exhibit A for a full list of classifications. For ease of reference, the term Employee will be used throughout this Policy and multiple classifications may apply depending on the Employee's role.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Access Persons -** Employees who work in support of our investment advisory activities and who
 may in the course of their responsibilities have access to nonpublic investment advisory
 client trading information or recommendations, or have access to nonpublic portfolio holdings. <u>All Jennison Employees are classified as Access Persons.</u> While contingent workers
 (e.g. consultants and temporary workers) are not Jennison Employees, those contingent workers
 who have access to sensitive or confidential information may be deemed Access Persons and
 subject to preclearance of personal securities trading activities and other Policy requirements
 as determined by the Personal Trading Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Designated Person** - An Employee who, during the normal course of his or her job, has routine access
 to material nonpublic information about Prudential. Material nonpublic information may consist
 of financial or non-financial information about Prudential as a whole or one or more Divisions
 or Segments. Please refer to Prudential's Global Insider Trading Policy for specific
 standards/requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Dual Hat Employee** - Employee who works in or supports the investment advisory activities of
 another PGIM asset management business or another entity under Prudential's control.
 Please see Section 6 for additional rules and information.

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|:---|:---|
| ![](tm2522623d1_ex99-bxpx28img2.jpg) | ![](tm2522623d1_ex99-bxpx28img2.jpg) |

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**Code of Ethics and Personal Trading Policy and Procedures**<sub>6</sub>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Immediate** **Family Member** – any of the following relatives who share the same household with
 you and are financially connected to you: child, stepchild, grandchild, parent, stepparent,
 grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
 brother-in-law, sister-in-law, including adoptive relationships. The term also includes any
 related or unrelated individual who resides with, or whose
 investments are controlled by, or whose financial support is materially contributed to by,
 the Employee, such as a significant other or domestic partner. For example, this could include
 individuals with whom you share living expenses, bank accounts, rent or mortgage payments,
 ownership of a home, or any other material financial support. These situations should be
 reviewed on a case-by-case basis by the Personal Trading Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Investment Persons** – Access Persons who, in connection with their regular functions or duties,
 make or participate in making recommendations regarding the purchase or sale of securities
 for client accounts (i.e., portfolio managers and research analysts).

**Section 2: Securities Account Maintenance**

**Securities Accounts and Authorized Broker-Dealers**

Access Persons and Investment Persons are required to maintain their Securities Accounts at an Authorized Broker-Dealer. Please review Exhibit A for the definition of Securities Accounts and for the list of Authorized Broker-Dealers.

All Securities Accounts must be reported in our third party vendor system, PTA, or by contacting the Personal Trading Compliance Team. Employees who are newly subject to this requirement are required to transfer their Securities Accounts to an Authorized Broker-Dealer within sixty days of their Company start date. In addition, in the event that you open a new Securities Account, you should report it in PTA within thirty days of activating the new account.

Exceptions to the Authorized Broker-Dealer requirement will be evaluated on a case-by-case basis and will be approved on a limited basis. Exceptions must be submitted to the Personal Trading Compliance Team and require the approval of both the Chief Compliance Officer and Chief Executive Officer. If, at any time, the facts and circumstances have changed regarding an account(s) for which an exception has been previously granted, the Employee must promptly notify the Personal Trading Compliance Team and request that the account(s) be reviewed in light of the changed circumstances. Additionally, Employees must submit documentation to the Personal Trading Compliance Team upon request to re-validate exceptions that were previously granted.

Even if you are granted an exception to the Authorized Broker-Dealer requirement and are permitted to maintain an account with a broker-dealer who is not authorized, you or the brokerage firm(s) that maintain(s) your securities account(s) must provide trade confirmations and account statements ("trading activity") to Jennison's Personal Trading Compliance Team.

Certain brokers may require written consent forms with physical signatures from all account owners, including Immediate Family Members, prior to transmitting personal trading data to Jennison for new and existing accounts.

Jennison recognizes that some of its Employees may, due to their living arrangements, be uncertain as to their obligations under this requirement of the Policy. If an Employee has any question or doubt as to whether a Securities Account is subject to this Policy, he or she must consult with the Personal Trading Compliance Team.

**Mutual Fund Only Accounts and 529 Accounts**

Access Persons and Investment Persons must report all Securities Accounts held at a broker-dealer even if the account is limited to the purchase and sale of open-end mutual funds.

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**Code of Ethics and Personal Trading Policy and Procedures**<sub>7</sub>

Some mutual fund companies allow mutual fund shares to be purchased and held directly through the fund's transfer agent rather than through a broker-dealer. Such mutual fund transfer agency accounts, including the underlying transactions and holdings in those accounts, do not need to be reported to Jennison, unless such accounts hold Affiliated Open-End Mutual Funds.

529 College Savings Plans purchased directly from a state sponsor rather than through a broker-dealer are not subject to this Policy and do not require disclosure.

**Discretionary Managed Accounts**

Access Persons and Investment Persons must disclose Discretionary Managed Accounts to the Personal Trading Compliance Team and must provide a copy of the executed Discretionary Managed Account Agreement for review and approval. Upon approval, duplicate statements and trade confirmations for these accounts are not required to be submitted. However, any Employee may be asked to provide the Personal Trading Compliance Team with periodic statements for certain Discretionary Managed Accounts.

A Discretionary Managed Account Agreement may establish general investment objectives. However, the account owner may not make or be permitted to make any specific decisions regarding the purchase or sale of individual securities for the account. If the account owner has granted management of their Discretionary Managed Account to a third party, then the account owner must not influence or control the account, such as by suggesting purchases or sales of investments, directing transactions, or consulting with the manager regarding allocation of investments in any way that could affect the selection of specific securities.

Employees who reported and have received approval to maintain a Discretionary Managed Account are required to complete a periodic certification to the effect that they have not influenced the purchase and sale of investments as noted in the paragraph above. The financial professional responsible for the Discretionary Managed Account may be required to submit a separate certification to the Personal Trading Compliance Team regarding the account. Additionally, either the Employee or the financial professional may be asked periodically to discuss the nature of the account with the Personal Trading Compliance Team.

Employees are required to inform the Personal Trading Compliance team immediately if they terminate any approved advisory relationship or make management changes.

For the purposes of this Policy, automated adviser accounts (colloquially referred to as robo-advisers) that utilize algorithms to manage client assets may be subject to the same provisions of this Policy as Discretionary Managed Accounts provided the robo-adviser's managed account agreement is accepted by the Personal Trading Compliance Team.

**Cryptocurrency**

Cryptocurrency (or other digital assets) accounts or "wallets," as they are commonly known, that do not have brokerage capability do not need to be reported and the purchase or sale of actual cryptocurrency (or other digital asset) does not require preclearance or reporting. However, because certain cryptocurrency offerings such as initial coin offerings and cryptocurrency-based ETFs and futures contracts may be considered securities offerings, while they do not require preclearance they are required to be reported.

Please contact the Personal Trading Compliance Team to determine whether any such offering requires preclearance or reporting.

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**Code of Ethics and Personal Trading Policy and Procedures**<sub>8</sub>

**Section 3: Preclearance Requirements**

**Preclearance Requirements – General**

Preclearance of personal securities transactions allows Jennison to prevent personal trades that may conflict with Client trades or transactions. As such, Access Persons and Investment Persons (subject to the exceptions noted below) must preclear all transactions in Covered Securities as defined in Exhibit A. Preclearance is not required for transactions that are Non-Volitional as defined in Exhibit A.

Determination as to whether or not a particular transaction requires pre-approval should be made by consulting the Compliance and Reporting of Personal Transactions Matrix found in Exhibit B.

Preclearance is not required for Covered Securities based on certain broad-based indices, commodities and cryptocurrency (the "Broad Based Indices List"). A list of these securities is maintained by the Personal Trading Compliance Team and is available on PTA for your reference.

**Preclearance Requirements – Margin Accounts and Limit Orders**

Access Persons and Investment Persons are discouraged from entering limit orders that carry over to a future trading day and from maintaining margin accounts. If you engage in multi-day limit orders, you must obtain preclearance approval on each day that the order is outstanding. Transactions triggered by limit orders, margin calls, or margin account maintenance fees require preclearance approval and may result in violations of the Policy.

**Preclearance Requirements – Voluntary Corporate Actions**

Access Person and Investment Persons are required pre-clear voluntary corporate actions. If Investment Persons hold or cover the issuer of the corporate action then they need to contact the Personal Trading Compliance Team for review.

Purchases or sales that are not voluntary, including tender offers and acquisition of securities because of a corporate action, are not subject to the requirements outlined in the Policy.

**Preclearance Requirements – Gifts of Covered Securities**

Preclearance is required if Access Person or Investment Person gifts a Covered Security to a person. Preclearance is not required if Access Person or Investment Person donates a Covered Security to charity/non-profit organization that the Employee does not own or control.

The acquisition of Covered Securities because of a gift or inheritance is not subject to the requirements outlined in the Policy.

**Submitting a Preclearance Request**

Preclearance requests must be submitted via PTA, which can be accessed by clicking on Personal Trading Quick Link on JennOnline. Automated feedback will be provided as to whether the request is approved, denied, or in need of further review. Preclearance requests may be submitted between 10:15 AM and 4:00 PM Eastern Standard Time. Submitting a preclearance request outside of these times will result in a system-generated denial.

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**Code of Ethics and Personal Trading Policy and Procedures**<sub>9</sub>

When requesting preclearance for a personal securities trade or transaction, Access and Investment Persons should preclear the maximum number of shares and principal that they might trade that day. Also, Access and Investment Persons can trade fewer shares or principal, but you cannot trade more than the amount precleared that day.

Approved trades must be executed by the close of the business on the day in which the preclearance approval is granted. Approved orders for securities traded in foreign markets may be executed within two business days from the date preclearance is granted. Failure to obtain preclearance approval on the exact day of trading will result in a violation.

For private securities transactions, approval request forms can be found in PTA in the Forms section. Completed private securities transactions must be reported to the Personal Trading Compliance Team within thirty days of making the investment.

**Section 4: General Trading and Other Restrictions**

**Material Nonpublic Information (MN PI):**

No Access Persons or an Investment Person may buy or sell any security while in possession of Material Nonpublic Information. Employees may not recommend, advise, or encourage any other person to engage in such activity. Access Persons and Investment Persons may not use their knowledge of transactions in funds or other accounts advised by any Jennison or Prudential entity to profit by the market effect of these transactions.

Please refer to *Jennison's Safeguarding the Receipt of MNPI Policy and Procedures* for additional information.

**Blackout Period**

Jennison's Blackout Period Rules apply to all Access Persons and Investment Persons and is defined as the period of seven calendar days before or after a transaction was executed in a Client account in the same or an equivalent security. The Blackout Period also includes pending buy or sell orders in the same or equivalent security, otherwise known as an Open Order.

Subject to the exceptions noted below Access Persons and Investment Persons are prohibited from knowingly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· executing
 a securities transaction on the same day that a client has a pending buy or sell order in
 the same or an equivalent security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· buying
 or selling a security within seven calendar days before or after a client trades in the same
 or an equivalent security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· executing
 a securities transaction if such trade will interfere in any way with the orderly trade execution
 of such security by any client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· executing
 a securities transaction after such security has been recommended to any client or after
 being traded for any clients, if the trade is effected with a view to making a profit on
 the anticipated market action of the security resulting from such recommendation, purchase
 or sale.

If an Access Person or an Investment Person trades during a Blackout Period, reversal of the trade and disgorgement may be required. For example, if an Access Person's trade is pre-approved and executed and subsequently, within seven days of the transaction, the Company trades on behalf of clients, the Personal Trading Compliance Team will review the personal trade in light of firm trading activity and make a recommendation as to whether additional action should be taken.

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| ![](tm2522623d1_ex99-bxpx28img2.jpg) | ![](tm2522623d1_ex99-bxpx28img2.jpg) |

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**Code of Ethics and Personal Trading Policy and Procedures**<sub>10</sub>

In those circumstances where an Investment Person personally trades within seven days of firm trading, the Chief Compliance Officer, Chief Legal Officer and Senior Management will determine on a case-by-case basis the appropriate action. Regardless of the actual impact to clients, the perceived conflict of interest and appearance may determine that the Investment Person be required to reverse the trade and disgorge to the firm any difference due to an incremental price advantage over the client's transaction.

Access Persons and Investment Persons who may also be Designated Persons are prohibited from executing trades in Prudential related securities unless the trading window is open.

**Exceptions to the Blackout Period**

Exceptions to the Blackout Period provision may be granted for De Minimis Transactions, which are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 trades, or series of trades effected over a 30 calendar day period, involving $50,000 or
 less in a security with a market capitalization greater than $2 billion and less than $25
 billion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 trades, or series of trades effected over a 30 calendar day period, involving $100,000 or
 less in a security with a market capitalization greater than $25 billion.

Please note that **there is no De Minimis exception for securities with market capitalization of under $2 billion or Fixed Income securities**.

Trades meeting the De Minimis exception are **subject to the preclearance requirement as well as additional rules and satisfactory responses to preclearance questions in PTA.**

The Blackout Period restriction does not apply to the securities listed on the Broad Based Indices List.

**Investment Persons**

Investment Persons who are Portfolio Managers are prohibited from selling securities in their personal account(s) while that security is held in a Client account where they are named as a Portfolio Manager.

Investment Persons who are Portfolio Managers are prohibited from buying securities in their personal account(s) while that security is held short in a Client account where they are named as a Portfolio Manager.

Investment Persons who are Research Analysts are prohibited from selling in their personal account(s) any security in their research coverage while that same security is held in any fundamental Client account.

The restrictions outlined in this Investment Persons section supersede the De Minimis Transaction exception outlined above.

**Investing in Affiliated Open-End Mutual Funds**

Jennison and Prudential serve as the sub-adviser and/or adviser to a variety of investment products including open-end mutual funds, exchange traded products and investment trusts. While Access Persons and Investment Persons must disclose accounts that hold Affiliated Open-End Mutual Funds, they do not need to pre-clear transactions in such funds. Employees should be aware that these funds may have restrictions on frequent trading and other restrictions as described in its fund prospectus.

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**Code of Ethics and Personal Trading Policy and Procedures**<sub>11</sub>

**Sixty Day Covered Security Holding Period**

Access Persons and Investment Persons are prohibited from executing a purchase and sale, or sale and purchase, of the same or an equivalent Covered Security within any sixty calendar day period. Calculations are made using the LIFO accounting methodology.

This prohibition also does not apply when trading in those securities listed on the broad based indices list maintained by the Personal Trading Compliance Team and available on PTA for your reference.

**Short Sales**

Access Persons and Investment Persons may not short Prudential related securities under any circumstances. Additionally, Access Persons and Investment Persons are prohibited from taking a short position in a security that is held in a fundamental Client account.

**Excessive Trading**

Access Persons and Investment Persons are discouraged from engaging in a pattern of securities transactions that is so excessively frequent as to potentially impact their ability to carry out their assigned responsibilities. Personal trading activity of Access Persons and Investment Persons who execute more than 75 trades in Covered Securities in a quarter will be reported to senior management. A pattern of excessive or inappropriate trading may lead to disciplinary action under the Policy up to and including termination.

**Security Ownership**

Access Persons and Investment Persons are generally prohibited from holding more than 0.05% of shares outstanding of any individual Covered Security across all Securities Accounts. Investments in private companies will be evaluated on a case-by-case basis.

**Prudential Securities**

Prudential Financial, Inc. (PFI) is a publicly traded company. All Access Persons and Investment Persons are prohibited from trading Prudential securities while in possession of material, nonpublic information regarding PFI.

It is against Prudential's interest for you to engage in speculative transactions in Prudential securities. Therefore, with respect to PFI related securities, you may not engage in: (a) short sales (selling PFI related securities you do not own); (b) transactions involving publicly traded options or other derivatives, such as trading in puts or calls; (c) hedging transactions; or (d) pledging, or using as collateral, PFI related securities to secure personal loans or other obligations, and holding shares of Prudential common stock in a margin account. For additional details refer to Prudential's Global Insider Trading Policy.

With the exception of Designated Persons, Access Persons and Investment Persons, are not required to pre-clear the purchase or sale of Prudential common stock (PRU) or the exercise of Prudential options. Additionally, Access Persons and Investment Persons are not subject to the Sixty Day Covered Security Holding Period.

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**Code of Ethics and Personal Trading Policy and Procedures**<sub>12</sub>

**Employer-issued Stock Option Transactions**

The exercise of employee stock options granted by a third party as compensation do not require preclearance provided the converted shares are not liquidated. All Employees must preclear the sale of shares resulting from the exercise of an employer-issued stock option.

**Direct Stock Purchase Plans**

Subject to preclearance, long-term investing through direct stock purchase plans, Automatic Investment Plans and Dividend Reinvestment Plan (DRIPs) is permitted. The terms of the plan, the initial investment, and any notice of intent to purchase through automatic debit must be provided to and approved by the Personal Trading Compliance Team. Any changes to the original terms of the approval as well as any sales or discretionary purchase of securities in the plan must be submitted for preclearance. Termination of participation in such a plan must be reported to the Personal Trading Compliance Team. Provided that the automatic monthly purchases have been approved by the Personal Trading Compliance Team, each automatic monthly purchase need not be submitted for pre-approval. For purposes of applying the Sixty-Day Covered Security Holding Period only discretionary (volitional transactions) will be matched. Additionally, holdings need to be disclosed annually.

**Options and Futures**

Access Persons and Investment Persons are prohibited from transacting in options and futures where the underlying security is a Covered Security that requires preclearance.

**Initial Public Offerings**

Access Persons and Investment Persons are prohibited from purchasing initial public offerings of securities. For purposes of this Policy, "initial public offerings of securities" do not include offerings of government or municipal securities.

**Private Investments**

Access Persons and Investment Persons are prohibited from investing in a Private Investment without prior approval from the Personal Trading Compliance Team, as needed. Such review will take into account, among other factors, whether the investment opportunity should be reserved for clients and whether the opportunity is being offered to the Employee by virtue of his or her position at Jennison. Review of the Private Investment will also consider whether the investment is likely to result in a current or future conflict with clients, including a future public offering. If the Personal Trading Compliance Team identifies a potential conflict additional approvals from the employee's supervisor or the Investment Strategy Head is required.

To preclear a Private Investment, please use the Private Investment Form which can be found in the "Forms" section in PTA.

**Restricted Lists**

Access Persons and Investment Persons are prohibited from purchasing or selling securities of issuers on Jennison's Restricted List.

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**Code of Ethics and Personal Trading Policy and Procedures**<sub>13</sub>

**Investment Clubs**

Access Persons and Investment Persons may not participate in Investment Clubs.

**Spread Betting**

Spread betting is a speculative transaction that involves taking a bet on the price movement of a security, index, or other financial product via a spread betting company. Spread betting on financial products is not permitted and Access Persons and Investment Persons may not use spread betting accounts to circumvent the Policy. Spread betting on non-financial products, such as sporting events, is not covered by the Policy.

**Section 5: Additional Requirements for Designated Persons**

Access Persons who are identified as Designated Persons are subject to the requirements outlined in Prudential's Global Insider Trading Policy.

**Section 6: Additional Requirements for Dual Hat Employees**

Access Persons who are identified as Dual Hat Employees are subject to the requirements outlined in Prudential's Information Barrier Standards. Those employees are also required to attest annually that they have complied with the Standards.

**Section 7: Certifications**

All reports and certifications must be completed via PTA. Failure to complete certifications in a timely manner may result in disciplinary action such as monetary penalties, suspension without pay or other disciplinary action up to and including termination of employment.

**Initial and Quarterly Compliance Policy Certification**

All Access Persons and Investment Persons must complete an initial and a quarterly Compliance Policy Certification acknowledging:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 receipt and that they have read and understand Jennison's Code of Ethics and Personal
 Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 receipt and that they have read, understood and complied with all Compliance Program Policies

Access Persons and Investment Persons must also provide a written (or electronic) acknowledgment of their receipt and understanding of any material amendment to Jennison's Code of Ethics and Personal Trading Policy.

Additionally, all Access Persons and Investment Persons must confirm compliance with all applicable federal securities laws on a quarterly basis.

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**Code of Ethics and Personal Trading Policy and Procedures**<sub>14</sub>

**Initial and Quarterly Securities Accounts Certification**

Upon hire and quarterly thereafter, all Access Persons and Investment Persons must certify to the completeness and accuracy of the list of all reportable Securities Accounts, including those held at Authorized Broker-Dealers and those held at non-authorized firms. Your submission of the Securities Accounts certification will confirm that you have instructed all brokers for such accounts to send duplicate copies of account statements and trade confirmations, physically or via an electronic feed, to the Personal Trading Compliance Team. Additionally, by submitting the certification you agree to notify the Personal Trading Compliance Team of any changes to your Securities Accounts that are not held at an Authorized Broker-Dealer pursuant to an exception that has been granted to you.

Please note that Access Persons and Investment Persons may hold and trade Affiliated Open-End Mutual Funds through Authorized Broker-Dealers, Prudential Mutual Fund Services, the Prudential Employee Savings Plan ("PESP"), and the Jennison Savings Plan.

In addition, Access Persons and Investment Persons may maintain accounts with respect to certain Affiliated Open-End Mutual Funds directly with the fund company, provided that details of such account and duplicate confirms and statements are provided to the Personal Trading Compliance Team.

**Quarterly Transaction Certification**

All Access Persons and Investment Persons must submit transaction information within 30 days after the end of a calendar quarter, with respect to any transaction in Securities Accounts, including activity in Affiliated Open-End Mutual Funds and Private Investments.

To facilitate compliance with this reporting requirement, the Company requires that a duplicate copy of all trade confirmations and brokerage statements be supplied, physically or via an electronic feed, directly to the Personal Trading Compliance Team..

**Initial and Annual Holdings Certifications**

Within ten calendar days of becoming an Access Person or Investment Person all Employees must disclose their personal securities holdings in all Covered Securities. The information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person or Investment Person.

Each Access Person or Investment Person shall also submit an annual holdings certification in the beginning of each calendar year with holdings that are current as of a date no more than 45 days prior to the date of submission of the certification.

This Initial and Annual Holding Certification must include all holdings of Private Investments (e.g., limited partnership interests, private placements, hedge funds, etc.) and all holdings in Affiliated Open-End Mutual Funds. This includes those positions held in 401(k) Plans held at other companies, excluding money market funds. Covered Securities held in Discretionary Managed Accounts and certain trust accounts are not required to be reported on an Initial or an Annual Holdings Certification.

**Broker Consent**

Certain brokers may require written consent forms with physical signatures from all account owners, including Immediate Family members, prior to transmitting personal trading data to Jennison for new and existing accounts. To assure compliance with this Policy, you must provide consent in a manner required by each broker.

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| **Code of Ethics and Personal Trading Policy and Procedures** | 15 |

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**Initial and Quarterly Information Barrier Standards Certification**

All Access Persons and Investment Persons must receive training on Prudential's Information Barrier Standards. Additionally Employees must acknowledge at time of employment and quarterly that they have read and understood the Information Barrier Standards and will abide by the terms stated therein.

**Other Compliance Acknowledgements and Certifications**

Access Persons and Investment Persons may be required to submit additional acknowledgements or certifications upon request as regulatory requirements change and industry standards evolve. Access Persons and Investment Persons will be notified by the Personal Trading Compliance Team when new acknowledgments are required.

**Section 8: Exceptions**

Exceptions to the Policy are rare and require the approval of the Chief Compliance Officer and the Chief Executive Officer. In all instances, exceptions will only be granted where such exception would not violate laws or regulation.

All personal trade monitoring requirements outlined in this Policy remain in effect while an Employee is on leave of absence, disability, or vacation.

**Section 9: Violations**

Employees are required to promptly report any known violations of this Policy to the Personal Trading Compliance Team or the Chief Compliance Officer or her designee. The Code forbids any form of intimidation or retaliation against an employee for fulfilling this obligation. Retaliation against an employee who reports a Code violation is in itself a violation of the Code. Additional policies and guidelines for reporting concerns regarding financial or compliance issues & non-retaliation are included in Jennison's Employee Handbook.

Reported violations and other violations of this Policy detected through internal monitoring will be reported to the Jennison Compliance Council and the Employee's supervisor. The Compliance Council will review all violations of the Policy and the penalties assessed and may recommend additional sanctions or other disciplinary actions it deems appropriate.

Penalties will generally be assessed in accordance with a schedule maintained by the Personal Trading Compliance Team. These, however, are minimum penalties. The Company reserves the right to take any other appropriate action and depending on the facts and circumstances of the violation, sanctions may include monetary penalties, suspension without pay, suspension of personal trading privileges or other disciplinary action up to and including termination of employment. Disgorgement of profits and reversal of the trade may also be required for Policy violations. Any Penalties or profits disgorged to the Company will be donated to a charitable organization selected by the Company in the name of the Company.

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| **Code of Ethics and Personal Trading Policy and Procedures** | 16 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV. Internal Controls**

The Personal Trading Compliance Team has the day to day responsibility of monitoring Employees' compliance with the requirements of the Code of Ethics and Personal Trading Policy and Procedures. The PTA system produces exception reports which are evaluated by the Personal Trading Compliance Team. Any breach determined to be a violation would be escalated to the Chief Compliance Officer. Additionally Jennison's Compliance Council meets quarterly and reviews personal trading topics including: policy violations and exceptions, private investments, and policy changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V. Escalating Concerns**

Any concerns about aspects of the policy that lack specific escalation guidance may be reported to the reporting employee's supervisor, the Chief Compliance Officer, Chief Legal Officer, Chief Risk Officer, Chief Ethics Officer, Chief Operating Officer or Chief Executive Officer. Alternatively, Jennison has an Ethics Reporting Hotline phone number and email address that enable employees to raise concerns anonymously. Information about the Ethics Reporting Hotline phone number and email address can be found on the Jennison intranet's "Ethics" web page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI. Discipline and Sanctions**

All Jennison employees are responsible for understanding and complying with the policies and procedures outlined in this policy. The procedures described in this policy are intended to ensure that Jennison and its employees act in full compliance with the law. Violations of this policy and related procedures will be communicated to your supervisor and to senior management through Jennison's Compliance Council, and may lead to disciplinary action.

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| **Code of Ethics and Personal Trading Policy and Procedures** | 17 |

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**Exhibit A – Glossary**

**Access Persons –** Employees who work in or support portfolio management activities, have access to nonpublic investment advisory client trading information or recommendations, or have access to nonpublic portfolio holdings. This includes Employees or officers of a mutual fund or investment adviser who, in connection with their normal responsibilities, make, participate in, or have access to current or pending information regarding the purchase or sale of securities by any portfolios managed by the business unit or group of business units to which the individual is deemed to have access. <u>All Jennison Employees are classified as Access Persons.</u> While contingent workers (e.g. consultants and temporary workers) are not Jennison Employees, those contingent workers who have access to sensitive or confidential information may be deemed Access Persons and subject to preclearance of personal securities trading activities and other Policy requirements as determined by the Personal Trading Compliance Team.

**Affiliated Open-End Mutual Fund** - a proprietary investment company advised by Prudential, or a non-proprietary investment company sub-advised by Prudential, and any investment company whose investment adviser or principal underwriter is controlled by or under common control with Prudential, including Jennison.

**Authorized Broker-Dealer –** the Authorized Broker-Dealers include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Charles Schwab

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· E\*TRADE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Edward Jones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fidelity Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Goldman Sachs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· JP Morgan Chase

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Merrill Lynch

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Morgan Stanley

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· UBS Financial Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Vanguard

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Wells Fargo Advisors

**Automatic Investment Plan** – regular periodic purchases (or withdrawals) that are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes dividend reinvestment plans ("DRIPs") and Employee Stock Purchase Plans ("ESPPs").

**Beneficial Interest** – Employee has Beneficial Interest of any account or securities in which the Employee has a direct or indirect financial interest. This includes accounts or securities held in the Employee's own name or the name of their spouse or equivalent domestic partner, minor children, and relatives living with the Employee and to whom the Employee provides or receives financial support or whose investments for which the Employee has discretion, influence, or control. This could include accounts or securities of individuals with whom the Employee shares living expenses, bank accounts, rent or mortgage payments, ownership of a home, or any other material financial support.

**Blackout Period –** a period of one or seven calendar days before or after a transaction was executed in a client account in the same or an equivalent security The Blackout Period also includes pending buy or sell orders in the same or equivalent security, otherwise known as an Open Order.

**Company –** Jennison Associates LLC

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**Covered Security -** includes all securities in which an Access Person or Investment Person has the opportunity, directly or indirectly, to profit or share in the profit derived from transactions in such securities. This includes all equity, debt and derivative related transactions with the exception of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· direct obligations of the U.S. Government<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· bankers acceptances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· bank certificates of deposit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· commercial paper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· high quality short-term debt (A-1, P-1 & maturity of less than 1 year), including repurchase agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· U.S. treasury bills, notes, bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Currencies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cryptocurrencies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares issued by money market funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares issued by open-end mutual funds (excluding the Affiliated Open-End Mutual Funds)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annuities and life insurance contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 529 plans purchased directly from a state sponsor

**Discretionary Managed Account** – an account managed on a discretionary basis by a person other than the Employee or an algorithmic tool (robo-adviser), over which the Employee has no direct or indirect influence or control over the selection or disposition of securities and no knowledge of transactions therein. A Discretionary Managed Account must have a formal investment management agreement that provides full discretionary authority to a third-party money manager.

**Dividend Reinvestment Plan** (DRIPs) – a stock purchase plan offered by a corporation whereby shareholders purchase stock directly from the company (usually through a transfer agent) and allow investors to reinvest their cash dividends by purchasing additional shares or fractional shares.

**Dual Hat Employee** – Employee who works in or supports the investment advisory activities of another PGIM asset management business or another entity under Prudential's control.

**Employee** – any person employed by Jennison. While contingent workers are not Employees, those contingent workers that obtain information regarding the purchase or sale of securities in portfolios managed by the Company may be subject to this Policy, as determined on a case-by-case basis.

**Immediate Family Member**– any of the following relatives who share the same household with you and are financially connected to you: child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, including adoptive relationships. The term also includes any related or unrelated individual who resides with, or whose investments are controlled by, or whose financial support is materially contributed to by, the Employee, such as a significant other or domestic partner. For example, this could include individuals with whom you share living expenses, bank accounts, rent or mortgage payments, ownership of a home, or any other material financial support. These situations should be reviewed on a case-by-case basis by the Personal Trading Compliance Team.

**Initial Public Offering** – an offering of securities registered under the Securities Act of 1933, the issuer of which immediately before registration was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934.

2 Includes securities that carry full faith and credit of the U .S. Government for the timely payment of principal and interest such as Ginnie Maes, U.S. Savings Bonds and U.S. Treasuries

---

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|:---|:---|
| ![](tm2522623d1_ex99-bxpx28img2.jpg) | ![](tm2522623d1_ex99-bxpx28img2.jpg) |

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|:---|:---|
| **Code of Ethics and Personal Trading Policy and Procedures** | 19 |

---

**Investment Club** – a group of two or more people, each of whom contributes monies to an investment pool and participates in the investment making decision process and shares in the investment returns.

**Investment Persons** – Access Persons who, in connection with their regular functions or duties, make or participate in making recommendations regarding the purchase or sale of securities for client accounts (i.e., portfolio managers and research analysts).

**Material Nonpublic Information** – Information that is not generally available to the investing public that an investor, considering all the surrounding facts and circumstances, would find important in deciding whether or when to buy, sell, or hold a security.

**Non-Volitional** – Securities Account activity related to: i) transactions in approved Discretionary Managed Accounts; ii) transaction in preapproved dividend reinvestment plans; iii) transactions resulting from automatic rebalancing plans; and v) receipt of stock or option bonus awards.

**Personal Trading Compliance Team** – the team within Compliance responsible for oversight of all aspects of personal trading. You can contact the team at <u>PersonalTrading@jennison.com</u>.

**Private Investment -** an offering that is exempt from registration under the Securities Act of 1933, as amended, under Sections 4(2) or 4(6), or Rules 504, 505 or 506 there under.

**Prudential Affiliated Funds** – Proprietary funds advised by Prudential, or a non-proprietary fund subadvised by Prudential, and any fund whose investment adviser or principal underwriter is controlled by or under common control with Prudential.

**PTA (also called ECM) – FIS Employee Compliance Manager**– a third-party vendor system used by Jennison to facilitate the surveillance and reporting of personal securities trading information, disclosures, certifications and reporting.

**Restricted List** – a listing of securities in which trading by Employees is generally prohibited.

**Securities Accounts** – a securities account is an account for which an Employee directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect Beneficial Interest (as defined above) in the account. This includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· personal accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accounts in which the Employee's spouse has a beneficial interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accounts in which the Employee's minor children or any dependent family member has a beneficial interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· joint or tenant-in-common accounts in which the Employee is a participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accounts for which the Employee acts as trustee, executor or custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accounts over which the Employee exercises control or have investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accounts of any Immediate Family members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accounts in which purchases and sales are limited to Affiliated Open-End Mutual Funds or any other Prudential Affiliated Funds

---

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|:---|:---|
| ![](tm2522623d1_ex99-bxpx28img2.jpg) | ![](tm2522623d1_ex99-bxpx28img2.jpg) |

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|:---|:---|
| **Code of Ethics and Personal Trading Policy and Procedures** | 20 |

---

**Exhibit B – Compliance and Reporting of Personal Transactions Matrix**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investment<br> Category/Method** | &nbsp;&nbsp;**Sub-Category** | **Required<br> Pre-Approval<sup>4</sup>**<br> **(Y/N)** | **Reportable<br> (Y/N)** | &nbsp;&nbsp;**If reportable, <br> minimum <br> reporting <br> frequency** |
| &nbsp;&nbsp;**BONDS** | &nbsp;&nbsp;Treasury Bills, Notes, Bonds | N | N | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**BONDS** | &nbsp;&nbsp;Commercial Paper | N | N | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**BONDS** | &nbsp;&nbsp;Other High Quality Short-Term Debt Instrument<sup>3</sup> | N | N | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**BONDS** | &nbsp;&nbsp;Agency | N | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**BONDS** | &nbsp;&nbsp;Tax Free Auction Rate Securities | N | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**BONDS** | &nbsp;&nbsp;Non tax free Auction Rate Securities | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**BONDS** | &nbsp;&nbsp;Corporates | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**BONDS** | &nbsp;&nbsp;MBS | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**BONDS** | &nbsp;&nbsp;ABS | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**BONDS** | &nbsp;&nbsp;CMO's | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**BONDS** | &nbsp;&nbsp;Municipals | N | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**BONDS** | &nbsp;&nbsp;Convertibles | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**BONDS** | &nbsp;&nbsp;Public Offering | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**STOCKS** | &nbsp;&nbsp;Common | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**STOCKS** | &nbsp;&nbsp;Preferred | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**STOCKS** | &nbsp;&nbsp;Rights | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**STOCKS** | &nbsp;&nbsp;Warrants | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**STOCKS** | &nbsp;&nbsp;Initial, Secondary and Follow On Public Offerings | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**STOCKS** | &nbsp;&nbsp;Automatic Dividend Reinvestments | N | N | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**STOCKS** | &nbsp;&nbsp;Optional Dividend Reinvestments | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**STOCKS** | &nbsp;&nbsp;Direct Stock Purchase Plans with automatic investments | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**STOCKS** | &nbsp;&nbsp;Employee Stock Purchase/Option Plan | Y <sub>4</sub> | Y | &nbsp;&nbsp;\* |
| &nbsp;&nbsp;**OPEN-END MUTUAL FUNDS AND ANNUITIES** | &nbsp;&nbsp;Affiliated Open-End Mutual Funds | N | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**OPEN-END MUTUAL FUNDS AND ANNUITIES** | &nbsp;&nbsp;Non-Affiliated Open-End Mutual Funds, not managed by Jennison or Prudential | N | N | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**CLOSED END FUNDS, UNIT INVESTMENT TRUSTS AND ETFs** | &nbsp;&nbsp;All Prudential Affiliated & Non-Affiliated Funds | N | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**CLOSED END FUNDS, UNIT INVESTMENT TRUSTS AND ETFs** | &nbsp;&nbsp;Exchange Traded Funds (ETF) | Y <sub>5</sub> | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**CLOSED END FUNDS, UNIT INVESTMENT TRUSTS AND ETFs** | &nbsp;&nbsp;Purchase or Sale of Units | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**COMMODITIES** | &nbsp;&nbsp;Physical Commodity | N | N | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**COMMODITIES** | &nbsp;&nbsp;Commodity Futures | N | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**COMMODITIES** | &nbsp;&nbsp;ETFs tracking price of a Physical Commodity<sup>4</sup> | N | Y | &nbsp;&nbsp;Quarterly |

---

<sub>3</sub> "High Quality Short-Term Debt Instrument" means any instrument having a maturity at issuance of less than 366 days and which is rated in one of the highest two rating categories by a Nationally Recognized Statistical Rating Agency (Moody's and S&P).

<sub>4</sub> Pre-approval of the sales of securities or exercising of options acquired through Employee Stock Purchase or Employee Stock Option Plans are required, except for the exercise of Prudential options. Holdings are required to be reported annually, transactions subject to pre-approval are required to be reported quarterly. Pre-approval is not required to participate in such plans.

<sub>5</sub> Preclearance is not required for certain Covered Securities tracking broad based indices, commodities and cryptocurrency. The list of exempt securities is maintained by the Personal Trading Compliance Team and available on PTA for your reference.

---

| | |
|:---|:---|
| ![](tm2522623d1_ex99-bxpx28img2.jpg) | ![](tm2522623d1_ex99-bxpx28img2.jpg) |

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| | |
|:---|:---|
| **Code of Ethics and Personal Trading Policy and Procedures** | 21 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investment<br> Category/Method** | &nbsp;&nbsp;**Sub-Category** | **Required<br> Pre-Approval<sup>4</sup>**<br> **(Y/N)** | **Reportable<br> (Y/N)** | &nbsp;&nbsp;**If reportable,<br> minimum <br> reporting <br> frequency** |
| &nbsp;&nbsp;**DERIVATIVES** | &nbsp;&nbsp;Any exchange traded, NASDAQ, or OTC option or futures contract, including, but not limited to: | &nbsp;&nbsp;Any exchange traded, NASDAQ, or OTC option or futures contract, including, but not limited to: | &nbsp;&nbsp;Any exchange traded, NASDAQ, or OTC option or futures contract, including, but not limited to: | &nbsp;&nbsp;Any exchange traded, NASDAQ, or OTC option or futures contract, including, but not limited to: |
| &nbsp;&nbsp;**DERIVATIVES** | &nbsp;&nbsp;Financial Futures | \*\* | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**DERIVATIVES** | &nbsp;&nbsp;Commodity Futures | N | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**DERIVATIVES** | &nbsp;&nbsp;Options on Futures | \*\* | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**DERIVATIVES** | &nbsp;&nbsp;Options on Securities | \*\* | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**DERIVATIVES** | &nbsp;&nbsp;Non-Broad Based Index Options | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**DERIVATIVES** | Non Broad-Based Index Futures Contracts and Options on Non-Broad Based Index Futures Contracts | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**DERIVATIVES** | &nbsp;&nbsp;Broad Based Index Options<sup>4</sup> | N | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**DERIVATIVES** | &nbsp;&nbsp;Broad Based Index Futures Contracts and Options on Broad Based Index Futures Contracts<sup>4</sup> | N | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**DERIVATIVES** | &nbsp;&nbsp;Structured Notes | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**CURRENCY** | &nbsp;&nbsp;Foreign Currency | N | N | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**CURRENCY** | &nbsp;&nbsp;Any exchange traded currency/cryptocurrency investment vehicle (e.g. trust, ETF) | N | Y | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**CURRENCY** | &nbsp;&nbsp;Currency Options | N | Y | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**CURRENCY** | &nbsp;&nbsp;Currency Futures | N | Y | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**CURRENCY** | &nbsp;&nbsp;Currency Forwards | N | Y | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**CURRENCY** | &nbsp;&nbsp;Cryptocurrency | N | N | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;**LIMITED PARTNERSHIPS, PRIVATE INVESTMENTS** |  | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**VOLUNTARY TENDER OFFERS** |  | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**DISCRETIONARY MANAGED ACCOUNT PROGARMS** | &nbsp;&nbsp;Employee Directed Portfolio Transactions | Y | Y | &nbsp;&nbsp;Quarterly |
| &nbsp;&nbsp;**DISCRETIONARY MANAGED ACCOUNT PROGARMS** | Transactions executed by the investment adviser without account holder's direction | N | N | &nbsp;&nbsp;N/A |

---

\*\* Pre-approval of a personal derivative securities transaction is required if the underlying security requires pre-approval.

---

| | |
|:---|:---|
| ![](tm2522623d1_ex99-bxpx28img2.jpg) | ![](tm2522623d1_ex99-bxpx28img2.jpg) |

---

## Ex-99.B(P)(29)

**Exhibit 99.B(p)(29)**

**JOHCML - 00004130 - Confidential Treatment Requested**

![](tm2522623d1_ex99-bxpx29img1.jpg)

**Summary Disclosure: JOHCM Group's Code of Ethics**

**1.1** **Introduction - Requirements and Standards**

J O Hambro Capital Management Group's (JOHCM Group<sup>\*</sup>) Code of Ethics sets out the high standards of ethical and professional conduct expected of all members of Staff in the JOHCM Group in their interactions with clients, investors, prospective clients and investors, market counterparties, service providers and colleagues. It highlights the JOHCM Group policies and procedures that are designed to support and foster these standards, and it explains the relevant requirements of the Financial Conduct Authority (FCA) and Securities and Exchange Commission (SEC) and how they apply to different populations within the JOHCM Group workforce.

All Staff are required to understand their regulatory obligations and be familiar with the particular rules that apply to their area of work, not breach or cause the JOHCM Group to breach the rules, and remain competent for their role. Failure by a member of Staff to fulfil any of these responsibilities may lead to disciplinary action by the FCA, the SEC and/or JOHCM US or JOHCML, as applicable.

JOHCM Group's Code of Ethics is contained within its Compliance Manual, which is provided to all Staff when the join the Group and when any updates are made. The following is a summary of the Code of Ethics.

**1.2** **The Code of Ethics**

Rule 204A-1 under the Advisers Act requires that investment advisers establish, maintain and enforce a written code of ethics that, at a minimum, includes (1) a standard of business conduct; (2) provisions requiring compliance with applicable US federal securities laws; (3) personal securities transaction reporting; (4) mandatory reporting of code of ethics violations; (5) procedures for the receipt and acknowledgement of the code by the adviser's personnel; and (6) procedures for personnel to obtain the adviser's approval before acquiring beneficial ownership in any security in an initial public offering or in a limited offering.

Unless otherwise stated, the Code applies to all Supervised Persons and covers all activities carried out by JOHCML or JOHCM US in the United States or on behalf of clients that are in the United States. **Supervised Persons** means:

&nbsp;&nbsp;&nbsp;&nbsp;a) Directors and officers (or other persons occupying a similar status or performing similar functions);

&nbsp;&nbsp;&nbsp;&nbsp;b) Employees of JOHCML and JOHCM US;

&nbsp;&nbsp;&nbsp;&nbsp;c) Any other person who provides advice on behalf of JOHCML or JOHCM US and is subject to the respective
firm's supervision and control.

\* For purposes of this document, JOHCM Group includes SEC registrants, J O Hambro Capital Management **Limited ("JOHCML") and JOHCM (USA) Inc. ("JOHCM US").**

JOHCML - 00004131 - Confidential Treatment Requested

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The Code does not apply to independent directors or officers of JOHCML or JOHCM US, who are not subject to the JOHCM Group's supervision and control.

Some SEC registered firms apply additional requirements to members of staff who are designated as Access Persons. An **Access Person** is typically a Supervised Person who has access to non-public information regarding clients' purchase or sale of securities, is involved in making securities recommendations to clients or who has access to such recommendations that are non-public. Given the scale and structure of the JOHCM Group, the Code does not distinguish between individuals who might be defined as Access Persons and any other member of Staff. All Supervised Persons are equally subject to the Code.

**1.3** **FCA Senior Managers and Certification Regime**

The FCA must have confidence that those individuals who manage the affairs of the firms it regulates are fit and proper. Its requirements in relation to firms such as JOHCML are set out in the Senior Managers and Certification Regime (**SMCR**), the main objective of which is investor protection by enhancing the individual accountability of Senior Managers, clarifying their responsibilities and improving the culture and conduct within firms. JOHCML is classified as a Core SMCR Firm. Set out below are some of the obligations on JOHCML which flow from that classification.

**1.3.1 Senior Managers**

Senior Managers are those individuals deemed by the FCA to pose the greatest potential risk to consumers or market integrity because of the functions they perform, and who must therefore be approved by the FCA to carry out those functions. The FCA will look at the conduct of Senior Manager(s) who have responsibility for a business area/function in which any regulatory breach may occur.

***1.3.1.1*** ***Duty of Responsibility***

If a firm breaches a regulatory requirement, the Senior Manager with responsibility for the area in which the breach occurred could be held to account by the FCA if they failed to take "reasonable steps" to prevent the breach from occurring or continuing. This duty of responsibility and the requirement to exercise reasonable steps applies to all Senior Managers.

***1.3.1.2*** ***Prescribed Responsibilities***

Under the SMCR, each firm must allocate several "prescribed responsibilities" to their Senior Managers. A prescribed responsibility must be allocated to the most senior employee managing the business area to which it is most closely linked, who should be sufficiently senior and credible with sufficient resources and authority to discharge the responsibility effectively.

**1.3.2 Certification Regime**

One of the key themes of the SMCR is that the responsibility for ensuring that those individuals meet the requisite standards of conduct is transferred to the firms who employ them. The certification regime means that individuals performing certain functions no longer require regulatory approval, and firms are instead responsible for assessing the fitness and propriety of such Certified Persons.

JOHCML - 00004132 - Confidential Treatment Requested

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The FCA has identified a list of these certification functions. Firms must ensure that anyone performing these roles has been "certified." The HR department maintains a list of those functions for which every member of JOHCML staff is certified.

**1.3.3 The Conduct Rules**

The Conduct Rules are a new set of enforceable rules that aim to set basic standards of good personal conduct. They are intended to set minimum standards of behaviour for Senior Managers, Certified Persons, NEDs and, with only limited exceptions, all other employees of regulated firms. Breaches of the Conduct Rules will be a ground for disciplinary action being taken against the individual by the FCA. JOHCML has chosen to apply the Conduct Rules to all of the firm's employees.

There are two tiers of Conduct Rules, as described in the Compliance Manual. The first is a general set of rules to which all JOHCML employees must adhere. The second tier consists of rules that only apply to Senior Managers.

**1.3.4 Non-executive directors (NEDs)**

NEDs are subject to the fit and proper requirements and regulatory reference rules and they are also subject to the individual Conduct Rules, and Senior Manager Conduct Rule 4. JOHCML has appointed an independent NED as a "Consumer Duty Champion" to ensure that the Duty is discussed regularly, including at Board level.

**1.3.5 Fitness and Propriety**

Firms are required to make sure that anyone performing a Senior Manager role, a certification function or a NED role is fit and proper to perform their role. The assessment is required both at the start of employment and then on an ongoing basis throughout their time at the firm. Certificates of fitness and propriety must be issued at least once a year and this will be done by JOHCML as part of the annual performance review cycle (NEDs will be reviewed every two years by JOHCML).

Under the revised fitness and propriety requirements, it is now mandatory for all firms to undertake criminal record checks for Senior Managers and to obtain regulatory references for all Senior Manager, certification function and non-approved NED roles covering the past six years.

Further details of the processes to meet these regulatory obligations are available upon request.

**1.4** **Inducements**

JOHCM Group has a duty to act in clients' interests and manage conflicts of interest properly. This section and the two which follow highlight particular SEC and FCA Rules that Staff should observe in carrying out that duty. While the FCA Rules apply only to JOHCML, they represent best practice and as a policy matter they have therefore also been adopted as a common set of standards for Staff in the rest of the JOHCM Group.

JOHCML - 00004133 - Confidential Treatment Requested

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The JOHCM Group and its Staff must not receive from or pay to a person other than a client in relation to services provided to clients, any fees, commissions or other benefits (monetary or in kind), unless these are clearly disclosed to each client. The JOHCM Group must ensure that any payments or benefits of this nature do not impair compliance with its duty to act honestly, fairly and professionally in the best interests of the client and are designed to enhance the quality of the relevant service to the client.

The JOHCM Group is prohibited from receiving any payments or non-monetary benefits from third parties in respect of portfolio management or independent advice services, apart from acceptable minor non-monetary benefits, as described in the Compliance Manual in accordance with the FCA's Handbook of Rules and Guidance.

**1.4.1 Personal gifts and entertainment**

The giving and receipt of gifts and entertainment in a business context is a well-established way of expressing courtesy and hospitality in commercial and professional relationships. However, if not properly controlled, these kinds of activities may give rise to conflicts of interest or even regulatory violation or criminal behaviour. As a starting point, the JOHCM Group must therefore take reasonable steps to ensure that neither it, nor any person acting on its behalf:

&nbsp;&nbsp;&nbsp;&nbsp;· accepts
or offers any inducements, or

&nbsp;&nbsp;&nbsp;&nbsp;· directs
or refers any actual or potential business to another person

if it is likely to conflict with any responsibility to clients.

The JOHCM Group has therefore put systems in place that are designed to meet applicable regulatory requirements by creating transparency on gifts and entertainment practices within the business, imposing restrictions on the nature and value of gifts and entertainment and requiring pre-approval where set limits would be exceeded.

**1.5** **"Pay-to-Play"**

Rule 206(4)-5 under the Advisers Act, known as **the Pay-to-Play Rule**, applies to investment advisers that provide or seek to provide investment advisory services to US state and local government entities as clients (**Government Entities**). The Pay-to-Play Rule is intended to prevent investment advisory firms and their **Covered Associates** from making political contributions in order to win or retain advisory contracts with Government Entities.

JOHCML and JOHCM US and their respective Employees must comply with the Pay-to-Play Rule because each firm is a registered investment adviser under the Advisers Act and their activities include providing investment advisory services to Government Entities. In practice, the rule tends to have a lower impact on JOHCML and its Employees because of the way Covered Associate is defined.

With a limited exception, only US citizens fall within the definition of Covered Associate and are therefore in scope of the Pay-to-Play Rule. Within that US Employee population, the rule then only applies to those individuals who have certain executive or oversight roles or are in roles that may involve them in soliciting investment advisory business from Government Entities. Note that the rule also extends to persons who are connected to the Employee who is a Covered Associate, namely, the Covered Associate's spouse, civil partner and any adult family members sharing the same household.

JOHCML - 00004134 - Confidential Treatment Requested

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The JOHCM Group has put systems in place that are designed to comply with the Pay-to-Play Rule by:

&nbsp;&nbsp;&nbsp;&nbsp;· identifying
those Employees who are in scope;

&nbsp;&nbsp;&nbsp;&nbsp;· making disclosure of any political
contributions previously given to Government Entities a condition of working for the JOHCM Group in any Covered Associate role; and

&nbsp;&nbsp;&nbsp;&nbsp;· requiring pre-approval to be
obtained from Compliance for those political contributions which are permissible under the rule, and prohibiting those which are not.

In addition, Covered Associates are required to give written confirmation of compliance with the Pay-to-Play Rule on an annual basis.

**1.6 Anti-Bribery and Corruption**

The Pay-to-Play Rule is one component of a wider set of requirements with which the JOHCM Group and its Staff must comply in order to ensure that any activities that may involve bribery or corrupt conduct are avoided at all times. There are two key pieces of anti-bribery and corruption legislation that apply to the JOHCM Group, and which Staff must therefore be aware of and comply with as applicable:

**The UK Bribery Act 2010**

This Act covers offences committed inside the UK by any person (including overseas persons) or outside of the UK, by **a person connected to the UK** (defined as a British national, a UK company or a person ordinarily resident in the UK). In practice therefore, the Act applies to the activities of:

&nbsp;&nbsp;&nbsp;&nbsp;· JOHCML
(regardless of where these are carried out)

&nbsp;&nbsp;&nbsp;&nbsp;· any JOHCM Group Staff who are
British or ordinarily resident in the UK (regardless of where they are employed within the JOHCM Group), and

&nbsp;&nbsp;&nbsp;&nbsp;· overseas JOHCM Group entities
and non-British/non-UK based Staff, where some part of their conduct amounting to bribery takes place in the UK.

Offences under the Act are summarised below:

&nbsp;&nbsp;&nbsp;&nbsp;· An
active offence of bribing anyone working in either the public or private sector, which carries a maximum penalty of 10 years' imprisonment
(for individuals) and/or an unlimited fine.

&nbsp;&nbsp;&nbsp;&nbsp;· A passive offence of anyone
in the public or private sector being bribed, with a maximum penalty of 10 years' imprisonment (for individuals) and/or an unlimited
fine.

&nbsp;&nbsp;&nbsp;&nbsp;· A separate offence of bribing
a foreign public official, defined as a person holding a legislative, administrative or judicial position outside the UK, as well as any
person carrying out a public function for any country or public international organisation. This offence also carries a maximum penalty
of 10 years' imprisonment (for individuals) and/or an unlimited fine.

&nbsp;&nbsp;&nbsp;&nbsp;· The Act also creates an offence
for commercial organisations which fail to prevent bribery. This applies to any "relevant commercial organisation" that fails
to prevent an "associated person" from bribing another person by intending to obtain or retain business or an advantage for
the organisation.

JOHCML - 00004135 - Confidential Treatment Requested

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A **relevant commercial organisation** includes a UK company or partnership which carries on a business anywhere in the world or any other body corporate or partnership which carries on business, or part of a business, in the UK. An **associated person** is defined as a person who performs services for or on behalf of the organisation in any capacity whatever (with a presumption that employees / consultants of the organisation do so). A defence is available if an organisation can prove it had in place adequate procedures designed to prevent persons associated with it from undertaking such conduct.

**The US Foreign Corrupt Practices Act 1977 (FCPA)** 

Under the FCPA, the JOHCM Group and its Staff could face potentially serious civil and/or criminal penalties for offering, promising, paying, or authorising any bribe, kickback or similar improper payment of anything of value to any foreign official, foreign political party or official or candidate for foreign political office in order to assist the JOHCM Group in obtaining, retaining, or directing business, including investments in the JOHCM Funds. **Foreign**, when used in the context of the FCPA, means non-US.

Under the FCPA, a **foreign official** includes any officer or employee of a foreign government or any department, agency or instrumentality thereof. All government employees are covered by this definition, as are employees of government-owned business entities and sovereign wealth funds. The FCPA does permit, by way of narrowly defined exceptions, certain small "facilitating" or "expediting" payments to foreign officials to ensure that they perform routine, non-discretionary governmental duties (e.g. obtaining permits, licences, or other official documents, or processing governmental papers, such as visas and work orders). The FCPA also permits payment or reimbursement of reasonable and bona fide expenses of a foreign official (e.g. travel and lodging expenses) relating to the promotion, demonstration or explanation of a product or service or to the execution or performance of a contract with a foreign government. Note however, that as a matter of policy and given its obligations under the UK Bribery Act, the JOHCM Group does not make or accept facilitation payments of any kind. The FCPA also prohibits payments to third parties, such as a placement agent, with knowledge that all or a portion of the payment will be passed on to a foreign official.

**1.7** **Personal Account Transactions**

The JOHCM Group has rules in place governing the personal account (**PA**) dealing of all JOHCM Group Staff. They are intended to prevent Staff from using information they have gained, in the course of business, to pursue personal financial gain, including to the detriment of clients and investors. As such, they are a core component of the JOHCM Group's conflicts management framework.

Within 10 days of joining the JOHCM Group, every new member of Staff must provide Compliance with copy statements of all personal investment accounts that are in scope of the PA Rules, and all Staff are required to confirm on a quarterly and annual basis that they have read and understood the PA Rules. All Staff are also required to review and confirm all PAD accounts, holdings and transactions on a quarterly and annual basis. Violation of the PA Rules may result in sanctions or disciplinary action against the Staff member, including, disgorgement of personal gain, suspension or dismissal, depending on the severity of the violation.

The PA Rules primarily aim to prevent any member of Staff from doing any of the following:

JOHCML - 00004136 - Confidential Treatment Requested

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&nbsp;&nbsp;&nbsp;&nbsp;a) Entering into a transaction which is prohibited under applicable market conduct regulations, and/or which causes a conflict of interest with a client/any other regulatory obligation of the JOHCM Group;

b) Misusing/improperly disclosing confidential information;

c) Procuring/advising another person to perform activities in (a) or (b) above; and

d) Advising/disclosing information/an opinion to another person which the Staff member ought reasonably to know would be acted upon or forwarded on to another recipient.

All Staff must seek **prior** consent from Compliance for all PA transactions except for:

- Investment in any ETFs or authorised funds, including UCITS or '40 Act mutual fund where the JOHCM Group is not involved in its management;

- PA transactions effected under a discretionary portfolio management service where there is no prior communication to the manager;

- Securities that are direct obligations of any government (e.g., UK Gilts or US Treasuries);

- Money market instruments, such as bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt instruments, including repurchase agreements and shares in money market funds;

- Investment in crypto currencies;

- Investment in foreign exchange and FX derivatives; or

- Investment in commodities and commodity derivatives.

Staff are not permitted to participate in any new public or limited issues unless it can be proven, to the satisfaction of Compliance, that the issue is genuinely open to all the public and that the potential allocations to the Staff member would not affect any proposed client orders or otherwise conflict with client interests.

**1.8** **Disciplinary Questionnaire**

To ensure that the JOHCM Group is able to monitor Employees in a way that will allow it to fulfil its fiduciary responsibilities to clients and investors and make accurate disclosures to the SEC and the FCA, Employees are required to complete a disciplinary questionnaire upon hire and on an annual basis thereafter, and must promptly notify the Chief Compliance Officer if any of their responses to the disciplinary questionnaire change during the course of the year.

**1.9** **Outside Business Interests**

**1.9.1 Introduction**

All Staff are required to obtain approval before taking on any outside business interest, whether or not it is a paid position. Requests for such approval should be sent to the Chief Risk Officer or delegate and any outside business interest that in her view may present a risk of conflict with the interests of clients or the JOHCM Group will require the prior approval of Board of JOHCML or JOHCM US, depending on the location of the individual concerned.

JOHCML - 00004137 - Confidential Treatment Requested

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The approval for outside business interests will not be unreasonably withheld, but it must be clearly understood that any outside employment or business interest should not be carried out on JOHCM Group premises, nor should it conflict or interfere with JOHCM Group business in any way.

Employees must notify the Chief Compliance Officer of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Any
companies of which they are an officer;

&nbsp;&nbsp;&nbsp;&nbsp;· Any
partnerships which they are in;

&nbsp;&nbsp;&nbsp;&nbsp;· Any
consultancy roles they carry out, whether paid or unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;· Any
trusteeships they hold, whether paid or unpaid; and

&nbsp;&nbsp;&nbsp;&nbsp;· Any
other interests which may be considered relevant, such as part-time work.

**1.9.2 Suppliers**

Staff are required to disclose to the Chief Risk Officer or delegate any monetary connections which they or any member of their family have with any person or firm which supplies goods or services to the JOHCM Group or which has done so in the last six months.

**1.9.3 Interests in competitors**

Staff may not participate as an employee, Director, partner, consultant or in any other capacity, in any outside business whose services or products compete, directly or indirectly, with those offered by the JOHCM Group.

**1.9.4 Publicly-traded companies**

Staff may not accept a Directorship of a publicly traded company, unless approval has been obtained in advance from the Chief Risk Officer or delegate who will in turn seek approval from the JOHCML Board. Directorships of publicly traded companies that are held by any members of a Staff member's immediate family should be notified to the Chief Risk Officer or delegate.

**1.10** **Training and Competence**

The FCA and the SEC each require that the firms they regulate ensure their staff have the necessary skills, knowledge and expertise to discharge the responsibilities allocated to them. The JOHCM Group is committed to ensure that Staff:

&nbsp;&nbsp;&nbsp;&nbsp;· Possess
the necessary knowledge and competence,

&nbsp;&nbsp;&nbsp;&nbsp;· Remain
competent for the work they do,

&nbsp;&nbsp;&nbsp;&nbsp;· Are
appropriately supervised,

&nbsp;&nbsp;&nbsp;&nbsp;· Have
their competence regularly reviewed, and

&nbsp;&nbsp;&nbsp;&nbsp;· Have a level of competence that
is appropriate to the nature of the JOHCM Group's business and the role they undertake.

Any knowledge and competence criteria should be designed to ensure that Staff can meet the relevant regulatory and legal requirements and business ethics standards.

JOHCML - 00004138 - Confidential Treatment Requested

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**1.10.1 Overarching Principles which apply to all JOHCML Staff**

The FCA Handbook defines certain basic standards for all firms in relation to the knowledge and competency of staff. The FCA's overarching requirements are that:

· A firm must employ personnel with the skills,
knowledge and expertise necessary for the discharge of the responsibilities allocated to them. Competence includes achieving a good standard
of ethical behaviour;

· A firm's systems and controls should enable
it to satisfy itself of the suitability of anyone who acts for it. This includes assessing an individual's honesty and competence,
normally at the recruitment stage, and should take into account the level of responsibility that the individual will assume within the
firm.

· A firm must ensure that its personnel are aware
of the procedures which must be followed for the proper discharge of their responsibilities.

At a general level, the FCA expects firms to make their own detailed arrangements to meet these standards. Such arrangements should include clear criteria for individuals to be assessed as competent, so all parties involved understand when competence has been reached and should take into account the nature, scale and complexity of the firm's business and the nature and range of financial services and activities undertaken.

The FCA expects firms to review employee competence and training needs regularly, and consider the impact of changes in the marketplace and products, regulation and legislation. The skills, expertise, technical knowledge and behaviour of employees should be considered in practice and firms should ensure that appropriate training is provided so employees remain competent to do their job. The effectiveness of training should be monitored and assessed against its objectives.

*Supervision of employees*

Firms should ensure that employees are always adequately supervised. The level of supervision will depend on the experience of the individual and whether they have been assessed as competent. The level and intensity of supervision should be significantly greater before competence is achieved than afterwards.

Firms are expected to have clear criteria and procedures to identify the specific point at which an individual becomes competent so they can prove when and why a reduced level of supervision is warranted.

Supervisors are not required to pass any specific exam, but should have the technical knowledge and coaching and assessing skills to be a competent supervisor and assessor. Firms should consider whether they wish their supervisors to hold an appropriate qualification as part of the assessment of their competence and be able to explain to the FCA if they decide that a qualification is unnecessary.

JOHCML - 00004139 - Confidential Treatment Requested

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**1.11** **Whistleblowing**

The JOHCM Group is committed to maintaining the highest standards of honesty, openness and accountability and recognises that all members of Staff have an important role to play in achieving this goal. Staff members will usually be the first to know when someone inside or connected with an organisation may be doing something improper, but may feel apprehensive about voicing their concerns. This may be because they feel that speaking up would be disloyal to their colleagues or the organisation itself, or it may be because they do not think that their concerns will be taken seriously or because they are afraid that they will be penalised in some way. However, the JOHCM Group does not believe that it is in anyone's interest for Staff members with knowledge of wrongdoing to remain silent.

The JOHCM Group takes all malpractice very seriously, whether it is committed by Senior Managers, Employees or any other member of Staff.

The JOHCM Group's whistleblowing policy and the procedure by which Staff can report their concerns is set out in the JOHCML Policy Handbook, maintained by Human Resources.

It is important to note that nothing in the whistleblowing policy is intended to limit in any way Staff members' rights under applicable laws and regulations to make a whistleblower's report - with or without prior notice to, or approval from, any JOHCM Group affiliate.

## Ex-99.B(P)(32)

**Exhibit 99.B(p)(32)**

![](tm2522623d1_ex99-bxpx32img1.jpg)

Code of Ethics

**April 2024**

Leeward Investments, LLC<br> 10 Winthrop Square<br> Suite 500<br> Boston, Massachusetts 02110<br> *(617) 468-6700*

**Code of Ethics**

**Table of Contents**

---

| | |
|:---|:---|
| Introduction | 2 |
| Definitions | 3 |
| Personal Securities Transactions | 4 |
| &nbsp;&nbsp;&nbsp;Pre-Clearance - All Employees and Family Members | 4 |
| &nbsp;&nbsp;&nbsp;Prohibited Transactions – Employees. and Family Members | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exceptions for accounts managed by Leeward | 6 |
| &nbsp;&nbsp;&nbsp;Prohibited Transactions - Investment Persons and their Family Members | 6 |
| &nbsp;&nbsp;&nbsp;Initial and Annual Disclosure of Holdings - All Employees and Family Members | 7 |
| &nbsp;&nbsp;&nbsp;Quarterly Reporting - All Employees and their Family Members | 7 |
| Insider Trading Policy and Procedures | 7 |
| &nbsp;&nbsp;&nbsp;"Inside" Information Defined | 8 |
| &nbsp;&nbsp;&nbsp;Procedures to Follow | 9 |
| &nbsp;&nbsp;&nbsp;Information Barriers | 10 |
| &nbsp;&nbsp;&nbsp;Restricted Lists | 10 |
| &nbsp;&nbsp;&nbsp;Gifts and Entertainment Procedures | 10 |
| &nbsp;&nbsp;&nbsp;Receipt of Gifts | 11 |
| &nbsp;&nbsp;&nbsp;Giving of Gifts | 11 |
| &nbsp;&nbsp;&nbsp;Shared Entertainment | 12 |
| Other Code Provisions | 12 |
| &nbsp;&nbsp;&nbsp;Annual Distribution | 12 |
| &nbsp;&nbsp;&nbsp;Code of Ethics Enforcement | 13 |
| &nbsp;&nbsp;&nbsp;Confidentiality | 13 |
| &nbsp;&nbsp;&nbsp;Political and Charitable Contributions | 13 |
| &nbsp;&nbsp;&nbsp;Service with Other Organizations | 14 |
| &nbsp;&nbsp;&nbsp;Fiduciary Appointments | 14 |
| &nbsp;&nbsp;&nbsp;Misuse or Misrepresentation of Corporate Position | 14 |
| &nbsp;&nbsp;&nbsp;Training & Certification | 14 |
| &nbsp;&nbsp;&nbsp;Recordkeeping & Monitoring | 15 |
| Other Codes of Ethics and Standards of Practice | 15 |

---

Effective: April 2024 1

**<u>Introduction</u>**

Leeward Investments, LLC ("Leeward" or the "Firm") is committed to the highest ethical and professional standards. This Code of Ethics applies to all Employees of Leeward and governs your personal conduct and your personal investment transactions. The goal of Leeward's Code of Ethics and its policies, procedures and organizational structure is to establish standards and corresponding processes that put the interests of Leeward's clients first; ensure that no client or account is favored over another; and to identify and disclose conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;· Leeward
 has a fiduciary duty to its clients which requires all of us to place the interests of clients
 first whenever the possibility of a conflict of interest arises.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 are expected to place the interests of clients ahead of their personal interests and to treat
 all client accounts in a fair and equitable manner.

&nbsp;&nbsp;&nbsp;&nbsp;· All
 personal securities transactions must be conducted consistent with this Code of Ethics and
 in such a manner as to avoid any actual or potential conflict of interest or other abuse
 of your position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 should not take advantage of your position by attempting to trade in advance of client accounts
 ("front-running"), engage in manipulative market practices such as manipulative
 market timing, or take advantage of an investment opportunity that properly belongs to Leeward's
 clients or should be offered to our clients first.

&nbsp;&nbsp;&nbsp;&nbsp;· All
 personal securities transactions, holdings, and accounts must be reported by all Access Persons
 in accordance with the provisions of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees must comply with all
applicable Federal securities laws.

The standards set forth above govern all conduct, whether the conduct is also covered by more specific provisions of this Code of Ethics. Employees are encouraged to raise any questions concerning the Code of Ethics with Patricia Thompson., the Chief Compliance Officer ("CCO"), or the other members of the "Compliance Office". Employees should be always alert to honoring the spirit and intent as well as the letter of the Code of Ethics. Failure to comply with the Code of Ethics may result in serious consequences, including but not limited to disciplinary action, including termination of employment.

Effective: April 2024 2

**<u>Definitions</u>**

**"Access Person"** includes all Employees of Leeward Investments, LLC.

**"Beneficial Ownership"** of a security means having or sharing the power to dispose of or to vote the security. For purposes of this Code, a person is deemed to beneficially own the following securities, among others: (i) Securities held in a person's own name, or that are held for the person's benefit in a nominee, custodial or street name account; (ii) Securities owned by or for a partnership in which the person is a general partner; (iii) Securities that are being managed for a person's benefit on a discretionary basis by an investment adviser, broker, bank, trust company or other manager, unless the securities are held in a blind trust or similar arrangement; (iv) Securities in a person's individual retirement account; (v) Securities in a person's 401(k) or similar retirement plan; (vi) Securities owned by a trust of which the person is either a trustee or a beneficiary; (vii) Securities owned by a corporation, partnership or other entity which the person controls. This is not a complete list of the forms of ownership that could constitute "Beneficial Ownership" for purposes of this procedure. If you have specific questions, you should ask the Compliance Office.

**"Black-Out Period"** means Investment Persons may not trade any security on the same day that such security is purchased or sold on behalf of a client or for seven calendar days before or after the date of such purchase or sale.

**"Covered Security"** means any Security (as defined below) other than: (i) direct obligations of the Government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; (iii) shares issued by money-market funds; (v) other shares issued by registered open-end investment companies (mutual funds) **except those mutual funds for which Leeward acts as the investment adviser or sub-adviser**; (vi) Shares issued by unit investment trusts that are invested exclusively in one or more open-end investment companies registered under the Investment Company Act of 1940, none of which are advised or underwritten by Leeward;

This definition of a Covered Security includes, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;· an
 option, future, forward contract, listed depositary receipt (*e.g.*, American Depositary
 Receipt, American Depositary Share, Global Depositary Receipt) or other obligation involving
 securities, a commodity, or an index thereof (including an instrument whose value is derived
 or based on any of the above (a "derivative");

&nbsp;&nbsp;&nbsp;&nbsp;· limited partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;· foreign unit trusts and foreign
mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;· private investment funds, hedge
funds, and investment clubs; and

&nbsp;&nbsp;&nbsp;&nbsp;· any
 instrument that is convertible or exchangeable into a Covered Security or which confers a
 right to purchase a Covered Security.

**"Employee"** includes individuals who work for Leeward on an ongoing basis either full-time or part-time and some contractors providing long-term (greater than three consecutive months) service to the Firm. The CCO will be responsible for determining if a long-term contractor should be covered by this Code based on the degree of supervision and control and access to investment information.

Effective: April 2024 3

**"Family Member"** means an Employee's "significant other," spouse or other relative, whether related by blood, marriage or otherwise, who either (i) shares the same home, or (ii) is financially dependent upon Employee, or (iii) whose investments are controlled by the Employee. The term also includes any unrelated individual whose investments are controlled by and to whose financial support the Employee materially contributes.

**"Investment Person"** means (i) any executive officer of the Firm; (ii) personnel employed by the Firm who make investment decisions for clients (portfolio manager), who provide information or advise to the portfolio manager (analyst), who help execute and implement the portfolio manager's decision (trader), or any other individual who has knowledge regarding client trades in advance of execution (junior analyst, client services, compliance).

**"Leeward Strategy"** is an investment product that is marketed by Leeward or one that is in a pilot or incubation stage and has a defined objective and process that has been approved by Leeward's Executive Committee.

**"Security"** includes all stock, debt obligations and other instruments including any warrant or option to acquire or sell a security and financial futures contracts.

**<u>Personal Securities Transactions</u>**

Leeward has instituted procedures to monitor Employee trading to prevent and detect conflicts or the appearance of conflicts with client accounts. Employees should review these policies carefully to understand the applicability of each to the employee individually and to Family Members**. If there are questions about how these policies will affect you, *<u>contact the Compliance Office in advance of trading</u>* in any Securities**.

Covered Securities held in any accounts, including 401K, 403B and 529 plans, are subject to the pre-clearance and reporting requirements unless they are specifically exempted below.

***<u>Pre-Clearance - All Employees and Family Members</u>***

Leeward requires that all permitted personal trades in Covered Securities for Employees and their Family Members be pre-cleared. This requirement for pre-clearance approval applies to all transactions except for (i) purchases or sales that are non-volitional on the part of the Employee (e.g., purchases made pursuant to an automatic dividend reinvestment plan); (ii) purchases implemented upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities; (iii) trades in unaffiliated mutual funds; (iv) exchange traded funds, exchange traded notes and collective trust funds; and (v) trades in accounts placed with an investment adviser, including Leeward<sup>1</sup>, where such adviser has full and sole discretion as to the timing and nature of securities transactions in those accounts.

Short trades and derivatives trades are subject to this preclearance requirement.

<sup>1</sup> Leeward managed accounts that are exempt from pre-clearance of trades include accounts managed on a discretionary basis in established Leeward strategies and accounts that are set up as pilot or incubator strategies with a defined investment objective and process.

Effective: April 2024 4

The Compliance Office may pre-clear transactions that appear, upon reasonable inquiry, to present no reasonable likelihood of harm to any client. The Compliance Office shall prepare and maintain appropriate documentation for the pre-clearance of personal trades by Employees. A request for pre-clearance should be submitted to the Compliance Office by completing the trade request form on Leeward's compliance monitoring system, ComplySci. **Please note that pre-clearance approval is effective only for one day**.

Requests for trades in Private Placements (including 144As) must be submitted through ComplySci for CCO approval. Leeward's CCO will consider whether the seller and/or broker is one with whom the Employee does business on a regular basis. The CCO will also consider if the investment opportunity should be reserved for clients or whether the opportunity is being offered to the Employee by virtue of his or her position at the Firm. Subsequent consideration for investing in any private placement issue held by an Employee will be subject to review and written approval.

Any Employee who wishes to purchase, acquire or sell any asset that is issued and transferred using distributed ledger or blockchain technology, including, but not limited to, virtual currencies, cryptocurrencies, digital "coins" or "tokens" ("Digital Assets"), should consult with the CCO as to whether such Digital Asset would be considered a Covered Security, and specifically a "Digital Security". A Digital Asset is likely to be considered a Digital Security if it is offered and sold as an investment contract. On April 3, 2019, the SEC published a framework for investment contract analysis of Digital Assets<sup>2</sup>. The CCO may use this framework, among other relevant SEC guidance, to determine whether a Digital Asset would be considered a Digital Security for the purposes of this policy. If the CCO determines that such Digital Asset should be considered a Digital Security, the Digital Asset will be considered a Covered Security for purposes of this policy.

***<u>Prohibited Transactions – Employees and Family Members</u>***

The following restrictions apply to all Employees and their Family Members. Additional restrictions apply to Investment Persons (outlined below).

&nbsp;&nbsp;&nbsp;&nbsp;· Generally,
 if Leeward is trading in a security for a client portfolio at the same time an Employee proposes
 to trade the same security, pre-clearance will be denied. Trades in large cap securities,
 those with a market capitalization above the median of the Russell 1000, may be pre-cleared
 by Compliance even when trading for a client portfolio is ongoing. The Compliance Office
 may also grant special exemptions for other trades from time to time in instances that appear
 to involve no opportunity for abuse.

&nbsp;&nbsp;&nbsp;&nbsp;· No Employee or Family Member may
acquire a security in an initial public offering **(IPO)**.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 or Family Members may not purchase and/or sell a Covered Security followed by the sale and/or
 purchase of the same security within **thirty (30) days** after the purchase if the trade
 results in a profit. Employees or Family Members may sell **at a loss**, any security
 held for less than thirty (30) days without such sale being considered a violation of this
 policy. Specific types of Covered Securities may be exempted from this short term trading
 restriction at the CCO's discretion.

<u><sup>2</sup> https://www.sec.gov/files/dlt-framework.pdf</u>

Effective: April 2024 5

&nbsp;&nbsp;&nbsp;&nbsp;· No
 Employee may make any decision to buy or sell any personal investment or enter into any financial
 or business relationship or participate in any transaction which would impair his or her
 independence of judgment or adversely affect the performance of his or her duties in the
 best interests of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;· No
 Employee may use his or her position with the Firm for personal profit or gain or for the
 profit or gain of any Family Member.

&nbsp;&nbsp;&nbsp;&nbsp;· No
 Employee may make personal use of confidential or proprietary information acquired as an
 Employee of Leeward, including using such information to make any decision to buy or sell
 any securities, real property or other investment or to enter into any financial or business
 relationship for his or her own account or for the account of any Family Member.

&nbsp;&nbsp;&nbsp;&nbsp;· No
 Employee may acquire or dispose of any investment for his or her own account or the account
 of any Family Member if such investment activity would compete with any current or proposed
 investment activity of Leeward.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 must avoid any action that would cause a relative or other third party to engage in a securities
 transaction that an Employee would not be able to complete otherwise.

***<u>Exceptions for accounts managed by Leeward</u>***

If an account of an Employee or Family Member is managed by Leeward on a discretionary basis in a Leeward Strategy, Black-out Periods and short term trading restriction do not apply.

Funds or Accounts may be set up to test investment product ideas that portfolio managers might have and certain principals in the Firm may invest in these funds or accounts. Each of these incubator or pilot products is considered a Leeward Strategy and Black-out Periods and short term trading restrictions do not apply.

***<u>Prohibited Transactions - Investment Persons and their Family Members</u>***

In addition to the prohibitions listed above for all Employees, these additional restrictions apply to Investment Persons and their Family Members. No Investment Person, Family Member, or other third party acting upon the advice or instruction of such Investment Person, may:

&nbsp;&nbsp;&nbsp;&nbsp;· Take positions inconsistent with
clients' positions in the same securities.

&nbsp;&nbsp;&nbsp;&nbsp;· Implement
 or consider any security transaction for a client without having disclosed to the CCO any
 material beneficial ownership, business or personal relationship or any other material interest
 in the issuer or its affiliates.

In addition, Investment Persons are reminded of the importance of not "front-running" a trade or trading in close proximity (before or after) to a known or expected trade in a Leeward Strategy (a "Strategy Trade"), other than trades due to client rebalancing or cash flows. A Black-out Period applies to all Investment Persons for the securities where they have actual or presumed knowledge of Strategy Trades (subject to the exceptions for accounts managed by Leeward as detailed above).

Effective: April 2024 6

Pre-clearance may be granted for trades in large cap stocks (above the median market capitalization of the securities in the Russell 1000).

**General Exemption:** The Compliance Office may exempt a transaction from the requirements of any portion of these procedures after consideration of all the facts and circumstances of the transaction. Such consideration shall be documented in writing.

***<u>Initial and Annual Disclosure of Holdings - All Employees and Family Members</u>***

For purposes of 17j-1 under the Investment Company Act of 1940 and Rule 204A-1 under the Investment Advisers Act of 1940, Leeward treats all Employees as Access Persons. Each newly hired Employee will receive a copy of this Code of Ethics upon commencement of employment with Leeward and will be required to acknowledge receipt of these procedures.

All Employees must report all holdings in Covered Securities in which the Employees or their Family Member have any direct or indirect Beneficial Ownership within ten (10) days from commencement of employment with the Firm, and annually thereafter. Initial Holdings reports and Annual Holdings Disclosures must be submitted in ComplySci. Holdings disclosure information submitted cannot be older than forty-five (45) days.

***<u>Quarterly Reporting - All Employees and their Family Members</u>***

Each quarter, Employees must report all transactions in Covered Securities in which the Employees or their Family Member have acquired any direct or indirect Beneficial Ownership. Such reports must be filed in ComplySci within thirty (30) days after the end of each calendar quarter.

Employees and their Family Members who open an account at a broker-dealer or other financial institution shall immediately notify the Compliance Office of the opening of such account so that the Compliance Office can arrange to receive a direct feed of broker account information into ComplySci. Even if the broker account only holds non-Covered Securities, i.e., unaffiliated mutual funds, if Covered Securities can be purchased in the account arrangements need to be made with the broker to provide account data to the Compliance office. The only accounts for which a data feed is unnecessary are those whose holdings are restricted to non-Covered Securities.

**<u>Insider Trading Policy and Procedures</u>**

Federal and state securities laws make it unlawful for any person to trade or recommend trading in securities on the basis of "inside" information. To ensure strict compliance with these laws, the Investment Advisers Act of 1940 and the Insider Trading and Securities Fraud Enforcement Act of 1988 require Leeward to establish, maintain and enforce written policies and procedures reasonably designed to prevent the misuse of "inside" information. Failure to institute such policies and procedures could result in substantial liability. Assuming "inside" information were actually misused, the Firm, the individuals involved, and Firm officers, could face potentially substantial regulatory, civil and criminal sanctions, including mandated jail sentences, a fine of not less than $1,000,000 for each violation, potential loss of license as an investment adviser and possible liability under the Racketeer Influenced and Corrupt Organizations Act.

Effective: April 2024 7

***<u>Misuse of "Inside" Information Constitutes Fraud</u>***

On a day-to-day basis, an Employee may come into possession of information that has not yet been released to the public about companies with which Leeward does business or has other dealings. Depending on the significance of the information and the circumstances under which you receive it, the information may be considered "inside information" under United States securities laws. Rule 10b-5, under the Securities Exchange Act of 1934, makes it unlawful for any person in connection with the purchase or sale of any registered or unregistered security:

&nbsp;&nbsp;&nbsp;&nbsp;(1) to employ any device, scheme,
or artifice to defraud,

&nbsp;&nbsp;&nbsp;&nbsp;(2) to make any untrue statement of
material fact or to omit to state a material fact necessary in order to make the statements made, in light of the circumstances under
which they were made, not misleading, or

&nbsp;&nbsp;&nbsp;&nbsp;(3) to engage in any act, practice,
or course of business which operates or would operate as a fraud or deceit upon any person, in connection with the purchase or sale of
any security.

From its inception, courts have held that the misuse of "inside" information constitutes fraud. The misuse of "inside" information includes purchasing or selling securities on the basis of such information for the account of the Firm, an Employee, a Family Member, customers, clients, or anyone else.

Misuse also includes "tipping" such information to anyone or using it as a basis for recommending the purchase or sale of a security. Courts have further found that the misappropriation of confidential information from an employer in connection with the purchase or sale of securities, contrary to an Employee's duty to the employer, constitutes fraud within the meaning of Rule 10b5.

Additionally, under Regulation FD, public companies have had significant constraints imposed on their dealings with investors and analysts in order to eliminate the potential for disclosure of "inside" information and to provide greater transparency.

**<u>"Inside" Information Defined</u>**

The term "inside" information generally includes **"material"** information which is **"non-public"** and has been provided **on a confidential basis** or **in breach of a fiduciary duty**. In light of the severe sanctions for misuse of inside information (including disciplinary actions for violating the Adviser's policy prohibiting such activities), an Employee should strictly adhere to the following guidelines:

Assume that **all** information you learn about a company is "inside information" and is non-public unless there is a reasonable basis to believe that the information has been publicly disseminated, such as information obtained at conferences, information during open meetings or investor conference calls, or updates to previously public information.

Effective: April 2024 8

Once material, non-public information has been released to the investing public, it loses its status as "inside" information. However, for "non-public" information to become public information it must be disseminated through recognized channels of distribution designed to reach the securities marketplace.

For Rule 10b-5 purposes, an insider is any person who, by reason of his fiduciary or commercial relationship to an issuer of securities has access to material, non-public information. As an insider, the Firm has a fiduciary obligation not to breach the trust of the party that has communicated the "inside" information by misusing that information.

Due to the nature of our business, Leeward must be especially wary of "inside" information disclosed in breach of a corporate insider's fiduciary duty. Even where there is no expectation of confidentiality, the Firm personnel may become "insiders" upon receiving material, non-public information in circumstances where they know, or should know, that a corporate insider is disclosing information in breach of the fiduciary duty he or she owes the corporation and its shareholders. Firm personnel may, depending on the circumstances, also become "insiders" or "tippees" when they obtain apparently material, non-public information by happenstance, including information derived from social situations, business gatherings, overheard conversations, misplaced documents, and "tips" from insiders or other third parties.

Given the potentially severe regulatory, civil and criminal sanctions to which the Firm and its personnel could be subject, any Employee uncertain as to whether the information he or she possesses is "inside" information should immediately contact the Compliance Office. Pending a final determination by the Compliance Office, the information must be treated as "inside" information which cannot be otherwise communicated or misused.

**<u>Procedures to Follow</u>**

· An
 Employee must contact the Compliance Office if he or she becomes aware of material, non-public
 information.

· An
 Employee must contact the Compliance Office if he or she becomes aware of an actual or potential
 insider trading violation or violation of the policies and procedures contained herein.

· Do
 not purchase or sell, or agree to purchase or sell, any securities of any company as to which
 you have inside information, or any related "derivative" securities (such as
 exchange-traded options), and do not suggest or recommend that anyone you know purchase or
 sell any such securities for an account of the company, any affiliate, any company or affiliate
 customer or client, or any third party.

· Do
 not purchase or sell, or agree to purchase or sell, any securities of any company as to which
 you have inside information, or any related "derivative" securities (such as
 exchange-traded options), and do not suggest or recommend that anyone you know purchase or
 sell any such securities for your personal account, or for any account over which you have
 a direct or indirect beneficial interest (including an account held by or for any Family
 Member), or for any other account over which you have discretionary investment authority
 or power of attorney.

· Do
 not engage in "tipping" or solicit or recommend, whether formally, informally,
 orally or in writing, the purchase of sale of any security based on "inside"
 information relevant to that security.

Effective: April 2024 9

· Do
 not discuss "inside" information with **anyone** who does not have a "need
 to know" the information; this includes discussing such information with other Employees
 unless they have a "need to know," with Family Members; and also discussing such
 information via cell phones, in elevators, hallways or other places where you may be overheard
 by others who do not have a "need to know."

· All
 information held by the Firm in connection with the purchase or sale of securities must be
 kept confidential.

The Compliance Office will periodically review Employee trades to verify compliance and detect insider trading (e.g., by comparing such trades with trades by the Firm's advisory accounts and securities listed on "restricted" lists).

***<u>Information Blocking Devices ("Information Barrier")</u>***

When one or more Firm Employee receives material, non-public information about a company while serving in any other capacity which, in the opinion of the Compliance Office, necessitates information blocking devices (also called "Information Barriers"), no Employee or advisory account may trade in securities issued by such company until information blocking devices designed to block the flow of such information between the "Inside Employee" and other Employees and departments are in place.

Information blocking devices shall prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;· The
 "Inside Employee(s)" from discussing the material, non-public information with
 other Employees unless they are also an "Inside Employee";

&nbsp;&nbsp;&nbsp;&nbsp;· The "Inside Employee(s)"
from trading, or recommending the trading, of securities issued by the company, which is the subject of the material, non-public information;
and

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 by non- "Inside Employees" to any files, including computer files, containing
 the material, nonpublic information. Physical and electronic systems must be put in place
 to prevent such access.

***<u>Restricted Lists</u>***

The Compliance Office will place certain securities on a "restricted list." Securities issued by companies about which an Employee or a limited number of persons possess material, non-public information should be placed on the restricted list.

Employees are prohibited from personally, or on behalf of an advisory account, purchasing or selling securities during any period they are listed on the restricted list. The Compliance Office maintains the restricted lists, and reviews trades against the restricted list.

***<u>Gifts and Entertainment</u>***

A conflict of interest occurs when the personal interests of employees interfere or could potentially interfere or could be perceived to interfere with their responsibilities Leeward and its clients.

Effective: April 2024 10

Therefore, employees of Leeward should not accept inappropriate gifts, favors, entertainment, special accommodations, or other things of value that could influence their decision-making or make them feel beholden to a person or firm. Similarly, Leeward employees should not offer gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to Leeward or our employees.

**<u>Procedures</u>**

The following procedures apply to all Leeward employees with respect to the receipt of gifts and entertainment as well as the giving of gifts and entertainment:

**Receipt of Gifts**

· No solicitation of gifts.

· No acceptance of cash gifts (including
gift cards).

· No
 acceptance of gifts that, individually or in the aggregate, have a retail value of $**250** or more each calendar year (for example - flowers, fruit baskets, wine, or a gift certificate).

· Promotional
 items of nominal value that contain donor's logo (such as pens, caps or calendars)
 are allowed and are exempt from reporting. Promotional items with a logo deemed to have a
 greater value than $**250** must be reported.

· No
 acceptance of tickets to events (for example – sporting event, theater, or concert)
 unless donor/vendor accompanies the employee to event. Such event is categorized as "shared
 entertainment".

· **All gifts received must be reported** to the Compliance Office.

· Employees must certify quarterly
that they have reported all gifts received.

· The Compliance Office maintains
Leeward's Gift/Entertainment Log.

**Giving of Gifts**

· No giving cash gifts, including
gift cards.

· No
 giving of gifts that, individually or in the aggregate, have a retail value of **$250** or more each calendar year (for example - flowers, fruit baskets, wine, or a gift certificate).

· Promotional
 items of nominal value that contain Leeward's company logo (such as pens, caps, calendars,
 or golf balls) are allowed and are exempt from reporting. Promotional items with Leeward's
 company logo deemed to have a value greater than $**250** (such as jackets or luggage
 bags) must be reported.

· Items
 of recognition are allowable gifts under this policy with pre-approval of President, COO
 or CCO (for example gifts for memorials, retirement, charitable causes, etc.).

· No
 giving of tickets to events (for example – sporting event, theater, or concert) unless
 employee accompanies the recipient to event. Such event is then categorized as "shared
 entertainment".

· **All gifts given must be reported** to the Compliance Office, unless exempt (i.e. Leeward logo/promotional
 items mentioned above).

· Employees must certify quarterly
that they have reported all gifts given.

· The Compliance Office maintains
Leeward Gift/Entertainment Log.

Effective: April 2024 11

**Shared Entertainment**

· An
 occasional meal, a ticket to a sporting event or the theatre, or comparable entertainment
 is allowed, **provided that the person/entity providing the entertainment is present.** 

· **All shared entertainment >$250\* must be reported quarterly** to the Compliance Office, including
 information about activity, business purpose, attendees (name of client/prospect/vendor/broker),
 and amount (Please note that submitting an expense report **does not** satisfy the reporting
 requirement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· $250
 de minimis is attributable to your portion of the shared entertainment, NOT the entire cost
 for the group participating in the entertainment - when exact cost is unknown, please use
 best judgment to estimate value

· Business
 meals tied to one's professional duties that include industry experts or other professionals
 are allowed, are usually de minimis, are not considered shared entertainment and therefore
 do not have to be reported as shared entertainment.

· Group
 meetings or events (sponsored by Leeward or other firms) are allowed with pre-approval of
 the President, COO or CCO or relevant Manager (lunch/dinner included would be considered
 de minimis). These types of expenses or programs are pre-approved, and thus do not have to
 be logged as shared entertainment. Seminars and Conferences attended are logged separately
 from shared entertainment.

· Employees
 must certify quarterly that they have reported all reportable shared entertainment events.

· The Compliance Office maintains
Leeward Gift/Entertainment Log.

**No Leeward employee may give a gift or provide entertainment to a Government Official without prior approval of the Compliance Office** as certain federal and state laws in various jurisdictions prohibit or limit gifts or entertainment extended to public officials.

Leeward also manages assets for pension plans and clients that are covered by the Employees Retirement Income Securities Act ("ERISA") where gifts and entertainment to covered pension plan officials or plan trustees must be reported when required. **Therefore, reporting all activities (gifts and entertainment) related to ERISA clients is mandatory.**

This policy is not intended to discourage the necessary occasions where a Leeward employee or a vendor may pay for a meal or the periodic sporting event in order to provide a time or location for more detailed discussions or promote relationships. However, employees should be mindful of the number of events, the amount of time attending such events and the level of extravagance associated with the events.

**<u>Other Code Provisions</u>**

***<u>Annual Distribution</u>***

This Code of Ethics will be distributed to all Employees promptly after the commencement of their affiliation with the Firm, and in addition whenever substantive amendments are made. All Employees will be required to acknowledge receipt of the Code and any such amendments.

Leeward will report to its Executive Committee that all Employees have received a copy of this Code of Ethics and have certified their compliance.

Effective: April 2024 12

Periodically, when necessary, Leeward's CCO will summarize for the Executive Committee any significant changes made to the Code of Ethics as well as any significant violations of the Code requiring remedial action. The CCO shall also report to the Executive Committee any other material compliance matters that in her judgment the committee should be made aware of.

***<u>Code of Ethics Enforcement</u>***

Employees are required annually to certify their compliance with this Code of Ethics. The Compliance Office may grant exemptions/exceptions to the requirements of the Code on a case-by-case basis if the proposed conduct appears to involve no opportunity for abuse. All exceptions/exemptions shall be in writing.

If any Employee becomes aware of a violation of the Code of Ethics, whether by him/her or by another person, the Employee must report the violation to the CCO promptly. You may report violations or suspected violations without fear of retaliation. Leeward does not permit retaliation of any kind against Employees for good faith reports of potentially illegal or unethical behavior.

The CCO will maintain a record of all violations or suspected violations reported to her and any other violations of which the Compliance Office becomes aware, and of the results of the investigation and/or resolution of such violation. Such record may, but need not, include the name of the person reporting the violation. In addition, if the Compliance Office, along with senior management determines that the material violation may involve a fraudulent, deceptive or manipulative act, Leeward will report its findings to the Executive Committee pursuant to Rule 17j--1.

Employees are advised that the Code's procedures (including Insider Trading and Employee Personal Trading procedures) will be monitored and enforced, with potential sanctions for violations including a written warning, disgorgement of profits, fines, suspension, termination and, where required, reports to the CFA**®** Institute or the appropriate regulatory authority.

***<u>Confidentiality</u>***

Leeward will keep all information about clients (including potential and former clients) in the strictest confidence, in compliance with the Firm's Privacy Notice and Privacy Policy.

***<u>Political and Charitable Contributions</u>***

Leeward prohibits Employees from making political contributions for the purpose of obtaining or retaining advisory contracts with government entities. No Employee may engage in any charitable, civic or trade association activity which could interfere with the Employee's obligation to Leeward or specific requirements of Leeward clients.

No Employee may make or authorize any contribution by Leeward or expenditure by Leeward for or on behalf of any political party, organization, committee, candidate, or public official or in connection with any political caucus, convention or election. Under federal and many state laws, prohibited corporate contributions and expenditures include the donation of company funds, the use of corporate facilities, including office space, and duplicating, telephone or word processing equipment, and the donation of the services of Employees to the campaign committee of a candidate.

Effective: April 2024 13

**Please also reference Leeward's Policy and Procedures for SEC Pay-to-Play Rule and Foreign Corrupt Practices Act.**

***<u>Service with Other Organizations</u>***

Leeward discourages Employees from engaging in outside business or investment activities that may interfere with their duties within the Firm.

Each Employee must report, upon commencement of employment and annually thereafter, affiliations and relationships with outside entities, both public and private.

No Employee may accept employment or provide any service to any third party unless an Employee has first obtained the written consent of the CCO. Authorization shall be made in writing and maintained by Compliance.

***<u>Fiduciary Appointments</u>***

Employees need to receive approval from the CCO before accepting an executorship, trusteeship, or power of attorney, other than as a result of a family or personal relationship and not as a result of employment with Leeward.

***<u>Misuse or Misrepresentation of Corporate Position</u>***

No Employee may use his or her position with Leeward to further any personal interests.

No Employee may use company facilities, equipment or material other than for corporate business.

No Employee may use his or her corporate position in any manner that would lead someone outside Leeward to believe that an Employee is acting within the scope of his or her corporate duties or on behalf of Leeward when he or she is not.

***<u>Training & Certification</u>***

Each newly hired Employee will receive a copy of this Code of Ethics upon commencement of employment or commencement of service and will be required to acknowledge receipt of these procedures.

At least annually the Compliance Office shall conduct a training session, in which all Employees are required to participate, to review the requirements of these policies and procedures.

Certifications will be obtained as part of the initial and annual training process. Every Employee must certify on an annual basis that he or she has: (i) complied with these policies and procedures; (ii) received, read and understood them; and (iii) if required, disclosed, pre-cleared, and reported all transactions in securities consistent with the requirements of these policies and procedures.

Effective: April 2024 14

From time to time the CCO will be required to report to the Executive Committee regarding the Code of Ethics or other compliance matters. Records and certifications are maintained by Leeward's Compliance Office.

***<u>Recordkeeping & Monitoring</u>***

The following records will be maintained by the Firm as required by the Investment Advisers Act and Investment Company Act:

· A copy of the Code of Ethics
and associated policies and procedures;

· Records
 will be retained by the Firm for 7 years, as outlined in the Leeward Compliance Manual;

· Compliance
 will maintain a record of all persons who are subject to the Code of Ethics for a period
 of no less than 6 years, including those responsible for reviewing such records;

· Records
 of any violation of these procedures and actions taken by the Firm in response to such violation;

· Copies of Employee reports
and broker-dealer account data;

· Records of all acknowledgements
of receipt of the Code of Ethics from Employees;

· Lists of Access and Investment
Persons;

· Records
 of any decision supporting approval of limited offerings or private placement purchases,
 including list of private placements owned by Employees; and

· Records
 of any decision supporting any waivers granted in accordance with the policies and procedures.

Compliance will review all personal trade pre-clearance requests to determine whether securities:

· are held in Leeward client
accounts and the trading may appear to be a conflict of interest;

· are being traded on the desk
to ensure the Blackout Period is enforced; and

· appear on any restricted security
list, including securities restricted due to liquidity constraints.

On a quarterly basis, Compliance will collect Employee Personal Trading reports, and review all documents for compliance with Leeward Code of Ethics. Employee trading activity may be analyzed and reviewed against product definition, as necessary.

Reporting by members of Leeward's Compliance Office, including the CCO, will be reviewed by the COO or other members of the Compliance Office and a record of such review will be maintained.

**Other Codes of Ethics and Standards of Practice**

At Leeward, some of the Employees have earned and others are candidates for the Chartered Financial Analyst designation ("CFA**®**") and are subject to the CFA**®** Institute Code of Ethics and Standards of Professional Conduct contained in the *CFA**®** Institute Standards of Practice Handbook*. Employees are reminded that the *Handbook* is an excellent resource for information on professional conduct. Copies are available from the Compliance Office.

The CCO shall have primary responsibility for enforcing the Code of Ethics and will consult with the COO and/or the President as needed.

Effective: April 2024 15

## Ex-99.B(P)(33)

**Exhibit 99.B(p)(33)**

![](tm2522623d1_ex99-bxpx33img1.jpg)

![](tm2522623d1_ex99-bxpx33img2.jpg)

**December 2024**

**LGIM America**

71 South Wacker Drive Suite 800

Chicago, Illinois 60606

LGIM America Code of Ethics

**Contents**

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| | | |
|:---|:---|:---|
| I. | Introduction | 2 |
| II. | Who is covered by this Code | 3 |
| III. | Definition of Terms | 3 |
| IV. | Statement of General Principles | 5 |
| V. | Gifts, Entertainment and Charitable Donations | 5 |
| VI. | Board Service and Outside Business Activities | 7 |
| VII. | Procedures for and Restrictions on Personal Account Investing | 7 |
|  | (i) Pre-Clearance for Personal Account Trading | 9 |
|  | (ii) Reporting Requirements | 9 |
|  | (iii) Exceptions to Pre-Clearance and/or Reporting Requirements. | 10 |
| VIII. | Code Certifications | 10 |
| IX. | Reporting Code Violations | 11 |
| X. | Monitoring Procedures | 11 |
| XI. | Duties of the CCO and the Compliance Team | 11 |
| XII. | Client Opportunities | 11 |
| XII. | Insider Trading | 12 |
|  | A. Law and Policy | 12 |
|  | B. Procedures | 13 |
| XIV. | Sanctions | 14 |
| XV. | Miscellaneous | 14 |

---

LGIM America i

LGIM America Employee Handbook

**I. Introduction**

Legal & General Investment Management America, Inc. ("LGIM America") is an investment adviser registered with the U.S. Securities and Exchange Commission ("SEC") under the U.S. Investment Advisers Act of 1940, as amended ("Advisers Act"), a commodity trading advisor registered with the U.S. Commodity Futures Trading Commission ("CFTC") under the U.S. Commodity Exchange Act ("CEA") and a member of the U.S. National Futures Association ("NFA"). LGIM America is also registered as a portfolio manager in the Canadian Provinces of Ontario and Quebec. As such, we owe our clients fiduciary duties, including the highest duty of trust and fair dealing, and must place clients' interests ahead of our own. Therefore, investment adviser personnel, when making their own investment and other personal decisions, may not place their personal interests ahead of or in conflict with those of our clients.

LGIM America has adopted this Code of Ethics ("Code") to satisfy such fiduciary obligations and comply with Applicable Law, particularly Advisers Act Rule 204A-1 and Rule 17j-1 of the U.S. Investment Company Act of 1940, as amended (the "Company Act").

Rule 204A-1 requires SEC registered investment advisers to adopt, maintain and enforce a written code of ethics that sets forth standards of conduct and require compliance with the Advisers Act and the other federal securities laws. Our Code, like other codes adopted under Rule 204A-1, has five core requirements:

1. establishes standards of conduct for us and Covered Persons
(as defined below);

2. requires Covered Persons to comply with Applicable Law (as defined
below);

3. imposes certain requirements on Covered Persons and their personal
investment activities, and on our Chief Compliance Officer ("CCO") to review such activities;

4. ensures that Covered Persons receive this Code, acknowledge
receipt, understand it and comply fully with it; and

5. requires Covered Persons to report Code violations.

In addition, under Rule 17j-1 of the Company Act, employees may not, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by any registered investment company:

· employ
any device, scheme, or artifice to defraud a registered investment company;

· make
any untrue statement of a material fact to the registered investment company or omit to state a material fact necessary in order to make the statements made to the registered
investment company, in light of the circumstances under which they are made, not misleading;

· engage in any act, practice or course of business that operates or would
operate as a fraud or deceit upon the registered investment company; or

· engage
in any manipulative practice with respect to the registered investment company.

Our Code is reasonably designed to help ensure compliance with Applicable Law. Our Code is not meant to inhibit responsible personal investments and other personal activities by employees, but rather imposes reasonable restrictions designed to address conflicts of interests and to preclude any overreaching or violations of Applicable Law. However, this Code does not encompass all possible areas of potential liability that employees may experience under Applicable Law, which all of us are required to observe. For instance, the federal securities laws preclude investors from trading on the basis of inside information or communicating this information in breach of a fiduciary duty. Although this Code includes requirements reasonably designed to protect and prevent the misuse of material non-public information (i.e., "inside information," or "MNPI"), it does not cover all personal liability scenarios that could apply to Covered Persons. Therefore, Covered Persons are advised to obtain advice before engaging in any transactions or activities other than the regular performance of their normal business duties if the transaction or activity directly or indirectly involves or could impact any LGIM America client or holdings of LGIM America clients.

Questions about this Code should be addressed to the LGIM America CCO.

**When in doubt, ask.**

LGIM America 2

LGIM America Employee Handbook

**II. Who is covered by this Code**

Under SEC Rule 204A-1, a Code of Ethics applies to a registered investment adviser's supervised persons<sup>1</sup> and the personal investment activities provisions of such code apply to the registered investment adviser's access persons<sup>2</sup>. To ensure consistency in our Compliance program, the LGIM America Board of Directors has decided to apply the regulatory definitions and requirements of supervised persons and access persons equally to all involved with LGIM America, with the exception of our non-executive directors<sup>3</sup>. This means that every LGIM America officer, executive director, employee (including temporary employees and contractors), as well as any other person who provides investment advice on LGIM America's behalf and is subject to LGIM America's supervision and control, will be subject to all requirements set forth in this Code of Ethics as a policy matter, even if he or she is not an access person or a supervised person under Applicable Law. For ease of reference, this Code refers to all such persons subject to the requirements of this Code as "Covered Persons". LGIM America may, in its discretion and via a future amendment to this Code, adopt the regulatory definitions of supervised person and access person and apply their respective regulatory requirements only to such current Covered Persons as may meet such regulatory definitions.

We engage LGIM International ("LGIMI"), one of our affiliates, as our sub-advisor with respect to certain regulated services, including trading, valuation and proxy voting. LGIMI is itself a registered investment adviser with the SEC and has adopted its own Code of Ethics and personal investments oversight framework in accordance with Rule 204A-1. In addition, LGIM America has entered into a services agreement with Legal & General Investment Management (Holdings) Limited ("LGIM(H)") for the provision of non-regulated administrative services. Therefore, neither LGIMI nor LGIM(H) are deemed "participating affiliates" of LGIM America and their employees are not deemed supervised persons or access persons of LGIM America for regulatory purposes of Covered Persons under this Code. However, given that, through these relationships, LGIMI and LGIM(H) employees might have access to LGIM America's confidential client information, it is the responsibility of LGIM America to (1) ensure that LGIMI and LGIM(H) implement and administer adequate policies and procedures to protect this information and (2) exercise oversight over any activities or services delegated to such affiliates.

**III.** **Definition of Terms**

*"Automatic Investment Plan"* means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

*"Applicable Law"* means the Advisers Act, the Company Act, the U.S. Securities Act of 1933, as amended ("Securities Act"), the U.S. Securities Exchange Act of 1934, as amended ("Exchange Act"), and the rules and regulations adopted by the SEC under any of these; the CEA and the rules and regulations adopted by the CFTC under any of these; the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the U.S. Department of the Treasury, the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and any rules and regulations adopted thereunder by the U.S. Department of Labor ("DOL"); and any applicable laws in Canada.

*"Beneficial ownership"* is interpreted in accordance with Rule 16a-1(a)(2) of the Securities Exchange Act of 1934, as amended ("Exchange Act"). Therefore, beneficial ownership will be deemed to exist if a person, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has a direct or indirect pecuniary interest in the securities (i.e., an opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the securities). Under this definition, beneficial ownership by a person includes securities held by members of a person's immediate family sharing the same household, securities held in certain trusts, and a general partner's proportionate interest in the portfolio securities held by a general or limited partnership. A person will not be deemed to be the beneficial owner of securities held in the portfolio of a registered investment company solely by reason of his or her ownership of shares or units of such registered investment company.

---

| | |
|:---|:---|
| 1 | The Advisers Act defines a "supervised person" as any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser. |
| 2 | The SEC defines an "access person" as a supervised person who has access to nonpublic information regarding clients' purchase or sale of securities, is involved in making securities recommendations to clients, who has access to such recommendations that are nonpublic, or who has access to nonpublic information regarding the portfolio holdings of affiliated mutual funds. |
| 3 | In accordance with procedures in the SEC release adopting Advisers Act Rule 204A-1, LGIM America opted to exclude its non- executive directors from the Code's personal investment requirements. |

---

LGIM America 3

LGIM America Employee Handbook

*"Connected Person"* means a spouse, live-with partner, minor child, step-child, relative or others who reside with or are dependent on a Covered Person; a company, trust or partnership, including an affiliate of same in which a Covered Person or his/her Connected Person(s) is or are directly or indirectly, the owner of 25% or more of the equity, or control more than 25% of the voting power of the organization; a trustee of any trust in which a Covered Person or that Connected Person has a beneficial interest (excluding trustees of pension plans); an executor or administrator of any estate in which a Covered Person or that Connected Person has a beneficial interest; or any person that, in the opinion of the CCO, should be a Connected Person.

*"Control",* as defined in Form ADV, means the power, directly or indirectly, to direct the management or policies of a person, whether through ownership of securities, by contract, or otherwise. A firm's officers, partners, or directors exercising executive responsibility (or persons having similar status or functions) are presumed to control the firm. A person is presumed to control a corporation if the person: (i) directly or indirectly has the right to vote 25% or more of a class of the corporation's voting securities; or (ii) has the power to sell or direct the sale of 25% or more of a class of the corporation's voting securities. A person is presumed to control a partnership if the person has the right to receive upon dissolution, or has contributed, 25% or more of the capital of the partnership. A person is presumed to control a limited liability company ("LLC") if the person: (i) directly or indirectly has the right to vote 25% or more of a class of the interests of the LLC; (ii) has the right to receive upon dissolution, or has contributed, 25% or more of the capital of the LLC; or (iii) is an elected manager of the LLC. A person is presumed to control a trust if the person is a trustee or managing agent of the trust.

*"Discretion"* is the ability of a person to effect a transaction in a Reportable Security. A person has discretion where they give an order to buy or sell a Reportable Security. A person does not have discretion over, for example, the securities underlying a mutual fund – if a person holds shares of a mutual fund, they have discretion over the shares of the fund that they actually hold, but not the securities that comprise the portfolio of the mutual fund because the actual fund manager of the mutual fund has discretion over those underlying assets.

*"IPO"* means an offering of securities registered under the Securities Act where, before the IPO, the issuer of the securities did not have Exchange Act reporting requirements.

*"Private Placement"* means an offering that is exempt from Securities Act registration.

*"Provider"* means any person or entity that does, or may desire to do, business with LGIM America or its clients.

*"Reportable Fund"* is any fund of pooled assets advised by a Legal & General Group ("L&G Group") entity or is any investment company registered under the Company Act for which LGIM America is the investment adviser or sub-adviser or whose investment adviser or principal underwriter controls LGIM America, is controlled by LGIM America or is under common control with LGIM America.

*"Reportable Security"* means a Security (as defined in Section 202(a)(18) of the Advisers Act<sup>4</sup>) but excludes (a) direct obligations of the U.S. Government; (b) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; (c) shares issued by money market funds; (d) shares issued by open-end funds other than Reportable Funds; (e) shares issued by unit investment trusts invested exclusively in one or more open-end funds, and (f) 529 Plans<sup>5</sup>, none of which are Reportable Funds. The CCO may designate a security as a "Reportable Security" that would otherwise fall within one of these six exceptions. For the purpose of clarity, LGIM America deems all types of exchange-traded funds ("ETFs") to be Reportable Securities.

*"Transaction in a Reportable Security"* includes any activity, whether discretionary or not, that impacts the holding of a Reportable Security (e.g. buy, sell, exchange, tender, stock dividend and so on).

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|:---|:---|
| 4 | Section 202(a)(18) of the Advisers Act defines a "security" as any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. |
| 5 | SEC No Action Letter issued to WilmerHale, LLC, dated July 28, 2010, excludes 529 Plans that are prepaid college tuition or college savings plans from the definition of Reportable Security. |

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**IV. Statement of General Principles**

A. The Code is based on the principle that SEC registered advisers
owe fiduciary duties to their clients: honesty; good faith; avoidance or the proper handling of conflicts; and fair dealing. No Covered
Person shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. defraud any client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. mislead any client, including by making a statement that is materially incorrect or that omits a material fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. engage in any act, practice or course of conduct that operates or would operate as a fraud, manipulation or deceit upon any client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. engage in any manipulative practice with respect to securities, including price manipulation.

B. Covered Persons must conduct their personal securities transactions
in a way that does not violate Applicable Law, interfere with client transactions, cause conflicts of interest or take unfair advantage
of their relationship to clients.

1. No Covered Person shall enter into or engage in a transaction,
business activity, or other relationship that may result in any financial or other conflict of interest between such person and any client.

2. Personal investment activities must adhere to these general
principles, as well as this Code's specific provisions. Technical compliance will not automatically insulate trades from scrutiny
that show a pattern of abuse of the individual's fiduciary duties to the clients, or from liability for personal trading or other
conduct that violates Applicable Law or a fiduciary duty to clients that shall conflict with the duty to place the interests of clients
above and before any personal interests.

3. Covered Persons shall conduct personal investment activities
consistent with the requirements in this Code, and in such a manner as to avoid any conflict of interest or any abuse of a position of
trust.

4. No Covered Person shall directly or indirectly take advantage
of his or her position with a client. This includes, but is not limited to, the following:

a. he or she shall not profit, directly or indirectly, due to his
or her position with respect to such client, including that a person who learns about any corporate opportunity due to his or her position
may not take advantage of and profit from such corporate opportunity;

b. no one shall accept any special favors, benefits or preferential
treatment due to the fiduciary relationship with any client, save for the usual and ordinary benefits directly provided by LGIM America;
and

c. no one shall release any information regarding contemplated
or actual securities transactions or holdings by a client or any actual or proposed client holding changes, save in the performance of
employment duties or in connection with any official report or disclosure which makes such information public knowledge.

C. Covered Persons must address conflicts according to the Conflicts of Interest resolution procedures in the LGIM America Compliance Manual, including a prompt report to the Compliance Team, and seek clarification when warranted.

**V. Gifts, Entertainment and Charitable Donations**

1. Prohibitions:

No Covered Person should offer or accept any gifts, favors, gratuities, meal, entertainment or other items of value (collectively, "Gifts and Entertainment") that could be viewed as influencing decision-making, creating the intention of being beholden to client/vendor/counterparty or otherwise could be considered as creating a conflict of interest on the part of the recipient. Only gifts and entertainment as a courtesy may be accepted.

- All solicitation of Gifts and Entertainment is unprofessional and is strictly prohibited.

Covered Persons are prohibited from receiving any compensation, including Gifts and Entertainment, with respect to the registered investment companies (i.e., the mutual funds) which LGIM America advises ("Mutual Fund G&E") outside of the compensation set forth in the relevant Investment Management Agreement.

- Charitable donations by LGIM America or employees to charities with the intention of influencing such charities to become clients are prohibited.

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2. Requirements:

Gifts and Entertainment Valued at $150 or More: Covered Persons must submit a pre-clearance request through MyComplianceOffice Compliance Technologies ("MCT") for any Gift or Entertainment (other than Mutual Fund G&E) with a value of one hundred fifty dollars ($150) or more per person prior to receiving from, or giving to, a Provider or a client, unless pre-clearance is not practicable, in which case notification after-the-fact must be submitted through MCT as soon as practicable upon receipt or giving.

Gifts and Entertainment Valued Less Than $150: Covered Persons must report within MCT any Gift or Entertainment (other than Mutual Fund G&E) received from, or given to, a Provider or a client with a value of less than one hundred fifty dollars ($150) no later than 5 business days after the end of the month on which the Gift or Entertainment was given or received. For the avoidance of doubt, these types of Gifts and Entertainment do not require pre-clearance through MCT but must still be reported.

Charitable Donations: Covered Persons may not, directly or indirectly, use any funds or other assets of LGIM America for charitable contributions of any kind, even if lawful, unless made in compliance with this Code. All donations made by LGIM America must be submitted to Compliance for approval via MCT. Employees must notify Compliance if they perceive an actual or apparent conflict of interest in connection with any charitable contribution.

Special Requirement for State and Municipal Officers: Covered Persons must be mindful that myriad state and municipal regulations exist around the exchange of Gifts and Entertainment with such officials. In addition, certain Gifts, Entertainment or charitable donations may also fall under LGIM America's Pay-to- Play Policy. Accordingly, Covered Persons must pre-clear via MCT all Gifts, Entertainment or charitable donations to state or municipal officials of any value to ensure any such action would be in compliance with local regulations.

Special Requirements for ERISA Clients: As an asset manager for ERISA plan assets, LGIM America is subject to the rules promulgated by the DOL, which includes ERISA §406(b)(3). Under such rule, the receipt by a fiduciary of a plan (including his or her relatives) of the following items or services from any one individual or entity (including any employee, affiliate, or other related party) managing assets for the plan (i.e., LGIM America) is permissible as long as the aggregate annual value of such is less than $250 and the receipt of which does not violate any plan policy or provision: (a) gifts, gratuities, meals, entertainment, or other consideration (other than cash or cash equivalents) and (b) reimbursement of expenses associated with educational conferences. To ensure that LGIM America complies with this requirement, Covered Persons must pre-clear via MCT all Gifts or Entertainment to employees or other fiduciaries of any pension plan or other ERISA client for whom LGIM America manages or anticipates managing money. The Compliance Team will reject any request that would cause the $250 aggregate annual value threshold to be excluded. Notwithstanding the check completed by the Compliance Team, Covered Persons should be aware that it is the person responsibility of any Covered Person who provides a Gift or Entertains an employee of an ERISA client to fully understand and comply with this ERISA requirement, including doing their own review of what other Gifts or Entertainment have been provided throughout the calendar year to each employee of the plan. Providing items that exceed the $250 limit create a violation of this policy and potentially a violation of the ERISA rules.

3. Exceptions and Compliance:

If a Covered Person is unsure if a Gift, Entertainment or charitable donation might violate sub-paragraphs 1 or 2 above, he or she may submit, in advance, a request to the Compliance Team. The request shall contain: (a) a description of the circumstances under which an exception is requested; (b) a reasonable estimate of the value of any Gift, Entertainment or charitable donation to be received or given, as applicable (supporting documentation may be required); and (c) any other information deemed relevant to the request or requested by the Compliance Team. In considering a request, the Compliance Team may take into account customary business practices, value, lack of a conflict of interest or existence of a conflict mitigation, and other relevant circumstances. The approval or denial of any such request shall be in writing and retained for file and audit purposes.

Notwithstanding anything herein to the contrary, the CCO or his/her designee has the discretion to determine that no further Gifts, Entertainment or charitable donations may be provided or received with respect to a specific Covered Person, Provider or client for a period of time should the cumulative amount be determined to be excessive or for other reasons in the CCO's or such designee's discretion.

In accordance with Section XIV of this Code, violations shall be referred to Compliance for the appropriate sanction.

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**VI. Board Service and Outside Business Activities**

1. Pre-Clearance Requirements:

Covered Persons must pre-clear the following board service and outside business activities ("OBAs"):

Board service (of any type, including advisory boards and committee) of: (1) a publicly traded entity; (2) an entity that issues debt or equity securities; (3) an entity that engages in investment related business; or (4) any entity that might create a conflict of interest to the Covered Person's position at or the business of LGIM America.

- Service on the Investment Committee for any company, non-profit, trust or endowment.

- Service on Finance Committee for any company, trust, or endowment that is or could be an LGIM America client, that LGIM America might reasonably invest in on behalf of clients, or with whom LGIM America might do business.

All OBAs. An OBA is any activity outside of your employment with LGIM America that involves (1) regular and continuous dedication and time commitment with the reasonable expectation of compensation and/or income, (2) the active management of assets that are not securities (such as real estate) to generate compensation and/or income, or (3) poses a conflict to LGIM America. There is no difference if the Covered Person serves as an employee, independent contractor, sole proprietor, officer, director or partner in connection with the OBA.

- The purchase of any security via a Private Placement.

- Participating in an IPO, as set forth in Section VII.D. of this Code.

All of the foregoing pre-clearances must be submitted for approval through MCT's Outside Business Activity form. Covered Persons must wait for approval prior to accepting a position. The CCO or his/her designee shall determine whether the requested board or committee service or OBA raises conflicts of interest or is inconsistent with the interests of our clients. The CCO or his/her designee, at a minimum, shall establish appropriate information barriers or, if required, other procedures to isolate the person serving on a board, committee or participating in an OBA from those within LGIM America making investment decisions as to securities of any such company. The CCO or his/her designee may determine that no procedures can adequately eliminate the conflicts and may require the Covered Person to resign from a board or not participate in an OBA.

Once a board or committee service or an OBA is approved, Covered Persons are responsible for maintain their status updated in MCT. Any change to the status in the board position of OBA (including resignations and terminations) must be updated in MCT within 10 days of the change. In addition, Covered Persons will be required to confirm any such board service and outside business activities on an annual basis.

2. Special Requirements for Control Positions:

OBA's that involve a company, trust or partnership, including an affiliate of same, in which a Covered Person or his/ her Connected Person(s) is or are, directly or indirectly, the owner of 25% or more of the equity or control more than 25% of the voting power of the organization, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. submit a Connected Person disclosure in MCT; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. comply with the personal account investing procedures set forth in Section VII below.

**VII. Procedures for and Restrictions on Personal Account Investing**

Conflicts of interest arise when certain investment adviser personnel (e.g. those with knowledge of client positions or impending client transactions) buy and sell securities for their own accounts or those of their Connected Persons ("personal investment activities," or "personal account transactions," or "PA dealing"). Currently, LGIM America treats all personnel as subject to this potential conflict of interest and therefore as Covered Persons to which personal account investing restrictions apply. For the avoidance of doubt, these procedures apply to Connected Persons and references to Covered Persons in this Section VII also include Connected Persons. Violations constitute a breach of this Code and will be dealt with pursuant to Section XIV of the Code.

A. Personal account trading in corporate bonds and U.S. dollar
denominated Reportable Securities, except for non-restricted equities and non-restricted shares of Reportable Funds, tax-exempt municipal
bonds, foreign currency, crypto-currencies, options and futures, is prohibited, unless otherwise approved by Compliance after submission
of a pre-approval request via MCT. Exceptions to this prohibition will only be made in cases where a Covered Person wishes to sell positions
that are already held in a personal account. These sales require written pre-clearance as per the pre-clearance procedures described
herein. In addition to any corrective action or sanction that may be deemed appropriate, any profits realized on prohibited trades will
be disgorged, per Section XIV of this Code.

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B. Personal account trading in spread bet or short positions in
L&G Group shares are prohibited.

C. No one shall knowingly buy or sell, directly or indirectly,
a security (i) in which he or she has, or by reason of such transaction acquires, any beneficial ownership at a time when LGIM America
is engaging in a transaction in the same or equivalent security for a client and/or (ii) when he or she knows or should have known
at the time they acquired the Reportable Security that the same or equivalent security is being considered for purchase or sale by a
client or is the subject of a recommendation or an order being worked. A security is "being considered for purchase or sale by
a client" when a recommendation to purchase or sell a security has been made and/or communicated by LGIM America to a client and,
with respect to the Covered Person doing this, when he or she seriously considers making such a recommendation to or for a client. Equities
and bonds issued by the same issuer are not considered equivalent securities, but securities that are convertible or exchangeable into
these securities within a 60-calendar day window are equivalent securities. Subject to compliance with applicable legal or regulatory
requirements and consistent with the discharge of our fiduciary duties to our clients, LGIM America reserves the right to impose restrictions
or conditions on the ability to buy or sell the securities of an issuer that any analyst covers, for example, if a person covers fixed
income securities, he or she may be restricted from buying the equity securities of such companies, but not so restricted in the equity
securities of a company not covered by him or her. In addition to any corrective action or sanction that may be deemed appropriate, any
profits realized on trades within the prescribed periods will be disgorged.

D. No one shall acquire, directly or indirectly, beneficial ownership
in securities distributed in an IPO, Initial Coin Offering (ICO), or Private Placement, unless pre-approved by Compliance via MCT.
In determining whether approval should be granted, Compliance will consider all of the pertinent facts and circumstances including:

- Whether the investment opportunity should be reserved for clients; and

- Whether the opportunity is being offered to the employee by virtue of their position with LGIM America or LGIM America's relationship with a client, affiliate, or other third-party.

E. Any Covered Person who wishes to purchase, acquire or sell any
asset that is issued and transferred using distributed ledger or blockchain technology, including, but not limited to, virtual currencies,
crypto-currencies, non-fungible tokens (NFTs), digital "coins" or "tokens" ("Digital Assets"), should
consult with the Compliance Team as to whether such Digital Asset would be considered a Reportable Security for purposes of this policy.
On April 3, 2019, the SEC published a framework for investment contract analysis of Digital Assets. The Compliance Team may use
this framework, among other relevant SEC guidance, to determine whether a Digital Asset would be considered a Digital Security and, therefore,
a Reportable Security for the purposes of this policy, such that pre-clearance is required. A Digital Asset is likely to be considered
a Digital Security, and therefore a Reportable Security, if it is offered and sold as an investment contract.

F. No one shall buy or sell, directly or indirectly, in any security
subject to restriction on trading issued by the CCO, whether under LGIM America's insider trading policies and procedures set forth
in this Code, or that is on the Restricted List or subject to a blackout period.

G. Short selling of allowable Reportable Securities that do not
violate the provisions of this Code is not prohibited, but all such transactions must be pre-cleared by Compliance via MCT.

H. Short-term trading in securities of issuers in which any person
is an officer, director or owner of 10% or more of a class of equity securities is prohibited by law. LGIM America strongly discourages
short-term and speculative trading by all Covered Persons. Accordingly, all securities must be held for not less than 30 calendar days.
The holding period of 30 calendar days is calculated on a last in, first out basis, therefore holding periods are calculated using the
date following the last transaction in a particular security. In the case of short sells, positions can only be covered after the 30-calendar
day holding period has elapsed from when the short sell was executed. There are at present no restrictions on re-purchasing securities
within 30 calendar days after they have been sold, but any such transactions must be pre-cleared by and subject to review by Compliance.
In circumstances where a Covered Person can document compelling personal reasons for engaging in a transaction that would otherwise violate
30 calendar day holding period, the CCO may consider an exemption. Every request for an exemption must be submitted via MCT when possible,
by creating a Pre-Clearance Request. Otherwise an email to Compliance may suffice. Such an exemption is wholly within the discretion
of the CCO, and any request for such exemption will be evaluated on the basis of the facts of the particular situation.

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**(i) Pre-Clearance for Personal Account Trading**

Every individual proposing to trade an allowable Reportable Security, including Reportable Funds, per Section VII.A., must obtain prior written clearance from Compliance. Every request must be submitted via MCT by creating a new Pre-clearance Request. A list of Reportable Mutual Funds can be found on MCT under View Policies. Questions on how to navigate the system should be directed to Compliance. Compliance also ensures all Covered Persons receive proper training on MCT.

L&G Group stock shares received as part of an employees' compensation package are subject to pre-clearance requirements if the employee elects to take ownership of the shares and sell at a later date. As there are blackout periods for L&G Group throughout the year, employee sales of L&G stock may be restricted and must be approved by Compliance prior to the sale.

Covered Persons who have a private, non-public encounter with an issuer in his or her capacity as a Covered Person are restricted from trading the otherwise allowable Reportable Security within thirty (30) business days of the encounter with the issuer.

Compliance shall review the pre-clearance request as soon as practicable, but no longer than one full business day after its receipt, to determine whether to approve or reject said request. Every request is reviewed and considered by the CCO or his/her designee, except under the circumstances when the CCO submits a pre-trade clearance request, the CEO will be responsible for the review and consider the request. A clearance to trade is valid for the same trading day starting from the time the clearance approval was given. A pre-trade clearance that is approved after the 3:00 PM market close is good for the next trading day. In determining whether to give a clearance, the CCO (or their designee) shall consider, among other factors:

1. current client trading activity and other relevant information;

2. whether the investment opportunity should be reserved for clients;

3. the information currently available and whether it impacts or
would impact the proposed transaction;

4. whether the opportunity is being offered to an individual by
virtue of his/her position with LGIM America or LGIM America's relationship with a client; and

5. such other information as the CCO or his/her designee may require.

Compliance reviews the trading activity of all Covered Persons on a periodic basis to ensure required pre-clearances were obtained and executed in the manner specified above. Records shall be maintained of all clearances and non- clearances.

**(ii) Reporting Requirements**

1. *Initial Reports.* Within 10 calendar days of an individual
becoming a Covered Person, he or she must submit to Compliance a properly completed Personal Investing Accounts Report which information
must be current as of a date not more than 45 days prior to the date the person becomes and Covered Person (Please request from Compliance).
A copy can be found as Attachment B to this Code.

2. *Opening and Closing Accounts, Confirmations and Periodic Statements.* Every Covered Person shall direct his or her banks or broker(s) to provide direct feeds to MCT, if capable, and
not exempted by Compliance, and if not capable, shall give Compliance on a timely basis duplicate copies of confirmations of all securities
transactions and copies of all periodic statements for all securities accounts involving Reportable Securities in which the Covered Person
acquires or foregoes direct or indirect beneficial ownership. Every Covered Person shall notify Compliance in writing of the opening
or closing of any of their accounts or the accounts of a Connected Person as soon as possible but in any event no later than the end
of the calendar quarter following the quarter on which the account was opened or closed.

3. *Certification of Discretionary Accounts.* Covered Persons
may rely on a Broker to manage their personal securities account by giving full discretion to their Broker. Transactions that occur in
these accounts are directed by the Broker only, with no ability or discretion for either the Covered Person or any of their Connected
Persons to direct the trades. LGIM America will exempt the pre-clearance requirement, except for IPO and Private Placements as referenced
above, and the delivery of account statements and confirmations for these accounts once a Broker provides either a signed or e-mailed
certification that it has full discretion of the account and that the Covered Person has no ability to direct the trading of Reportable
Securities. Employees are responsible for (i) affirming their Discretionary Accounts on a quarterly basis, and (ii) reporting
any changes in these accounts should their ability to direct trades change. Furthermore, 529 Plans will be exempted from the certification
requirement based on the SEC No Action Letter that exempts 529 Plans as Reportable Securities (see more information under the definition
of Reportable Securities). Compliance may periodically require a re-certification of these accounts to ensure that appropriate reporting.

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4. *Quarterly Transaction Reports.* No later than 10 calendar
days after the end of each quarter, Compliance will direct every Covered Person to review all of his or her personal and Connected Persons'
transactions reported, and any account established in MCT during the relevant quarter. Each individual must certify through MCT, within
20 days of the receipt of such request, the correctness of such reports. Should a Covered Person determine that any reportable security
transactions and information required are not included, he or she is required to provide the appropriate details to ensure Compliance
has the correct information concerning every Reportable Security transaction effected during that quarter, regardless of whether pre-clearance
was required.

5. *Annual Holdings Report.* No later than 10 calendar days
after the end of each calendar year, Compliance will direct every Covered Person to review in MCT: (a) all of his or her personal
or Connected Persons' transactions affected during the prior calendar year; and (b) the list of all Reportable Securities
that they currently hold. Each Covered Person must certify within 20 calendar days of the receipt of such request, through MCT, the correctness
of such information. Should a Covered Person determine that any Reportable Security transaction is not included in either list, it is
his or her responsibility to provide all relevant details and information required no later than February 14 (45 days after the
end of the calendar year) to ensure Compliance has the correct information concerning every transaction effected during the year, regardless
of whether pre-clearance was required.

Records shall be maintained of all clearances and non-clearances.

**(iii) Exceptions to Pre-Clearance and/or Reporting Requirements.**

Covered Persons do not need to obtain pre-clearance under Section VII(i) or provide the reports under Section VII(ii) with respect to the following:

1. purchases or sales of securities effected in an account over
which you do not have discretion or direct or indirect influence or control, per Section VII(ii);

2. purchases or sales of securities that are non-volitional on
the part of the individual or a client or part of an automatic reinvestment plan (e.g., purchases through dividend reinvestment plans,
transactions in corporate mergers, stock splits, tender offers);

3. purchases effected upon the exercise of rights issued by an
issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such
rights so acquired;

4. purchases or sales of foreign currencies, some crypto-currencies
(refer to section VII.E), or mutual funds that are not Reportable Funds;

5. purchases or sales of bonds and other direct debt instruments
issued by the U.S. Government such as Treasury Bills, Treasury Notes, and Treasury Inflation Protected Securities (TIPS);

6. L&G Group shares given to employees as part of their compensation
package and the employee elects to liquidate at the time of vesting; or

7. purchases or sales that receive the prior written approval of
the CCO to exempt the transaction. The CCO may grant an exemption from certain provisions of the Code, as permitted by applicable law,
and after due consideration of the circumstances of the proposed transaction or activity, the conflicts it may raise and whether it is
consistent with the objectives and spirit of the Code. Exceptions are documented.

**VIII. Code Certifications**

1. Each new Covered Person will be given the Code upon joining
the Firm and will thereafter receive all amendments. Within 10 calendar days of commencing employment, such person shall file an acknowledgement
with the CCO that he or she has read and understands the Code and will comply fully with it, a copy of which is contained in Attachment
A to this Code.

2. All Covered Persons must certify through MCT, on an annual basis,
that they (a) have read and understood the Code, (b) recognize that they have been and will continue to be subject to the Code,
(c) have complied fully with the requirements of the Code and (d) will continue to comply fully with the Code. Also, every
Covered Person must certify on an annual basis that he or she has disclosed or reported (i) all boards of directors upon which such
person serves and (ii) have reported all outside business activities.

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**IX. Reporting Code Violations**

Covered Persons are required to report promptly to the CCO or in the case of the CCO to the CEO, any violations of the Code. Reports will be treated confidentially to the extent permitted by law and will be investigated promptly. Reports may be made anonymously. A violation of this Code is a breach of Advisers Act Rule 204A-1 and our written policies and procedures. Retaliation against any person reporting a violation is prohibited and is a breach of this Code that may result in the sanctions set forth in Section XIV of this Code. Covered Persons should review LGIM America's Whistleblowing Policy.

**X. Monitoring Procedures**

The CCO or other designated personnel will monitor all personal investment activities, including the reports and confirmations filed by every Covered Person. The criteria for monitoring and testing shall remain confidential.

**XI. Duties of the CCO and the Compliance Team**

1. *Review Reports.* Designated personnel of the Compliance
Team shall review the reports submitted under Section VII(ii) of this Code and escalate material items to the CCO as appropriate.

2. *Notification of Obligations.* Designated personnel of
the Compliance Team shall update staff lists to include new Covered Persons and notify them of their obligations hereunder.

3. *Supervision of designees.* The CCO shall train his or
her designees and may delegate any of his or her activities hereunder.

4. *Log of Code Violations.* The Compliance Team shall keep
a log that includes Code violations and action taken in connection with the violation (including any remediation and/or sanctions), including,
but not limited to, reporting to the LGIM America Board of Directors, the Boards of Directors of any mutual funds that LGIM America advises
pursuant to 17j-1 or, if required, the SEC or other regulatory body.

5. The CCO, directly or through a designee, shall prepare a report
to LGIM America's Board of Directors at least annually as to the adequacy of this Code and the effectiveness of its implementation
and shall address in any such report the need (if any) for further changes or modifications to this Code or its implementation.

6. The CCO shall take reasonable steps to ensure that LGIM America
maintains records required under Rule 204-2 under the Advisers Act and 17j-1 under the Company Act for the periods required under
these Rules.

7. In the event of a material change to this Code, the CCO shall
inform of such change the CCO of each mutual fund for which LGIM America serves as investment adviser and assist the mutual fund's
CCO, as necessary, in having the mutual fund's board approve the change as may be required by Applicable Law.

**XII. Client Opportunities**

No Covered Person may cause or attempt to cause any client to purchase, sell or hold any security for the purpose of creating any personal benefit for him or her. Sections 206(1) and 206(2) of the Advisers Act prohibit LGIM America from employing a "device, scheme or artifice" to defraud clients or engaging in a "transaction, practice or course of business" that operates as a "fraud or deceit" on clients. While these speak of fraud, they have been construed broadly by the SEC and used to regulate, by enforcement action, many types of adviser behavior that the SEC deems to be not in the best interest of clients or inconsistent with fiduciary obligations. One such category of behavior is taking advantage of investment opportunities for personal gain that would be suitable for clients.

Advisers Act Section 208(d) prohibits any person from doing indirectly that which cannot be done

directly. Accordingly, Covered Persons may not take personal advantage of any opportunity properly belonging to LGIM America of any client. This applies to the acquisition of securities of limited availability for a Covered Person's account that would be suitable and could be purchased for the account of a client, or the disposition of securities from a Covered Person's account prior to selling a client position.

A Covered Person may not cause or attempt to cause any client to purchase, sell, or hold any security for the purpose of creating any benefit to LGIM America's accounts or to a Covered Person's accounts.

LGIM America 11

LGIM America Employee Handbook

If a Covered Person believes that he/she (or a Connected Person) stands to benefit materially from an investment decision for a client that LGIM America or the Covered Person is recommending or making, that individual must disclose that interest to the Compliance Team. The disclosure must be made before the investment decision and should be documented by the Compliance Team. Based on the information given, the CCO or his/her designee will make a decision on whether to restrict that Covered Person's participation in the investment decision. In making this determination, the CCO or his/her designee will consider at least the following factors: (i) was any client legally and/or financially able to take advantage of this opportunity; (ii) whether any client would be disadvantaged in any manner; (iii) whether the opportunity is de minimis, and (iv) whether the opportunity is clearly not related economically to the securities to be purchased, sold or held by an client.

A memorandum concerning the investment opportunity and the disposition of the approval request will be prepared promptly and maintained by the Compliance Team.

**XII. Insider Trading**

**A. Law and Policy**

Whether or not in the course of business and whether or not voluntarily, LGIM America and its Covered Persons may obtain inside information about issuers, securities or the potential effects of LGIM America's own investment and trading in securities. LGIM America forbids any Covered Person to trade, personally or on behalf of others, including clients and Connected Persons, while having inside information, or to communicate inside information to others. This is called "insider trading" and "tipping", respectively. These apply to all Covered Persons and extend to activities within and outside their duties at LGIM America.

The term "insider trading" is not defined in the federal securities laws, but in case law under Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. It is used to refer to the use of inside information to trade in securities (whether or not one is an "insider") or to communicate, or tip, inside information to others.

The law concerning insider trading is dynamic and the SEC brings cases on a regular basis. The law prohibits:

1. trading or tipping by an insider while in possession of inside
information;

2. trading or tipping by a non-insider while in possession of inside
information, where the information was disclosed to the non-insider in breach of a duty to keep it confidential or was misappropriated;

3. communicating inside information to others; or

4. trading ahead of research or recommendations prepared by LGIM
America.

Concerns about the misuse of inside information by LGIM America or Covered Persons may arise primarily in two ways.

First, LGIM America may come into possession of inside information about another company, such as an issuer in which it is investing for clients or in which its own personnel might be investing for their own accounts. As further set forth below, if it is determined that LGIM America has inside information about an issuer, investments in that issuer on behalf of clients and by LGIM America personnel, in any securities of the issuer, will be prohibited.

Second, LGIM America as an investment adviser, has inside information in relation to its own business. The SEC has stated that the term "inside information" may include information about an investment adviser's recommendations and client securities holding and transactions. It is the policy of LGIM America that all such information is to be kept in strict confidence by those who receive it, and may be divulged only within LGIM America and to those who have an established need for it in connection with the performance of services to clients. Despite this, some trades in which LGIM America has invested for clients may be permitted because of the fact that LGIM America has made such investments may not be viewed as material (e.g. trades in highly liquid securities with large market caps). The personal trading procedures in this Code establish circumstances under which such trades will be considered permissible or restricted and the procedures to follow in making such trades.

**Who is an Insider?** The concept of "insider" is broad. It includes officers, directors and employees of a company. A person can be a "temporary insider" if he or she enters into a special confidential relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers, and the employees of such organizations. In addition, a person who advises or otherwise performs services for a company may become a temporary insider of that company. An employee of LGIM America, for example, could become a temporary insider to a company because of LGIM America's and/or employee's relationship to the company (e.g. by having contact with company executives while researching the company). A company must expect the outsider to keep the disclosed non-public information confidential and the relationship must at least imply such a duty before the outsider will be considered an insider or temporary insider.

LGIM America 12

LGIM America Employee Handbook

It may also be the case that a Connected Person of a Covered Person may have inside information and be deemed to be an insider. Accordingly, the Covered Person might be deemed to be an insider. One must be cautious in such situations in order to avoid liability for tipping or misappropriating inside information.

**What is Material Information?** Trading on inside information is not a basis for liability unless the information is material. "Material information" generally is defined as information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a security. It "alters the total mix of information available." Such information includes, but is not limited to: dividend changes, earnings, estimates, changes in previously released earnings and estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, knowledge of an impending default, knowledge of an impending change in a rating by a rating agency, and/or extraordinary management developments.

What is Non-public Information? Information is non-public until it has been effectively communicated to the marketplace. One must be able to point to a fact to show that the information is generally public. For example, information in a report filed with the SEC, or appearing in Dow Jones, Reuters, The Wall Street Journal or other publications of general circulation would be considered public.

What is Tipping? Tipping is giving or making available inside information to anyone who might be expected to trade while in possession of that information. A Covered Person may become a "tippee" by acquiring inside information from a tipper, which would then require the Covered Person to follow the procedures below for reporting and limiting use of the information.

Penalties. Penalties for trading on or communicating inside information are severe for individuals involved in such unlawful conduct and their employers, and may include fines or damages up to three times the amount of any profit gained or loss avoided. A person may be subject to some or all of the applicable penalties even if he or she does not personally benefit from the violation.

**B. Procedures**

**Identification and Prevention of Insider Information.** If a Covered Person believes that he or she has information that is material and non-public, or has questions as to whether information is material and non-public, he or she must:

· report the matter immediately to the CCO, who shall document the matter;

· refrain from buying or selling the securities on behalf of himself or others;

· refrain from communicating the information inside or outside LGIM America other than to the CCO.

**Watch List and Restricted List.** If the CCO determines a Covered Person has inside information or that a security should be restricted (there may be no inside information but it becomes necessary to restrict dealings in that security), the CCO will follow the process and procedures set forth in the LGIM(H) Information Barrier Policy and Watchlist Procedure (the "Info Barrier Policy") and take steps to ensure that the individual(s) that has inside information understands that he shall refrain from any activity – trading or tipping. The CCO will take steps to monitor the activities of all other Covered Persons that do not have the inside information while they engage in activities normal to the business. All decisions about whether to add or delete a security to the Watch List or Restricted List or amend an entry shall be made in accordance with the Info Barrier Policy. All activity in any security placed on the Restricted List shall cease, unless approved in writing by the CCO and subject to the Info Barrier Policy. A security shall be removed from the Restricted List in accordance with the Info Barrier Policy if the CCO determines that no insider trading issues remain with respect to such security (for example, if the information becomes public or no longer is material).

**Restricting Access to Inside Information.** Care should be taken so that such information is secure. For example, files containing inside information should be sealed, access to computer files containing inside information should be restricted, and relevant conversations should take place behind closed doors.

**Detecting Insider Trading.** To detect insider trading, the Compliance Team will, among other things, review the trading activity reports of client accounts and Covered Persons. It is also the responsibility of each Covered Person to notify the CCO of any potential insider trading issues. The Compliance Team will investigate any instance of possible insider trading and fully document the results of any such investigation. An investigation record should include at least: (i) the name of the security; (ii) the date the investigation commenced; (iii) an identification of the account(s) involved; and (iv) a summary of the investigation disposition.

LGIM America 13

LGIM America Employee Handbook

**XIV. Sanctions**

Violations of the Code of Ethics are taken very seriously by the Board of Directors and Executive Committee of LGIM America. Sanctions due to violations in personal account trading are implemented to ensure that Covered Persons understand the severity of their actions. As such the following "Three Strikes" Policy will be enforced for personal account trading violations.

1. A first offense will subject the Covered Person to disgorgement
of profits or in the case of a loss, a $100 fine;

2. Should a second offense occur, a Covered Person will be subject
to double the disgorgement amount, or in the event of a loss, a $500 fine;

3. If a third offence occurs, a Covered Person will be prohibited
from transacting discretionary personal account trades, in non-restricted Reportable Securities until further notice.

Upon discovering any other violations of this Code, Compliance may impose such sanctions as it deems appropriate, including, a letter of censure or criminal referral of the violator, and the Executive Committee may impose such sanctions as it deems appropriate, including, the imposition of fines, suspension of trading, Code of Ethics training paid for by the employees, verbal or written warning by LGIM America Human Resources, and termination of employment.

**XV. Miscellaneous**

A. All reports, internal reporting of violations, and any other
information filed with LGIM America pursuant to this Code shall be treated as confidential.

B. LGIM America may, from time to time, adopt such interpretations
of this Code as it deems appropriate.

C. All records will be maintained by Compliance in accordance with
the Advisers Act and the Firm's record retention policies.

**End of Code**

LGIM America 14

## Ex-99.B(P)(34)

**Exhibit 99.B(p)(34)**

![](tm2522623d1_ex99-bxpx34img01.jpg)

![](tm2522623d1_ex99-bxpx34img02.jpg)

<u>Code of Ethics</u>

Revised May 30, 2025

Los Angeles Capital Management LLC

---

| | |
|:---|:---|
| *Table of Contents* |  |
| *Definitions* | *3* |
| *Introduction* | *5* |
| *Scope of the Code* | *5* |
| *General Principles* | *5* |
| *Standards of Business Conduct* | *6* |
| &nbsp;&nbsp;&nbsp;A. Conflicts of Interest | 6 |
| &nbsp;&nbsp;&nbsp;B. Outside Business Interest | 7 |
| &nbsp;&nbsp;&nbsp;C. Disciplinary Events | 7 |
| &nbsp;&nbsp;&nbsp;D. Prohibited Activities | 8 |
| *Gifts and Entertainment* | *8* |
| &nbsp;&nbsp;&nbsp;A. Limits to Gifts and Entertainment Received by Employees | 8 |
| &nbsp;&nbsp;&nbsp;B. Limits to Gifts and Entertainment Given by Employees | 8 |
| &nbsp;&nbsp;&nbsp;C. Broker/Dealer Entertainment | 9 |
| &nbsp;&nbsp;&nbsp;D. Pre-Clearing and Reporting Gifts and Entertainment | 9 |
| *Personal Trading Policy* | *10* |
| &nbsp;&nbsp;&nbsp;A. Scope of Personal Trading Policy | 10 |
| &nbsp;&nbsp;&nbsp;B. Personal Trading Procedures | 10 |
| &nbsp;&nbsp;&nbsp;C. Confidentiality | 13 |
| *Code of Ethics Certifications* | *14* |
| *Administration and Enforcement of Code* | *14* |
| &nbsp;&nbsp;&nbsp;A. Annual Review | 14 |
| &nbsp;&nbsp;&nbsp;B. Recordkeeping | 14 |
| &nbsp;&nbsp;&nbsp;C. Violations of the Code | 14 |
| *Whistleblower Policy* | *15* |
| *Appendix A: Account Disclosure Matrix* | *17* |
| *Appendix B: Code of Ethics Pre-Clearance Matrix* | *18* |
| *Appendix C: Account Statement Requirements* | *19* |

---

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<u>Definitions</u>

**Access Persons.** Any Supervised Person who has access to non-public information regarding any clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of a ***Reportable Fund***; or who is involved in the investment decision making process for a client, or who has access to such investment decisions for a client. All directors, officers, and partners are presumed to be Access Persons as the Firm's primary business is providing investment advice. Each employee of the Firm is considered an Access Person unless otherwise exempted by Los Angeles Capital's Approving Officers.

**Approving Officers.** Chief Compliance Officer in conjunction with any of the following: Senior Counsel, CEO, or Chairman.

**Automatic Investment Plan.** A program in which regular periodic purchases or withdrawals are made automatically in to or from Investment Accounts in accordance with a pre-determined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**Beneficial Ownership**. Generally speaking, beneficial ownership encompasses those situations where the beneficial owner has the right to enjoy some economic benefit from the ownership of the security or can obtain ownership of the securities immediately or within 60 days or can vote or dispose of the securities. A person is normally regarded as the beneficial owner of securities held in such person's living trust or securities held in the name of his or her spouse or minor children living in his or her household.

**Closed End Fund.** A fund which does not continuously offer their shares for sale, but rather, sells a fixed number of shares at one time (in an Initial Public Offering), after which the shares typically trade on a secondary market. The price is determined by the market and may be greater or less than the shares' net asset value.

**Compliance System*.*** Third-party compliance software/system used by Los Angeles Capital to record certifications and monitor activities including, but not limited to, employee and/or Access Persons' personal trading, conflicts of interest, outside business interests, gifts and entertainment, etc. The Compliance System may be accessed via the Firm's intranet, "In the Loop" on the Compliance home page.

**Foreign Official.** Includes governmental officials, political party leaders, candidates for office, employees of state-owned enterprises (such as state-owned banks or pension plans), and relatives or agents of such persons where if a payment is made to such relative or agent it is with the knowledge or intent that it ultimately would benefit the Foreign Official.

**Initial Public Offering (IPO).** An offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before registration, was not subject to the reporting requirements of sections 13 and 15 of the Securities Exchange Act of 1934.

**Investment Account.** An Investment Account is considered any personal brokerage account or retirement account capable of holding a security and where the Access Person has Beneficial Ownership or direct or indirect influence or control.

**Limited Offering.** An offering made to a few select individuals that is exempt from registration under the Securities Act of 1933 (e.g., hedge funds, private placements, etc.).

**Non-Discretionary Account.** An account over which the Access Person has no direct or indirect influence or control.

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**Outside Business Interest**. Any significant business interest in, or an outside position with, an entity not owned or controlled by the Firm.

**Outside Entity.** Any entity (including non-profits) unaffiliated with the Firm, whether publicly or privately held. This may also include unincorporated businesses or self-employment, including family or private businesses. An Outside Entity does NOT include local community organizations such as local churches, homeowners' associations, clubs, or local charities.

**Reportable Fund.** Any fund for which Los Angeles Capital serves as an investment adviser or sub-adviser.

**Reportable Security.** Any security as defined in Section 202(a)(18) of the Act, except that it does NOT include: (i) direct obligations of the Government of the United States; (ii) Bankers' acceptances, back certificates of deposit, commercial paper and high quality short term debt instruments, including repurchase agreements, (iii) shares issued by money market funds; (iv) Shares issued by open-end funds other than ***Reportable Funds***; and (v) Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are ***Reportable Funds***.

**Supervised Person.** Director, officer, partner, or other person occupying similar status or performing similar functions, an employee of the Firm, and any other person who provides advice on behalf of the adviser and is subject to the adviser's supervision and control.

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**<u>Introduction</u>**

This Code of Ethics (the "Code") establishes the rules of conduct for Los Angeles Capital Management LLC ("Los Angeles Capital"), LACM GP LLC and LACM Global, Ltd. (collectively, "the Firm") under Section 204 and Rule 204A-1 of the Investment Advisers Act of 1940, Rule 17j-1 of the Investment Company Act of 1940, and the Financial Conduct Authority Principles for Business and Conduct of Business.

**<u>Scope of the Code</u>**

The Code applies to all employees, directors, and officers of the Firm with the exception of the Personal Trading Policy section. The Personal Trading Policy section only applies to individuals that are deemed to be Access Persons. The activities of the Firm and its personnel are governed by the rules and regulations under the Advisers Act and similar Federal and State rules.

**<u>General Principles</u>**

The Firm acts as a fiduciary to its clients and investors ("client(s)") and therefore has an affirmative duty of care, loyalty, honesty, and good faith to act in clients' best interests. The Firm's personnel have an obligation to uphold these duties and to act with professional integrity and good judgement. At a minimum, the Firm and its employees must conduct themselves in accordance with the following principles at all times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. You must place the interests of clients before yourself
 and the Firm.

2. You must conduct business
 with integrity.

3. You must comply with
 applicable securities laws.

4. You must act in a professional
 and ethical manner.

5. You have a duty to act
 with skill, competence, and diligence.

6. You have a duty to communicate
 with clients in a timely and accurate manner.

7. You must conduct all
 personal securities transactions in such a manner as to be consistent with the Code and to avoid any actual or potential conflict
 of interest or any abuse of an employee's position of trust and responsibility.

8. You must adequately
 protect client assets.

9. You must take reasonable
 care to organize and control the Firm's affairs responsibly and effectively, with adequate risk management.

10. You must adhere to the
 fundamental standard that investment advisory personnel do not take inappropriate advantage of their positions.

11. You must adhere to the
 principle that information concerning the identity of security holdings and financial information of clients is confidential.

12. Decisions affecting
 clients are to be made with the goal of providing suitable advice and equitable and fair treatment among clients.

13. Communications with
 clients or prospective clients should be candid and fulsome. They should be true and complete and not mislead or misrepresent. This
 applies to all marketing and promotional materials.

14. You must adhere to the
 principle that independence and objectivity in the investment decision making process is paramount.

15. You must report any
 violations of the Code to Los Angeles Capital's Chief Compliance Officer ("CCO"). If it would not be appropriate
 to report to the CCO, then violations should be brought to the attention of Los Angeles Capital's General Counsel.

All employees must comply with applicable federal securities laws and Firm policies issued from time to time, and, as an SEC registered adviser, the Firm and its employees are prohibited from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employing a device,
 scheme, or artifice that would defraud an investment advisory client

2. Making to a client or
 potential client any untrue statement of a material fact or omitting a material fact necessary in order to make the statements made
 not misleading

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Engaging in any act,
 practice, or course of business which operates or would operate as a fraud or deceit upon a client

4. Engaging in a manipulative
 practice with respect to a client

5. Engaging in any manipulative
 practice with respect to securities, including price manipulation, acting on or spreading false market rumors, or

6. Making use of any information
 that an employee may have become aware of by virtue of his/her relationship with a client organization. Employees may not conduct
 a transaction while aware of such "inside information" if the information is indeed non-public in nature and comes about
 through dialogue and/or interaction with an official at a publicly traded organization.<sup>1</sup>

**<u>Standards of Business Conduct</u>**

**A. Conflicts of Interest**

The Firm recognises that, from time to time, a conflict of interest may arise between its own interests and those of a client. The Firm requires that its clients' interests take precedence and that its employees and Access Persons disregard any other relationship, arrangement, material interest, or conflict of interest which may serve to influence, or appear to influence, the Firm's discretionary management.

From time to time the Firm may have an interest or relationship to a transaction that either gives, or may give, rise to a conflict of interest. As a fiduciary, the Firm must not knowingly advise or deal in the exercise of discretion in relation to that transaction unless reasonable steps are taken to manage the conflict of interest to avoid impairment of that transaction. Where the Firm faces a material conflict as to a client that the Firm is unable to manage, this fact must be disclosed to the client(s) concerned.

All conflicts and potential conflicts of interest, including interest in a transaction, should be reported by employees to Los Angeles Capital's Compliance department via the Compliance System upon hire or upon entering into any such relationship, whichever may come first. Each reported conflict will be examined by a member of the Compliance department or the General Counsel to determine whether a conflict exists and determine the appropriate measures to be taken to avoid or manage the conflict. These measures may include the implementation of appropriate information barriers or other procedures to isolate the involved personnel from investment-making decisions regarding the securities of, or transactions with, an issuer.

In determining whether a conflict of interest exists, the Firm must specifically take into account whether the Firm or an employee: (i) is likely to make a financial gain or avoid a financial loss at the expense of the client; (ii) has an interest in the outcome of the service provided to the client, or the transaction carried out on behalf of a client, which is distinct from the client's interest in that outcome; (iii) carries on the same business as the client; or (iv) receives, or will receive, from a person other than the client, an inducement in relation to a service provided to the client in the form of monies, goods, or services, other than the standard commission or fee for that service. The following list includes, but is not limited to, possible conflicts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Immediate family member is employed by a:

o broker-dealer

o publicly traded company

o critical service provider (see Compliance for a full list of Critical Service Providers)

o client

o regulatory agency

o investment adviser

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employee or family member serves on the board of directors or committee of any of the above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any material, *Beneficial Ownership* or interest in any of the above.

<sup>1</sup> Refer to Los Angeles Capital's Insider Trading Policy for further information.

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◻ Executorship, trusteeship, or power of attorney privileges other than with respect to a family member.

Record of Conflicts

As its principal mechanism for identifying, managing, monitoring, and mitigating conflicts of interest, the Firm maintains a record of identified and reported conflicts of interests, which itemizes conflicts, mitigating controls, and responsibilities.

Identified material conflicts are disclosed to clients in Los Angeles Capital's Form ADV Part 2A.

**B. Outside Business Interest**

The Firm permits employees to maintain **Outside Business Interests** as long as the Outside Business Interest does not: (i) create an actual or potential conflict of interest for the Firm; (ii) interfere with the employee's duties to the Firm and its clients; or (iii) jeopardize the business or reputation of the Firm. Outside Business Interests include a wide range of endeavors, including but not limited to employment with an unaffiliated company, acting as an independent contractor or consultant, ownership in an unrelated business, or serving as a director or officer of any Outside Entity.

Employees should not hold any part-time or secondary position with any **Outside Entity** that may create an actual or potential conflict of interest with the duties the employee performs for the Firm, regardless of whether the employee is compensated or not. A position with an Outside Entity is considered an Outside Business Interest.

**Employees may not engage in Outside Business Interests without prior approval from their supervisor, the CCO, General Counsel, and the CEO.** A request to engage in or undertake an Outside Business Interest must be submitted via the Compliance System. See Compliance for more information.

No Firm employee may accept an appointment as an executor, trustee, guardian, conservator, general partner, or other fiduciary, or any appointment as a consultant in connection with fiduciary or active money management matters, without obtaining prior approval from Los Angeles Capital's CCO. Securities trading by employees in any fiduciary capacity is subject to the Firm's Personal Trading Procedures.

Approval of an Outside Business Interest will be subject to the implementation of procedures to safeguard against potential conflicts of interest, such as establishing information barriers, placing securities of the Outside Business on the Firm's restricted list, or recusing yourself if the Outside Business ever considers doing business with the Firm. Approval may be withdrawn at any time if the Firm's senior management concludes that withdrawal is in the Firm or its clients' best interests. Employees must provide Compliance with prompt notification any time a previously approved Outside Business Interest changes or the employee becomes aware of a conflict of interest relating to the activity. It is possible that the employee may be required to discontinue the previously approved activity.

See Compliance if you are unsure of your reporting obligations.

**C. Disciplinary Events**

All employees are required to promptly notify Los Angeles Capital's CCO of any disciplinary history upon hire and in the event of notice of or commencement of any regulatory, legal, or disciplinary action even if such action relates to your prior employment. The CCO is responsible for determining whether the information is material and must be reported to regulators and/or clients.

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

**D. Prohibited Activities**

Employees are prohibited from all of the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;· Using
 or sharing knowledge about pending, currently considered, or recent securities transactions
 of clients to profit personally, directly or indirectly, as a result of such transaction,
 including purchasing or selling such securities.

&nbsp;&nbsp;&nbsp;&nbsp;· Disclosing
 to other persons any information about a client and/or former clients, including financial
 circumstances, security holdings, identity (unless the client has previously consented to
 the circumstances of the disclosure), and any advice furnished by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;· Borrowing
 from clients or providers of goods or services with whom the Firm deals, except those who
 engage in lending in the usual course of business and then only on terms offered to others
 in similar circumstances, without special treatment. This prohibition does not preclude borrowing
 from individuals related to you by blood or marriage.

&nbsp;&nbsp;&nbsp;&nbsp;· Giving
 advice to clients that may be interpreted as giving legal advice. All questions in this area
 should be referred to Los Angeles Capital's General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;· Giving
 clients advice on tax matters, the preparation of tax returns, or investment decisions, with
 the exception of situations that may be appropriate in the performance of an official fiduciary
 or advisory responsibility, or as otherwise required in the ordinary course of your duties.

**<u>Gifts and Entertainment</u>**

A conflict of interest may occur when an employee's personal interests interfere or potentially interfere with responsibilities to the Firm or its clients. The overriding principle is to eliminate any conflict of interest. Accordingly, employees should not solicit, give, or accept inappropriate gifts, favors, entertainment, special accommodations, or other things of material value that could be viewed as overly generous, aimed at influencing decision-making, or making either party feel beholden to a person or a company or that in any manner would conflict with the best interests of the Firm or its clients.

**A. Limits to Gifts and Entertainment Received by Employees**

&nbsp;&nbsp;&nbsp;&nbsp;· No
 employee may receive any gift, service, or other thing valued greater than $100 in aggregate
 (a "Prohibited Gift") from any person or entity that does or hopes to do business
 with the Firm or an affiliate of the Firm within a calendar year. Receiving cash gifts is
 prohibited. Los Angeles Capital's CCO is authorized to make a final determination as
 to whether the thing of value should be considered a Prohibited Gift within the context of
 the Code's principles and may approve or deny requests to be able to accept any gift.
 An example of something that would not be considered a Prohibited Gift would be receipt of
 free admission to a conference hosted by one of the Firm's current vendors or service
 providers which is also provided to other clients at no charge.

&nbsp;&nbsp;&nbsp;&nbsp;· No
 employee may accept extravagant or excessive entertainment from a client, prospective client,
 or any other person or entity that does or hopes to do business with the Firm or an affiliate
 of the Firm.<sup>2</sup> Employees may accept a business entertainment event, such as dinner
 or a sporting event, of reasonable value, if the person or entity providing the entertainment
 (i) is present; (ii) the entertainment is not provided as part of a quid pro quo
 arrangement; and (iii) the entertainment does not create a conflict of interest in relation
 to any client account.

**B. Limits to Gifts and Entertainment Given by Employees**

&nbsp;&nbsp;&nbsp;&nbsp;· No
 employee may give or offer to give any gift, service, entertainment, or other thing of value
 to employees, affiliates, or representatives of entities appearing on the LACM Restricted
 Entities List.<sup>3</sup>

<sup>2</sup> Entertainment provided by a broker/dealer is subject to stricter requirements. Please refer to the section on Broker/Dealer Entertainment for more information.

<sup>3</sup> The LACM Restricted Entities List is available via the Compliance System.

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

&nbsp;&nbsp;&nbsp;&nbsp;· Except
 as prohibited above, no employee may give or offer to give any gift, service, or other thing
 valued greater than $100 in aggregate within a calendar year to existing clients, prospective
 clients, or any other person or entity that does or hopes to do business with the Firm or
 an affiliate of the Firm, including brokers and service providers, without the prior consent
 of Los Angeles Capital's Compliance department. Cash gifts of any amount are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O <u>There are more restrictive rules and limitations for gifts and entertainment provided to individuals associated with or employed by certain state or local government plans, ERISA plans, unions and union officials, and  ***Foreign Officials*** . Please contact Compliance regarding specific gift giving limitations prior to giving any gifts to such persons</u>. Please note that for some clients or prospects
 entertainment and gifts may be required to be reported to a third party and could reflect unfavorably on the Firm or disqualify the
 Firm from being able to provide management services in the future.

O State
 and local governments increasingly limit or prohibit gifts and entertainment to the employees, officers, board members, and consultants
 of their pension and other investing funds. Some prohibit providing anything of value, including any food, whether provided at a
 Firm facility or event or elsewhere, or transportation to and from airports by cab or private car. Failure to comply with these requirements
 by the Firm or its employees can lead to disqualification of the Firm from managing assets for the client, loss of management fees,
 sanctions, or other penalties. Please see Compliance regarding specific gift and entertainment limitations for such persons.

O Gifts
 and contributions to elected political officials and candidates for political office are covered by special rules. See the Firm's
 Pay to Play Policy, a copy of which is posted on the Compliance home page of the intranet, "In the Loop".

&nbsp;&nbsp;&nbsp;&nbsp;· No
 employee may provide extravagant or excessive entertainment to a client, prospective client,
 or any other person or entity that does or hopes to do business with the Firm or its affiliates.
 Employees may provide a business entertainment event, such as dinner or a sporting event,
 of reasonable value, if the person or entity providing the entertainment is present and it
 is incidental to the performance of the Firm's business.

**C. Broker/Dealer Entertainment**

All employees are required to obtain pre-clearance from Compliance prior to accepting any ***entertainment from a broker/dealer*** by submitting a Broker Entertainment Request via the Compliance System. Each Firm attendee/representative must submit a separate request to cover his or her participation only. Pre-clearance approval cannot be granted by the same individual seeking pre-clearance. All Broker Entertainment Requests must be submitted to the Compliance department in advance of the event.

**D. Pre-Clearing and Reporting Gifts and Entertainment**

Regardless of value or giver, ***<u>all</u>*** gifts and entertainment received are required to be logged in to the Compliance System. You are advised to seek pre-approval if you are not certain whether the entertainment would be considered excessive, if you are providing a gift or entertainment to a government fund/pension plan, Union or Union Official, or ERISA fiduciary, or if you cannot judge whether a gift has a value over $100. If any unapproved gift is received, the recipient should either reject the gift, give the gift to Compliance who will return the gift to the giver, or if returning the gift would harm relations with the giver, Compliance will donate the gift to charity.

Page \| 9

**<u>Personal Trading Policy</u>**

**A. Scope of Personal Trading Policy**

**The Personal Trading Policy portion of the Code is only applicable to *Access Persons*. Every director, officer, and employee of the Firm is considered an *Access Person,* unless otherwise exempted by Los Angeles Capital's *Approving Officers*.** Consultants, interns, or other temporary or leased employees may be considered an *Access Person* depending on certain factors such as length of service, nature of duties, and access to the Firm's information. Such persons will be notified if they are NOT considered to be an Access Person.

Related Parties of Access Persons

Certain Related Parties to Access Persons are subject to the specific reporting requirements detailed in the *Personal Trading Procedures* section.

**B. Personal Trading Procedures**

The Firm adopted the following Personal Trading Procedures that must be followed by all Access Persons and their Related Parties where applicable. In certain circumstances, and in its discretion, Compliance may prohibit an Access Person from engaging in any personal trading activity and will communicate such prohibition or other limitations to the Access Person at hire or at the time of effect. Restrictions on personal trading do not relieve an Access Person of any reporting requirements set forth by the Code.<sup>4</sup>

Disclosure of Personal Accounts and Security Holdings

Each Access Person must disclose via the Compliance System all Investment Accounts and directly held Reportable Securities where the Access Person or a Related Party has direct or indirect Beneficial Ownership:

&nbsp;&nbsp;&nbsp;&nbsp;· Within
10 days of being hired

· At
account opening

· At
the time such ownership is obtained, and

· On
a quarterly basis thereafter

Appendix A offers guidance on account disclosure requirements specific to various account types. Appendix C includes the minimum account statement requirements accepted to fulfill regulatory requirements.

Each Access Person and Related Party, where relevant, must consent to Compliance's receipt of data feeds from such persons' Investment Accounts directly to the Compliance System.

Under the SEC Rules, a person is regarded as having Beneficial Ownership when they can either directly or indirectly benefit economically from the account OR if the securities are held in the name of a Related Party, defined as:

&nbsp;&nbsp;&nbsp;&nbsp;· A
husband, wife, or domestic partner

· A
minor child

· A
relative or significant other sharing the same house, and

· Anyone
else if the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Obtains
benefits substantially equivalent to ownership of the securities

o Can
obtain ownership of the securities immediately or within 60 days, or

o Can
vote the securities

<sup>4</sup> Certain Access Persons, such as consultants, interns, or other temporary employees, may be required to meet the Code's reporting obligations in alternative ways to the Compliance System. Where applicable, the Compliance department will work with each Access Person to determine satisfactory requirements which will be communicated at time of hire or occurrence.

Page \| 10

Another example of an Access Person having Beneficial Ownership includes trades in any relative's brokerage account (not just those living in the same household) if the Access Person is authorized to make or direct trades AND can benefit economically from the account, regardless of whether the Access Person actually makes or directs the trades.

Whether you have Beneficial Ownership in the securities of a spouse, domestic partner, minor child, or relative or significant other sharing the same house can be rebutted only under very limited facts and circumstances. If you believe your situation is unique and therefore rebuts the presumption of Beneficial Ownership, you must contact the CCO for written approval.

If you act as a fiduciary with respect to funds and accounts managed outside of the Firm (e.g., if you act as the executor of an estate for which you make investment decisions) and have received approval to engage in such Outside Business Interest, you are deemed to have Beneficial Ownership in the assets of that fund or account. Accordingly, any securities transactions you make on behalf of that fund or account will be subject to the general trading restrictions and reporting applicable to you under the Code.

Permitted Investment Accounts

Access Persons and their Related Parties are only permitted to maintain Investment Accounts with the brokerages identified on LACM's Designated Brokerage List for Access Persons and Related Parties.<sup>5</sup> Employer-sponsored retirement accounts (e.g., 401(k), 403(b), and pension plans), 529 Plans, and Compliance-approved Non-Discretionary Accounts are exempt from this requirement.

Unless written permission is granted by Compliance, Access Persons and their Related Parties are required to transition any applicable accounts within 90 calendar days from the time of disclosure to a broker on LACM's Designated Brokerage List. The transition process must begin within 30 calendar days from the date of account disclosure. Evidence that the transition has commenced may be requested by Compliance at any time on or after the 31<sup>st</sup> calendar day.

Pre-Clearance Procedures

Transacting in various security types, including limited offerings, must be pre-cleared via the Compliance System. Please see Appendix B for examples of the types of securities transactions that require pre-clearance or consult Compliance if you are unsure of any pre-clearance obligations. All personal trading pre-clearance requests must be approved in the Compliance System prior to execution.

Personal Trade Pre-Clearance Requests are made via the Compliance System and require the approval of a member of the Trading department <u>AND</u> a member of the Compliance department. Compliance retains the discretion to evaluate the circumstances of each transaction in conjunction with its corresponding trade request. Certain circumstances may require an estimated value of the transaction subject to a reasonable variance.

Pre-clearance approval cannot be granted by the same individual seeking pre-clearance. **<u>A standard approval is valid only until the end of the trading day on which approval was granted, or such shorter time as may be specified.</u>** If the trade is not executed by the end of the current trading day a new pre-clearance request needs to be submitted for approval prior to trading on any subsequent day.

*Private Investments*

Initial purchases by Access Persons or their Related Parties in securities of privately–owned companies are required to receive pre-clearance approval from a member of the Compliance department via the Compliance System. A standard approval is valid only within thirty calendar days from the day on which approval was granted. If the company notifies you of their intent to go public, you must immediately notify Compliance. All such positions in privately – owned companies and subsequent transactions need to be confirmed quarterly via the Compliance System as part of the Quarterly Reporting process.

<sup>5</sup> The LACM Designated Brokerage List for Access Persons and Related Parties is available via the Compliance System. Consultants, interns, or other temporary employees deemed an Access Person by Compliance may be exempt from the Firm's Designated Brokerage requirement in certain circumstances.

Page \| 11

*LACM Identified Securities List*

Transactions directed by Access Persons or Related Parties in securities and ***Reportable Funds*** identified on this list require pre-clearance approval prior to execution. This includes transactions directed by Access Persons or Related Parties in employer sponsored retirement accounts, as well as applicable transactions occurring in the Los Angeles Capital 401(k) Profit Sharing Plan.

*Exemptions from Pre-Clearance*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 pursuant to an  ***Automatic Investment Plan*** (plan contributions, dividend reinvestment
 plans, etc.). **Note that a voluntary, initial automatic investment transaction in an account other than an employer sponsored retirement account must be pre-cleared in accordance with its security and transaction type,** but all subsequent automatic investments are
 exempt from pre-clearance provided the schedule and security remain the same.

· Purchases
 effected upon the exercise of rights issued pro rata to all holders of a class of its securities,
 to the extent such rights were acquired from such issuers, and sales of such rights so acquired.

· Non-directed
 acquisition or sales of securities due to involuntary corporate actions, including stock
 dividends, splits, mergers, spin-offs, etc.

· Receipt
 of gifts of securities.

· Purchases
 or sales held in Compliance-approved Non-Discretionary Accounts where the employee has no
 direct or indirect influence or control. This includes accounts where the employee has signed
 overall investment discretion to an adviser, broker, or other trustee.

· Acquisition
 of shares of Los Angeles Capital by Access Persons pursuant to periodic share offerings.

· Subsequent
 transactions in a Limited Offering where the initial investment received pre-clearance approval.

· Fractional
 share positions that are automatically executed subject to broker discretion or account terms.

Prohibited Transactions

The Firm does not allow Access Persons to do the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
of an LACM restricted security<sup>6</sup>

· Purchase
of shares through an  ***Initial Public Offering (IPO)*** 

· Engaging
in frequent trading of a  ***Reportable Fund*** <sup>7</sup>

· Purchase
of such other security types as listed on Appendix B

· Engaging
in day trading as it may be a potential distraction from servicing clients, and

· Undertaking
personal investment transactions with the same individual employee at a broker-dealer firm on the Firm's approved brokerage roster<sup>8</sup>

<sup>6</sup> Refer to the Firm's Restricted Securities List. The Restricted Securities List is available via the Compliance System

<sup>7</sup> Frequent trading of a ***Reportable Fund*** is defined as selling or repurchasing a position that was taken or sold, respectively, less than thirty days prior to the transaction. Certain funds may have more restrictive frequent trading policies. A list of the ***Reportable Funds*** is available via the Compliance System.

<sup>8</sup> ***Non-Discretionary Accounts*** and Related Parties are not subject to this prohibition. A list of prohibited individuals is available via the Compliance System.

Page \| 12

In the event that a restricted security was held prior to your employment with the Firm or prior to the addition to the Firm's restricted list, the Firm will not require you to liquidate your position but instead require pre-clearance on future purchase and sale transactions.

Quarterly Personal Brokerage Statements

Access Persons will provide the Compliance department via the Compliance System all Investment Account statements where the Access Person has either direct or indirect Beneficial Ownership AND direct/indirect influence or control, including the investment accounts of all Related Parties. This may include such accounts as traditional brokerage accounts, IRAs, former employer sponsored retirement plans (e.g., 401(k)s or 403(b)s), etc. and must reflect all activity within the account during the quarterly period under review.

Where possible, data feeds for these accounts and their respective activity will be provided on a daily basis to the Compliance department via the Compliance System. If feeds are not possible, each Access Person will be required to submit, on a quarterly basis via the Compliance System, duplicate copies of all Investment Account statements where the Access Person has either direct or indirect Beneficial Ownership AND direct/indirect influence or control, including the Investment Accounts of all Related Parties. Statements must meet the minimum requirements outlined in Appendix C.

Exempt Reporting Requirements

Access Persons do not need to provide statements or pre-clear transactions in Compliance-approved Non-Discretionary Accounts where the Access Person has no direct or indirect influence or control, including securities held in accounts where the Access Person may have signed over ALL investment discretion to an adviser, broker, or other trustee. However, Access Persons are required to report the existence of these accounts in the Compliance System on a quarterly basis, along with acceptable proof of the account's non-discretionary status within 10 days of being hired, at the time the account is considered to be non-discretionary, and annually thereafter. If you are uncertain as to whether this exclusion applies to you, please see Compliance for further clarification.

Ownership of shares of Los Angeles Capital allocated pursuant to periodic share offerings and 529 College Savings Plans are exempt from <u>all</u> reporting requirements and do not need to be disclosed in any capacity in the Compliance System.

Los Angeles Capital's 401(k) Profit Sharing Plan

Most investments available through Los Angeles Capital's 401(k) Profit Sharing Plan are exempt from reporting, with the exception of the ***Reportable Funds*** listed on the LACM Identified Securities List. Transactions in ***Reportable Funds*** that are made pursuant to an automatic investment plan, such as a plan contribution, are exempt. However, transactions in ***Reportable Funds*** that are directed by the Access Person by either a direct exchange in or out of the ***Reportable Fund***, or through a one-time reallocation of your investment mix, require pre-clearance approval.

Access Persons are not required to provide a quarterly statement for the Los Angeles Capital 401(k) Profit Sharing Plan. Transactions in ***Reportable Funds*** will be monitored directly via transaction reports provided by the plan administrator. Transaction reports must meet the minimum requirements outlined in Appendix C.

**C. Confidentiality**

All reports submitted to Los Angeles Capital's Compliance department pursuant to the Code will remain confidential, except to the extent necessary to (i) advise senior management or obtain advice of counsel; (ii) implement and enforce the provisions of the Code or (iii) comply with requests for information from regulatory, SROs, and law enforcement agencies.

Page \| 13

**<u>Code of Ethics Certifications</u>**

The Compliance department will provide each employee with a current copy of the Code upon hire, request, material change, and a copy will be maintained on the Compliance System and on the Firm's intranet, "In the Loop", for easy, continuous retrieval. Upon hire and quarterly thereafter, each employee will certify in writing that he/she: (i) received, read, and understands the Code and any applicable amendments; (ii) recognizes that he/she is subject to the Code; (iii) has complied with the requirements of the Code; and (iv) if an Access Person, has disclosed all personal securities and transactions required to be reported pursuant to the requirements of the Code.

Certifications are made by all employees and Access Persons via the Compliance System upon hire and within 30 days of each calendar quarter-end.<sup>9</sup> As applicable, certifications include all positions in directly held Reportable Securities, confirmation of all Investment Accounts for the Access Person and their Related Parties, certification of all entries made in the Compliance System, including, but not limited to, gifts and entertainment, and conflicts of interest, and responses to any additional requests or certifications deemed necessary by Compliance. The Compliance department will review all submissions for accuracy and completeness, cross-checking with other required documentation.

**<u>Administration and Enforcement of Code</u>**

<br> **A. Annual Review**

Compliance will review the Code at least annually for its adequacy and effectiveness. Any material amendments to the Code must be approved by Los Angeles Capital's Board and submitted to the Board of any U.S. registered investment company ("U.S. RIC") that Los Angeles Capital currently serves as a sub-adviser. All material amendments will be promptly communicated to Firm employees.

As a U.S. RIC adviser or sub-adviser, Los Angeles Capital will provide a written annual report to the Board of each U.S. RIC that describes any issues arising under the Code since the last report, including information about material violations of the Code and sanctions imposed in response. This report will also include discussion of any waivers that might be considered important by the U.S. RIC's Board and will certify that the Firm has adopted policies and procedures reasonably designed to prevent employees and Access Persons from violating the Code.

**B. Recordkeeping**

All required documentation will be retained in accordance with Rule 204-2 of the Investment Advisers Act and Rule 17j-1 of the Investment Company Act of 1940. Please see the Firm's Books and Records policy for further information.

**C. Violations of the Code**

All employees and Access Persons must report immediately to Compliance if they: (i) suspect that another employee or anyone else working on behalf of the Firm or its affiliates has breached any of the General Principles outlined in this Code; (ii) believe that any of the Firm's procedures are inconsistent with the Firm's fiduciary duty or regulations; or (iii) are asked, directly or indirectly, to act in any manner inconsistent with the General Principles of the Code.

<sup>9</sup> Certain Access Persons, such as consultants, interns, or other temporary employees, may be required to meet the Code's <u>reporting obligations in alternative</u> ways to the Compliance System. These individuals are currently not loaded into the Compliance System and complete reporting obligations via hardcopy/emailed forms.

Page \| 14

Access Persons must make sure that their Related Parties covered by the Code are familiar with the requirements of the Code, particularly regarding personal trading requirements. A violation due to the actions of a Related Party constitutes a violation by their related Access Person.

Material violations of the Code include violations that impact a client or are egregious, malicious, or repetitive in nature. A violation may include, but is not limited to: failure to receive pre-clearance when obligated; opening a non-permitted Investment Account; trading in restricted securities; fraudulent misrepresentation of personal securities holdings or conflicts of interest; receipt of or gifting an excessive gift or entertainment event to a client, prospective client, or any individual or entity who does business or hopes to do business with the Firm; failing to receive pre-clearance for broker entertainment; repetitive non-material violations for the same offense; non-compliance with applicable laws, rules, and regulations; fraud or illegal acts involving any of the Firm's business; material misrepresentation in regulatory filings, internal books and records, client records, or reports; activity that is harmful to a client, including its shareholders; and deviations from required controls and procedures that safeguard clients and the Firm.

Sanctions

Any violations of the Code may result in disciplinary action that Los Angeles Capital's Board and the CCO deem appropriate, including, but not limited to, a warning, fines, disgorgement, suspension, demotion, loss of responsibility, or termination of employment. In addition to sanctions, violations may result in referral to civil or criminal authorities where appropriate.

Sanctions for Personal Trading Violations

Personal trading violations, including, but not limited to, trading without the required pre-clearance or trading restricted securities, may result in the immediate unwinding of the trade or a fine. If required, the amount of the fine will be determined by members of Los Angeles Capital's Board and the CCO. It may include the disgorgement of any profits from the trade to a mutually agreed upon charity. The trade(s) may be unwound as soon as possible upon discovery and notification of the violation.

**<u>Whistleblower Policy</u>**

The Firm is committed to high ethical standards and compliance with the law in all of its operations and will deal with its regulators in an open and cooperative way. The Firm must disclose to regulators anything relating to the Firm of which a regulator would reasonably expect notice. The Firm believes that its employees are in the best position to provide early identification of significant issues that may arise with compliance with these standards and the law. The Firm's policy is to create an environment in which its employees can report these issues in good faith without the fear of reprisal.

The Firm requires employees to report illegal activity or activities that are not in compliance with the Firm's formal written policies and procedures, including the Firm's Code of Ethics, to assist the Firm in detecting and putting an end to fraud or unlawful conduct. All such reports will be treated confidentially to the extent permitted by law and investigated promptly and appropriately.

The Firm expects the Whistleblower Policy to be used responsibly. If an employee believes that a policy is not being followed because it is merely being overlooked, the normal first recourse should be to bring the issue to the attention of the party charged with the operation of the policy. In most cases, an employee should be able to resolve the issue with his or her manager, or, if appropriate, another senior member of the Firm. However, instances may occur when this recourse fails, or you have legitimate reason not to notify management. In such cases the Firm has established a system for employees to report illegal activities or non-compliance with the Firm's formal policies and procedures.

An employee who has good faith belief that a violation of law or failure of compliance may occur or is occurring has a right to come forward and report under this Whistleblower Policy. "Good faith" does not mean that a reported concern must be correct, but it does require that the reporting employee believe that he or she is fully disclosing information that is truthful.

Page \| 15

Reports may be oral, by telephone or interview, or in writing by letter, memorandum, instant message, or e-mail. The employee making the report must identify himself or herself. The employee should also clearly identify that the report is being made pursuant to the Whistleblower Policy and in a context commensurate with the fact that the Policy is being invoked. The report should be made to the following parties, in the order shown:

&nbsp;&nbsp;&nbsp;&nbsp;· The
Chief Compliance Officer, unless it would not be appropriate or that officer fails to respond, or

· The
General Counsel

The Chief Compliance Officer and/or General Counsel, as appropriate, will consult about the investigation as required. Depending on the nature of the matters covered by the report, an officer or manager may conduct the investigation, or it may be conducted by the Chief Compliance Officer, the General Counsel, or by an external party.

The investigation will be conducted diligently by any appropriate action.

The Firm understands the importance of maintaining confidentiality of the reporting employee to make the Whistleblower right effective. Therefore, the identity of the employee making the report will be kept confidential, except to the extent that disclosure may be required by law, a governmental agency, by self-regulatory organization, or as an essential part of completing the investigation determined by the Chief Compliance Officer or General Counsel. Any disclosure shall be limited to the minimum required. The employee making the report will be advised if confidentiality cannot be maintained.

The Chief Compliance Officer will follow up with the investigation to make sure that it is completed, and that any non-compliance issues are addressed. The Chief Compliance Officer will ensure that no acts of retribution or retaliation occur against the person(s) reporting violations or cooperating in an investigation in good faith. The Chief Compliance Officer or General Counsel will report to the Firm's Board concerning the findings of any investigation they determine involved a significant non-compliance issue.

If an employee elects not to report suspected unlawful activity or a suspected violation of law to the Firm, the employee may contact the appropriate governmental authority for review and possible investigation. Nothing in any Confidentiality Agreement or separation agreement/release between an employee or former employee and the Company will be considered violated in making a report of suspected unlawful activity to a governmental authority. This includes reporting related to the performance of a US Government contract involving: (i) evidence of gross mismanagement, (ii) gross waste, (iii) fraud, (iv) abuse of authority, (v) substantial and specific danger to public health or safety, or (vi) a violation of law, rule, or regulation. Reporting may be made to a designated investigative or law enforcement representative of a Federal department or agency authorized to receive such information (e.g., a Federal employee responsible for contract oversight or management at the relevant agency). For more information please refer to the federal procedures and remedies detailed in the Contractor Employee Whistleblower Rights under 41 U.S.C. 4712 and as described in Federal Acquisition Regulations 3.900 through 3.905.

**The California Attorney General's whistleblower hotline is 800-952-5225, the SEC's whistleblower hotline is 202-551-4790, and the FCA's Whistleblowing Advice Line is +44 (0)20 7066 9200 or <u>whistle@fca.org.uk</u>.**

Note that submitting a report that is known to be false is a violation of this Policy. The Firm will not retaliate against an individual who reports a violation as required by law.

Retaliation against an individual who lawfully reports a violation is prohibited and constitutes a further violation of the Code.

Page \| 16

**<u>Appendix A: Account Disclosure Matrix</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;***Account Type*** | &nbsp;&nbsp;***Disclosure*** | &nbsp;&nbsp;***Electronic Feed*** | ***Assets at Firm- Approved Brokerage*** | &nbsp;&nbsp;***Other Requirements*** |
| **Discretionary Investment Accounts *(e.g., individual/joint non-retirement, IRAs, HSA, Trusts)*** | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required | &nbsp;&nbsp;Required | &nbsp;&nbsp;New Investment Accounts are disclosed at account inception via the Compliance System, upon obtaining Beneficial Ownership, or upon a change from Non-Discretionary status.<br>Access Persons and Related Parties must transition applicable accounts within 90 days of disclosure date directly to an eligible brokerage. The transition process must commence within 30 days from the date of account disclosure. |
| &nbsp;&nbsp;**Non-Discretionary Investment Account** | &nbsp;&nbsp;Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Non-Discretionary status is subject to Compliance approval and must be evidenced:<br>1) within 10 days of hire date OR account opening OR at time the account is considered to be non-discretionary; AND<br> 2) on an annual basis thereafter.<br>An account is considered non-discretionary only AFTER Compliance has provided written approval. |
| &nbsp;&nbsp;**Employer-sponsored retirement *(e.g., 401(k), 403(b), pensions)*** | &nbsp;&nbsp;Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;Disclosure is required at the time of hire or account inception. Quarterly statement must be uploaded via the Compliance System. |
| &nbsp;&nbsp;**Los Angeles Capital's 401(k) Profit Sharing Plan** | &nbsp;&nbsp;Required | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Transactions are monitored for investments in securities and ***Reportable Funds*** on the LACM Identified Securities List. Pre-clearance requirements are included on the LACM Identified Securities List. |
| &nbsp;&nbsp;**529 Plans** | &nbsp;&nbsp;Not Required | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

Page \| 17

**<u>Appendix B: Code of Ethics Pre-Clearance Matrix</u>**

If a security type you would like to trade is not listed below, please see Compliance for additional guidance. Transactions made pursuant to an automatic investment plan require pre-clearance at the initial investment in an investment account other than an employer sponsored retirement account (subsequent investments made pursuant to the automatic investment plan do not require pre-clearance).

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Security Type*** | &nbsp;&nbsp;***Pre-Clearance Approval*** |
| &nbsp;&nbsp;**Bankers' Acceptance** | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Certificate of Deposits (CDs)** | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Commercial Paper** | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Debt** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All debt issued by LACM Restricted Security List | &nbsp;&nbsp;PROHIBITED |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Paper | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp;High Quality, Short-Term Debt Instruments | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal or Government Bond (Non-Federal) | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Promissory Notes | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Digital Currency** | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Digital Coin/Token** | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Direct Obligations of U.S. Government** | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Funds (Open and Closed)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ETF | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Single-Stock ETFs | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;&nbsp;&nbsp;ETFs on LACM Identified Securities List | &nbsp;&nbsp;Required<sup>10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Closed-end Funds | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds on LACM Identified Securities List | &nbsp;&nbsp;Required<sup>10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit Investment Fund or Trust | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;**Initial Coin Offering (ICO)** | &nbsp;&nbsp;PROHIBITED |
| &nbsp;&nbsp;**IPO Allocation** | &nbsp;&nbsp;PROHIBITED |
| &nbsp;&nbsp;**Limited or Direct Offering** | &nbsp;&nbsp;Required at time of initial investment; not required for subsequent investments provided in same offering |
| &nbsp;&nbsp;**Options/Futures Contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ETFs or Indices | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Single-Stock ETFs | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;&nbsp;&nbsp;ETFS on LACM Identified Securities List | &nbsp;&nbsp;Required<sup>10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Stocks | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Stocks on LACM Restricted Security List | &nbsp;&nbsp;PROHIBITED |
| &nbsp;&nbsp;&nbsp;&nbsp;All other options/futures contracts | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Repurchase Agreements** | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Shares issued by Los Angeles Capital** | &nbsp;&nbsp;Not Required |
| &nbsp;&nbsp;**Stock** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock | &nbsp;&nbsp;Required |
| &nbsp;&nbsp;&nbsp;&nbsp;Stocks on LACM Restricted Security List | &nbsp;&nbsp;PROHIBITED |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks <br> **Swaps** | &nbsp;&nbsp;Required <br> PROHIBITED |

---

<sup>10</sup> Transactions in securities or ***Reportable Funds*** on the LACM Identified Securities List that occur as a part of an automatic investment plan in an employer sponsored retirement account do not require pre-clearance. Direct exchanges in or out of these securities, or one-time reallocations involving these securities, require pre-clearance.

Page \| 18

**<u>Appendix C: Account Statement Requirements</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;***Disclosure/Statement Type*** | &nbsp;&nbsp;***Requirements*** | &nbsp;&nbsp;***Method of Verification*** |
| &nbsp;&nbsp;Initial Account and Holdings Disclosures | &nbsp;&nbsp;Account statements or information provided to satisfy the initial account and holdings disclosure requirement must be current as of a date no more than 45 days prior to the date the employee became an Access Person ("Hire Date"). | &nbsp;&nbsp;Required certifications and disclosures are obtained via the Compliance System on the **Initial Combined Report** or via hard copy on the **Personal Securities & Account Disclosure Report**. |
| &nbsp;&nbsp;Initial Account and Holdings Disclosures |  |  |
| &nbsp;&nbsp;Initial Account and Holdings Disclosures | &nbsp;&nbsp;Statements must include at a minimum, the following position level detail: | &nbsp;&nbsp;Statements as of a date no more than 45 days prior to the Hire Date are to be supplemented with a brokerage transaction report from the as-of date of the statement to the Hire Date to reasonably determine ownership and holdings as-of the Hire Date. |
| &nbsp;&nbsp;Initial Account and Holdings Disclosures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Security Name<br> &nbsp;&nbsp;&nbsp;&nbsp;· Type of security<br> &nbsp;&nbsp;&nbsp;&nbsp;· Exchange Ticker or CUSIP/SEDOL (if applicable)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Number of Shares<br> &nbsp;&nbsp;&nbsp;&nbsp;· Principal Amount<br>| &nbsp;&nbsp;Statements as of a date no more than 45 days prior to the Hire Date are to be supplemented with a brokerage transaction report from the as-of date of the statement to the Hire Date to reasonably determine ownership and holdings as-of the Hire Date. |
| &nbsp;&nbsp;Quarterly Personal Brokerage Statements | &nbsp;&nbsp;Account statements or information provided must be current as of a date no more than 45 days prior to the date the report was submitted.<br>| &nbsp;&nbsp;Required certifications and disclosures are obtained via the Compliance System on the **Quarterly Combined Report** or via hard copy on the **Quarterly Report**. |
| &nbsp;&nbsp;Quarterly Personal Brokerage Statements | &nbsp;&nbsp;Statements must include at a minimum, the following: |  |
| &nbsp;&nbsp;Quarterly Personal Brokerage Statements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Position level detail | &nbsp;&nbsp;For Discretionary Investment Accounts, transaction level detail is collected on a T+1 basis via direct broker feeds and reconciled daily for position level details. Until transaction data feeds are established for this account type, transaction and position level detail is obtained via brokerage account statements.<br>For Employer-Sponsored Retirement Accounts, position level detail is obtained via a brokerage account statement that includes transaction level details for the quarterly period under review.<br>For Los Angeles Capital's 401(k) Profit Sharing Plan, transaction level detail is provided via a transaction feed from the Plan Administrator and used to reconcile position level detail. |
| &nbsp;&nbsp;Quarterly Personal Brokerage Statements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Security Name<br> o Type of security<br> o Exchange Ticker or CUSIP/SEDOL (if applicable)<br> o Number of Shares<br> o Principal Amount | &nbsp;&nbsp;For Discretionary Investment Accounts, transaction level detail is collected on a T+1 basis via direct broker feeds and reconciled daily for position level details. Until transaction data feeds are established for this account type, transaction and position level detail is obtained via brokerage account statements.<br>For Employer-Sponsored Retirement Accounts, position level detail is obtained via a brokerage account statement that includes transaction level details for the quarterly period under review.<br>For Los Angeles Capital's 401(k) Profit Sharing Plan, transaction level detail is provided via a transaction feed from the Plan Administrator and used to reconcile position level detail. |
| &nbsp;&nbsp;Quarterly Personal Brokerage Statements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transaction level detail: | &nbsp;&nbsp;For Discretionary Investment Accounts, transaction level detail is collected on a T+1 basis via direct broker feeds and reconciled daily for position level details. Until transaction data feeds are established for this account type, transaction and position level detail is obtained via brokerage account statements.<br>For Employer-Sponsored Retirement Accounts, position level detail is obtained via a brokerage account statement that includes transaction level details for the quarterly period under review.<br>For Los Angeles Capital's 401(k) Profit Sharing Plan, transaction level detail is provided via a transaction feed from the Plan Administrator and used to reconcile position level detail. |
| &nbsp;&nbsp;Quarterly Personal Brokerage Statements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Transaction Date<br> o Nature of Transaction (e.g., buy, sell)<br> o Security Name<br> o Exchange Ticker or CUSIP/SEDOL (if applicable)<br> o Interest Rate/Maturity Date (if applicable)<br> o Number of Shares<br> o Price the transaction was effected<br> o Principal Amount<br> o Name of broker, dealer, or bank<br>| &nbsp;&nbsp;For Discretionary Investment Accounts, transaction level detail is collected on a T+1 basis via direct broker feeds and reconciled daily for position level details. Until transaction data feeds are established for this account type, transaction and position level detail is obtained via brokerage account statements.<br>For Employer-Sponsored Retirement Accounts, position level detail is obtained via a brokerage account statement that includes transaction level details for the quarterly period under review.<br>For Los Angeles Capital's 401(k) Profit Sharing Plan, transaction level detail is provided via a transaction feed from the Plan Administrator and used to reconcile position level detail. |

---

Page \| 19

## Ex-99.B(P)(35)

**Exhibit 99.B(p)(35)**

**LSV ASSET MANAGEMENT**

**CODE OF ETHICS**

**AND**

**PERSONAL TRADING POLICY**

**April 4, 2025**

LSV Asset Management Code of Ethics and Personal Trading Policy 1

**I. GENERAL POLICY**

LSV Asset Management ("LSV" or the "Firm") serves as discretionary investment adviser to a variety of clients, including pension plans, foundations, endowments, corporations, unregistered pooled funds, mutual funds, an exchange-traded fund, sovereign funds, foreign funds (such as UCITS and SICAVs), other investment advisers and other U.S. and international institutions ("Advisory Clients"). The securities accounts over which LSV has investment discretion on behalf of these Advisory Clients are referred to in this document as "Investment Vehicles".

All natural persons who are employees of LSV ("Staff Members") must act in accordance with this Code of Ethics and Personal Trading Policy ("Policy") and in a manner which seeks to avoid any actual or potential conflict of interest. Staff Members must not take advantage of their position of trust and responsibility, and must place the interests of Advisory Clients first. When buying or selling securities, Staff Members must not employ any device, scheme or artifice to defraud, mislead, or manipulate any Investment Vehicle, Advisory Client or any other person in connection with the purchase or sale of any security.

Staff Members are subject to different restrictions and pre-clearance requirements for their personal trades, depending on their responsibilities or location. It is important that all Staff Members read this document carefully and understand the restrictions, pre-clearance, and reporting requirements applicable to them.

In addition to the Policy, Staff Members are subject to all applicable policies and procedures discussed in LSV's Investment Adviser Policies and Procedures Manual (the "Compliance Manual"), as well as LSV's Political Contributions Policy, Gifts and Entertainment Policy, Marketing Policy, and Information Security Policy (collectively, the LSV Policies").

**Every Staff Member will be provided and must carefully read this Policy and the other LSV Policies and all amendments thereto, and agree to abide by the terms of each document.**

Any questions regarding LSV's policy or procedures should be referred to the Compliance Department ("Compliance"). All violations must be promptly reported to the Chief Compliance Officer ("CCO"). No retaliation will be taken against any Staff Member solely for, in good faith, reporting a violation of this Policy or any of the other LSV Policies. For the avoidance of doubt, in no event is the Policy or any of the other LSV Policies or any procedures intended to, nor should they be interpreted to, prohibit any activities protected by law, including the provision of information not otherwise protected from disclosure by any applicable law or privilege to any regulator or other governmental agency regarding possible violations of law without disclosure to the Firm.

**Disclosure of the Policy**

LSV describes the Policy in Item 11. of Form ADV, Part 2A and, upon request, will furnish Advisory Clients with a copy of the Policy. Requests for the Policy can be made by contacting LSV at 312-460-2443.

**II. CODE OF CONDUCT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All Staff
Members are to maintain the highest standard of professional conduct.

LSV Asset Management Code of Ethics and Personal Trading Policy 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All Staff Members must maintain the confidentiality
of all information entrusted to them by LSV and its Advisory Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All Staff Members must serve the best interest
of Advisory Clients. All recommendations to Advisory Clients and decisions on behalf of Advisory Clients must be made solely in the best
interest of Advisory Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All Staff Members must provide to Advisory Clients
all reasonably requested information as well as other information they may need to make informed decisions. All Advisory Client and prospective
client inquiries must be answered promptly, completely and truthfully.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All Staff Members involved in sales situations
must discuss fully with the prospective client the nature of services provided by LSV for the compensation it receives. All material facts
relating to any actual or potential conflicts of interest involving LSV must be fully disclosed to prospective clients. In addition, these
Staff Members, in particular, must comply with the anti-bribery provisions of applicable law, including the Foreign Corrupt Practices
Act, when dealing with certain categories of prospective clients as further detailed in LSV's Gifts and Entertainment Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All Staff Members must comply fully with all
applicable Federal securities laws and regulatory requirements.

**III. DEFINITIONS**

A. **Access Person –** A Staff Member who meets any of the following criteria**:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· has access to nonpublic information regarding
Advisory Clients' purchase or sale of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is involved
in making securities recommendations to Advisory Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· has access
to securities recommendations that are nonpublic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· has access
to nonpublic information regarding the portfolio holdings of Affiliated Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· works
in LSV's Chicago office on a substantially full-time basis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is a
director, officer, or active partner of LSV.

B. **Affiliated Funds –** any U.S.-registered mutual fund and/or exchange-traded fund to which **LSV or an SEI Investments entity** serves as investment adviser, investment sub-adviser or principal underwriter ("LSV Funds" and "SEI Funds").

C. **Reportable Security** – any interest or instrument commonly known as a security (whether publicly traded or privately offered) including the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Equity
and equity-like securities, including initial public offerings ("IPOs")

&nbsp;&nbsp;&nbsp;&nbsp;· Fixed
income securities (excluding the short-term instruments listed below)\*

&nbsp;&nbsp;&nbsp;&nbsp;· Affiliated Funds (includes all LSV Funds, including
funds sub-advised by LSV, and SEI Funds)\*\*

&nbsp;&nbsp;&nbsp;&nbsp;· Exchange-traded
funds

&nbsp;&nbsp;&nbsp;&nbsp;· Convertible
bonds

&nbsp;&nbsp;&nbsp;&nbsp;· Derivatives

&nbsp;&nbsp;&nbsp;&nbsp;· Cypto
assets

LSV Asset Management Code of Ethics and Personal Trading Policy 3

&nbsp;&nbsp;&nbsp;&nbsp;· Private
placements<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;· Equity and equity-like securities which an Access
Person presents as a gift to a third party, including members of an Access Person's immediate family

\* Obligations issued by state and municipal governments with maturities not longer than 365 days are excluded.

**\*\*** Reporting of transactions in Affiliated Funds is not required if such transactions are made pursuant to an automatic investment plan, such as the 401(k) plan; provided that if a Staff Member opens a brokerage account within the 401(k) plan, the transactions in such account must be reported on the quarterly securities transaction report or by providing duplicate statements for the account to Compliance.

Reportable Security does not include:

Direct obligations of the Government of the United States; bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt instruments, including repurchase agreements; shares issued by money market funds; shares issued by open-end funds (other than Affiliated Funds); and shares issued by unit investment trusts that are invested exclusively in one or more open-end funds (other than Affiliated Funds).

D. **Pre-Clearance Security** – <u>INCLUDES</u>:

&nbsp;&nbsp;&nbsp;&nbsp;· Equities
(from any country)

&nbsp;&nbsp;&nbsp;&nbsp;· Initial
public offerings (IPOs)

&nbsp;&nbsp;&nbsp;&nbsp;· Private
placements

&nbsp;&nbsp;&nbsp;&nbsp;· Any equity-linked derivative securities (warrants,
rights, options, futures, swaps, etc. on individual equities)

&nbsp;&nbsp;&nbsp;&nbsp;· Convertible
bonds

Pre-Clearance Securities <u>DO NOT INCLUDE</u> publicly-traded fixed income securities, mutual funds and exchange-traded funds, including Affiliated Funds, closed-end funds and derivatives on indexes or commodities.

E. **A Security is "being purchased or sold"** by an Investment Vehicle from the time the purchase or sale order for the security has been recorded as an active order in LSV's trade order management system (Charles River Investment Management Solution), until the time when the order has been completed or terminated.

F. **Security** generally will have the meaning set forth in Section 202(a)(18) of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), such that it includes: (i) any note, stock, treasury stock, security future, bond, debenture or evidence of indebtedness; (ii) any certificate of interest or participation in any profit-sharing agreement; (iii) any collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, or certificate of deposit for a security; (iv) any fractional undivided interest in oil, gas or other mineral rights; (v) any put, call, straddle, option or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof); (vi) any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency; or (vii) in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing.

<sup>1</sup> Private placement means an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) or pursuant to Rules 504, 505 or 506 of the Securities Act of 1933 (e.g., hedge funds, private equity funds and limited liability companies).

LSV Asset Management Code of Ethics and Personal Trading Policy 4

**IV. RESTRICTIONS ON PERSONAL SECURITIES TRANSACTIONS**

**Access Persons** may not purchase or sell, directly or indirectly, any Pre-Clearance Security if the security is currently being purchased or sold, or has been purchased or sold by LSV for an Investment Vehicle in any of the 3 business days prior to the Access Person's proposed trade in that security.

If an **Access Person** trades in a Pre-Clearance Security and LSV subsequently purchases or sells that security for an Investment Vehicle during the 3 business day period after the Access Person's trade in that security, the Access Person's trade is subject to review and any gains or profits realized may be subject to forfeiture.

If an **Access Person** has requested pre-clearance to sell a Pre-Clearance Security and that request has been denied, the Access Person can appeal to the CCO if they can evidence that it is a financial hardship for them not to be able to sell the security until LSV is no longer active in that security.

While LSV does not have a formal holding period, once a Pre-Clearance Security has been purchased, the trading patterns of Access Persons who request pre-clearance to sell the same security within 30 days after the initial purchase will be reviewed by Compliance in order to understand the reasoning for the sale, whether similar sales on similar timeframes are expected in the future and other factors that may be relevant based on the particular transaction.

**V. PERSONAL TRADING PRE-CLEARANCE**

**Access Persons** must pre-clear personal transactions in any Pre-Clearance Securities. This includes transactions in any Pre-Clearance Securities (i) in accounts of the Access Person's immediate family members (i.e., parent, spouse of a parent, child, spouse of a child, spouse, brother, or sister, including step and adoptive relationships or other equivalents <u>living in the same household</u> as the Access Person); (ii) in accounts over which the Access Person has or shares a direct or indirect opportunity to profit or share in any profit derived from any transaction in such accounts through any contract, arrangement, understanding, relationship or otherwise; (iii) in accounts where the Access Person has direct or indirect investment discretion or control; and (iv) in such other circumstances as determined by Compliance.

For Access Persons' personal investments in LSV's private funds, acceptance of the Access Person's subscription document will be deemed to be approval of a pre-clearance request.

Unless otherwise specified by Compliance, any clearance granted is valid for 1 business day, the day on which clearance is granted.

Pre-clearance requests are currently made via the ComplySci platform and must be made during the regular trading hours of the New York Stock Exchange ("NYSE"), provided that trades can be executed during NYSE after-hours trading if, and on the same day, pre-clearance has been granted during the regular trading hours of the NYSE. Compliance will address on a case-by-case basis pre-clearance requests involving non-U.S. securities that only trade on non-U.S. exchanges or requests made by Access Persons outside of the regular trading hours of the NYSE.

LSV Asset Management Code of Ethics and Personal Trading Policy 5

A determination as to whether non-employees who are working in the Chicago office are subject to the Policy or portions thereof is made on a case-by-case basis by Compliance.

The following transactions do not have to be pre-cleared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
or sales of instruments that are not Pre-Clearance Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
or sales over which the Access Person has no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales which are non-volitional on
the part of the Access Person, such as purchases or sales upon exercise of puts or calls written by the Access Person and sales from a
margin account pursuant to a bona fide margin call (though the establishment of equity-linked derivative securities giving rise to such
non-volitional transactions shall require pre-clearance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales effected within the pre-determined
parameters of an automatic investment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases effected upon the exercise of rights
issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions effected in accounts over which
a third party exercises discretion, if such account is identified to Compliance and an exception is granted by Compliance; provided that
reporting of transactions and holdings in such accounts will typically be required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transfers of equity or equity-like securities
which are made as a gift to a third party, including a member of the Access Person's immediate family; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in accounts of immediate family
members over which an Access Person may have legal authority due to the holding of a power of attorney or when acting in a similar capacity,
but which result from the exercise of such family member's or a third party manager's influence or control. In such cases,
the immediate family member may not be living in the same household as the Access Person and the Access Person may not have a direct or
indirect pecuniary (e.g., economic) interest in the account. Such accounts must be identified to Compliance, and reporting of transactions
and holdings in such accounts may be required.

Transactions which appear upon reasonable inquiry and investigation by Compliance to present no reasonable likelihood of harm to any Investment Vehicle and which are otherwise in accordance with Rule l7j-l of the Investment Company Act of 1940 (the "1940 Act") and other applicable SEC rules shall be entitled to clearance.

LSV Asset Management Code of Ethics and Personal Trading Policy 6

**VI. OTHER RESTRICTIONS**

<u>Outside Business Activities</u>

Staff Members may not serve on the board of directors of any publicly-traded company absent prior authorization from the CCO, and any employment or other outside business activity in the financial services industry must be reviewed and approved in advance by the CCO. In addition, all outside business activities, including membership on any for-profit or non-profit company board or other employment, must be reported to Compliance.

**VII. REPORTING REQUIREMENTS**

The requirements of this section are applicable to Reportable Securities (i) directly or indirectly owned by the Access Person or a member of the Access Person's immediate family (i.e., parent, spouse of a parent, child, spouse of a child, spouse, brother, or sister, including step and adoptive relationship or other equivalents <u>living in the same household</u> as the Access Person); (ii) in accounts over which the Access Person has or shares a direct or indirect opportunity to profit or share in any profit derived from any transaction in such accounts through any contract, arrangement, understanding, relationship or otherwise; (iii) in accounts where the Access Person has direct or indirect investment discretion or control; and in such other circumstances as determined by Compliance.

1. Access Persons must report transactions in Reportable Securities on a quarterly basis, within 30 days after the end of the quarter. Duplicate account statements may be substituted for the report if they are received by Compliance within 30 days after the end of the quarter.

2. Access Persons must report ALL new and terminated Securities accounts, including accounts that do not hold Reportable Securities and accounts over which they do not have investment discretion, within 30 days after the opening or termination of the account. This information must include the name of the broker dealer or bank at which the account is held and the date the account was established or terminated.

3. Access Persons must report all holdings of Reportable Securities and a list of all Securities accounts as of the end of the year (or as of an earlier date in December of that year) within 30 days after the end of each calendar year. Information in this report must be current as of a date no more than 45 days before the report is submitted. Duplicate account statements may be substituted for this report if they are received by Compliance within 30 days after the end of the calendar year.

4. Access Persons must report all holdings of Reportable Securities and a list of all accounts that hold Securities, even accounts that do not hold Reportable Securities, within 10 days of commencement of employment or of becoming an Access Person. The report must show holdings as of a date not more than 45 days prior to the employee becoming an Access Person.

5. Access Persons who have reported to Compliance accounts over which they do not have investment discretion, must provide acknowledgement that the status of those accounts has not changed on an annual basis via the ComplySci platform.

6. Staff Members must provide acknowledgement of the Policy and any amendments thereto, on an annual basis via the ComplySci platform.

LSV Asset Management Code of Ethics and Personal Trading Policy 7

7. Non-employees of LSV who work in the Chicago office, and have been deemed to be subject to some or all of the parts of the Policy, must report, on a quarterly basis, transactions in Reportable Securities.

**VIII. COMPLIANCE REVIEW DUTIES**

Compliance will (i) review the reports and information listed in VII. above to ensure that pre-clearance has been appropriately obtained and all information required under the Advisers Act and the 1940 Act is contained in such reports; (ii) review the trading of Access Persons for patterns that may indicate abuse; (iii) decide on appropriate interpretations of and exceptions to the Policy and disciplinary action in the event of violation of the Policy; (iv) report material violations to LSV senior management; (v) report annually to the board of directors of investment company clients regarding material violations of the Policy and certify that appropriate procedures are in place; and (vi) provide copies of the Policy and any amendments thereto to all Staff Members.

**IX. RECORDKEEPING**

LSV shall preserve in an easily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;· A copy of the current Policy in effect and a copy of any predecessor policy
for a period of five years after it was last in effect;

&nbsp;&nbsp;&nbsp;&nbsp;· A record of any violation of the Policy and of any action taken as a result
of the violation, for a period of five years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;· A record of all acknowledgments, either written
or via the ComplySci platform, for each person who is currently, or within the past five years was, required to acknowledge their receipt
of this Policy and any amendments thereto. All acknowledgements for a person must be kept for the period such person is a Staff Member
of LSV and until five years after the person ceases to be a Staff Member of LSV;

&nbsp;&nbsp;&nbsp;&nbsp;· A record of each report (or broker confirmations
and statements provided in lieu thereof) made by an Access Person for a period of five years from the end of the fiscal year in which
the report was made, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;· A record of the names of persons who are currently,
or within the past five years were, Access Persons of LSV;

&nbsp;&nbsp;&nbsp;&nbsp;· A record of any decision, and the reasons supporting
the decision to approve Access Persons' acquisitions of IPOs or private placements for at least five years after the end of the
fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;· A copy of each report furnished to the board
of any investment company pursuant to Rule 17j-1(c)(2)(ii) of the 1940 Act, describing issues arising under the Policy and certifying
that LSV has adopted procedures reasonably designed to prevent Access Persons from violating this Policy.

**X. PROHIBITION ON INSIDER TRADING**

All Staff Members are required to refrain from engaging in personal transactions in securities or trading on behalf of any Investment Vehicle on the basis of material nonpublic information about Advisory Clients, their affiliates, or the issuers of any securities. Personal transactions also may not be made on the basis of material nonpublic information about LSV or its affiliates. This section provides basic information to assist Staff Members in determining if they are in possession of inside information.

LSV Asset Management Code of Ethics and Personal Trading Policy 8

<u>What is "Material" Information?</u>

**Information is material when there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions.** Generally, if disclosing certain information will have a substantial effect on the price of a company's securities, or on the perceived value of the company, or of a controlling interest in the company, the information is material. However, information may be material even if it does not have any immediate direct effect on price or value.

<u>What is "Nonpublic" Information?</u>

**Information about a publicly-traded security or issuer is "public" when it has been disseminated broadly to investors in the marketplace. Tangible evidence of such dissemination is the best indication that the information is public.** For example, information is public after it has become available to the general public through a public filing with the SEC or other governmental agency, the Dow Jones "tape", the Wall Street Journal or other publication of general circulation or televised or electronic media, including social media platforms, and after sufficient time has passed so that the information has been disseminated widely.

Information about securities that are not publicly traded, or about the issuers of such securities, is not ordinarily disseminated broadly to the public. However, for purposes of this Policy, such private information may be considered "public" private information to the extent that the information has been disclosed generally to the issuer's security holders and creditors. For example, information contained in a private placement memorandum to potential investors may be considered "public" private information with respect to the class of persons who received the memorandum, <u>but may still be considered "nonpublic" information with respect to creditors who were not entitled to receive the memorandum</u>. As another example, a controlling shareholder may have access to internal projections that are not disclosed to minority shareholders; such information would be considered "nonpublic" information.

<u>Who Is an Insider?</u>

Unlawful insider trading occurs when a person with a duty not to take advantage of material nonpublic information violates that duty in connection with purchase or sale of a security. Whether a duty exists is a complex legal question. This portion of the Policy is intended to provide an overview only, and should not be read as an exhaustive discussion of ways in which persons may become subject to insider trading prohibitions.

Insiders of a company include its officers, directors (or partners), and employees, and may also include a controlling shareholder or other controlling person. A person who has access to information about the company because of some special trust or other confidential relationship with a company is considered a temporary insider of that company. Investment advisers, lawyers, auditors, financial institutions, and certain consultants *and all of their officers, directors or partners, and employees* are all likely to be temporary insiders of their clients.

Officers, directors or partners, and employees of a controlling shareholder may be temporary insiders of the controlled company, or may otherwise be subject to a duty not to take advantage of inside information.

LSV Asset Management Code of Ethics and Personal Trading Policy 9

<u>What is Misappropriation?</u>

Misappropriation usually occurs when a person acquires inside information about Company A in violation of a duty owed to Company B. For example, an employee of Company B may know that Company B is negotiating a merger with Company A; the employee has material nonpublic information about Company A and must not trade in Company A's shares or, in certain circumstances, shares of companies sufficiently comparable to Company A that news of the proposed merger would reasonably be expected to be material to investors in such companies.

As another example, Staff Members who, because of their association with LSV, receive inside information as to the identity of the companies being considered for investment by Investment Vehicles have a duty not to take advantage of that information.

<u>What is Tipping?</u>

Tipping is passing along material nonpublic information; the recipient of a tip becomes subject to a duty not to trade while in possession of that information. A tip occurs when an insider or misappropriator (the "tipper") discloses material nonpublic information to another person, who knows or should know that the tipper was breaching a duty by disclosing the information and that the tipper was providing the information for an improper purpose. Importantly, the tipper may have no relationship with the subject issuer, and may have misappropriated the information through an illegal act such as fraudulent misrepresentations or breaching cybersecurity systems. Proper diligence on potential sources of information is therefore important.

<u>What to do if you think you might have Inside Information</u>

Though unlikely, it is possible that a Staff Member may receive material nonpublic information from an Advisory Client's key persons concerning the Advisory Client's publicly traded affiliate or its other investment decisions, from a data or service provider concerning itself or its discussions with other publicly traded companies, or other misappropriated or material non-public information, including from family members or social acquaintances outside of employment settings. Staff Members are required to immediately notify Compliance of any receipt of nonpublic information potentially material to any publicly traded company, regardless of whether the Staff Member is contemplating a personal securities transaction based on such information or otherwise taking advantage of such information.

If you <u>think</u> that you might have access to material, nonpublic information, you should take the following steps:

i. Report the information and proposed trade, if any, immediately to Compliance.

ii. Do not purchase or sell the implicated securities on behalf of yourself or others, including Investment Vehicles.

iii. Do not communicate the information inside or outside LSV, other than to Compliance.

LSV Asset Management Code of Ethics and Personal Trading Policy 10

**Acknowledgements**

Staff Members make the following acknowledgement via the ComplySci platform.

I have read and I understand the Policy. I certify that I have, to date, complied and will continue to comply with the Policy and any amendments thereto, and applicable Federal securities laws. I understand that any violation may lead to sanctions, including my dismissal.

**If applicable,** I certify that the status of any account(s) I have previously reported to Compliance as accounts over which a third-party exercises investment discretion has not changed. ***PLEASE ONLY MAKE THIS ACKNOWLEDGEMENT IF YOU HAVE IDENTIFIED ACCOUNTS AS MANAGED.***

I further certify that I am not disqualified from employment with an investment adviser as described in Section 9 of the 1940 Act.

LSV Asset Management Code of Ethics and Personal Trading Policy 11

## Ex-99.B(P)(36)

**Exhibit 99.B(p)(36)**

![](tm2522623d1_ex99bp36img001.jpg)

**Code of Ethics and Conduct Policy from MIC Compliance Manual**

This document is authorized for use only by the intended recipient and may not be shared without the consent of Mackenzie Compliance Department.

**Purpose**

The purpose of this Code of Ethics Policy is to establish a code of ethics that sets forth the Firm's standards of business conduct and imposes, among other things, a system for the reporting and review of certain securities transactions by employees.

**Background**

Investment advisers are fiduciaries that owe a duty of loyalty to their clients, requiring that we never put our interests ahead of our clients' interests. Investment advisers are trusted to represent clients' interests in many matters, and advisers must hold themselves to the highest standard of fairness in all such matters.

Rule 204A-1 under the Advisers Act requires every registered investment adviser to establish, maintain and enforce a written code of ethics that, at minimum, must:

· set forth standards of business conduct reflecting the fiduciary obligations
applicable to the adviser and its supervised persons;

· include provisions requiring an adviser's supervised persons to comply
with applicable U.S. federal securities laws;

· require "access persons" of the adviser to report, and the adviser
to review, their personal securities transactions and holdings periodically and obtain
the adviser's approval before investing in any initial public offering or limited offering;

· require prompt reporting, to the adviser's CCO, of any violations of
the code; and

· require the adviser to provide each "supervised person" with
a copy of the code and any amendments, and require each recipient to acknowledge, in writing, their receipt thereof.

**Scope**

This Policy applies to the Firm's access persons and supervised persons.

Mackenzie Investments Corporation<br> Code of Ethics and Conduct Policy from MIC Compliance Manual<br> For Authorized Use Only Page 1 of 2

**Definitions**

***Access Persons.*** Access Person means the Firm's Supervised Persons that (i) have access to non-public information regarding any client's purchase or sale of securities, or non-public information regarding the portfolio holdings of certain affiliated mutual funds, or (ii) are involved in making securities recommendations to clients, or who have access to such recommendations that are non-public. The CCO may also designate others as Access Persons as deemed appropriate from time to time.

***Supervised Persons****.* Supervised Person means the Firm's officers, directors (or other persons occupying a similar status or performing similar functions), or employees, or other persons who provide investment advice on behalf of the Firm and are subject to the supervision and control of the Firm.

**Policy and Procedures**

At all times, the Firm and its Supervised Persons must comply with the spirit and the letter of the U.S. federal securities laws (including the Securities Act, the Exchange Act of 1933, the Sarbanes-Oxley Act of 2002, the Investment Company Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act, the Dodd-Frank Act of 2010, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to investment companies and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury) and the rules governing the capital markets.

The CCO administers the Code of Ethics. All questions regarding the Code of Ethics should be directed to the CCO. Supervised Persons must cooperate to the fullest extent reasonably requested by the CCO to enable (i) the Firm to comply with all applicable federal securities laws and (ii) the CCO to discharge their duties under the Compliance Manual.

All Supervised Persons will act with competence, dignity, integrity, and in an ethical manner, when dealing with Account clients, the public, prospects, third-party service providers and fellow Supervised Persons. Supervised Persons must use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, trading, promoting the Firm's services, and engaging in other professional activities.

The Firm expects all Supervised Persons to adhere to the highest standards with respect to any potential conflicts of interest with Account clients. As a fiduciary, the Firm must act in the Accounts' best interests. Neither the Firm nor any Supervised Person should ever benefit at the expense of any Account. Notify the CCO promptly about any practice that creates, or gives the appearance of, a material conflict of interest.

Supervised Persons are generally expected to discuss any perceived risks, or concerns about the Firm's business practices, with their direct supervisor. However, if a Supervised Person is uncomfortable discussing an issue with their supervisor, or if they believe that an issue has not been appropriately addressed, they should bring the matter to the CCO's attention.

The Firm's code of ethics includes this Policy, the *Access Persons' Personal Trading Policy*, the *Insider Trading Policy* and the *Code of Business Conduct and Ethics for Directors, Officers and Employees* (collectively, the "Code of Ethics"). Employees are expected to review and understand the Code of Ethics (and any amendments thereto), and acknowledge their receipt of the Code of Ethics (and any amendments thereto).

The CCO will provide copies of the Code of Ethics (and any amendments thereto) to employees. Employees are required to promptly report to the CCO violations or suspected violations of the Code of Ethics. Failure to follow aspect of the Code of Ethics may violate U.S. federal securities laws.

Mackenzie Investments Corporation<br> Code of Ethics and Conduct Policy from MIC Compliance Manual<br> For Authorized Use Only Page 2 of 2

![](tm2522623d1_ex99bp36img002.jpg)

Code of Conduct

IGM Financial Inc.

Investors Group Inc.

Mackenzie Financial Corporation

Investment Planning Counsel Inc.

October 2008

**Last Reviewed July 2021**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **1.** | **Purpose and Scope** | **3** |
|  | Your Obligations | 4 |
|  | Consequences of Breach | 4 |
|  | Guidance and Further Information | 4 |
|  | Obligation to Report Code Breaches | 5 |
|  | How to Make a Report | 5 |
|  | Exceptions | 5 |
| **2.** | **Corporate Responsibility** | **6** |
| **3.** | **Behaviour in the Workplace** | **6** |
|  | Discrimination | 6 |
|  | Harassment | 6 |
|  | Other Unacceptable Behaviour | 7 |
|  | Reporting Procedures and Discipline | 7 |
| **4.** | **Privacy** | **8** |
|  | Personal Information | 8 |
|  | Confidential Information | 8 |
| **5.** | **Conflicts of Interest and Corporate Opportunities** | **9** |
|  | Outside Business Activities | 10 |
| **6.** | **Insider Trading and Reporting** | **10** |
| **7.** | **Fair Competition** | **12** |
| **8.** | **Payments, Gifts and Entertainment** | **13** |
| **9.** | **Fraud Prevention** | **13** |
|  | Reporting, Investigation and Requests for Information or Assistance | 13 |
| **10.** | **Integrity of Financial Information and Reporting Concerns** | **14** |
| **11.** | **Communicating with Others** | **15** |
|  | Disclosure of Financial and Corporate Information | 15 |
|  | Requests from Regulators | 15 |
|  | Media Contact | 15 |
|  | Personal Communications | 15 |
|  | Political Involvement | 16 |
| **12.** | **Acceptable Use of Company Resources** | **16** |
| **13.** | **Intellectual Property** | **17** |
|  | Company Intellectual Property | 17 |
|  | Intellectual Property of Others | 18 |
|  | Reporting | 18 |
| **14.** | **Further Information** | **18** |

---

In this Code of Conduct, the term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "IGM" refers to IGM Financial Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "Company" refers to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· IGM and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investors Group Inc., Mackenzie Financial Corporation and Investment Planning
Counsel Inc., and all of their respective subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "Compliance Officer" refers to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in the case of IGM, the Chief Compliance Officer of IGM and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in the case of a particular Company, the senior compliance officer of that Company.

**1. Purpose and Scope**

The Code of Conduct (the "Code") sets out standards of conduct which must be followed by all directors, officers and employees of IGM. This includes directors, officers and employees of subsidiaries in every jurisdiction in which the Company operates unless a comparable code, approved by the Boards of Directors of the subsidiary and IGM, applies to such subsidiary.

In certain circumstances, the Company may be represented by third parties in the sale, service or administration of our financial products or services. In addition, the Company may contract with third parties to perform specific business functions or services. The Company has established Policies and Procedures to help you determine if this Code, or certain provisions of this Code, or our Supplier Code of Conduct should apply to such third parties.

This Code applies to conduct in the workplace or at work-related activities. In addition, directors, officers and employees are reminded that their conduct outside the workplace may reflect upon the Company.

The Company is committed to integrity and ethical behaviour in all we do. High standards of conduct are important in maintaining the trust and confidence of our clients, shareholders, others with whom we do business, and the communities in which we live and work. All directors, officers and employees are Company representatives, and are expected to conduct themselves with both personal and professional integrity.

The Company is committed to fair dealing with all clients, employees, shareholders, suppliers, competitors and other stakeholders. Unfair dealing includes manipulation, concealment, abuse of privileged information, misrepresentation of material facts and other illegal or unethical practices.

This Code sets out key principles of business conduct that you are required to follow. It cannot address every situation you may encounter. It is supplemented by corporate policies, standards, guidelines, business procedures, practices, handbooks, manuals and job aids that apply to you in your position with the Company, which are referred to in this Code as "Policies and Procedures."

**Your Obligations**

As a condition of your employment or appointment, you must familiarize yourself with, and at all times comply with:

· this Code;

· Policies and Procedures ; and

· any law or regulation, or external code of conduct,
standard or guideline applicable to you in your position with the Company.

This Code may be updated or amended from time to time and any changes will be communicated to you. It is your responsibility to review this Code and any amendments periodically to ensure you are in compliance with it.

Each year, you will be required to acknowledge that you have read this Code, that you understand your obligations under it, and that you agree to comply with it. However, in no event will compliance with this Code create any rights to continued employment or appointment.

Your acknowledgement of this Code further confirms that you are familiar with, and agree to comply with, all Policies and Procedures. See section 14 Further Information.

**Consequences of Breach**

If you breach:

· this Code;

· any Policies and Procedures; or

· any law or regulation, or external code of conduct,
standard or guideline applicable to you in your position with the Company

you may be subject to disciplinary action, including a warning, revision of responsibilities, suspension, or, termination of your employment, appointment or contract with the Company. You may also be subject to civil and/or criminal sanctions.

**Guidance and Further Information**

Should you encounter a situation for which this Code does not provide specific guidance, the following questions may help you make the right decision:

· Is it fair and ethical?

· Is it legal?

· How would this situation be perceived by a co-worker, a client, a shareholder or a regulator?

· How would this situation be perceived if it were made public?

· Are my actions consistent with the overall values described in this Code?

If you are unsure of the legal, ethical or reputational implications of a particular situation, or would like further guidance related to a matter referenced in this Code, you should contact your Compliance Officer or Legal Department. Directors should consult the General Counsel or, if directors of IGM, may also consult the Chair of the Board of IGM.

**Obligation to Report Code Breaches**

You must promptly report any known or suspected breach of this Code, any applicable law, regulation, external code of conduct, standard or guideline. This applies whether the breach or suspected breach involves you or another person subject to this Code. In addition, you have an obligation to report any instance where you become aware of or suspect illegal or unethical conduct by any of the Company's clients or others with whom we do business that may affect our business relationship with them or the Company's reputation.

**How to Make a Report**

If you are an officer or an employee, you should report any breach or suspected breach to your leader, Compliance Officer, Human Resources, or confidentially and anonymously through one of the methods outlined in the IGM Whistleblower Policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· By web intake site at:

o <u>www.igmfinancial.ethicspoint.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· By e-mail addressed to the IGM CCO or IGM GC at:

o <u>Whistleblower Reporting Mailbox</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· By telephone to the Whistleblower Reporting hotline at:

o For Canada and US: 1-844-231-3603

o For Ireland: 1-800-550-000

o For Hong Kong: 800-961763

If you are a director, you may also report any breach or suspected breach to the General Counsel or, if directors of IGM, may also report to the Chair of the Board of IGM.

The Company takes all breaches seriously, and requires that they be investigated and responded to on a timely basis in accordance with the IGM Whistleblower Policy. You must co-operate fully with all investigations.

The Company will respect the confidentiality of those who raise a concern, subject to its obligation to investigate the concern and any obligation to notify others, including regulators and other authorities and third parties. You may choose to report any concern anonymously; however, the Company's ability to fully investigate an anonymous report may be limited if it is unable to obtain additional information from you.

You should not attempt to conduct an investigation or verify your suspicions yourself. You need not be certain that an action or inaction breaches this Code, before you raise a concern. Genuine concerns, raised in good faith, will be investigated fully and appropriate action will be taken. The Company will not permit any reprisal, retaliation or disciplinary action to be taken against anyone for raising a concern in good faith. It is a breach of this Code to intentionally make a mischievous or malicious report.

**Exceptions**

Exceptions to the Code may only be granted in exceptional circumstances and only with the written approval of the General Counsel and CCO of IGM.

**2. Corporate Responsibility**

We have a longstanding commitment to act responsibly in everything that we do and in a way that emphasizes good governance, operational integrity, ethical practices and respect for our people, our clients, our community and the environment. IGM's Corporate Responsibility Statement reflects the core values that guide our directors, officers and employees in conducting activities on behalf of the Company.

To support IGM's Corporate Responsibility Statement, Policies and Procedures have been developed which recognizes our responsibility to uphold principles, policies and procedures that promote integrity and risk management, provide an inclusive environment where everyone can thrive, and manage our environmental footprint responsibly. Directors, officers and employees are expected to abide by these Policies and Procedures.

**3. Behaviour in the Workplace**

The Company is committed to maintaining a professional and inclusive workplace where all individuals who do business with or for us are treated with dignity and respect, and individual qualities, characteristics and differences are valued. Every individual has a right to work in an environment that is free from discrimination or harassment as described below.

This applies to your interactions with co-workers, clients, service providers and anyone else you encounter in your work. It applies to conduct in the workplace or in work-related activities, including any office, client premises or location in which Company business is conducted, where Company-related business or social activities take place, or where conduct could potentially have an impact on the workplace or workplace relations.

**Discrimination**

The Company is committed to providing equal opportunities in employment, appointment and advancement based on appropriate qualifications, requirements and performance, and does not tolerate unlawful workplace discrimination. You must not unlawfully discriminate on the basis of, among other things, age, sex, sexual orientation, race, national origin, religion or disability, or any other grounds outlined in the applicable human rights legislation ("Prohibited Grounds of Discrimination").

**Harassment**

The Company does not tolerate sexual harassment or any other form of workplace harassment. Harassment is behaviour that creates an intimidating, threatening, hostile or offensive work environment, or unreasonably interferes with another person's performance, employment or contractual opportunities.

The following are some examples of behaviour that may be considered harassment or discrimination:

· comments or conduct that disparage or ridicule a person's age, sex,
sexual orientation, race, national origin, religion or disability;

· mimicking a person's accent, speech or mannerisms based on their age,
sex, sexual orientation, race, national origin, religion or disability;

· sexual remarks, jokes, innuendoes or gestures;

· spreading malicious rumours;

· aggressive or threatening gestures or comments;

· shouting or slamming items on a desk;

· refusing to work with people because of their age, sex, sexual orientation,
race, national origin, religion or disability;

· unwelcome advances, invitations, propositions or demands of a sexual nature;

· unnecessary and unwanted physical contact; and

· display or circulation of racist, derogatory, offensive or sexually explicit materials.

Performance management, which deals with performance counseling, discipline or other management actions to address job performance issues or other legitimate employment issues, does not in and of itself constitute harassment.

**Other Unacceptable Behaviour**

You must treat everyone you deal with in your work for the Company with dignity and respect. The Company will not tolerate threats, violence or other inappropriate behaviour in the workplace.

The use of alcohol and drugs may have a negative impact on your performance and on the Company's reputation. Any form of drug and alcohol impairment on the job will be treated as a serious matter.

The use or possession of illegal drugs on Company property is prohibited at all times. In addition, alcohol use is prohibited on Company property, except under special circumstances specifically authorized by the Company, such as when alcohol is served at Company sponsored events. The use of medical marijuana or other controlled substances on Company property is permissible provided you first provide evidence to Human Resources that such use on Company property is medically authorized and necessary, your use is strictly limited to what is reasonably necessary in accordance with your physician's recommendations, and it does not interfere with your ability to carry out the key functions of your role or interfere with any health and safety obligations. Any other use of marijuana or other controlled substances on Company property is prohibited at all times.

**Reporting Procedures and Discipline**

The Company promptly and thoroughly investigates all reports of unlawful discrimination, harassment or other prohibited behaviour in as confidential a manner as possible.

Where the Company determines that such behaviour has occurred, as with any breach of the Code, it will take appropriate disciplinary action against those responsible, which may include dismissal. The Company will not tolerate retaliation or retribution against anyone for reporting unlawful discrimination, harassment or other prohibited behaviour in good faith.

If you believe you are being subjected to unlawful discrimination, harassment or other prohibited behaviour, or if you observe or receive a complaint regarding such behaviour, you should report it to a leader, Human Resources or member of the Legal Department.

For additional information on harassment and discrimination, please consult the IGM Workplace Harassment and Discrimination Prevention Policy.

**4. Privacy**

**Personal Information**

The Company respects the personal information received from clients, employees, and other individuals. Personal information may include an individual's home address and phone number, family and employment status, health information, and financial information.

You are required to protect personal information entrusted to the Company and comply with the IGM Privacy Policy. Any privacy concerns, inquiries or requests should be directed to your Compliance Officer or privacy officer in accordance with the IGM Privacy Policy.

**Confidential Information**

Confidential information of the Company or any aspect of its business activities must not be disclosed to any person, except in the necessary course of business, unless such information is made available to the public by the Company.

Examples of confidential information include non-public information about the Company's:

· operations, results, strategies and projections;

· business plans, business processes and client relationships;

· product pricing, and new product and other business initiatives;

· prospective or actual clients, suppliers, re-insurers or advisors;

· technology systems and proprietary products;

· lawyer/client communications; and

· merger, acquisition and divestiture plans, as well as confidential information
the Company receives from other companies and from clients.

You are responsible for protecting any confidential information in your possession against theft, loss, unauthorized disclosure, access or destruction, or other misuse. To protect confidential information, you should:

· only disclose confidential information to others within the Company on a
need-to-know basis or when authorized to do so;

· control access to confidential information by, for example, not leaving it
unattended in conference rooms or discarding it in a public place;

· refrain from discussing confidential Company business in public where you
may be overheard, including in elevators, in restaurants, in taxis or on airplanes; and

· comply with all relevant Policies and Procedures that have been established in your business area or office to safeguard confidential
information, including those regarding the use of electronic communications, such as cell phones, Internet and e-mail.

Your obligation to protect the Company's confidential information continues after your employment or appointment with the Company has ended. Any documents or materials containing confidential information must be returned when you leave the Company.

If you are uncertain about whether specific information must be kept confidential, or what procedures you should use to protect confidentiality, consult your leader or contact the Legal Department.

You must also comply with the requirements related to the confidentiality of material non-public information contained in the IGM Disclosure Policy and other Policies and Procedures.

**5. Conflicts of Interest and Corporate Opportunities**

You must act in the best interests of the Company at all times. A conflict of interest arises when your personal interests interfere with the interests of the Company. A conflict of interest – even the appearance of a conflict of interest – may be harmful to the Company.

Any conflicts of interest, or potential conflicts of interests, must be disclosed, as set out below. Some conflicts may be permissible if they are disclosed, managed and approved. Otherwise, conflicts must be avoided. If you are not sure if you have a conflict of interest situation, you should discuss with your leader, or contact your Compliance Officer or a member of the Legal Department.

Many situations could give rise to a conflict of interest, or to the appearance of a conflict of interest, such as the following:

· using Company property, information or relationships, including opportunities
of the Company, for direct or indirect personal gain;

· working for, or assisting another organization that competes or has a business
relationship with the Company;

· engaging in outside business activities (see next section below)

· in the case of employees, entering updates for your own account, or conducting
personal trading;

· receiving personal discounts or benefits from suppliers, service providers
or other business connections of the Company, that are not generally available to others at the Company;

· receiving gifts or entertainment that could influence, or appear to influence,
business decisions;

· directing business to a supplier that is owned or managed by a spouse, relative
or close friend;

· hiring, supervising or making a promotion decision about a spouse, relative or close friend;

· you or a member of your family having a significant financial interest in
a competing business, or in a current or prospective supplier or service provider;

· becoming an insider in any public company by acquiring more than 10% of the
voting rights of that company; and

· accepting an appointment to the board of directors or a committee of any organization whose interests may conflict with the Company's
interests, or accepting an appointment to the board of directors of any publicly traded company.

Since it is not possible to list all potential conflicts, you must exercise good judgement in anticipating situations that may give rise to a conflict of interest.

All potential and actual conflicts of interest, or transactions or relationships that may give rise to a conflict of interest, must be disclosed immediately. This requirement extends to any interests, transactions or relationships involving you, your immediate family or other individuals in close personal relationships with you.

Employees and officers who believe they may have a conflict of interest, become aware of the potential for a conflict of interest involving other people, or are uncertain whether the potential for a conflict of interest exists, must immediately notify their Compliance Officer. Directors should contact the General Counsel or, if directors of IGM, may also contact the Chair of the Board of IGM.

Conflicts will be reviewed upon disclosure. When the review is completed, you will receive a written response from your Compliance Officer, the General Counsel or Chair of the Board of IGM.

**Outside Business Activities**

Officers and employees should be aware that engaging in outside business activities, such as taking a second job, running your own business, or accepting a directorship may be prohibited.

In all cases, those activities should be disclosed to and approved by your leader, and for employees registered with the securities regulators, by your Compliance Officer.

Directors should disclose outside business activities to the General Counsel or Corporate Secretary of the Company.

**6. Insider Trading and Reporting**

You must comply with the IGM Insider Trading and Reporting Policy, which includes the following requirements:

· You may not buy, sell or otherwise trade in securities of IGM, or Power Financial
Corporation, Power Corporation of Canada, Great-West Lifeco Inc., Canada Life Capital Trust, The Canada Life Assurance Company, Great-West
Lifeco Finance (Delaware) LP or Great-West LifeCo Finance 2018 LP (the "Public Affiliates") if you possess material non-public
information about those companies. This restriction does not apply to certain purchases of IGM common shares specifically referenced in
certain share plans such as, but without limitation to, the Employee Share Ownership Plan and transfers of shares within the Employee
Share Purchase Plan (i.e. non-registered to RRSP or TFSA). Trading with knowledge of material non-public information is illegal under
applicable securities laws.

· You may not disclose material non-public information about those
 companies (a practice commonly referred to as "tipping") except in the necessary course of business. If you must communicate material non-public information about any of
those companies in the necessary course of business, you should advise the recipient in writing not to disclose the information without
written authorization from the appropriate company, and not to buy, sell or otherwise trade in the securities of the company until such
time as the information has been generally disclosed to the public. You should be careful to avoid inadvertently disclosing material non-public
information to your spouse, family members, friends and others as this could be considered tipping. Tipping is illegal under applicable
securities laws.

· You may not buy, sell or otherwise trade in the securities of a company with
which the Company does business, if you possess material non-public information about that company, unless and until such information
has become public. In addition, you may not tip others concerning such information.

· No director or officer who is an insider may speculate in (e.g. sell a "call"
or buy a "put") the securities of IGM or any of its Public Affiliates regardless of whether or not he or she possesses material
non-public information.

· No director or officer who is an insider may knowingly sell short or otherwise
sell the securities of IGM or any of its Public Affiliates if he or she does not own or has not fully paid for the Securities to be sold
(other than in connection with a "cashless" exercise of an option where the individual is entitled to be issued a security
upon payment of the exercise price).

· Directors of IGM and Restricted Trading Officers (as designated by the President
and Chief Executive Officer), may not buy, sell or otherwise trade in the securities of IGM or any of its Public Affiliates at any time
without the approval of IGM's Corporate Secretary.

· Directors and certain Officers may be required to file reports of trades
in securities of IGM or any of its Public Affiliates with regulatory authorities.

For these purposes, "material non-public information" about a company is information that:

· has not been generally disclosed to the public through a news release, a
communication to shareholders or widely reported media coverage; and

· significantly
affects, or would reasonably be expected to have a significant effect on, the market price or the value of any securities of the company
or that could affect the investment decision of a reasonable investor.

Examples of material non-public information may include information about:

· earnings or financial performance;

· business operations, results, projections or strategic plans;

· potential mergers, acquisitions or divestitures;

· potential sales of assets;

· gains or losses of major clients;

· the introduction of new products;

· public offerings of securities;

· changes in senior management;

· major changes in accounting policy; and

· actual or threatened lawsuits or regulatory investigations.

If you are not sure whether information is material non-public information, you should contact the Corporate Secretary.

If you require guidance concerning potential insider trading, you should contact the Legal Department before buying, selling or otherwise trading in any securities.

**7. Fair Competition**

The Company is committed to conducting its business in compliance with all competition laws (also called "antitrust laws"). Competition laws cover a wide range of business and competitive conduct, and generally prohibit any agreement to restrain or injure competition in a significant way. Among other things, competition laws prohibit agreements and understandings with others (including competitors, clients or suppliers) to:

· fix product prices;

· rig bids;

· boycott clients or suppliers;

· allocate clients or markets; and

· limit the sale or production of products or services.

Competition laws also prohibit deceptive marketing practices, including making false or misleading statements. Other business practices that unduly or substantially prevent, limit or lessen competition may also be prohibited. In certain circumstances, such practices may include "tied selling" (supplying a particular product or service to a client only if the client also agrees to purchase another product or service) and "exclusive dealing" (requiring a client to deal only or primarily in your product or service).

You must not engage in anti-competitive practices. You should familiarize yourself with and adhere to Policies and Procedures that have been established to guide you in avoiding anti-competitive practices. The failure to comply with competition laws may result in the prosecution of individuals, who could face substantial fines, damage awards and/or prison terms, and may subject the Company to criminal fines, administrative penalties and private lawsuits. Even allegations of anti-competitive behaviour can have a serious reputational impact. If you have any questions, you should contact a member of the Legal Department.

If your work involves contact with competitors in any setting, including trade association meetings, it is important that you avoid discussions regarding pricing, bids, discounts, promotions, terms and conditions of sale, and any other proprietary or confidential information.

If you are unsure whether a particular business practice may be anti-competitive, or if you become aware of any practice that may be anti-competitive, you should contact a member of the Legal Department.

**8. Payments, Gifts and Entertainment**

You must not engage in bribery, extortion or attempts to otherwise inappropriately influence public officials or others in order to obtain business advantage or access. These practices will not be tolerated by the Company.

Offering gifts and entertainment to others outside the Company may be appropriate in certain situations. However, the timing and nature of the gift or entertainment, as well as the circumstances under which it is offered, are important.

In particular, any gift or entertainment must be:

· offered or received in accordance with the IGM Anti-Corruption and Anti-Bribery Policy;

· within limits defined in the Policies and Procedures or regulatory requirements;

· reasonable and modest;

· considered an accepted business practice; and

· legal.

In general, gifts and entertainment should also be unsolicited.

Please refer to the IGM Anti-Corruption and Anti-Bribery Policy and Conflict of Interest and Corporate Opportunities section of this Code for guidance regarding situations where payments, gifts or entertainment have been offered to you.

**9. Fraud Prevention**

In carrying out your duties with the Company, you must not initiate, participate or assist in fraudulent or dishonest activities. Such activities include, but are not limited to:

· theft, embezzlement or misappropriation of client or Company funds or property,
or the property or funds of others;

· forgery or alteration of any document or part thereof, including but not
limited to cheques, drafts, employee expense invoices or reports, promissory notes or securities or policy related documents such as claims,
loans, surrenders, withdrawals, assignments, etc.;

· falsification, misuse or unauthorized removal of client or Company records;

· false representation or concealment of information that is designed to result
in a party obtaining a benefit to the detriment of the Company or its clients; and

· false representation or concealment of information that is designed to result
in the Company obtaining a benefit to the detriment of others.

**Reporting, Investigation and Requests for Information or Assistance**

The Company will promptly investigate any reports of fraudulent or dishonest activity related to Company business by directors, officers, employees, clients, claimants, vendors, suppliers or service providers. If you are aware of or suspect such fraudulent or dishonest activity, you must promptly report it using one of the methods described in How to Make a Report.

Do not attempt to conduct your own investigation. The Company is responsible for the investigation of any dishonest or fraudulent activities related to Company business through the Internal Company's Investigation Unit. Where appropriate, the Company will report any dishonest or fraudulent activities to the appropriate law enforcement or regulatory agencies.

If you receive a request for information or assistance concerning fraudulent or dishonest activities from a law enforcement or regulatory agency, or from any other third party, you should immediately notify your Compliance Officer.

For additional guidance, please contact a member of the Legal Department.

**10. Integrity of Financial Information and Reporting Concerns**

Policies and Procedures have been established to maintain and protect the integrity of our accounting and auditing processes as a public company. The Company's financial statements must be prepared in accordance with Generally Accepted Accounting Principles, including the accounting requirements of applicable regulators. The Company's financial statements must fairly present, in all material respects, the financial position, results of operations and cash flows of the Company.

You are responsible for the accuracy of all financial, accounting and expense information prepared by you, or under your supervision, and submitted to, or on behalf of, the Company. Any financial information must be accurate, timely, informative and understandable. You have a responsibility to raise any concerns you may have regarding accounting, internal accounting controls or auditing matters.

The Company has established the IGM Accounting Policies to allow you to report complaints or concerns about IGM or any of its subsidiaries regarding these matters, and to ensure that such reports are investigated promptly and thoroughly. Please refer to the IGM Accounting Policies for examples of possible concerns regarding accounting, internal accounting controls or auditing matters, and for instructions on reporting procedures. Employees may report any complaint or concern anonymously although the Company's ability to fully investigate an anonymous report may be limited if it is unable to obtain additional information.

In addition, if you become aware of any investment or transaction that you believe could adversely affect the well-being of the Company, you must report it using one of the methods described in How to Make a Report. Concerns regarding such matters will be reviewed by Company officers and, if appropriate, reported to the Chair of the Audit Committee of the IGM Board. Directors should report similar concerns to the General Counsel or, if directors of IGM, may also report to the Chair of the Board of IGM.

**11. Communicating with Others**

**Disclosure of Financial and Corporate Information**

The Company is committed to consistent and fair disclosure practices aimed at informative, timely and broadly disseminated disclosure of information to the market in accordance with all applicable laws.

The Company is subject to the requirements of securities regulators and stock exchanges about how and when information about the Company is disclosed to the public. Accordingly, the Company has established the IGM Disclosure Policy to help ensure that the public disclosure of significant non-public information is accurate, timely, informative and understandable.

You must comply with the IGM Disclosure Policy and all Policies and Procedures related to the disclosure of non-public information. If you have questions regarding the disclosure of Company information, contact a member of the Legal Department.

**Requests from Regulators**

The Company is regulated by a number of different entities. From time to time, these regulators may examine or request information from the Company. The Company co-operates with all appropriate requests for information on a timely basis. In order to help ensure prompt, consistent responses and confidentiality of regulatory information, if you receive an inquiry from a regulator, before responding, discuss with your Compliance Officer, or a member of the Legal Department. A record should be kept of all information provided in response to regulatory requests.

You must not conceal, destroy or alter any documents, lie or make any misleading statements to any regulatory agency representative or cause anyone else to do the same. If you become aware of or suspect someone else of doing so, you must report it immediately to the Legal Department.

**Media Contact**

In addition to everyday communications with outside persons and organizations, the Company will, on occasion, be asked to express its views to the media. If you are approached by a member of the media, you should indicate that it is the Company's policy to refer all media inquiries to the Communications department. You should not respond to any media inquiries unless you are authorized to do so by them.

**Personal Communications**

Your personal communications should not identify the Company or your position with the Company. Do not use Company letterhead, envelopes, fax cover sheets, or other communication materials containing the Company's name, logo or trademark for your personal communications. Incidental personal use of Company email is permitted in limited circumstances. Refer to the Acceptable Use of Company Resources section of this Code for more information.

In particular, in any personal communication with politicians, public officials, industry or professional associations, the media or the general public, you should not lead people to believe that you are expressing the views of the Company.

**Social Media**

When posting comments on social media, your comments can generally be viewed by anyone. Avoid statements which are slanderous or detrimental to the Company, our competitors, other employees, management, advisors or investors. If you are experiencing conflict in any way related to your role with the Company, the appropriate course of action is to speak to your leader or Human Resources for assistance. You may at times disagree with comments made by other people and you may respond, but do so respectfully.

Comments or posts on social media made as a private person on an individual's social media site may still be attributed as being a statement by, on behalf of, or supported by IGM. If this is the case, the Company will ask that any such comments or posts be corrected or removed. If you leave the Company, you should update your online profiles to reflect these changes in a timely manner.

You must also comply with any social media Policies and Procedures and regulations applicable to your role at the Company.

**Political Involvement**

The Company supports and respects your right to participate in the political process. However, you must not use Company funds, goods or services as contributions to, or for the benefit of, candidates or political organizations.

No one in the Company may require you to contribute to, support or oppose any candidate or political organization.

The Company may engage in political activities, including communicating with policy-makers at all levels of government and their staffs. You should not engage in lobbying activities on behalf of the Company unless you have obtained authorization to do so, in advance, from the CEO or General Counsel of the Company. These activities may trigger registration, licensing, and disclosure requirements. If you engage in lobbying activities on behalf of the Company, you must comply with the IGM Lobbying Policy and all applicable federal and provincial laws and regulations, and must contact the Legal Department.

**12. Acceptable Use of Company Resources**

Company resources are not intended for personal use. Company resources include all equipment, supplies, letterhead, documents, data, mail services, phone services, e-mail and Internet access, and any other resources provided by the Company to support Company business activities. You are expected to use care and diligence to ensure that Company resources entrusted to you are secure. Misappropriation, unauthorized removal, or fraudulent or inappropriate use of Company resources is not permitted.

Incidental personal use of certain Company resources (e.g., email, Internet, local telephone calls, photo-copiers) may be acceptable, subject to management discretion and compliance with related Policies and Procedures, as long as it does not interfere with the intended business uses, it does not incur unauthorized expenses and it does not interfere with your productivity. Company resources must never be used for outside business activities, for improper purposes or to violate any laws. If you have a question about the incidental use of Company resources, please contact your leader or your Compliance Officer.

Computers and other electronic equipment, and all files and data stored on such equipment, are the property of the Company, including personal files and data. The Company monitors information processed, stored or transmitted on Company technology, including personal files, emails, Internet activity, in accordance with applicable procedures, policies and local laws. The monitoring done by the Company is at its discretion without advance notice to you. By using Company systems or equipment, you consent to the Company's inspection and use of any and all files and data transmitted via or stored on Company systems or equipment, including personal files and e-mail. The downloading or installation of unapproved software is not permitted.

Individuals should have no expectation of privacy while using any company furnished technology equipment and resources at any time, including but not limited to accessing the internet, personal social media accounts, or email. Individuals should be aware that their rights to privacy do not change even during limited periods of personal use.

To the extent that individuals wish their private activities to remain private, they should avoid using company-furnished technology equipment and resources such as their computer, mobile device, Internet or email.

Policies and Procedures have been established to govern the use of the Company's e-mail systems, Internet resources and other technology. Policies and Procedures have also been established to govern the reporting and reimbursement of allowable business expenses.

If you become aware of loss, theft or misuse of Company resources or have questions about the proper use of those resources, you should contact your leader or your local Compliance Officer.

**13. Intellectual Property**

**Company Intellectual Property**

The Company's intellectual property is among its most valuable assets and the Company is committed to protecting it. The Company's intellectual property includes:

· brands, logos, slogans, domain names, business names and other identifying
features used to identify the Company and its products or services;

· software, scripts, interfaces, documentation, advertising and marketing materials,
content (such as website content) and databases;

· trade secrets, ideas, inventions, systems and business processes; and

· confidential information, as addressed in the Personal and Confidential Information
section of this Code.

Intellectual property created while carrying out the duties of your employment or appointment with the Company, or using any Company resources, whether created during regular business hours or after hours, and whether created on or off Company property, is owned by the Company. You should disclose the creation of any such intellectual property to your leader.

You must use the Company's intellectual property only as required in your position with the Company. Some examples of inappropriate use or infringement of the Company's intellectual property may include:

· using Company logos on a personal website;

· duplicating copyrighted material without permission;

· altering a Company logo to serve a purpose for which it was not intended; and

· distributing Company software to third parties

**Intellectual Property of Others**

The Company may use the intellectual property of others that it has licensed, acquired or obtained permission to use. For example, the Company uses computer software under license from other companies, newspapers, books, magazines, articles, audio and video recordings, or other copyrighted material.

The Company respects the intellectual property rights of others. In the course of your duties with the Company, you must not use any intellectual property that belongs to others unless permitted by the terms of the applicable license agreement or otherwise permitted by applicable law.

Unauthorized or unlawful use of the intellectual property of others may include:

· using another company's logos in Company marketing materials without permission;

· duplicating copyrighted material without permission;

· plagiarizing documents, in whole or in part;

· installing software that is not licensed to the Company onto Company computers; and

· using intellectual property you obtained in the course of your employment
with another company, in the course of your duties with the Company.

**Reporting**

If you become aware of or suspect any inappropriate use or infringement of the Company's trademarks, copyrights, patents or other intellectual property rights, or the intellectual property rights of others, you should report it using one of the methods described in How to Make a Report, or to a member of the Legal Department.

For further guidance on your obligations relating to intellectual property, consult your leader or the Legal Department.

**14. Further Information**

Information on the Company Policies and Procedures referred to in this Code can be found by clicking on the applicable links for <u>IG Source</u> / <u>MI Exchange</u>/ <u>IPC Hub</u>.

## Ex-99.B(P)(37)

**Exhibit 99.(P)(37)**

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Wealth and Asset Management and General Account Investments Code of Ethics Policy Sponsor GWAM CCO/Global Ethics Office Segment (s) GWAM Legal Entities GWAM Advisers Committee or Executive Approval GWAM CCO Review Cycle 1 Year Last Update October 2024 Related Documents Global Entertainment and Gift Policy Pay to Play Policy Company policy documents are for internal use only and may not be shared outside the Company, in whole or part, without prior approval from the Global Compliance Chief who will consult as appropriate with the Policy Sponsor and Legal Counsel when deciding whether to approve and the conditions attached to any approval. This Policy was written in English and translated to other language versions; in the event of any inconsistency or discrepancy between the language versions, the English version must be given priority of interpretation over other language versions. QUESTIONS RELATED TO THE POLICY If you have a question in relation to the Policy or require training, please contact: INVDIVCodeofEthics@manulife.com PURPOSE AND SCOPE See Section 1: Purpose POLICY STATEMENT See opening remarks by our President & CEO, and Chief Investment Officer. ROLES AND RESPONSIBILITIES Review Section 2: Code Applicability. DEFINITIONS See Appendix A. COMPLIANCE Compliance with the Policy will be monitored and administered by the Global Ethics Office. EXCEPTIONS See Section 8.2: Exemptions and Appeals 1 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img02.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every day we make individual choices which reflect on the collective reputation of the Manulife and John Hancock brands. Our global standards for business ethics and our well-regarded reputation for integrity differentiates our brands in the marketplace and are critical factors to our past and future success. We are proud of Manulife's culture of doing business the right way and underscore the need to continue to conduct our business in this manner. To this end, Global Wealth and Asset Management and General Account Investments have adopted this code of ethics to promote compliance with applicable law, as well as to address certain potential and actual conflicts of interest which can arise between our personal interests and the interests of our Clients. This code of ethics has been designed to reflect our values as a global organization and demonstrate the importance of the trust our Clients have placed in Manulife and the duties we owe to our Clients. Paul Lorentz President & CEO Global Wealth and Asset Management Trevor Kreel Chief Investment Officer Manulife Financial Corporation 2 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img03.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table of Contents**

1. PURPOSE................................................................................................................................................... 5 2. CODE APPLICABILITY............................................................................................................................... 5 2.1 GWAM AND GA ASSOCIATE ................................................................................................................... 5 2.2 GWAM AND GA ACCESS PERSON ("ACCESS PERSON") ..................................................................... 5 3. ACCESS CLASSIFICATION LEVELS AND APPLICABLE RULES ............................................................ 6 3.1 ACCESS CLASSIFICATION LEVELS - SCHEMATIC ................................................................................ 7 4. GENERAL PRINCIPLES OF BUSINESS CONDUCT................................................................................. 7 4.1 GENERAL PRINCIPLES OF BUSINESS CONDUCT................................................................................. 7 4.2 PERSONAL TRADING CONFLICTS OF INTEREST.................................................................................. 8 4.3 CONFIDENTIAL INVESTMENT INFORMATION........................................................................................ 8 4.4 MNPI RELATED TO MANULIFE SECURITIES AND MANULIFE AFFILIATED FUNDS............................ 8 4.4.1 DISCLOSURE OF PORTFOLIO HOLDINGS PROCEDURES – JOHN HANCOCK FUNDS ......................... 8 4.5 FALSE RUMOURS ..................................................................................................................................... 9 4.6 SUPERVISORY OVERSIGHT .................................................................................................................... 9 4.7 SPECIAL REQUIREMENTS FOR REAL ASSETS ..................................................................................... 9 4.8 SHARED BUSINESS ENTERTAINMENT AND GIFTS............................................................................... 9 4.9 PAY TO PLAY........................................................................................................................................... 10 4.10 OUTSIDE BUSINESS ACTIVITIES ............................................................................................................... 10 4.11 REPORTING VIOLATIONS OF THE CODE............................................................................................. 10 4.12 INITIAL CODE CERTIFICATION ............................................................................................................. 11 4.13 QUARTERLY CODE CERTIFICATION ......................................................................................................... 11 4.14 ANNUAL CODE CERTIFICATION ................................................................................................................ 11 5. PERSONAL TRADING RULES................................................................................................................. 11 5.1 NO LIABILITY FOR LOSSES.................................................................................................................... 11 5.2 WHAT SECURITIES ARE SUBJECT TO THE PERSONAL TRADING RULES?..................................... 11 5.3 REQUIREMENT TO REPORT SECURITIES ACCOUNTS ...................................................................... 12 5.3.1 MANAGED ACCOUNTS............................................................................................................................... 12 5.3.2 MANAGED ACCOUNT QUALIFICATION PROCESS .................................................................................. 13 5.4 DUPLICATE TRANSACTION CONFIRMATIONS AND STATEMENTS................................................... 13 5.5 U.S.-BASED PREFERRED BROKERAGE ACCOUNT REQUIREMENT................................................. 13 5.6 INITIAL HOLDINGS REPORT AND CERTIFICATION ............................................................................. 13 5.7 QUARTERLY TRANSACTIONS REPORT AND CERTIFICATION .......................................................... 13 5.8 REPORTING OF SECURITIES AS GIFTS, DONATIONS, AND INHERITANCES................................... 14 5.9 ANNUAL HOLDINGS REPORT AND CERTIFICATION........................................................................... 14 5.10 ACCESS PERSON'S RESPONSIBILITY REGARDING TRANSACTIONS AND HOLDINGS DATA ............ 14 5.11 PRE-CLEARANCE APPROVAL REQUIREMENT......................................................................................... 14 5.12 TERMS OF PRE-CLEARANCE ..................................................................................................................... 15 5.12.1 SAME DAY APPROVAL WINDOW............................................................................................................. 15 5.12.2 RESTRICTION ON SECURITIES UNDER ACTIVE CONSIDERATION ................................................... 15 5.12.3 LIMIT ORDERS AND SPECIAL ORDERS.................................................................................................. 15 5.12.4 MIM PUBLIC MARKETS INVESTMENT TEAM HOLD UNTIL SOLD RULE .............................................. 15 5.12.5 INITIAL PUBLIC OFFERINGS & INITIAL COIN OFFERINGS & PRIVATE PLACEMENTS....................... 15 5.12.6 INITIAL PUBLIC OFFERINGS, INITIAL COIN OFFERINGS & PRIVATE PLACEMENT APPROVALS .... 15 5.13 INVESTMENT CLUBS................................................................................................................................... 16 3 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img04.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 OWNERSHIP BAN: SECURITIES OF JOHN HANCOCK FUNDS SUB-ADVISERS .................................... 16 5.15 RESTRICTIONS ON MANULIFE SECURITIES ............................................................................................ 16 5.15.1 REQUIREMENT TO PRE-CLEAR SALES OF MFC SHARES IN THE GSOP PROGRAM........................ 16 5.16 SHORT TERM PROFIT BAN ("60 DAY RULE") ............................................................................................ 16 5.17 SAME DAY FIRM TRADE RULE ................................................................................................................... 17 5.17.1 MARKET CAP SECURITIES EXCEPTION ................................................................................................ 17 5.18 EXCESSIVE TRADING IS DISCOURAGED.................................................................................................. 17 5.19 INFORMATION BARRIERS........................................................................................................................... 17 6. ADDITIONAL PERSONAL TRADING RULES FOR FRONT-OFFICE ACCESS PERSONS ..................... 17 6.1 15 DAY FIRM TRADE RULE...................................................................................................................... 18 6.1.1 MARKET CAP SECURITIES EXCEPTION................................................................................................... 18 6.1.2 DE MINIMIS TRADING EXCEPTION ........................................................................................................... 18 6.2 INITIAL PUBLIC OFFERING BAN.............................................................................................................. 18 6.3 ADDITIONAL RESTRICTIONS – HONG KONG-BASED ACCESS PERSONS ONLY.............................. 18 7. ADDITIONAL PERSONAL TRADING RULES FOR MIM PUBLIC MARKETS FRONT-OFFICE ACCESS PERSONS ................................................................................................................................................. 18 7.1 MIM PUBLIC MARKETS INVESTMENT TEAM HOLD UNTIL SOLD RULE.............................................. 19 8. ADMINISTRATION OF THE CODE ........................................................................................................... 19 8.1 PENALTIES FOR CODE VIOLATIONS ..................................................................................................... 19 8.2 EXEMPTIONS AND APPEALS .................................................................................................................. 19 8.3 CODE AMENDMENTS............................................................................................................................... 19 8.4 PRIVACY.................................................................................................................................................... 19 8.5 CODE ADMINISTRATION.......................................................................................................................... 20 8.5.1 CONTACT..................................................................................................................................................... 20 8.6 RECORDKEEPING.................................................................................................................................... 20 Appendix A............................................................................................................................................................ 21 Appendix B............................................................................................................................................................. 26 Appendix C ............................................................................................................................................................ 28 4 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img05.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. PURPOSE Global Wealth and Asset Management ("GWAM") and General Account Investments ("GA") and certain regulated entities listed in Appendix B (together the "Firm") have adopted this Code of Ethics (the "Code") to promote compliance with applicable law. 1 This Code is separate and distinct from the Manulife Code of Business Conduct and Ethics. It is a supplementary standard of business conduct for asset managers and their employees to prevent those abuses in the investment management business that can arise when certain conflicts of interest exist between an investment manager, including its personnel and affiliates, and accounts managed for its Clients. By adopting and enforcing this Code, we strengthen the trust and confidence entrusted in us by demonstrating that at Manulife, Client interests come first. 2. CODE APPLICABILITY This Code is applicable to Associates of the Firm. Adherence to the General Principles of Business Conduct, and other provisions of this Code as applicable, are a condition of employment. 2.1 GWAM AND GA ASSOCIATE Associates are: (i) any partner, officer, director, or other person occupying a similar status or performing similar functions of the Firm (ii) an employee of the Firm (iii) any person who provides investment advice on behalf of the Firm and is subject to the supervision and control of the Firm (iv) any person meeting the definition of Access Person (v) an Advisory Person of a Fund (vi) certain Manulife Affiliate persons who engage, directly or indirectly, in the Firm's investment advisory activities and (vii) any other person who the Code Administrator deems an Associate. 2 2.2 GWAM AND GA ACCESS PERSON ("ACCESS PERSON") Additionally, Associates who have access to certain investment information and the investment decision-making process are further classified by the Code Administrator into one of three Access Person levels and therefore subject to the personal trading rules and obligations of their Access Person classification level. 1 This Code has been designed to be applicable across GWAM and GA and certain regulated entities listed in Appendix B (together the "Firm"), however it is being implemented in a multi-phased, multi-year project. In the interim, Associates may be subject to another code of ethics. See Appendix B for the legal entities that have adopted this Code to date. Associates at CQS are not subject to the Global Wealth and Asset Management and General Account Investments Code of Ethics administered on Manulife's instance of StarCompliance, rather, are subject to the relevant CQS Policies and Procedures admini stered on CQS's instance of StarCompliance. 2 The Code Administrator may modify the requirements of this Code for those Associates whose covered status is expected not to exceed 90 days (for instance contractors, co-ops and interns) or in instances where a person is subject to another code of ethics or fiduciary duty and where the modification is not otherwise specifically prohibited by law. In reliance on an SEC no - action letter, the Code Administrator may include in the definition of "Associate" any person of a Manulife Affiliate who is engaged, directly or indirectly in the Firm's investment advisory activities. 5 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img06.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. ACCESS CLASSIFICATION LEVELS AND APPLICABLE RULES Associates are categorized into one of the following Access Classification Levels for purposes of applying the rules in this Code: ACCESS CLASSIFICATION LEVELS DEFINITION APPLICABLE SECTION(S) OF RULES IN THIS CODE Non-Access Person Associates (as defined in Section 2.1) who are not deemed to be an Access Person. Section 4 Regular Access Person Any Associate who, in connection with their regular functions or duties: (i) has or may have access to non-public information regarding the purchase or sale of securities or non-public information regarding the portfolio holdings of Client or Firm accounts (ii) has or may have access to material, non-public Securities information (including material non-public information regarding affiliated mutual funds, ETFs, etc.). Examples: Sales, Marketing, Product, Client Service, IT, Finance, Operations, Legal, Compliance, Risk, Audit and certain related support staff. Section 4 Section 5 General Account/Manulife Investment Management Private Markets ("MIM Private Markets") Front- Office Access Person Any GA or MIM Private Markets Associate who, in connection with their regular functions or duties, makes or participates in/supports making recommendations regarding the purchase or sale of Securities for Client or Firm accounts, or provides direct administrative support to a General Account/MIM Private Markets Associate who makes or participates in/supports recommendations. Examples: Portfolio Management, Analysts, Traders, Credit, ALM, Real Estate, Commercial Mortgages and certain related support staff Section 4 Section 5 Section 6 Manulife Investment Management Public Markets ("MIM Public Markets") Front-Office Access Person Any MIM Public Markets Associate who, in connection with their regular functions or duties, makes or participates in/supports making recommendations regarding the purchase or sale of Securities for Client or Firm accounts, or provides direct administrative support to a MIM Public Markets Associate who makes or participates in/supports recommendations. Examples: Portfolio Managers, Analysts, Traders and certain related support staff Section 4 Section 5 Section 6 Section 7 6 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img07.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCESS CLASSIFICATION LEVELS GENERAL PRINCIPLES OF BUSINESS CONDUCT (SECTION 4) PERSONAL TRADING RULES (SECTION 5) ADDITIONAL PERSONAL TRADING RULES (SECTION 6) ADDITIONAL PERSONAL TRADING RULES (SECTION 7) – 3.1 ACCESS CLASSIFICATION LEVELS - SCHEMATIC Non-Access Person Regular Access Person GA/MIM Private Markets Front-Office Access Person MIM Public Markets Front-Office Access Person 4. GENERAL PRINCIPLES OF BUSINESS CONDUCT Applicable to All Access Classification Levels The rules in this Section are applicable to all Access Classification Levels: • Non-Access Person • Regular Access Person • GA/MIM Private Markets Front-Office Access Person • MIM Public Markets Front-Office Access Person 4.1 GENERAL PRINCIPLES OF BUSINESS CONDUCT Adherence to the General Principles of Business Conduct and other provisions of this Code is a condition of employment. Additionally, while the Code contains specific restrictions and limitations designed to prevent certain defined types of conflicts, the Firm recognizes that not every potential conflict of interest can be anticipated by the Code. Therefore, it is critical that the Code's General Principles of Business Conduct be followed in the absence of a specific Code requirement or limitation. Each Associate is expected to adhere to a high standard of professional and ethical conduct and should be sensitive to situations that may give rise to an actual conflict or the appearance of a conflict with the accounts we manage, or situations that have the potential to cause damage to Manulife or a Manulife Affiliates' reputation. To this end, each Associate must act with integrity, honesty and in an ethical manner. The following General Principles of Business Conduct govern the activities of our busines s and every Associate: 7 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img08.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a fiduciary duty to place the interests of our Clients first. Consistent with our fiduciary duty, we must also never (i) employ any device, scheme or artifice to defraud a Client (ii) make any untrue statement of a material fact to the Client or an account we manage or omit to state a material fact necessary in order to make the statements made to a Client, in light of the circumstances under which they are made, not misleading. • All personal Securities transactions must be conducted consistent with the applicable provisions of the Code, and in such a manner as to avoid any actual or potential conflict of interest and any other abuse of trust or responsibility. • We should not take inappropriate advantage of our position or engage in any fraudulent or manipulative practice (such as front-running or manipulative market timing) with respect to the accounts we manage. • We must treat as confidential any non-public or confidential information concerning the identity of Security holdings and financial circumstances of the Firm or our Clients. • We must comply with all applicable laws including applicable domestic and foreign Securities Laws. 4.2 PERSONAL TRADING CONFLICTS OF INTEREST The Code represents a balancing of important interests. On the one hand, we owe a duty of loyalty to our Clients, and we must avoid even the appearance of a conflict that might be perceived as abusing the trust Clients have placed in us. On the other hand, the Firm does not want to prevent conscientious professionals from investing for their own accounts where conflicts do not exist or are immaterial to investment decisions affecting our Clients or the accounts we manage. When conflicting interests cannot be reconciled, the Code makes clear that, first and foremost, Associates owe a fiduciary duty to our Clients, and the accounts we manage. In most cases, this means that the affected Associates will be required to forego conflicting Securities transactions. In some cases, personal investments will be permitted, but only in a manner, which, because of the circumstances and applicable controls, cannot reasonably be perceived as adversely affecting Client portfolios or taking unfair advantage of the account relationship. 4.3 CONFIDENTIAL INVESTMENT INFORMATION Information acquired by Associates in connection with their duties for the Firm including information regarding actual or contemplated investment decisions, non-public portfolio composition, proprietary research, research recommendations, investment recommendations, or Firm or Client interests, is confidential and may not be used in any way that might be contrary to, or in conflict with the interests of the accounts we manage. Additionally, Associates are reminded that certain Clients have specifically required their relationship with us to be treated confidentially. 4.4 MNPI RELATED TO MANULIFE SECURITIES AND MANULIFE AFFILIATED FUNDS Material, non-public information ("MNPI") related to Manulife Securities, Manulife Affiliated Mutual Funds, or Affiliated Regulated Closed-End Funds acquired by Associates in connection with their duties for the Firm is confidential and may not be used for direct or indirect personal or family benefit including personal trading. 4.4.1 DISCLOSURE OF PORTFOLIO HOLDINGS PROCEDURES – JOHN HANCOCK FUNDS The Boards of Directors/Trustees of all John Hancock Affiliated Funds advised by JHIM, LLC and/or JHVTA, LLC. have adopted procedures designed to ensure non - public information regarding Fund portfolio holdings are not disclosed except in limited circumstan ces to any person, including affiliated persons, on a "need to know" basis (i.e., the person receiving the information must have a legitimate business purpose for obtaining the information prior to it being publicly available and you must have 8 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img09.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a legitimate business purpose for disclosing the information in this manner). Non - public information regarding Fund portfolio holdings is confidential and the intent of the procedures is to guard against selective disclosure of such information in a manner that would not be in the best interest of Fund shareholders. Please consult with the John Hancock Funds CCO for more information. 4.5 FALSE RUMOURS The Securities Laws prohibit the deliberate or reckless use of manipulative devices or activities with an intention to affect the Securities markets, including the intentional creation or spreading of false or unfounded rumors or other information. Accordingly, Associates may not communicate information regarding companies, Securities, or markets that they know to be false. 4.6 SUPERVISORY OVERSIGHT All Associates with managerial responsibility are responsible for the reasonable supervision of their staff to prevent and detect violations of this Code and applicable rules and regulations. Failure to perform adequate oversight can result in the manager being held personally liable by regulators for violations of the Securities Laws and the Code. 4.7 SPECIAL REQUIREMENTS FOR REAL ASSETS Associates are prohibited from knowingly engaging in for (direct or indirect) personal or family benefit any of the following activities: • Employing, hiring, or contracting with vendors for the provision of goods or services to Manulife or Manulife-managed properties or businesses; • Utilizing for personal purposes the paid or unpaid services of a Manulife or Manulife-managed property vendor (including the services of the vendor's employees); • Purchasing or selling property adjacent to existing or proposed Manulife or Manulife-managed properties or businesses; • Purchasing, selling, or transferring mineral or other land-related rights impacting existing or proposed Manulife or Manulife-managed properties or businesses; • Leasing a real estate interest to or from a Manulife or Manulife-managed property; or • Exploiting Manulife or Manulife-managed properties or assets (including rental space and equipment or supplies) for personal use. 4.8 SHARED BUSINESS ENTERTAINMENT AND GIFTS The Firm has adopted the "GLOBAL ENTERTAINMENT & GIFT POLICY." Although the Firm recognizes that the giving or receiving of shared business entertainment and modest gifts is a customary way to strengthen business relationships, and with some restrictions, is a lawful and proper business practice, they have adopted the policy to: • Protect Associates from being improperly influenced (or perceived to be improperly influenced) in the discharge of their responsibilities because of excessive or improper shared business entertainment or gifts from a business partner or Client; • Ensure that the giving of shared business entertainment or gifts to business partners or Clients does not exclude the Firm from certain investment management and business opportunities; and • Ensure that Associates do not engage in shared business entertainment or gift practices that constitute (or appear to constitute) a corrupt business practice, including bribery. All Associates must abide by the specific standards and disclosure requirements of the "GLOBAL ENTERTAINMENT & GIFT POLICY." 9 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img10.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, Associates are required to report their shared business entertainment and gift activity in StarCompliance, the Code of Ethics administrative system, as well as certify to their adherence to the "GLOBAL ENTERTAINMENT & GIFT POLICY" on a quarterly basis. Certain associates may have additional requirements and/or restrictions regarding entertainment and gifts pursuant to specific legal entity policies in which they are covered associates, including Financial Industry Regulatory Authority ("FINRA") registered associates. 4.9 PAY TO PLAY The Firm has adopted the "PAY TO PLAY POLICY" to ensure that certain GWAM and GA legal entities (each a "U.S. Adviser") comply with applicable pay to play laws and are not disqualified from pursuing new government Client opportunities (including public pension fund Clients), or from receiving advisory compensation from existing government Clients. The Policy outlines its applicability to certain U.S. Advisers and Associates of those U.S. Advisers that must comply with the specific standards and requirements of the policy. Additionally, Associates are required to pre-clear and report their political contributions and certify to their adherence to the "PAY TO PLAY POLICY" in StarCompliance on a quarterly and annual basis. 4.10 OUTSIDE BUSINESS ACTIVITIES The Firm has established a reporting and pre-clearance process to identify and address certain actual or potential conflicts of interest related to an Associate's outside business activities. Associates are required to pre-clear and disclose in StarCompliance their outside employment positions, board or officer positions with a business or charitable organization, positions with portfolio companies or other portfolio advisory positions, positions on loan or creditor committees, positions with government or quasi-government bodies, and board or officer positions with industry or professional organizations (including any positions of influence that conflict with your role at the firm). This includ es activities on both a paid and unpaid basis. Additionally, Associates are required to certify that they have disclosed all outside business activities in StarCompliance on a quarterly and annual basis. 4.11 REPORTING VIOLATIONS OF THE CODE Associates who know or have reason to believe that the Code has been or may be violated must bring such actual or potential violations to the immediate attention of the Code Administrator and/or the relevant Chief Compliance Officer. Associates are encouraged to communicate with the Code Administrator and/or the relevant Chie f Compliance Officer, if they have a doubt about a provision of the Code pertinent to a specific situation, business practice or potential conflict of interest. It is a violation of the Code for an Associate to deliberately fail to report a violation or deliberately withhold relevant or material information concerning a violation of the Code. No person will be subject to penalty or reprisal for reporting in good faith suspected violations of the Code. Additionally, unethical, unprofessional, illegal, fraudulent or other questionable behavior may also be anonymously reported by visiting the confidential Manulife Ethics Hotline at www.ManulifeEthics.com. 10 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img11.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 INITIAL CODE CERTIFICATION Within 10 calendar days after designation as an Access Person, each Associate is required to certify in StarCompliance their initial receipt of the Code including that they have read and understood the Code and agree to comply with the applicable provisions of the Code. 4.13 QUARTERLY CODE CERTIFICATION Each Associate is required to certify in StarCompliance on a quarterly basis that they are in compliance with the applicable provisions of the Code. 4.14 ANNUAL CODE CERTIFICATION Each Associate, on an annual basis, is required to certify in StarCompliance that they have read and understood the Code, have complied with the applicable provisions of the Code (or have disclosed any failure to comply with the provisions of the Code to the Code Administrator) during the past year. 5. PERSONAL TRADING RULES Applicable to All Access Persons The rules in this Section are applicable to the following Access Classification Levels: 3 • Regular Access Person • General Account/MIM Private Markets Front-Office Access Person • MIM Public Markets Front-Office Access Person 5.1 NO LIABILITY FOR LOSSES Manulife and/or Clients will not be liable for any losses incurred or profits avoided by any Access Person or Household Family Member resulting from the implementation or enforcement of the Code. The definition of a Household Family Member includes an Access Person's spouse, significant other, minor children or other family members who also share the same household with the Access Person. Access Persons must understand that their ability (as well as the ability of their Household Family Members) to buy and sell Securities may be limited by the Code and that trading activity by the Firm, Clients and/or other Manulife Affiliates may affect the timing of when an Access Person (as well as a Household Family Member) can buy or sell a particular Security. 5.2 WHAT SECURITIES ARE SUBJECT TO THE PERSONAL TRADING RULES? Securities in which the Access Person has a Beneficial Interest are subject to the Code's personal trading restrictions and requirements. An Access Person is deemed to have a Beneficial Interest in any Security where the Access Person controls or can directly or indirectly profit or share in the profit derived from a transaction in a Security. An Access Person is presumed to have a Beneficial Interest in the following Securities: • Securities owned by an Access Person in their name; • Securities owned by Household Family Members; • Securities owned by an Access Person indirectly through an account or investment vehicle for their benefit, such as an IRA/RRSP/RESP/ISA/SIPP, family trust, or family partnership; 3 Certain JHPFS supervised persons appointed as independent contractors and registered as investment adviser representatives of the Firm, who meet the definition of an access person as defined in SEC Rule 204A-1, are not subject to the Personal Trading Rules Applicable to All Access Persons (Section 5) administered on StarCompliance, rather, are subject to the following Personal Trading Rules admini stered by the Manulife Wealth (MW) Compliance Team: (1) Personal security holdings and any MW Compliance preapproved outside third-party accounts for Access Persons and Beneficial Owners must be reported no later than 10 days after the person becomes an Access Person, at least once each 12 - month period thereafter, and the information must be current as of a date no more than 45 days prior to the date the report was submitted. (2) Personal security transactions for Access Persons and Beneficial Owners must be reported through either the MW Dataphile system, or duplicate brokerage statements directly from the third-party brokerage firm no later than 30 days after the end of each calendar quarter. (3) Initial Public Offerings, Initial Coin Offerings, and Private Placements must be pre - cleared by the MW Compliance Team. (4) Any incidents or escalations will be sent promptly to the JHPFS CCO for review and adjudication. (5) Reporting of all metrics and activity will be available to the JHPFS CCO for any board or regulatory reporting. 11 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img12.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities in which the Access Person has a joint ownership interest, such as Securities owned in a joint brokerage account; and • Securities over which the Access Person has discretion or gives advice (other than for a Firm or Client account). This includes Securities owned by trusts, private foundations, or other charitable accounts for which the Access Person has investment discretion. 5.3 REQUIREMENT TO REPORT SECURITIES ACCOUNTS Access Persons are required to report the name of the broker, dealer, bank, or other entity with which the Access Person maintains an account in which any Securities are or can be held for the Access Person's Beneficial Interest (including accounts of Household Family Members). Access Persons are required to report all Securities accounts within 10 calendar days of initially being designated an Access Person. After this initial report of Securities accounts, any Securities accounts opened in the future time must be reported no later than 10 calendar days following the opening of the account or prior to the first discretionary transaction in the account (whichever comes first). The following is a non-exhaustive list of commonly reported Securities Accounts: • Brokerage Accounts • Mutual Fund Only Accounts • Custodial Securities Accounts • Manulife GSOP Plan Accounts • Certain 529 Plans (plans affiliated with or plans with investment options managed by Manulife or a Manulife-affiliated entity) • IRA Accounts • Stock Purchase Plans • Transfer Agent Accounts • Variable Life or Annuity Insurance Policies with underlying Affiliated Mutual Fund investment options • Manulife Loan Program Mutual Fund Account • John Hancock Unified 401k Plan/Manulife RPS • Registered Savings Plan (RRSP/RESP/TFSA) • Uncertified Book Entry Securities • Physical possession of certified Securities • Employee Stock Option Account • U.K. Individual Savings Account (ISA) • U.K. Self Invested Pension Plan (SIPP) As an Access Person, you are also required to inform any broker/dealer when you open a new account that you are employed by a financial institution and also whether you are registered with a broker/dealer. As an Access Person, you should refrain from undertaking personal investment transactions with the same individual employee at a broker-dealer firm with whom you conduct business with on behalf of the firm. 5.3.1 MANAGED ACCOUNTS As outlined in Section 5.3 above, the requirement to report accounts in which any Securities are or can be held for the Access Person's Beneficial Interest includes Managed Accounts (accounts where a professional money manager is charged with sole discretionary authority over the account). However, Securities transactions in Managed Accounts may be exempt from Section 5.11: Pre-Clearance Approval Requirement (below) provided the Code Administrator qualifies the account to be a Managed Account. 12 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img13.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 MANAGED ACCOUNT QUALIFICATION PROCESS The Code Administrator may qualify an account to be a Managed Account provided the Access Person furnishes a copy of the client Advisory Agreement for the Managed Account. The Code Administrator will review the agreement to determine if the account qualifies to be a Managed Account. Once the Code Administrator approves an account to be a Managed Account, any Securities transactions in the Managed Account are exempt from Section 5.11: Pre-Clearance Approval Requirement. 5.4 DUPLICATE TRANSACTION CONFIRMATIONS AND STATEMENTS Access Persons must arrange for the Code Administrator to receive duplicate copies of trade confirmations of Reportable Securities transactions and periodic account statements for any Reportable Securities accounts in which the Access Person has a Beneficial Interest in, if the account holds, or has the ability to hold, Reportable Securities. This requirement also applies to the Securities confirmations and statements of Household Family Members. 4 5.5 U.S.-BASED PREFERRED BROKERAGE ACCOUNT REQUIREMENT U.S.-based Access Persons are required to maintain all Reportable Securities accounts (including the Reportable Securities accounts of Household Family Members) at one of the firm's Preferred Brokers unless the account has been qualified by the Code Administrator as an Exempt Securities Account. A current list of the Firm's Preferred Brokers can be found on StarCompliance or by contacting the Code Administrator. Upon designation as an Access Person, a person has 45 calendar days to (i) transfer all assets to a Preferred Broker and close the non-compliant account or (ii) qualify any non-compliant Securities account as an Exempt Securities Account. 5.6 INITIAL HOLDINGS REPORT AND CERTIFICATION After reporting all Reportable Securities accounts (as outlined in Section 5.3) Access Persons must file an Initial Holdings Report. This Initial Holdings Report is due within 10 calendar days after the person became an Access Person and the submitted information must be current as of a date no more than 45 calendar days prior to the date the person became an Access Person. An Access Person is required to submit with their Initial Holdings Report a certification that they have disclosed or reported all required Reportable Securities holdings and all Reportable Securities accounts in which they have a Beneficial Interest (including Household Family Member accounts). The Initial Holdings Report must include: (i) the title and type of each Reportable Security in which the Access Person has any Beneficial Interest, (ii) the exchange ticker symbol or CUSIP number and the number of shares or principal amount of each Reportable Security (each as applicable), (iii) the name of any broker, dealer, bank, or other entity with which the Access Person maintains an account in which any Reportable Securities are or can be held for the Access Person's direct or indirect Beneficial Interest, and (iv) the date the report is submitted by the Access Person. 5.7 QUARTERLY TRANSACTIONS REPORT AND CERTIFICATION Access Persons must file a Quarterly Transaction Report that discloses certain information about each Reportable Security transaction in which they have (or as a result of the transaction acquired) a Beneficial Interest (including transactions for Household Family Members) during the quarter covered by the Quarterly Transaction Report. Each Access Person's Quarterly Transaction Report is due within 30 calendar days after the end of each calendar quarter. Each Access Person's Quarterly Transaction report must also include a certification that the submitted Quarterly Transaction Report includes all information required to be 4 The Code Administrator may rely on the operating groups of Manulife/John Hancock for administration of trading activity limitations and monitoring of market timing policies for Manulife Affiliated Mutual Funds. To the extent the Code Administrator has ready access to Securities transaction and holdings information, the Code Administrator is not required to obtain duplicate paper confirmations or statements for such accounts. 13 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img14.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reported. In connection with the Quarterly Transaction Report Certification, Access Persons are required to certify to the accuracy of the listing of Securities accounts displayed in StarCompliance. The Quarterly Transaction report must include: (i) the date of the transaction ("trade date"), (ii) the title of the Reportable Security, (iii) the exchange ticker symbol or CUSIP number, the interest rate and maturity date, the number of shares or principal amount of each Reportable Security, the type of transaction or acquisition, the price at which the transaction was effected (each as applicable), (iv) the name of any broker, dealer, bank, or other entity with or through which the transaction was effect ed, and (v) the date the report is submitted by the Access Person. 5.8 REPORTING OF SECURITIES AS GIFTS, DONATIONS, AND INHERITANCES An Access Person's gift or donation of a Pre-Clearable Security is considered a "sale" event (this includes gifts or donations by Household Family Members) and therefore is subject to pre-clearance approval prior to making the gift or donation. Refer to Section 5.11: Pre-Clearance Approval Requirement. Additionally, any approved gift or donation event of a Reportable Security must be accurately reflected in the next Quarterly Transaction Report (Refer to Section 5.7). The receipt of a gift or inheritance of Reportable Securities should be promptly reported to the Code Administrator to ensure the new holding is accurately accounted for. However, the receipt of a gift or inheritance is not subject to pre-clearance. 5.9 ANNUAL HOLDINGS REPORT AND CERTIFICATION Access Persons must file an Annual Holdings Report. The Annual Holdings Report is due within 45 calendar days of December 31s t and must be current as of a date no more than 45 calendar days prior to the date this information is reported. Each Access Person must submit each Annual Holdings Report with a certification that they have reported all required Reportable Securities holdings and Securities accounts for which the Access Person holds a Beneficial Interest (including the applicable holdings and accounts of Household Family Members). The Annual Holdings Report must include: (i) the title and type of each Reportable Security in which the Access Person has any Beneficial Interest, (ii) the exchange ticker symbol or CUSIP number and the number of shares or principal amount of each Reportable Security (each as applicable), (iii) the name of any broker, dealer, bank, or other entity with which the Access Person maintains an account in which any Reportable Securities are or can be held for the Access Person's direct or indirect Beneficial Interest, and (iv) the date the report is submitted by the Access Person. 5.10 ACCESS PERSON'S RESPONSIBILITY REGARDING TRANSACTIONS AND HOLDINGS DATA As a convenience to Access Persons, the Code Administrator works with certain brokers to obtain Securities transactions and holdings data to pre-populate Quarterly Transaction and Annual Holdings Reports in StarCompliance (where available). However, the pre-populated data may contain omissions or inaccuracies. It is each Access Person's responsibility to contact the Code Administrator to correct any inaccurate transactions or holdings data prior to submitting a report or certification. 5.11 PRE-CLEARANCE APPROVAL REQUIREMENT Access Persons may not purchase, sell or otherwise acquire or dispose of any Security in which they have (or because of such transaction will establish) a Beneficial Interest without obtaining advance pre-clearance approval for such transaction from StarCompliance (or the Code Administrator) unless the Security transaction is exempt from the Code's pre-clearance requirement. Remember, Access Persons are required to obtain pre-clearance approval for all Securities transactions of persons who qualify as a Household Family Member of the Access Person unless the Security transaction is exempt from the Code's pre-clearance requirement. 14 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img15.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refer to APPENDIX C for a list of Securities and Securities transactions exempt from the pre-clearance requirement. 5.12 TERMS OF PRE-CLEARANCE During the pre-clearance process, Access Persons will be required to attest to the following terms of pre-clearance: 5.12.1 SAME DAY APPROVAL WINDOW The pre-clearance approval is valid only for the same day it is granted. 5.12.2 RESTRICTION ON SECURITIES UNDER ACTIVE CONSIDERATION Access Persons may not purchase, sell or otherwise dispose of any Security in which the Access Person has (or because of such transaction will establish) Beneficial Interest if the Access Person at the time of the transaction has actual knowledge that: • the Security (or a related Security) is under Active Consideration for Purchase or Sale by or on behalf of the Firm or any Client account; • the Security is on an MNPI Restricted Trading List; and/or • the Access Person is in possession of material non-public information regarding the Security. 5.12.3 LIMIT ORDERS AND SPECIAL ORDERS Due to the same-day approval window outlined in Section 5.12.1, multi-day special orders such as "good until cancelled orders" or "limit orders" are prohibited. "Day orders" (i.e., orders that automatically expire at the end of the trading day session) are allowed, however the onus is on the Access Person to check the status of day orders at the end of the trading day to ensure any orders that have not been executed are cancelled. If a trade order is left open beyond the same - day pre-clearance window, any resulting executed trade will constitute a Code violation. 5.12.4 MIM PUBLIC MARKETS INVESTMENT TEAM HOLD UNTIL SOLD RULE Please note this term of pre-clearance is only applicable to the following Classification Level: MIM Public Markets Front-Office Access Persons. Refer to Section 7.1 – MIM Public Markets Investment Team Hold Until Sold Rule. As outlined in Section 7.1, MIM Public Markets Front-Office Access Persons associated with an Investment Team (including Household Family Members) are not permitted to sell a holding if the same holding is held in a Client account managed by the MIM Public Markets Front-Office Access Person's Investment Team. 5.12.5 INITIAL PUBLIC OFFERINGS & INITIAL COIN OFFERINGS & PRIVATE PLACEMENTS As outlined in Section 5.11, Access Persons must obtain advance pre-clearance approval for transactions of reportable Securities. This includes Initial Public Offerings, Initial Coin Offerings, and Private Placements. Please note that the following Classification Levels may not participate in Initial Public Offerings (Refer to Section 6.2 – Initial Public Offering Ban): • General Account/MIM Private Markets Front-Office Access Person • MIM Public Markets Front-Office Access Person 5.12.6 INITIAL PUBLIC OFFERINGS, INITIAL COIN OFFERINGS & PRIVATE PLACEMENT APPROVALS As part of the pre-clearance process, pre-clearance requests for Initial Public Offerings, Initial Coin Offerings and Private Placements will be subject to the approval of the relevant Chief Investment Officer or designee. Pre-clearance approvals for Initial Public Offerings, Initial Coin Offerings and Private Placements are valid for the duration of the subscription period. 15 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img16.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 INVESTMENT CLUBS Access Persons (including Household Family Members) are prohibited from participating or holding an interest in any Investment Club. 5.14 OWNERSHIP BAN: SECURITIES OF JOHN HANCOCK FUNDS SUB-ADVISERS Please note: This ownership ban is only applicable to the following Classification Level: Regular Access Persons. Regular Access Persons are prohibited from owning securities of any sub-adviser of a John Hancock Affiliated Fund advised by JHIM, LLC and/or JHVTA, LLC. 5.15 RESTRICTIONS ON MANULIFE SECURITIES The Corporate Law Department has a Policy entitled: Manulife Financial Corporation ("MFC"): Insider Trading & Reporting Policy. This Policy prohibits Manulife employees from speculating in MFC Securities. Speculation includes the purchase or sale of MFC Securities with the intention of reselling or buying back in a relatively short period of time in the expectation of a rise or fall in the market price of such Securities, buying or selling options, or short selling. The Policy also outlines requirements for Manulife employees that are deemed to be "Reporting Insiders" and/or "Designated Employees." Questions related to this Policy and whether you have been deemed a "Reporting Insider" and/or "Designated Employees" should be directed to the Corporate Law Department or to the General Counsel. Notwithstanding the above, Access Persons are subject to pre-clearance requirements for transactions in MFC Securities, just like any other Security (refer to Section 5.11: Pre-Clearance Approval Requirement). 5.15.1 REQUIREMENT TO PRE-CLEAR SALES OF MFC SHARES IN THE GSOP PROGRAM Access Persons are required to pre-clear sales of MFC Shares in the MFC Global Share Ownership Program (GSOP). Refer to Section 5.11: Pre-Clearance Approval Requirement. Access Persons are not required to pre-clear purchases of MFC Shares in the MFC GSOP. 5.16 SHORT TERM PROFIT BAN ("60 DAY RULE") Access Persons (including Household Family Members) cannot directly or indirectly profit from a discretionary purchase and sale of the same Pre-Clearable Security within 60 calendar days. However, Pre-Clearable Securities whose issuer's market capitalization is $5 Billion USD or more at the time of the transaction are exempt from the 60 Day Rule. A voluntary transaction related to a derivative Security (including options) which results in a profit is permitted so long as the voluntary transaction occurs more than 60 calendar days after the initial related transaction event. The following Securities activities are exempt from the 60-Day Rule: • All money market fund transactions • Automatic Investment Plan transactions (including payroll deduction purchases) • Dividend reinvestment purchase transactions • Issuer Pro Rata Discretionary Transactions • Involuntary issuer transactions (i.e. stock dividends, stock splits/reverse splits or other similar • Reorganizations or distributions, call of a debt security, and spin-offs of shares to existing holders) • Automatic purchases into a default investment option by a retirement plan • Other involuntary purchase or sales activity not at the direction of the Access Person or the Access Person's Household Family Member. 16 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img17.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversely, giving gifts and donations of Securities are considered "Sales" and are not exempt from the 60- Day Rule. The Code Administrator in consultation with the relevant Chief Compliance Officer may approve waivers to the 60 Day Rule. 5.17 SAME DAY FIRM TRADE RULE Access Persons (and Household Family Members) may not purchase, sell or otherwise acquire or dispose of any Pre-Clearable Security in which they have (or as a result of such transaction will establish) a Beneficial Interest if that same or Related Pre-Clearable Security traded in a Client or Firm account on the same day the Access Person (or Household Family Member) transacts unless (1) the Access Person has no actual knowledge that the same or Related Pre-Clearable Security is under Active Consideration for Purchase or Sale by an account and (2) the transaction can satisfy the following exception: 5.17.1 MARKET CAP SECURITIES EXCEPTION May permit the transaction if the Access Person's pre-clearance request is in the Securities of an issuer whose market capitalization is at least $5B USD or more. If a Client or Firm account trades in a Pre-Clearable Security during the pre-clearance window and an Access Person successfully obtained pre-clearance approval of a trade, the Access Person may still be required to demonstrate that they did not know that the same or Related Pre-Clearable Security was under Active Consideration for Purchase or Sale for an account at the time of the personal trade. Access Persons failing to demonstrate to the firm "no knowledge" when requested may be required to sell any Security purchased and/or disgorge any profits realized as a result of a transaction being found by the Firm to have violated the Same Day Firm Trade Rule. Please note that the following Access Person Classification Levels are subject to a stricter Firm Trade Rule. (Refer to Section 6.1 - 15 Day Firm Trade Rule.): • General Account/MIM Private Markets Front-Office Access Person • MIM Public Markets Front-Office Access Person 5.18 EXCESSIVE TRADING IS DISCOURAGED While active personal trading may not in and of itself raise issues under the Securities Laws, a high volume of personal trading by an Access Person can be time consuming and can increase the possibility of actual or apparent conflicts with portfolio transactions. Accordingly, high levels of discretionary personal trading activity by an Access Person is strongly discouraged and will be subjected to enhanced scrutiny including reporting to the Ethics Oversight Committee. Additionally, limitations may be imposed on the number of Pre-Clearable Securities pre-clearance requests permitted during a given period for Access Persons. 5.19 INFORMATION BARRIERS The Firm has adopted the "INFORMATION BARRIER POLICY" to establish, maintain, and enforce information barriers reasonably designed to meet its business needs and satisfy its contractual and regulatory obligations. In addition, the policy establishes safeguards and controls to ensure the integrity of these information barriers and prevent the improper transfer or sharing of sensitive information between business units. Access Persons must comply with the specific standards and requirements of the "INFORMATION BARRIER POLICY". 6. ADDITIONAL PERSONAL TRADING RULES FOR FRONT-OFFICE ACCESS PERSONS Applicable to all General Account/MIM Private Markets Front-Office Access Persons and all MIM Public Markets Front-Office Access Persons 17 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img18.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rules in this Section are applicable to the following Access Classification Levels: • General Account/MIM Private Markets Front-Office Access Person • MIM Public Markets Front-Office Access Person 6.1 15 DAY FIRM TRADE RULE Front-Office Access Persons (and Household Family Members) may not purchase, sell or otherwise acquire or dispose of any Pre-Clearable Security in which they have (or as a result of such transaction will establish) a Beneficial Interest if that same or Related Pre-Clearable Security traded in a Client or Firm account 7 calendar days before such a transaction (or will trade in a Client or Firm account 7 days following such a transaction) unless (1) the Front-Office Access Person has no actual knowledge that the same or Related Pre-Clearable Security is under Active Consideration for Purchase or Sale by an account and (2) the transaction can satisfy one of the following exceptions: 6.1.1 MARKET CAP SECURITIES EXCEPTION May permit the transaction if the Front-Office Access Person's pre-clearance request is in the Securities of an issuer whose market capitalization is at least $5B USD or more. 6.1.2 DE MINIMIS TRADING EXCEPTION May permit the transaction if all of the Front-Office Access Person's aggregate total same-day pre-clearance requests for the same or Related Pre-Clearable Security have a transaction market value of less than $25,000 USD and (in the case of equities) the same day transactions in the Pre-Clearable Security total no more than 500 equity shares. If a Client or Firm account trades in a Pre-Clearable Security during the pre-clearance window and a Front-Office Access Person successfully obtained pre-clearance approval of a trade, the Front- Office Access Person may still be required to demonstrate that they did not know that the same or Related Pre-Clearable Security was under Active Consideration for Purchase or Sale for an account at the time of the personal trade. Front-Office Access Persons failing to demonstrate to the Firm "no knowledge" when requested may be required to sell any Security purchased and/or disgorge any profits realized as a result of a transaction being found by the Firm to have violated the 15 Day Firm Trade Rule. 6.2 INITIAL PUBLIC OFFERING BAN Front-Office Access Persons may not directly or indirectly acquire a Beneficial Interest in a Security through an Initial Public Offering (IPO). Consequently Front-Office Access Persons (including Household Family Members) must wait to purchase newly-issued IPO Securities until the next business (trading) day following the offering date of the IPO. 6.3 ADDITIONAL RESTRICTIONS – HONG KONG-BASED ACCESS PERSONS ONLY Access Persons who are employees or supporting staff of SFC-licensed entities in Hong Kong must comply with the requirements in the "Staff Ethics" section of the Fund Manager Code of Conduct issued by the SFC. Hong Kong-based Front-office Access Persons (and their Household Family Members) are prohibited from: (i) short selling any Security, (ii) delay in the settlement of personal transactions beyond the normal settlement time for the relevant market and (iii) cross trades between Access Persons and Client accounts. MPF Accounts held by Hong-Kong-based Access Persons are excluded from the commonly reported Securities Accounts listed in Section 5.3 of the Code, and domestic helpers are not regarded as Household Family Members. 7. ADDITIONAL PERSONAL TRADING RULES FOR MIM PUBLIC MARKETS FRONT-OFFICE ACCESS PERSONS Applicable to all MIM Public Markets Front-Office Access Persons The rules in this Section are applicable to the following Access Classification Levels: • MIM Public Markets Front-Office Access Person. 18 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img19.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 MIM PUBLIC MARKETS INVESTMENT TEAM HOLD UNTIL SOLD RULE MIM Public Markets Front-Office Access Persons associated with an Investment Team (including Household Family Members) are not permitted to sell a Pre-Clearable Security holding in which they have a Beneficial Interest if (i) the same Security is held in a Client account managed by the MIM Public Markets Front-Office Access Person's Investment Team and (ii) the MIM Public Markets Front-Office Access Person (or Household Family Member) purchased the Security after the date of the Code's initial adoption or the date the person was named to the relevant Investment Team (whichever date is later). 8. ADMINISTRATION OF THE CODE 8.1 PENALTIES FOR CODE VIOLATIONS Penalties for violating the Securities Laws can be severe, both for the individuals involved and their employers. A person can be subject to penalties even if they did not personally benefit from the violation. Penalties may include civil injunctions, payment of profits made or losses avoided ("disgorgement"), jail sentences, fines for the person committing the violation, and fines for the employer or other controlling person. In addition, any violation of the Code is subject to the imposition of sanctions by the Firm as may be deemed appropriate under the circumstances by the Firm. These sanctions could include, without limitation, bans on personal trading (including Household Family Member trading), disgorgement of trading profits, and personnel action, including termination of employment, where appropriate. 8.2 EXEMPTIONS AND APPEALS In cases of hardship, exemptions from Code provisions may be granted by the Code Administrator, in consultation with the relevant Chief Compliance Officer, where warranted by applicable facts and circumstances, if permitted by law, and if the Code Administrator and/or Ethics Oversight Committee determines an exemption would be in accordance with the spirit of the General Principles of the Code and the Securities Laws. Associates and Access Persons may direct their request for an exemption to the Code Administrator or the relevant Chief Compliance Officer. The Code Administrator and/or Ethics Oversight Committee is also authorized to modify the personal trading provisions of this Code where local law would prohibit the application of a specific provision. If an Associate or Access Person believes that a Code-related request for exemption has been incorrectly denied by the Code Administrator and/or Ethics Oversight Committee, or that a Code-related action is not warranted, they may make a written appeal of the decision or action within 30 - days of the decision or action to the Ethics Oversight Committee. The Code Administrator will arrange an appropriate forum or communication for the consideration of appeals. 8.3 CODE AMENDMENTS The Code Administrator, in consultation with the relevant Chief Compliance Officer, is permitted to approve non-material amendments to the Code and the Ethics Oversight Committee (or relevant Board, if applicable) is responsible for approving any material amendments. For certain Affiliated Mutual Fund and Affiliated Registered Closed-End Fund Clients, the respective Board of Trustees must approve any material changes to the Code within 6 months of the adoption of the material change in accordance with the requirements of SEC Rule 17j-1 under the Investment Company Act of 1940. 8.4 PRIVACY All confidential information received by the Code Administrator or Code service providers is kept confidential and will only be disclosed to others as required to administer this Code, or to report violations to the Ethics Oversight Committee, management, regulators, or other legal authority. 19 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img20.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 CODE ADMINISTRATION The Firm's relevant Chief Compliance Officers, together with the Code Administrator, maintain responsibility for establishing policies and procedures for the administration of the Code; monitoring and testing for Code compliance; ensuring Code training is provided to Associates and Access Persons (to include an initial training upon being deemed an Access Person and an annual training thereafter); granting exemptions to any provision of the Code, on an individual or class basis; and considering and recommending material amendments to the Code to the Ethics Oversight Committee (or relevant Board, if applicable). The Ethics Oversight Committee (or relevant Board, if applicable) retains the ultimate discretion as to the interpretation the Code's provisions in any given situation, rendering material sanctions for violations of the Code, and rendering final judgments on any Associate's or Access Person's appeal of any decision or ordinary sanction imposed by the Code Administrator. 8.5.1 CONTACT The Code Administrator can be contacted at The Code of Ethics, Global Center of Expertise - INVDIVCodeofEthics@manulife.com 8.6 RECORDKEEPING The Code Administrator maintains or causes to be maintained, the following records: (1) a copy of the Code or any predecessor code of ethics which has been in effect during the most recent 7 - year period; (2) a record of any violation of the Code, or any predecessor code of ethic s, and of any action taken as a result of such violation in the 7-year period following the end of the fiscal year in which the violation took place; (3) a list of all persons currently or within the most recent 7 - year period who were required to make reports pursuant to the Code (or any predecessor Code) and the person(s) who were responsible for reviewing these reports; (4) copies of all acknowledgements of each person's receipt of the Code, Initial and Annual Holdings Reports, Quarterly Transaction Reports, and duplicate brokerage confirmations and Securities account statements (as applicable) filed during the most recent 7 - year period; and (5) a record of the approval of, and rationale supporting, the acquisition of Securities by Access Persons in an Initial Public Offering or Limited Offering for at least 7 years after the end of the fiscal year in which the approval is granted. Code records will be maintained for the first 2 years in an office of the Firm (in paper or accessible electronically) and in an easily accessible place for the time period as required by any applicable regulations thereafter. 20 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img21.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix A Definitions of Italicized Code of Ethics Terms Access Person Access Persons are any Associate who, in connection with their regular functions or duties: (i) has regular access to non-public information regarding the purchase or sale of securities or non-public information regarding the portfolio holdings of Client or Firm accounts, (ii) has a job function that relates to the making (or participating in making) of recommendations regarding the purchase or sale of Securities for Firm or Client accounts, or (iii) regularly has or may have access to material, non-public securities information. See Section 3: Access Classification Levels and Applicable Rules. Active Consideration for Purchase or Sale A Security is under Active Consideration for Purchase or Sale once an analyst wishes to recommend or a portfolio manager forms a specific intent to purchase or sell a Security for a Client or Firm account. Advisory Person of a Fund An Advisory Person of a Fund is (i) any "Access Person" of the Fund (as defined by SEC Rule 17j-1), (i) any director, officer, general partner, or employee of a Fund or its investment adviser (or of any company in a control relationship to the Fund or its investment adviser who, in connection with their regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of "covered securities" (as defined by SEC Rule 17j-1) by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; or (iii) any natural person in a control relationship to the Fund or investment adviser who obtains information regarding recommendations made to the Fund with regard to the purchase or sale of covered securities. Note: Advisory Persons of a Fund that are also personnel of John Hancock Investment Management, LLC ("JHIM LLC") are covered under a separate joint Fund and JHIM LLC code of ethics. Additionally, Advisory Persons of a Fund that are also independent trustees of a Fund are covered under a separate Fund independent trustee code of ethics. Affiliated Mutual Fund Any Mutual Fund for which Manulife serves as an investment adviser (or sub-adviser) or whose investment adviser (or sub-adviser) controls, is controlled by, or is under common control with Manulife. (e.g., Manulife or John Hancock Mutual Funds). Affiliated Registered Closed-End Fund Any U.S. registered Closed-End Investment Company or business development company for which Manulife serves as an investment adviser (or sub-adviser) (e.g., John Hancock GA Mortgage Trust, etc.). Associate Associates are: (i) any partner, officer, director, or other person occupying a similar status or performing similar functions of the Firm (ii) an employee of the Firm (iii) any person who provides investment advice on behalf of the Firm and is subject to the supervision and control of the Firm (iv) any person meeting the definition of Access Person; (v) an Advisory Person of a Fund; (vi) certain Manulife Affiliate persons who engage, directly or indirectly, in the Firm's investment advisory activities; and (vii) any other person who the Code Administrator deems an Associate. See Section 3.1. Automatic Investment Plan A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. Examples include automatic dividend reinvestment plans and payroll deduction purchase plans. Beneficial Interest An Access Person is deemed to have a Beneficial Interest in any transaction in which the Access Person controls or has the opportunity to directly or indirectly profit or share in the profit derived from the Securities transacted. An Access Person is presumed to have a Beneficial Interest in the following Securities and related transaction activities: (1) Securities owned by an Access Person in their name; (ii) Securities (and Securities accounts) owned by Household Family Members; (iii) Securities owned by an Access Person indirectly through an account or investment vehicle for their benefit, such as an IRA/RRSP/RESP/ISA/SIPP, family trust or family partnership; (iv) Securities owned in which the Access Person has a joint ownership interest, such as Securities owned in a 21 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img22.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;joint brokerage account; and (v) Securities over which the Access Person has discretion or gives advice (other than Firm or Client accounts) and includes Securities owned by trusts, private foundations or other charitable accounts for which the Access Person has investment discretion. Beneficial Interest is interpreted in the same manner under the Code as it would be under Rule 16a-1(a)(2) under the U.S. Securities Exchange Act of 1934. Chief Compliance Officer The term Chief Compliance Officer refers to the Chief Compliance Officer of each applicable entity adopting this Code. Client For purposes of this Code, the term "Client" means the specific person or entity that has an investment advisory or investment sub-advisory services agreement (or supervised investment delegation affiliate arrangement) with a specific entity adopting this Code. The term "Client" also includes a Fund. Closed-End Investment Company A Closed-Fund Investment Company is a registered investment company that issues a fixed number of shares and is usually traded on a major stock exchange. In contrast, an open-end investment company (i.e., mutual fund) continuously offers new shares to the public and repurchases shares at net asset value. Note: Many REITs are Closed-End Investment Companies. Code Administrator Code Administrator refers to the person (or persons) primarily responsible for the day-to-day administration of the Code. The Code Administrator can be contacted at The Code of Ethics, Global Center of Expertise - INVDIVCodeofEthics@manulife.com. Cryptocurrencies A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database. Direct Obligations of the Government of the U.S. or U.K. Any Security directly issued or guaranteed as to principal or interest by the United States. Examples of direct obligations include Cash Management Bills, Treasury Bills, Notes and Bonds, and STRIPS. It is important to note that Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac). Securities are not Direct Obligations of the Government of the United States. Direct Obligations of the U.K. refers to the following list of Securities issued and guaranteed by the United Kingdom Treasury: Premium Savings Bonds, Index Linked Savings Certificates, Fixed Interest Savings Certificates, Guaranteed Equity Bonds, Capital Bonds, Children's Bonus Bonds, Fixed Rate Savings Bonds, Income Bonds, and Pensioners Guaranteed Income Bonds. Refer to M&G Investment Management Ltd. SEC No-Action Letter (Sept. 10, 2002). Ethics Oversight Committee The Ethics Oversight Committee is an ad hoc or standing compliance committee composed of Code Administrator personnel, relevant Chief Compliance Officers and certain senior management. Exchange-Traded Fund (ETF) An Exchange-Traded Fund (ETF) is an investment fund traded on stock exchanges. An ETF holds assets such as stocks, commodities, or bonds. Most ETF's track an index, such as a stock index or bond index. ETF transactions require annual and quarterly reporting, as well as advance pre-clearance approval. Refer to APPENDIX C for further information on reporting ETF transactions and holdings. Exempt Securities Accounts With written approval from the Code Administrator, U.S.-based Access Persons (and Household Family Members) subject to the Preferred Broker Requirement of Section 5.5 are permitted to maintain a Securities account with an entity other than with a Preferred Broker, if the Securities account can meet one of the following exemptions: (i) it contains only Securities that can't be transferred; (ii) it exists solely for products or services that one of the Preferred Brokers cannot provide; (iii) it exists solely because your spouse's or significant other's employer prohibits external covered accounts; (iv) it is managed by a third-party registered investment adviser; (v) it is restricted to trading interests in 529 College Savings Plans; (vi) it is associated with an ESOP (employee stock option plan) or an ESPP (employee stock purchase plan); (vii) employee sponsored phantom stock or 22 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img23.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;option plan; (viii) it is required by a direct purchase plan, a dividend reinvestment plan, or an Automatic Investment Plan with a public company in which regularly scheduled investments are made or planned; (ix) it is a Mutual Fund only account; (x) it is required by a trust agreement; (xi) it is associated with an estate of which the Access Person is the executor, but not a beneficiary, and involvement with the account is temporary; (xii) transferring the account would be inconsistent with other applicable rules; or (xii) other exception approved by the Code Administrator. Firm Global Wealth and Asset Management ("GWAM") and General Account Investments ("GA") business groups and the entities listed in Appendix B of this Code. Fund(s) Fund (or collectively Funds) means the John Hancock GA Mortgage Trust, Manulife Private Credit Fund, and John Hancock GA Senior Loan Trust. High Quality Short Term Debt Instrument Any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a nationally recognized rating organization (e.g., S&P, Moody's, Fitch, A.M. Best). Household Family Member An Access Person's spouse, "significant other," minor children, or other family member who also shares the same household with the Access Person. An Access Person's "significant other" is defined as a person who (i) shares the same household with the Access Person; (ii) shares living expenses with the Access Person; and (iii) is in a committed personal relationship with the Access Person and there is an intention to remain in the relationship indefinitely. The Code Administrator, after reviewing all the pertinent facts and circumstances, may determine, if not prohibited by applicable law, that an indirect Beneficial Interest over Securities held by members of the Access Person's Household Family Members does not exist or is too remote for purposes of the Code's requirements. Initial Coin Offering An Initial Coin Offering (ICO) is the cryptocurrency industry's equivalent to an Initial Public Offering (IPO) (see IPO definition below). ICOs act as a way to raise funds, where a company looking to raise money to create a new coin, app, or service launches an ICO. Interested investors can buy into the offering and receive a new cryptocurrency token issued by the company. This token may have some utility in using the product or service the company is offering, or it may just represent a stake in the company or project. Initial Public Offering An offering of Securities registered under the U.S. Securities Act of 1933 (or comparable non-U.S. registration statute or regime), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the U.S. Securities Exchange Act of 1934 (or comparable non-U.S. compulsory reporting requirements). Investment Club A group of people who pool their assets in order to make joint decisions (typically a vote) on which Securities to buy, hold or sell. Investment Team An individual Investment Team describes the grouping of analysts and portfolio managers who make or participate in making recommendations regarding the purchase or sale of securities for designated Client accounts. The Code Administrator or CCO may also assign certain traders to specific Investment Teams if the trader regularly participates in the Security recommendation process with the analysts or portfolio managers. Limited Offering A Securities offering that is exempt from registration under the U.S. Securities Act of 1933, pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933, or equivalent foreign statute or regulation. Also known as a private placement Security (e.g., private investment funds, "hedge funds," limited partnerships, etc.) Manulife Manulife Financial Corporation. Manulife Affiliate All persons or entities controlled by Manulife. Mutual Fund (a) Any U.S. registered open-end investment management company (i.e., mutual fund); or (b) a Canadian or foreign regulated mutual fund (UCITs etc.) which meets the following 4 requirements: (i) redemption on demand at the net asset value of fund shares, (ii) 23 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img24.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;forward pricing reflecting the net asset value of fund shares, (iii) daily calculation of the fund's net asset value in a manner consistent with principles and rules adopted under the Investment Company Act of 1940, and (iv) absence of a secondary market. Refer to SEC No-Action Letter, Manufacturers Adviser Corp., Sept. 10, 2002. No Direct or Indirect Control Over Account Purchases, sales or dispositions of Securities over which a person has no direct or indirect influence or control (e.g., a "blind trust" or certain managed accounts which the Access Person has obtained from the Code Administrator a written exemption). Pre-Clearable Security All Securities except those Securities listed on APPENDIX C of the Code as exempt from the pre-clearance requirements of the Code. Preferred Brokers A current list of Preferred Brokers can be found on StarCompliance or by contacting the Code Administrator. Refer to Section 5.5 for further information regarding the U.S.-Based Preferred Brokerage Account requirements. Private Placement Private Placement (or non-public offering) is a funding round of Securities which are not sold through a public offering, but rather through a private offering, mostly to a small number of chosen investors. Pro Rata Discretionary Transactions Purchases or other acquisitions or dispositions of Securities resulting from the discretionary exercise of rights acquired from an issuer as part of a pro rata distribution to all holders of a class of Securities of the issuer. (e.g., discretionary participation in takeovers, rights & tender/exchange offerings). Reportable Security All Securities except those Securities listed as exempt from the Initial and Annual Holdings Report and Quarterly Transaction Report requirements on APPENDIX C of the Code. Same (or Related) Pre-Clearable Security For an equity Security, the Same Pre-Clearable Security would include all other equity securities of the same issuer or, other instrument whose value is derived from the value of the issuer's equity Securities. For a debt Security, the Same Pre-Clearable Security would include all other debt instruments of the same issuer as well as any instrument whose value is derived from the credit, value or reference to the issuer's debt. Security (Securities) A "security" as defined by Section 1(1) of the Ontario Securities Act, the Hong Kong Securities and Futures Ordinance, Section 3(a)(10) or the Investment Advisers Act of 1940. Examples include but are not limited to: any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, mutual funds, closed-end funds, unit investment trusts, REITS, ETFs, commodity funds, broker CDs, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, security-based swap, 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 privileged entered into on a national securities exchange related to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing. References to a Security also includes any warrant for, option in, or "security" or other instrument immediately convertible into or whose value is derived from that "security" and any instrument or right which is equivalent to that "security." The definition of Security applies regardless of the registration status or domicile of registration of the Security (i.e., the term Security includes both private placements/limited partnership interests and publicly traded securities as well as domestic and foreign Securities). For purposes of this Code, the definition of Securities also includes other instruments and interests labeled as reportable on APPENDIX C of this Code. Securities Laws The Securities Laws include various domestic and foreign securities-related laws, statutes and rules/regulations that govern the Firm's investment management activities and includes: Ontario Securities Act, U.K. Financial Services Authority regulations, the Securities and Futures Ordinance of Hong Kong, Securities and Futures Act (Singapore), the Securities Act of 1933 (U.S.), the Securities Exchange Act of 1934 (U.S.), the Sarbanes-Oxley Act of 2002 (U.S.), the Investment Company Act of 1940 (U.S.), the 24 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img25.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisers Act of 1940 (U.S.), Title V of the Gramm-Leach-Bliley Act (U.S.), and the Bank Secrecy Act (U.S.) (as it applies to funds and investment advisers). StarCompliance The web-based reporting and certification system used by the Firm to facilitate compliance with certain reporting and pre-clearance obligations imposed under the Code (a.k.a., Star). The Code Administrator may approve alternate reporting methods if deemed appropriate. 25 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img26.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix B 5Legal Entity Adoption of the Code LEGAL ENTITY: JURISDICTION/ COUNTRY INITIAL ADOPTION DATE Hancock Natural Resource Group, Inc. U.S. April 6, 2020 John Hancock GA Mortgage Trust U.S. April 6, 2020 John Hancock GA Senior Loan Trust U.S. April 6, 2020 Manulife Asset Management and Trust Corporation Philippines April 6, 2020 Manulife Data Services Inc. Barbados April 6, 2020 Manulife General Account Investments (HK) Limited Hong Kong April 6, 2020 Manulife Investment Management (Hong Kong) Limited Hong Kong April 6, 2020 Manulife General Account Investments (Singapore) Pte. Ltd. Singapore April 6, 2020 Manulife Investment Management (Singapore) Pte. Ltd Singapore April 6, 2020 Manulife IM (Switzerland) LLC Switzerland April 6, 2020 Manulife Investment (Shanghai) Limited Company China April 6, 2020 Manulife Investment Management (Europe) Limited U.K. April 6, 2020 Manulife Investment Management (Ireland) Limited Ireland April 6, 2020 Manulife Investment Management (North America) Limited Canada April 6, 2020 Manulife Investment Management (US) LLC U.S. April 6, 2020 Manulife Investment Management Distributors Inc. Canada April 6, 2020 Manulife Investment Management Limited Canada April 6, 2020 Manulife Investment Management Private Markets (Canada) Corp Canada April 6, 2020 Manulife Investment Management Private Markets (US) LLC U.S. April 6, 2020 Manulife Investment Management Private Markets Holdings (US) LLC U.S. April 6, 2020 5 This Code has been designed to be applicable across GWAM and GA and certain regulated entities listed in Appendix B (together the "Firm"), however it is being implemented in a multi-phased, multi-year project. 2 6 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img27.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manulife Overseas Investment Fund Management (Shanghai) Limited Company China April 6, 2020 Manulife US Real Estate Management Pte, Ltd. (Definition of Associate only includes officers and employees of the entity). Singapore April 6, 2020 The General Account Investments and the Manulife Investment Management Private Markets Groups of John Hancock Life Insurance Company (U.S.A.) U.S. April 6, 2020 The General Account Investments and the Manulife Investment Management Private Markets Groups of The Manufacturers Life Insurance Company Canada April 6, 2020 John Hancock Personal Financial Services, LLC U.S. April 5, 2021 Manulife Private Credit Fund U.S. July 19, 2023 Manulife John Hancock Brokerage Services LLC U.S. October 6, 2023 John Hancock Investment Management, LLC U.S. April 1, 2024 John Hancock Variable Trust Advisers, LLC U.S. April 1, 2024 Each open-end fund, closed-end fund, and exchange traded fund advised by a John Hancock Funds Adviser (the "John Hancock Affiliated Funds") U.S. April 1, 2024 John Hancock Investment Management Distributors, LLC John Hancock Distributors, LLC U.S. April 1, 2024 27 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img28.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix C Securities Reporting & Pre-Clearance Summary Chart Only applicable to Access Persons in the following Access Classification Levels: • Regular Access Person • General Account/MIM Private Markets Front-Office Access Person • MIM Public Markets Front-Office Access Person Reportable Security? Initial and Annual Holdings Reports Reportable Security? Quarterly Transaction Reports Pre-Clearable Security? Unless otherwise indicated on this chart, (i) all Securities positions must be reported initially and annually thereafter, (ii) all Securities transactions must receive advance pre-clearance approval, and (iii) all Securities transactions must be reported quarterly (italicized terms are defined in the Code). Does the Access Person need to report the following types of Securities holdings? Does the Access Person need to report transactions in the following types of Securities? Does the Access Person need to obtain pre-clearance approval prior to transacting in the following types of Securities? Government Securities Direct Obligations of the Government of the U.S. or U.K. No No No State, Province, or Municipal Bonds Yes Yes Yes Direct Obligations of the Governments of Canada, Japan, Germany, France, or Italy Yes Yes Yes Money Market Instruments/Commodities/Currency Bankers Acceptances No No No Bank Certificates of Deposit No No No Brokerage Certificates of Deposit Yes Yes No Commercial Paper No No No High Quality Short-Term Debt Instruments No No No Repurchase Agreements No No No Money Market Funds (including Money Market Affiliated Mutual Funds) No No No Physical Commodities and Options and Futures on Commodities (not commodity ETFs or closed-end funds) No No No Foreign and Domestic Currency Holdings/Transactions. This includes currency options (unless they are traded on a national securities exchange) and futures No No No Cryptocurrencies (only Initial Coin Offerings "ICO's" are reportable and pre-clearable) No No No 2 8 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img29.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only applicable to Access Persons in the following Access Classification Levels: • Regular Access Person • General Account/MIM Private Markets Front-Office Access Person • MIM Public Markets Front-Office Access Person Reportable Security? Initial and Annual Holdings Reports Reportable Security? Quarterly Transaction Reports Pre-Clearable Security? Unless otherwise indicated on this chart, (i) all Securities positions must be reported initially and annually thereafter, (ii) all Securities transactions must receive advance pre-clearance approval, and (iii) all Securities transactions must be reported quarterly (italicized terms are defined in the Code). Does the Access Person need to report the following types of Securities holdings? Does the Access Person need to report transactions in the following types of Securities? Does the Access Person need to obtain pre-clearance approval prior to transacting in the following types of Securities? IPOs / ICOs, Private Placements / Limited Offerings IPOs & ICOs (Note: IPO's are prohibited for the following Classification Levels: GA/MIM Private Markets Front-Office Access Persons & MIM Public Markets Front-Office Access Persons) Yes Yes Yes Private Placements/Private Funds/Limited Offerings Yes Yes Yes Issuer Event Transactions / Automatic Investment Plans Involuntary Issuer Transactions and Holdings (stock dividends, stock splits/reverse splits, or other similar reorganizations or distributions, call of a debt security, and spin-offs of shares to existing holders) Issuer Pro Rata Discretionary Transactions/Elections (purchases or other acquisitions or dispositions resulting from the discretionary exercise of rights acquired from an issuer as part of a pro rata distribution to all holders of a class of Securities of such issuer) (e.g., discretionary participation in takeovers, rights & tender/exchange offerings) Yes Yes Yes Yes No Yes. Pre-clearance approval for discretionary elections should be sought by manually phoning or emailing the Code Administrator directly. It is important to contact the Code Administrator to avoid having your request improperly denied. Automatic Investment Plans (a program in which regular periodic purchases or withdrawals are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation) (for Mutual Funds AIPs Refer to below) Yes. You must add up all of the Plan transactions for the year and reflect the activity on the Annual Holdings Report No. You do not need to report automatic (non-discretionary) Plan transactions on the Quarterly Transaction Report No. However, transactions that override the automatic preset schedule (discretionary purchases /sales, discretionary changes in individual security selection) must be pre-cleared. Note: You do not need to pre-clear a change to your money contribution level into a Plan. 2 9 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img30.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only applicable to Access Persons in the following Access Classification Levels: • Regular Access Person • General Account/MIM Private Markets Front-Office Access Person • MIM Public Markets Front-Office Access Person Reportable Security? Initial and Annual Holdings Reports Reportable Security? Quarterly Transaction Reports Pre-Clearable Security? Unless otherwise indicated on this chart, (i) all Securities positions must be reported initially and annually thereafter, (ii) all Securities transactions must receive advance pre-clearance approval, and (iii) all Securities transactions must be reported quarterly (italicized terms are defined in the Code). Does the Access Person need to report the following types of Securities holdings? Does the Access Person need to report transactions in the following types of Securities? Does the Access Person need to obtain pre-clearance approval prior to transacting in the following types of Securities? Issuer Event Transactions / Automatic Investment Plans Dividend Reinvestment Plan Automatic Transactions Yes No No Issuer Direct Stock Plan Automatic Transactions Yes No No Issuer Direct Stock Plan Non-Automatic Transactions (discretionary transactions) Yes Yes Yes. A pre-cleared transaction instruction is valid until executed by the Plan. Investment Company Securities Closed-End Investment Companies Yes Yes Yes Exchange Traded Funds (ETFs) and Exchange Traded Notes Yes Yes Yes Money Market Funds (including Money Market Affiliated Mutual Funds) No No No Mutual Funds (non-affiliated) No No No Affiliated Mutual Funds Yes Yes No Affiliated Mutual Funds interests held by or through the Manulife Registered Pension Plan (RPS), Manulife Registered Retirement Savings Plan (RRSP), John Hancock Unified 401k Plan, other employer-sponsored retirement plan, 529/RESP plan, or any other account. Yes Yes, however do not report automatic transactions/rebala nces (in accordance with a predetermined schedule/ allocation) on the Quarterly Transaction Report No Affiliated Mutual Funds held through a variable (annuity or life) insurance product separate account/unit investment trust Yes (report Affiliated Mutual Fund unit values) Yes, however do not report automatic transactions/ rebalances (in accordance with a predetermined schedule/ allocation) on the Quarterly Transaction Report No 30 |

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| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img31.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only applicable to Access Persons in the following Access Classification Levels: • Regular Access Person • General Account/MIM Private Markets Front-Office Access Person • MIM Public Markets Front-Office Access Person Unless otherwise indicated on this chart, (i) all Securities positions must be reported initially and annually thereafter, (ii) all Securities transactions must receive advance pre-clearance approval, and (iii) all Securities transactions must be reported quarterly (italicized terms are defined in the Code). Reportable Security? Initial and Annual Holdings Reports Does the Access Person need to report the following types of Securities holdings? Reportable Security? Quarterly Transaction Reports Does the Access Person need to report transactions in the following types of Securities? Pre-Clearable Security? Does the Access Person need to obtain pre-clearance approval prior to transacting in the following types of Securities? Employee Compensation Instruments MFC Shares in the MFC Global Share Ownership Plan (GSOP) Yes Automated Purchases—No Sales—Yes Automated Purchases—No Sales—Yes A pre-cleared transaction instruction is valid until executed by the Plan. MFC Restricted Share Units (RSU), Deferred Share Units (DSU), or Performance Share Units (PSU) No No No Options Acquired from MFC or Other Public Company Employer as Part of Employee Compensation (MFC Solium Account options) Yes Yes No Employer Phantom Stock/Phantom Option Interest (granted as compensation to employee, only employer can redeem interest and interest is non-transferable) No No No |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img32.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employer (non-MFC) Stock Grant (unvested grant of employer stock, vesting event, sales of vested shares) Unvested and Vested Amounts— Yes Grants—No Vesting Events — No (however if upon vesting the shares are transferred to a brokerage account then yes) Automatic Grants— No Automatic Vesting Event—No Sale of Vested Shares: Yes—if employee directs sale, No—if employer automatically sells vested without direction from employee) 31 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2522623d1_ex99-bxpx37img33.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only applicable to Access Persons in the following Access Classification Levels: • Regular Access Person • General Account/MIM Private Markets Front-Office Access Person • MIM Public Markets Front-Office Access Person Reportable Security? Initial and Annual Holdings Reports Reportable Security? Quarterly Transaction Reports Pre-Clearable Security? Unless otherwise indicated on this chart, (i) all Securities positions must be reported initially and annually thereafter, (ii) all Securities transactions must receive advance pre-clearance approval, and (iii) all Securities transactions must be reported quarterly (italicized terms are defined in the Code). Does the Access Person need to report the following types of Securities holdings? Does the Access Person need to report transactions in the following types of Securities? Does the Access Person need to obtain pre-clearance approval prior to transacting in the following types of Securities? Gifts ! Blind Trusts ! Managed Accounts Gifts, Inheritances, or Donations of Reportable Securities (received or given) Yes Yes Securities Gifts & Inheritances Received – No Securities Given or Donated - Yes No Director Indirect Control Over Account (Securities held in, purchased/sold for an account where a person does not have direct or indirect influence or investment/ proxy voting control, e.g., Blind Trusts, Certain Managed Accounts) No No No\* \*However, you must report initial and annual holdings in (as well as pre-clear and report quarterly transactions for) a Managed Account unless the Access Person has obtained a specific written pre-clearance or reporting exemption from the Code Administrator. 3 2 |

---

## Ex-99.B(P)(38)

**Exhibit 99.B(p)(38)**

![](tm2522623d1_ex99-bxpx38img1.jpg)

**<u>APPENDIX I - CODE OF ETHICS</u>**

April 2024

**I.** **INTRODUCTION**

High ethical standards are essential for the success of the Adviser and to maintain the confidence of Clients and investors in investment funds managed by the Adviser. The Adviser's long-term business interests are best served by adherence to the principle that the interests of Clients come first. We have a fiduciary duty to Clients to act solely for the benefit of our Clients. All personnel of the Adviser, including directors, officers and employees of the Adviser must put the interests of the Adviser's Clients before their own personal interests and must act honestly and fairly in all respects in dealings with Clients. All personnel of the Adviser must also comply with all federal securities laws. In recognition of the Adviser's fiduciary duty to its Clients and the Adviser's desire to maintain its high ethical standards, the Adviser has adopted this Code of Ethics (the "Code") containing provisions designed to prevent improper personal trading, identify conflicts of interest and provide a means to resolve any actual or potential conflicts in favor of the Adviser's Clients.

Adherence to the Code and the related restrictions on personal investing is considered a basic condition of employment by the Adviser. If you have any doubt as to the propriety of any activity, you should consult with the Compliance Officer or their designee, who is charged with the administration of the Code.

**II.** **DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;1. Access Person means any partner, officer, director, member or employee of the Adviser, or other person
who provides investment advice on behalf of the Adviser and is subject to the supervision and control of the Adviser (i) who has
access to nonpublic information regarding any Clients' purchase or sale of securities, or nonpublic information regarding portfolio
holdings of any Reportable Fund (as defined below) or (ii) who is involved in making securities recommendations to Clients (or who
has access to such recommendations that are nonpublic).

&nbsp;&nbsp;&nbsp;&nbsp;2. Automatic Investment Plan means a program in which regular periodic purchases (or withdrawals) are made
automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation, including a dividend reinvestment
plan.

&nbsp;&nbsp;&nbsp;&nbsp;3. Beneficial Ownership includes ownership by any person who, directly or indirectly, through any contract,
arrangement, understanding, relationship or otherwise, has or shares a direct or indirect financial interest other than the receipt of
an advisory fee.

&nbsp;&nbsp;&nbsp;&nbsp;4. Covered Person means any director/manager, officer, Supervised Person or Access Person of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;5. Personal Account means any account in which a Covered Person has any Beneficial Ownership.

**Privileged And Confidential**![](tm2522623d1_ex99-bxpx38img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;6. Reportable Security means a security as defined in Section 202(a)(18)
of the Act (15 U.S.C. 80b-2(a)(18)) and includes any derivative, commodities, options or forward contracts relating thereto, except that
it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bankers' acceptances, bank certificates of deposit, commercial
paper and high quality short-term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Shares issued by registered open-end funds, except that registered
funds managed by the Adviser, including in a sub-advisory capacity, or registered funds whose adviser or principal underwriter controls
the Adviser, is controlled by the Adviser, or is under common control with the Adviser are Reportable Securities (each, a "Reportable
Fund");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Shares issued by unit investment trusts that are invested exclusively
in one or more registered open-end funds, none of which are Reportable Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) foreign currency exchange (FX).

For the avoidance of doubt, the following instruments are treated as Reportable Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shares issued by registered closed-end funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Municipal bonds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Share issued by exchange-traded funds and options on exchange-traded
funds.

&nbsp;&nbsp;&nbsp;&nbsp;7. Restricted Security means any security that (i)(a) a Client
owns or is in the process of buying or selling or (b) the Adviser is researching, analyzing or considering buying or selling for
a Client, and (ii) that the Compliance Officer or their designee, in consultation with senior management as set forth in the Key
Marathon MNPI Procedures, determines should be added to the Restricted Securities List (the "Restricted Securities List")
(as further described below).

&nbsp;&nbsp;&nbsp;&nbsp;8. Short Sale means the sale of securities that the seller does not
own. A Short Sale is "against the box" to the extent that the
seller contemporaneously owns or has the right to obtain securities identical to those sold short, at no added cost.

&nbsp;&nbsp;&nbsp;&nbsp;9. Supervised Person means the officers, directors, employees and
any other person who provides advice on behalf of the Adviser and is subject to the Adviser's supervision and control.

**Privileged And Confidential**![](tm2522623d1_ex99-bxpx38img1.jpg)

**III. PERSONAL SECURITIES TRANSACTION POLICY**

It is the responsibility of each Covered Person to ensure that a particular securities transaction being considered for their Personal Account is not subject to a restriction contained in the Code or otherwise prohibited by any applicable laws. Personal securities transactions for Covered Persons may be effected **<u>only</u>** in accordance with the provisions of the Code.

It is a violation of the Code for a Covered Person to use their knowledge concerning a trade, pending trade or contemplated securities transaction by any Client to profit personally, directly or indirectly, as a result of such transaction, including by purchasing or selling such securities.

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Applicability of the Personal Securities Transaction Policy</u> 

The Code applies to all Personal Accounts of all Covered Persons. A Personal Account also includes an account maintained by or for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A Covered Person's spouse (other than a legally separated
or divorced spouse of the Covered Person) and minor children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any immediate family members who live in the Covered Person's
household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any persons to whom the Covered Person provides primary financial
support, and either (i) whose financial affairs the Covered Person controls, or (ii) for whom the Covered Person provides discretionary
advisory services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any partnership, corporation or other entity in which the Covered
Person has a 25% or greater beneficial interest, or in which the Covered Person exercises effective control.

A comprehensive list of all Covered Persons and Personal Accounts will be maintained by the Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Restrictions on Personal Transactions - Preclearance</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Preclearance of Transactions in Personal Account

A Covered Person must obtain the prior written approval of the Compliance Officer or their designee before engaging in any transaction (including a Short Sale) in a Reportable Security in their Personal Account. The Compliance Officer or their designee may approve the transaction if the Compliance Officer or their designee concludes that the transaction would comply with the provisions of the Code and is not likely to have any adverse economic impact on Clients. A request for preclearance may be made by completing a Preclearance request via the Adviser's Code of Ethics tool, ACA ComplianceAlpha ("ComplianceAlpha") and submitting it in advance of the contemplated transaction. A sample Preclearance Form is attached as Attachment A, but any other form of request approved by the Compliance Officer or their designee may be used. Generally, and subject to the discretion of the Compliance Officer or their designee, any security appearing on the Restricted Security List, and/or any security of an issuer in which a Client has effected a transaction within 30 calendar days of the request for preclearance, will not be approved for personal trading. Any approval given under this paragraph will remain in effect only for that business day, unless a different amount of time is specified in such written approval. Any preclearance approval may be revoked at any time in the discretion the Compliance Officer or their designee.

**Privileged And Confidential**![](tm2522623d1_ex99-bxpx38img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Limit orders to buy or sell a Reportable Security must be precleared by the Compliance Officer or their
designee, cannot be modified or canceled after approval (unless the modification or cancellation is precleared), and must expire within
7 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If a preclearance request is for a derivative product (*i.e*., selling a put), the time period to
purchase or sell any underlying security, the nature of the security, the price, and any other information that is available concerning
a future obligation must be disclosed in the "Notes" section of the ComplianceAlpha Preclearance Form. An amendment to the
terms of a derivative instrument must be precleared and is considered a new trade. The exercise of a derivative need not be precleared
and is not considered a new trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Initial Public Offerings

A Covered Person may not acquire any direct or indirect Beneficial Ownership in **ANY** securities in any initial public offering without prior written approval of the Compliance Officer or their designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Private Placements and Investment Opportunities of Limited Availability

A Covered Person may not acquire any Beneficial Ownership in **ANY** securities in any private placement of securities or investment opportunity of limited availability unless the Compliance Officer or their designee has given express prior written approval. The Compliance Officer or their designee, in determining whether approval should be given, will take into account, among other factors, whether the investment opportunity should be reserved for Clients and whether the opportunity is being offered to the Covered Person by virtue of their position with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exceptions from Preclearance Provisions

In recognition of, among other things, the *de minimis* or involuntary nature of certain transactions, this section sets forth exceptions from the preclearance requirements. The restrictions and reporting obligations of the Code will continue to apply to any transaction exempted from preclearance pursuant to this Section (unless otherwise expressly stated elsewhere in the Code). The following transactions will be exempt from the preclearance requirements of Section V:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Purchases or sales that are non-volitional on the part of the Covered Person such as purchases that are
made pursuant to a merger, tender offer, exercise of rights or forced buy-in related to a Short Sale (if a Covered Person is uncertain
whether a purchase or sale is non-volitional, the Covered Person should contact the Compliance Officer or their designee);

**Privileged And Confidential**![](tm2522623d1_ex99-bxpx38img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Purchases or sales pursuant to an Automatic Investment Plan (as
such term is defined in the Advisers Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Transactions in shares issued by open-end funds registered in
the U.S. (other than a Reportable Fund managed or subadvised by the Adviser or whose principal underwriter is affiliated with the Adviser);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Transactions in municipal securities (unless part of an IPO or
private placement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Transactions in exchange traded funds (ETFs) or options on exchange
traded funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Transactions in foreign currency exchange (FX);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Transactions in index linked notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Short Sale transactions involving exchange traded funds or options
on exchange traded funds, as well as forced buy-in transactions related to Short Sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. Transactions in securities that are not Reportable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. Transactions in cryptocurrency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. Transactions effected in, and the holdings of, any account over
which the Covered Person has no direct or indirect influence or control (i.e., blind trust, discretionary account or trust managed by
a third party) (a "Managed Account"). If a Covered Person wishes to take advantage of this provision, the Covered Person
must acknowledge and certify that they: (1) have no direct or indirect control over the Managed Account; (2) do not suggest
that the trustee or third party make any particular purchases or sales of securities for the Managed Account; and (3) do not direct
the trustee or third party to make any particular purchases or sales of securities for the Managed Account. The required certification
will be made through ComplianceAlpha, on no less than an annual basis. Such Covered Persons may also be asked to provide reporting regarding
such Managed Accounts on a sample basis.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Restrictions on Personal Investing Activities</u> <u>– Short Term and Excessive Trading</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Short Term or Excessive Trading

The Adviser believes that short term or excessive personal trading by its Covered Persons can raise compliance and conflicts issues. Accordingly, generally, no Covered Person may (i) purchase and sell the securities of the same issuer within 90 calendar days or (ii) engage in more than 10 personal securities transactions during any calendar month. These restrictions apply to all Reportable Securities, including those for which preclearance is not required.

**Privileged And Confidential**![](tm2522623d1_ex99-bxpx38img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A limit order to purchase or sell a Reportable Security shall
generally count as 1 personal securities transaction/request (even if executed in multiple transactions over the time frame specified
in the order). In the event that a Covered Person obtains preclearance for a limit order to purchase or sell a Reportable Security, and
such limit order is not executed during the permitted period of the limit order, such limit order will not be considered one of the 10
personal securities transactions permitted in any calendar month. Preclearance will be required for any subsequent purchase or sale,
including a similar or identical limit order, in such Reportable Security. A description of each limit order must be included in the
 "Notes" section of the ComplianceAlpha Preclearance Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Straddle trades generally do not count as 1 personal securities
transaction/request. Rather, each transaction within a straddle is counted separately. A description of each straddle trade (including
all transactions contemplated thereby) must be included in the "Notes" section of the ComplianceAlpha Preclearance Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The prohibition on a Covered Person purchasing and selling the
securities of the same issuer within 90 calendar days shall apply to any derivative product related to the issuer, unless otherwise approved
by the Compliance Officer or their designee.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Exceptions from Short Term or Excessive Trading Prohibitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Managed Accounts are exempt from the short term or excessive trading
prohibitions of Section IV(e). If a Covered Person wishes to take advantage of this provision, the Covered Person must certify that
the Covered Person will not have any direct or indirect influence or control over the account as described in Section VI.10, above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The short term or excessive trading prohibitions of Section VII
shall not apply to transactions in (i) municipal securities, (ii) foreign currency exchange (FX), (iii) shares issued
by open-end or closed-end funds registered in the U.S. (unless managed by the Adviser or whose principal underwriter is affiliated with
the Adviser), (iv) shares issued by unit investment trusts that are invested exclusively in one or more registered open-end funds,
none of which are Reportable Funds, (v) index linked notes, or (vi) forced or involuntary transactions such as a forced buy-in
related to a Short Sale. If a Covered Person is unsure as to whether a transaction constitutes a forced or involuntary transaction, the
Covered Person should contact the Compliance Officer or their designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The prohibition on a Covered Person purchasing and selling the
securities of the same issuer within 90 calendar days does not apply to Exchange Traded Funds ("ETFs"). However, the prohibition
on a Covered Person engaging in more than 10 personal securities transactions during any calendar month does apply to ETFs, and options
on ETFs.

**Privileged And Confidential**![](tm2522623d1_ex99-bxpx38img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Summary of Preclearance Requirements and Short Term and Excessive Trading Prohibitions</u> 

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Preclearance <br> Required? (Y/N)** | **Included for <br> Personal Trading <br> Limits (Prohibitions <br> on Short Term <br> and/or Excessive <br> Trading)? (Y/N)** | **Applicable Holding <br> and Trading<br> Restrictions (Short<br> Term and/or<br> Excessive Trading)** |
| **Single Stock** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;All apply |
| **Non-Government Single Bond** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;All apply |
| **Sovereign and Quassi-Sovereign Bonds** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**Yes** | &nbsp;&nbsp;**All apply except Firm trading restrictions** |
| **ETFs and options on ETFs** | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;· 90 day trading restriction does not apply<br> · 10 transactions per calendar month restriction does apply |
| **Registered Closed-End Fund** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;None apply |
| **Registered Open-End Fund (Mutual Fund)** | &nbsp;&nbsp;No; so long as (i) fund is registered in U.S., (ii) fund is not managed by Adviser, and (iii) fund's principal underwriter is not affiliated with Adviser | &nbsp;&nbsp;No | &nbsp;&nbsp;None apply |
| **Index-linked Notes** | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;None apply |

---

**Privileged And Confidential**![](tm2522623d1_ex99-bxpx38img1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Preclearance <br> Required? (Y/N)** | **Included for <br> Personal Trading <br> Limits (Prohibitions <br> on Short Term <br> and/or Excessive <br> Trading)? (Y/N)** | **Applicable Holding <br> and Trading<br> Restrictions (Short <br> Term and/or<br> Excessive Trading)** |
| **Municipal Securities** | &nbsp;&nbsp;No; unless part of private placement | &nbsp;&nbsp;No | &nbsp;&nbsp;None apply |
| **Stock Option** | &nbsp;&nbsp;1. Purchase of - Yes<br> 2. Exercise of - No<br> 3. Amendment to Terms - Yes | &nbsp;&nbsp;1. Yes <br> 2. No <br> 3. Yes | &nbsp;&nbsp;1. All apply<br> 2. None apply<br> 3. All apply |
| **Non- Government Bond Option** | &nbsp;&nbsp;1. Purchase of - Yes <br> 2. Exercise of - No <br> 3. Amendment to Terms - Yes | &nbsp;&nbsp;1. Yes <br> 2. No <br> 3. Yes | &nbsp;&nbsp;1. All apply <br> 2. None apply<br> 3. All apply |
| **Option on Index- Linked Notes** | &nbsp;&nbsp;1. Purchase of - Yes<br> 2. Exercise of - No<br> 3. Amendment to Terms - Yes | &nbsp;&nbsp;1. Yes <br> 2. No <br> 3. Yes | &nbsp;&nbsp;1. All apply <br> 2. None apply <br> 3. All apply |

---

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Reporting</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Duplicate Copies of Broker's Account Statements to Adviser.

All Covered Persons must link their personal accounts to ComplianceAlpha (through either aggregation or direct feed) or direct their brokers or custodians or any persons managing the Covered Person's account in which any Reportable Securities are held to supply the Compliance Officer or their designee with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the Covered Person's monthly and/or quarterly brokerage
statements ("Statements");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. All Covered Persons must submit to the Compliance Officer or their designee a report of their securities
transactions not previously reported on a Statement no later than 30 days after the end of each calendar quarter. The report must set
forth each transaction in a Reportable Security in which the Covered Person had any beneficial interest during the period covered by the
report. The report will be made through ComplianceAlpha, or another form approved for this purpose by the Compliance Officer or their
designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) New Accounts.

Each Covered Person must notify the Compliance Officer or their designee promptly if the Covered Person opens any new account in which any Reportable Securities are held with a broker or custodian or moves such an existing account to a different broker or custodian.

**Privileged And Confidential**![](tm2522623d1_ex99-bxpx38img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Disclosure of Securities Holdings.

All Covered Persons will, within 10 days of commencement of employment with the Adviser, submit an initial statement to the Compliance Officer or their designee listing all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Reportable Securities in which the Covered Person has any Beneficial
Ownership, (including title and exchange ticker symbol or CUSIP number, type of security, number of shares and principal amount (if applicable)
of each reportable security in which the Covered Person has any Beneficial Ownership); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the names of any brokerage firms or banks where the Covered Person
has an account in which ANY securities are held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The report must be dated the day the Covered Person submits it
and must contain information that is current as of a date no more than 45 days prior to the date the person became a Covered Person of
the Adviser. Covered Persons will annually submit to the Compliance Officer or their designee an updated statement, which must be current
as of a date no more than 45 days prior to the date the report was submitted, or otherwise provide all such information to the Compliance
Officer or their designee. A form of the initial and annual report is set forth in Attachment B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exceptions to Reporting Requirements.

A Covered Person need not submit any report with respect to securities held in accounts over which the Covered Person has no direct or indirect influence or control or transaction reports with respect to transactions effected pursuant to an automatic investment plan. A Covered Person must still obtain express prior written approval from the Compliance Officer or their designee before participating in any private placement even if such Covered Person intends to participate through an account over which the Covered Person has no direct influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Transactions Subject to Review.

The Reportable Securities transactions reported on the preclearance requests, quarterly reports or Statements will be reviewed and compared against each other and Client Reportable Securities transactions to evaluate compliance with these policies.

**Privileged And Confidential**![](tm2522623d1_ex99-bxpx38img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Restricted Securities List</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prohibitions on Trading in Securities on the Restricted Securities
List.

The Restricted Securities List is composed of companies or issuers whose securities are subject to Firm imposed trading activity prohibitions or restrictions. It is the policy of the Adviser that all personnel shall strictly observe such trading activity prohibitions or restrictions. Exceptions from Restricted Security List prohibitions or restrictions may only be granted in accordance with the Key Marathon MNPI Procedures. A Covered Person generally may not execute any personal or Firm securities transaction of any kind in any securities on the Restricted Securities List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Maintenance of Restricted Securities List</u>. The Restricted
Securities List will generally be maintained by the Compliance Officer or their designee. Additions to or deletions from the Restricted
Securities List may be made only in accordance with the Key Marathon MNPI Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Inclusion on the Restricted Securities List</u>. Each portfolio
manager and analyst should immediately notify the persons set forth in the Key Marathon MNPI Procedures if he or she believes that an
issuer or security should be added to or removed from the Restricted Security List.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Watch List</u> 

The Compliance Officer may place certain issuers on a watch list at the request of Firm personnel or otherwise. These issuers may be subject to enhanced or specific review procedures based upon the nature of the Adviser's operations. This list will be available only to those persons who are deemed to be necessary recipients of the list because of their roles in compliance, trading, portfolio management or operations. Issuers will be placed on and removed from the watch list in the discretion of the Compliance Officer or their designee, at the request of Firm personnel or otherwise.

**IV. ADDITIONAL RESTRICTIONS ON PERSONAL AND OUTSIDE BUSINESS ACTIVITIES**

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Service on Boards of Directors</u>. A Covered Person shall
not serve as a director (or similar position) on the board or a member of a creditors committee of any company unless the Covered Person
has received the prior written approval from the Compliance Officer or their designee. Authorization will be based upon a determination
that the board service would not be inconsistent with the interest of any Client account. At the time a Covered Person submits the initial
holdings report in accordance with Section IV of the Code, the Covered Person will submit to the Compliance Officer or their designee
a description of any business activities in which the Covered Person has a significant role.

A Covered Person does <u>not</u> need to report via ComplianceAlpha any business activities performed for MAM, its affiliates, or pooled Funds managed by MAM.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Other Employment</u>. Supervised Persons generally may not
be employed or compensated by any business in addition to the Adviser or one of its affiliates that may pose a conflict of interest in
respect of the Clients without written approval of the Compliance Officer or their designee. Approval of the Compliance Officer or their
designee for any of the above activities must be obtained prior to
engaging in such activity so that determinations may be made regarding (1) the degree to which such activity may interfere with the
Supervised Person's duties to Adviser and its Clients, (2) whether such activity involves conflicts of interest between Adviser
and any Client that need to be disclosed and may require Client consent or (3) whether the Adviser need to implement policies and
procedures to address such conflict of interest.

**Privileged And Confidential**![](tm2522623d1_ex99-bxpx38img1.jpg)

 **V. GIFTS AND BUSINESS ENTERTAINMENT POLICY**

In order to address conflicts of interest that may arise when a Covered Person accepts or gives a gift, favor, special accommodation, or other items of value, the Adviser places restrictions on gifts and certain types of business entertainment. Set forth below is the Adviser's policy relating to gifts and business entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Gifts</u> 

*General –* No Covered Person may receive any gift, service, or other item of more than *de minimis* value, which for the purpose of the Code is $100, from any person or entity that does business with or potentially could conduct business with or on behalf of the Adviser, unless the Compliance Officer or their designee determines that such gift was not given in an attempt to, nor will it, affect the Adviser's decision making process. No Covered Person may give or offer any gift of more than *de minimis* value to existing investors, prospective investors, or any entity that does business with or potentially could conduct business with or on behalf of the Adviser without the prior written approval of the Compliance Officer or their designee. The value of any gift etc. will be on the basis of its market value or cost incurred by the provider and not its face price (if any).

For the avoidance of doubt, no formal or informal agreements to refer, solicit, or otherwise make any testimonial or endorsement on behalf of the Adviser may be made in connection with the provision of any gift, service, or other item of more than *de minimis* value, or be expressly contingent on the provision any gift, service, or other item of more than *de minimis* value.

*Solicited Gifts –* No Covered Person may use their position with the Adviser to obtain anything of value from a Client, supplier, person to whom the Covered Person refers business, or any other entity with which the Adviser does business.

*Cash Gifts –* No Covered Person may give or accept cash gifts or cash equivalents to or from an investor, prospective investor, or any entity that does business with or potentially could conduct business with or on behalf of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Business Entertainment</u> 

*General –* Covered Persons may host or participate in business entertainment, such as dinner or a sporting event, if the person or entity providing the entertainment is present and the value does not exceed $250. In such case, such business entertainment event will be excluded from the approval, reporting and recordkeeping requirements of this Policy.

**Privileged And Confidential**![](tm2522623d1_ex99-bxpx38img1.jpg)

Notwithstanding the above, absent prior authorization from the Compliance Officer or the Legal Department, no formal or informal agreements to refer, solicit, or otherwise make any testimonial or endorsement on behalf of the Adviser may be made in connection with the provision of any business entertainment, or be expressly contingent on the provision any business entertainment.

*Reporting Threshold –* To the extent that a Covered Person hosts or participates in business entertainment of a value that exceeds $250 per person, such Covered Person must report the business entertainment event to the Compliance Officer or their designee.

*Preclearance Threshold –* If a Covered Person will host or participate in business entertainment of a value that exceeds $500 per person, the business entertainment must be precleared by the Compliance Officer or their designee prior to hosting or participating in the event.

*Extravagant Entertainment –* No Covered Person may provide or accept extravagant or excessive entertainment to or from an investor, prospective investor, or any person or entity that does or potentially could do business with or on behalf of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Reporting/Recordkeeping</u> 

*Gifts –* Each Covered Person must report any gifts in excess of *de minimis* value received in connection with the Covered Person's employment to the Compliance Officer or their designee. At their sole discretion, the Compliance Officer or their designee may require that any such gift be returned to the provider or that an expense be repaid by the Covered Person or given to charity.

*Business Entertainment –* Each Covered Person must report any event likely to be viewed as so frequent or of such high value as to raise a question of impropriety. Any such event must be approved by the Compliance Officer or their designee.

*Gift and Entertainment Reporting –* Each Covered Person must report and pre-clear any prospective gift in excess of the *de minimis* value; or any previously unreported business entertainment, if it is so frequent or of such high value as to raise a question or impropriety (even if such business entertainment is attended by the person or persons providing it). The report will be made through ComplianceAlpha, or another form approved for this purpose by the Compliance Officer or their designee.

*Recordkeeping –* The Compliance Officer or their designee will maintain records of any gifts and/or business entertainment events so reported.

**VI. POLITICAL CONTRIBUTION POLICY**

Rule 206(4)-5 under the Advisers Act (the "Pay-to-Play Rule") generally prohibits the receipt of compensation from a "government entity" for advisory services for a period of two years following a contribution made to any official of a government entity by the Adviser or its "covered associates". This prohibition does not apply to *de minimis* contributions that do not exceed $350 to any one official if the contributor was eligible to vote for the official, or that do not exceed $150 if the contributor was not eligible to vote for the official.

**Privileged And Confidential**![](tm2522623d1_ex99-bxpx38img1.jpg)

For purposes of the Pay-to-Play Rule, a "government entity" includes any state or local government entities *and* any investment pools (including 3(c)(1) and 3(c)(7) funds) in which state or local governmental entities invest. It does not include federal officials, *except that* it does apply to candidates for a federal office that are current incumbents of a state or local government entity.

Many states and public pension plans have adopted rules that are not consistent with, and often more restrictive than, the federal Pay-to-Play Rule. For example, certain states and public pension plans have adopted regulation and/or policies limiting or completely restricting a firm from doing business with such state or plan, as applicable, if political contributions are made or solicited by the firm, its employees, or, in some instances, an employee's spouse, civil union partner, or immediate family members residing in the same home. Under these laws, a single prohibited political contribution to a candidate, political party, political group, political action committee, or a federal/state/municipal official, may disqualify or otherwise restrict Marathon from accepting investments and/or being engaged by certain investors.

***Therefore, all Supervised Persons, their spouses or civil union partners, and any immediate family members residing in a Supervised Person's home must obtain written approval from the Compliance Officer or their designee prior to making or soliciting any contributions in any amount to any federal, state, county, or local political campaign, candidate or officeholder, or political organization (e.g., political action committee, political party committee, etc.), including any contribution that may indirectly benefit such political candidate or organization.***

The Director of Accounting will maintain a list of all "government entity" Clients or investors for purposes of assessing compliance with these requirements.

**VII. ANTI-CORRUPTION LAW AND REGULATIONS**

The Adviser is committed to compliance with applicable United States and international anti-corruption laws and regulations, including the FCPA and the United Kingdom Bribery Act 2010 ("UK Bribery Act"). Accordingly, Covered Persons are prohibited from promising, giving, or offering to give anything of value, either directly or indirectly, to any individual covered by the FCPA or the UK Bribery Act, including without limitation government officials, for the purpose of influencing any act or decision of such a person to secure an improper advantage or otherwise to assist the Adviser in obtaining or retaining business. If any individual covered by the FCPA or the UK Bribery Act solicits, asks for, or attempts to extort, any money or anything of value from a Covered Person, the Supervised Person or third-party must refuse such solicitation, request, or extortionate demand and immediately report the event to the Compliance Officer. Further, Covered Persons are prohibited from requesting, agreeing to receive or accepting a financial or other advantage, either directly or indirectly, with the intention that, in consequence, a function or activity related to its role as a Covered Person should be performed improperly.

**Privileged And Confidential**![](tm2522623d1_ex99-bxpx38img1.jpg)

Supervised Persons are prohibited from making, promising, offering, or authorizing payment to any party with "knowledge" that all or part of the payment will be offered or given to any individual covered by the FCPA or the UK Bribery Act for the purpose of influencing any act or decision of such a person to secure an improper advantage or to otherwise assist Adviser in obtaining or retaining business. For purposes of this paragraph, "knowledge" means (i) awareness that an illegal payment is being made, (ii) awareness that an illegal payment is likely to occur, or (iii) reason to know that an illegal payment is likely to occur. Refusal to know, deliberate ignorance, conscious disregard, and willful blindness are treated as "knowledge" for purposes of the FCPA and the UK Bribery Act. For more information, please see Appendix X – Anti-Bribery and Corruption Policy.

***Given the potential consequences of violations of the FCPA and the UK Bribery Act, all Covered Persons should seek guidance from the Compliance Officer with respect to issues that may arise. Resolving whether a particular situation may create a potential issue under the FCPA, the UK Bribery Act, and/or other applicable anti-corruption laws and regulations may not always be easy, and situations will inevitably arise that will require interpretation and application of the Compliance Manual to particular circumstances. A Covered Person should not attempt to resolve such questions himself or herself.***

**VIII. MANAGEMENT OF NON-ADVISER ACCOUNTS**

Covered Persons are prohibited from managing accounts for third parties who are not Clients of the Adviser or serving as a trustee for third parties unless the Compliance Officer or their designee preclears the arrangement and finds that the arrangement would not harm any Client. The Compliance Officer or their designee may require the Covered Person to report transactions for such account and may impose such conditions or restrictions as are warranted under the circumstances.

**IX. RECORDKEEPING**

The Compliance Officer or their designee will keep in an easily accessible place copies of the Code, all periodic statements and reports of Covered Persons, copies of all preclearance requests, records of violations and actions taken as a result of violations, and other memoranda relating to the administration of the Code for at least five (5) years after the end of the fiscal year in which they were created or in effect. In addition, the Compliance Officer or their designee will keep in any easily accessible place all written acknowledgements for each person who is currently, or within the last five years was, a Supervised Person.

The Compliance Officer or their designee will maintain a list of all Covered Persons of the Adviser currently and within the past five years.

All broker's confirmations and periodic statements of Covered Persons may be kept electronically in a computer database, provided that backup copies of the database are maintained.

**Privileged And Confidential**![](tm2522623d1_ex99-bxpx38img1.jpg)

**X. OVERSIGHT OF CODE OF ETHICS**

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Acknowledgment.</u> 

The Compliance Officer or their designee will annually distribute a copy of the Code to all Covered Persons. The Compliance Officer or their designee will also distribute promptly all amendments to the Code. All Covered Persons are required annually to sign and acknowledge their receipt and compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Review of Transactions.</u> 

Each Covered Person's transactions in their or their Personal Account will be reviewed on a regular basis and compared with transactions for the Clients and against the list of Restricted Securities. Any Covered Person transactions that are believed to be a violation of the Code will be reported promptly to the management of the Adviser. The Adviser's Chief Legal Officer or their designee will review the Compliance Officer's transactions and preclearance requests.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Sanctions.</u> 

Adviser's management, with advice of legal counsel, at their discretion, will consider reports made to them and upon determining that a violation of the Code has occurred, may impose such sanctions or remedial action as they deem appropriate or to the extent required by law. These sanctions may include, among other things, disgorgement of profits, fines, suspension or termination of employment and/or criminal or civil penalties.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Authority to Exempt Transactions.</u> 

The Compliance Officer or their designee has the authority to exempt any Covered Person or any personal securities transaction of a Covered Person from any or all of the provisions of the Code if the Compliance Officer or their designee determines that such exemption would not be against any interests of a Client and will be in accordance with applicable law. The Compliance Officer or their designee will prepare and file a written memorandum of any exemption granted, describing the circumstances and reasons for the exemption.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>ADV Disclosure.</u> 

The Compliance Officer or their designee will ensure that the Adviser's Form ADV: (i) describes the Code in Part 2A of Form ADV and (ii) offers to provide a copy of the Code to any Client or prospective Client upon request.

**XI. CONFIDENTIALITY; REPORT SUSPECTED VIOLATIONS**

All reports of personal securities transactions and any other information filed pursuant to the Code will be treated as confidential to the extent permitted by law.

Covered Persons must report immediately any suspected violations of the Code (or of any other policy or procedures of the Adviser) to the Compliance Officer or their designee. The Adviser prohibits retaliation against any Covered Person who, in good faith, seeks help or reports known or suspected violations, including personnel who assist in making a report or who cooperate in an investigation. Any personnel who engage in retaliatory conduct will be subject to disciplinary action, which may include termination of employment. Please see **Appendix W** for additional details on how to escalate and/or report suspected violations of the Code of Ethics.

**Privileged And Confidential**

## Ex-99.B(P)(40)

**Exhibit 99.B(p)(40)**

![](tm2522623d1_ex99-bxpx40img1.jpg)

**MetLife Investments Code of Ethics**

**Policy Owner:** Head of Investments Compliance

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;Policy |
| &nbsp;&nbsp;**Scope** | &nbsp;&nbsp;All MIM entities and Access Persons as defined in Section 1.2 |
| &nbsp;&nbsp;**Version Effective Date** | &nbsp;&nbsp;January 2025 |
| &nbsp;&nbsp;**Version** | &nbsp;&nbsp;Version 3.0 |
| &nbsp;&nbsp;**Authoring Department** | &nbsp;&nbsp;Investments Compliance |
| &nbsp;&nbsp;**Contact** | &nbsp;&nbsp;Any questions or escalations regarding this Policy should be directed to Investments Compliance at <u>InvestmentsCompliance@metlife.com</u> |
| &nbsp;&nbsp;**Contact** |  |
| &nbsp;&nbsp;**Document Summary** | &nbsp;&nbsp;The Investments Code of Ethics sets forth requirements for Access Persons (including MIM personnel, MII personnel, related functional partners, and those with access to investments systems) with respect to personal securities accounts and trading. The Code of Ethics includes requirements related to (i) disclosure of personal securities accounts and transactions, (ii) pre-clearance of securities transactions, (iii) holding periods, (iv) restricted lists and MNPI, (v) MetLife, Inc. securities transactions, (vi) front running / blackout periods, (vii) options trading, and (viii) the approved broker-dealer policy. |

---

**☐** **For Internal Use Only**

![](tm2522623d1_ex99-bxpx40img1.jpg)

**Contents**

---

| | | |
|:---|:---|:---|
| **1** | **Introduction** | **4** |
| 1.1 | Purpose | 4 |
| 1.2 | Scope | 4 |
| 1.3 | Policy Ownership | 4 |
| 1.4 | Exceptions and Escalation | 4 |
| 1.5 | Resources | 5 |
| **2** | **Code Requirements** | **6** |
| 2.1 | Code of Ethics Requirements | 6 |
| 2.2 | Violations and Related Disciplinary Action | 6 |
| **3** | **Reportable Accounts, Securities and Funds** | **7** |
| 3.1 | Reportable Accounts Definition | 7 |
| 3.2 | Reportable Accounts Disclosure Requirements | 7 |
| 3.3 | Managed Accounts | 8 |
| 3.4 | Approved Broker-Dealer Policy (US Only) | 8 |
| 3.5 | Reportable Securities | 8 |
| 3.6 | Reportable Funds | 9 |
| **4** | **Pre-Clearance Requirement** | **10** |
| 4.1 | Pre-Clearance | 10 |
| 4.2 | Pre-Clearance Exemptions | 10 |
| **5** | **Holding Period** | **11** |
| 5.1 | Holding Period Requirement | 11 |
| 5.2 | Holding Period Exemptions | 11 |
| **6** | **Front Running Restriction** | **11** |
| **7** | **Requirements for MetLife, Inc. Securities** | **11** |
| 7.1 | MetLife Securities Requirements | 11 |
| 7.2 | Restrictions related to MetLife Securities | 12 |
| **8** | **Transactions in Options** | **12** |

---

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

![](tm2522623d1_ex99-bxpx40img1.jpg)

---

| | | |
|:---|:---|:---|
| **9** | **Additional Personal Trading Restrictions** | **12** |
| 9.1 | Initial Currency Options | 12 |
| 9.2 | Investment Clubs | 12 |
| 9.3 | Private Placements | 12 |
| **10** | **Material Non-Public Information (MNPI)** | **13** |
| 10.1 | MNPI Definition | 13 |
| 10.2 | Prohibitions | 13 |
| 10.3 | Reporting MNPI | 13 |
| 10.4 | MNPI Restricted List(s) and Watch List | 13 |
| 10.5 | Information Barriers | 14 |
| 10.6 | Sharing MNPI with Clients | 14 |
| **11** | **Recordkeeping and Data Sheet** | **15** |

---

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

![](tm2522623d1_ex99-bxpx40img1.jpg)

**1 Introduction**

**1.1 Purpose**

MetLife Investments<sup>1</sup> holds its employees to a high standard of integrity and business practice and has an obligation to act in the best interests of its clients. Accordingly, MetLife Investments strives to disclose, mitigate, or otherwise avoid activities which may present conflicts of interest. This Code of Ethics, also known herein as the Code, (i) establishes the principles, standards, roles, and responsibilities for incorporating this commitment into MetLife Investments' business practices globally; and (ii) sets out the personal trading requirements and restrictions for all Access Persons within MetLife Investments.

This Code should be read in conjunction with other MetLife, Inc. and MetLife Investments policies including but not limited to the (i) MetLife Code of Business Ethics; (ii) MetLife Global Insider Trading Policy; (iii) MetLife Investment Management Information Barrier Policy; and (iv) MetLife Insurance Investments Confidential Transaction Information Process and Information Barrier Policy.

**1.2 Scope**

The Code of Ethics applies to all Access Persons, which includes all persons in the groups below:

&nbsp;&nbsp;&nbsp;&nbsp;· MIM and MII Personnel: All personnel who
 report, directly or indirectly to the Head of MIM or the Chief Investment Officer of MetLife Insurance Investments
 (MII)<sup>2</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;· MIM
 Functional Partners: All personnel in functions who are primarily dedicated to MIM, including
 those who report, directly or indirectly, to MIM's Chief Compliance Officer (CCO),
 Chief Risk Officer (CRO), Chief Counsel, Chief Financial Officer (CFO), and Heads of Human
 Resources, Internal Audit, Marketing, Communications, and Information Technology (IT)<sup>3</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;· Personnel
 with Access to MetLife Investments Systems: All personnel who have access to holdings and/or
 trade information of any account owned, managed, or controlled by MetLife Investments (collectively,
 "MetLife Investments Accounts"), including through MetLife Investments systems.

**1.3 Policy Ownership**

This Policy is owned by the Head of Investments Compliance and will be reviewed at least every other year. Material changes must be approved by Investments Legal, Investments Compliance, and the MIM Risk Committee or its designee. Investments Compliance will promptly communicate material amendments to all Access Persons.

Any questions regarding this Policy should be directed to Investments Compliance.

**1.4 Exceptions and Escalation**

This Code is to be adhered to in all circumstances. Investments Compliance, in consultation with the Ethics Committee as applicable, may grant case-by-case exceptions to any of the requirements, restrictions, or prohibitions in this Code that do not violate its general principles or applicable regulatory requirements. Requests for exceptions must be made in writing to Investments Compliance.

---

| | |
|:---|:---|
| 1 | For purposes of this policy, MetLife Investments includes MetLife Investment Management, LLC (MIM, LLC), MIM I, LLC, MetLife Investment Management Limited (MIML), MetLife Investment Management Europe Limited (MIMEL), MetLife Investment Management Japan, Ltd ("MIM Japan"), MetLife Investments Asia Limited (MIAL), MetLife Investments Securities, LLC (MISL), MetLife Latin America Asesorias e Inversiones Limitada (MILA), and Affirmative Investment Management (AIM). It also includes MetLife Insurance Investments (MII). |
| <sup>2</sup> | For the avoidance of doubt, the Head of MIM and the CIO of MII are Access Persons |
| <sup>3</sup> | For the avoidance of doubt, the Heads of the MIM support functions are Access Persons |

---

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

![](tm2522623d1_ex99-bxpx40img1.jpg)

**1.5 Resources**

For any questions regarding this Code, please contact Investments Compliance at <u>personaltradinghelp@metlife.com</u>.

Resources:

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Personal Trading System</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· <u>MIM Information Barrier Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· <u>MetLife Insider Trading Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· <u>MetLife Code of Business Ethics</u> 

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

![](tm2522623d1_ex99-bxpx40img1.jpg)

**2 Code Requirements**

**2.1 Code of Ethics Requirements**

All Access Persons are required to:

&nbsp;&nbsp;&nbsp;&nbsp;· Conduct
 business and personal trading activities in accordance with the requirements of the Code
 and consistent with MIM's duty to its clients

&nbsp;&nbsp;&nbsp;&nbsp;· Comply
 with the Code with respect to disclosure, certification, pre-approval, and other restrictions
 related to securities transactions in personal brokerage accounts

&nbsp;&nbsp;&nbsp;&nbsp;· Comply
 with applicable securities laws and regulations

&nbsp;&nbsp;&nbsp;&nbsp;· Promptly
 notify Investments Compliance upon receipt of Material Non-public Information (MNPI)<sup>4</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;· Promptly
 report any violations of the Code to Investments Compliance

&nbsp;&nbsp;&nbsp;&nbsp;· Acknowledge
 that they have received, read, and understand the Code

**2.2 Violations and Related Disciplinary Action**

**Violations of the Code by Access Persons or their Family Members are serious and may result in discipline, up to and including termination of employment.**

Violations are reported to senior leadership on a routine basis. Material violations and repeat violations are reviewed by the MIM Ethics Committee.

<u>Violations</u> include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· Failure
 to disclose a Reportable Account owned by (or for the benefit of) an Access Person of their
 Family Member

&nbsp;&nbsp;&nbsp;&nbsp;· Failure
 to obtain pre-clearance approval for a transaction in Reportable Securities (including pre-clearance
 of the wrong symbol or wrong transaction type (buy/sell))

&nbsp;&nbsp;&nbsp;&nbsp;· Transaction
 in a security on the Restricted List

&nbsp;&nbsp;&nbsp;&nbsp;· Violation
 of the 30-day Holding Period (or other relevant holding period)

&nbsp;&nbsp;&nbsp;&nbsp;· Violation
 of the Front Running restriction

&nbsp;&nbsp;&nbsp;&nbsp;· Failure
to complete a required certification or disclosure within the required time period

Violations are reviewed in light of the facts and circumstances of each individual violation and may result in <u>disciplinary action</u> pursuant to the MIM Policy on Policy Violations, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· Warning
 letters

&nbsp;&nbsp;&nbsp;&nbsp;· Suspension
 of personal trading privileges

&nbsp;&nbsp;&nbsp;&nbsp;· Disgorgement
 of profits (required for any restricted list or holding period violations that result in
 a financial gain)

&nbsp;&nbsp;&nbsp;&nbsp;· Impact
 to performance rating, compensation, or promotion eligibility

&nbsp;&nbsp;&nbsp;&nbsp;· Termination
 of employment

<sup>4</sup> For transactions or deals where a non-disclosure agreement (NDA) or confidentiality agreement has been signed; the project lead is responsible for reporting to Compliance.

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

![](tm2522623d1_ex99-bxpx40img1.jpg)

**3 Reportable Accounts, Securities and Funds**

**3.1 Reportable Accounts Definition**

Reportable Accounts are any accounts that (i) are owned by, or for the benefit of, <sup>5</sup> an Access Person or their Family Member(s) and (ii) are able to transact in Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;· Family
 Member includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Any family member (spouse, domestic partner,
 child, dependent, stepchild, parent, grandparent, sibling, in-law, etc). that (i) is
 living in the same household as the Access Person or (ii) is economically dependent
 on the Access Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Any other person whose investments are
 directly or indirectly controlled by the Access Person

Exemptions: The following types of accounts are non-reportable and exempt from disclosure and reporting requirements:

&nbsp;&nbsp;&nbsp;&nbsp;· 401k
 accounts (if administered by employer and not able to purchase securities)

&nbsp;&nbsp;&nbsp;&nbsp;· 529
 College Saving Plans (if unable to allocate investments)

&nbsp;&nbsp;&nbsp;&nbsp;· Other
 retirement accounts, savings accounts, or any bank account so long as the account is unable
 to purchase reportable securities or allocate investments

&nbsp;&nbsp;&nbsp;&nbsp;· Annuities
 and Variable Annuities (unless MetLife)

&nbsp;&nbsp;&nbsp;&nbsp;· Directly
 held mutual fund accounts

Dividend Reinvestment Plans (DRIPs) and Systematic Investment Plans (SIPs) must be disclosed.

**3.2 Reportable Accounts Disclosure Requirements**

Access Persons are required to:

&nbsp;&nbsp;&nbsp;&nbsp;1. Disclose all Reportable Accounts and Reportable Securities (as
defined in 3.4 below) in the personal trading system within 10 days of being hired (or becoming an Access Person)

&nbsp;&nbsp;&nbsp;&nbsp;2. Disclose any new Reportable Accounts immediately

&nbsp;&nbsp;&nbsp;&nbsp;3. Attest to the accuracy of their Reportable Accounts on an annual
basis (by January 31 of each year)

**Failure to disclose a Reportable Account within the required time period is considered a violation of the Code and is subject to disciplinary action.**

<sup>5</sup> This includes the ownership of a security, by a person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a Direct Pecuniary Interest or an Indirect Pecuniary Interest in such security. Pecuniary Interest means the opportunity, directly or indirectly, to profit or share in any profit derived from a security or transaction affecting a security. A person has a Direct Pecuniary Interest in each security (a) held in that person's name or in the name of any nominee for, or Personal Account of, that person, or (b) as to which a person, by contract, arrangement, power of attorney, understanding, relationship or otherwise has Control.

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

![](tm2522623d1_ex99-bxpx40img1.jpg)

**3.3 Managed Accounts**

Managed Accounts are accounts in which neither the Access Person nor their Family Member has discretion over the transactions in the accounts.<sup>6</sup> Access Persons must provide a Managed Account Letter to Investments Compliance in order for an account to be classified as a Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;· Managed
 Accounts must be disclosed

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 and holdings in Managed Accounts are not reportable and do not require pre-clearance

**3.4 Approved Broker-Dealer Policy (US Only)**

**Access Persons based in the United States must hold Reportable Accounts with an approved broker-dealer.** The full list of approved broker-dealers is available in Appendix A.

If an Access Person holds Reportable Account(s) at a non-approved broker-dealer prior to becoming an Access Person, the account(s) must be transferred to an approver-broker dealer within 90 days of becoming an Access Person.

The following Reportable Accounts are exempt from the approver broker-dealer requirement; *however, a formal exemption request must be submitted in writing to Investments Compliance for review and approval*.

&nbsp;&nbsp;&nbsp;&nbsp;· **Managed Accounts** where the Access Person (or their Family Member), does not have discretion over
 the transactions in that account.

&nbsp;&nbsp;&nbsp;&nbsp;· Accounts
 where a Family Member is required to hold their account with their employer.

&nbsp;&nbsp;&nbsp;&nbsp;· Additional
 exceptions that may be evaluated on a case-by-case basis by Compliance

**3.5 Reportable Securities**

**Reportable Securities** must be disclosed and are subject to additional requirements as described in the Code, including pre-clearance and holding periods.

**Reporting transactions in Reportable Securities:**

&nbsp;&nbsp;&nbsp;&nbsp;· For
 Reportable Accounts held with an approved broker-dealer, completed transactions in Reportable
 Securities will feed into the personal trading system automatically

&nbsp;&nbsp;&nbsp;&nbsp;· For
 Reportable Accounts are not with an approved broker-dealer, Access Persons must upload each
 transaction confirmation in Reportable Securities

&nbsp;&nbsp;&nbsp;&nbsp;· For
 all accounts (regardless of type of broker), Access Persons must satisfy pre-clearance and
 other requirements in the Code

**Certifying transactions in Reportable Securities:**

&nbsp;&nbsp;&nbsp;&nbsp;· On
 a quarterly basis (within 15 days after the end of each quarter), Access Persons must certify
 that all transactions in Reportable Securities are reflected in the personal trading system.
 This includes confirming that all transactions have correctly fed into the system from an
 approved broker.

**Failure to complete required certifications within the required time period is considered a violation of the Code and is subject to disciplinary action.**

<sup>6</sup> Robo-advisors in which the Access Person selects allocation percentages but does not have control over the individual investments are also considered Managed Accounts.

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

![](tm2522623d1_ex99-bxpx40img1.jpg)

---

| | |
|:---|:---|
| **Reportable Securities** | **Reportable Securities** |
| &nbsp;&nbsp;&nbsp;· Stocks | &nbsp;&nbsp;&nbsp;· Options |
| &nbsp;&nbsp;&nbsp;· Bonds, including Corporate and Municipal Bonds | &nbsp;&nbsp;&nbsp;· Closed-end Funds |
| &nbsp;&nbsp;&nbsp;· ETFs not listed on the Exclusion List | &nbsp;&nbsp;&nbsp;· Closed-end REITs |
| &nbsp;&nbsp;&nbsp;· American Depository Receipts (ADRs) | &nbsp;&nbsp;&nbsp;· Hedge Funds |
| &nbsp;&nbsp;&nbsp;· Unlisted, private, or unformed companies | &nbsp;&nbsp;&nbsp;· Convertible Bonds |
| &nbsp;&nbsp;&nbsp;· MetLife Affiliated Variable Products | &nbsp;&nbsp;&nbsp;· Currency Options |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Life Insurance and Variable Annuity) | |
| | &nbsp;&nbsp;&nbsp;· Equity Linked Notes (ELNs) |

---

---

| | | |
|:---|:---|:---|
| **Non-Reportable Securities**<br> The following security types are exempt from reporting and pre-clearance requirements | **Non-Reportable Securities**<br> The following security types are exempt from reporting and pre-clearance requirements | **Non-Reportable Securities**<br> The following security types are exempt from reporting and pre-clearance requirements |
| &nbsp;&nbsp;&nbsp;· Certifications of Deposit (CDs) | · | &nbsp;&nbsp;&nbsp;Money Market Funds |
| &nbsp;&nbsp;&nbsp;· Commercial Paper | · | &nbsp;&nbsp;&nbsp;Open-end Mutual Funds |
| &nbsp;&nbsp;&nbsp;· Commodities | · | &nbsp;&nbsp;&nbsp;Open-end REITs |
| &nbsp;&nbsp;&nbsp;· Currencies, including Cryptocurrencies | · | &nbsp;&nbsp;&nbsp;Sovereign Investment Funds |
| &nbsp;&nbsp;&nbsp;· Exchange Offers | · | &nbsp;&nbsp;&nbsp;Spot Contracts |
| &nbsp;&nbsp;&nbsp;· Forward Contracts | · | &nbsp;&nbsp;&nbsp;Swap Agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;· Futures Contracts (unless Securities Future) | · | &nbsp;&nbsp;&nbsp;Treasury Securities |
| &nbsp;&nbsp;&nbsp;· Life Insurance | · | &nbsp;&nbsp;&nbsp;Unit Investment Funds |

---

**3.6 Reportable Funds**

A **Reportable Fund** is any fund in which MIM serves as an investment adviser or sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;· A
 list of Reportable Funds is available in the personal trading system

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons are required to report any holdings and transactions in Reportable Funds,
 but they are not subject to pre-clearance requirements noted in Section 4

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

![](tm2522623d1_ex99-bxpx40img1.jpg)

**4 Pre-Clearance Requirement**

**4.1 Pre-Clearance**

**Generally, all transactions in Reportable Securities must be pre-cleared in the personal trading system<sup>7</sup>. Access Persons must receive pre-clearance approval prior to making a transaction in Reportable Securities.**

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons are responsible for ensuring that all information required in the pre-clearance request
 (e.g., brokerage accounts, transaction type, symbol, amount) is accurate and complete

&nbsp;&nbsp;&nbsp;&nbsp;· **All pre-clearance approvals are only effective for the same calendar day in which they were received.** If an approved transaction is not fully executed within the same calendar day (e.g.,
 before 11:59 pm), Access Persons must obtain a new pre-clearance approval the following day
 before executing the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;· Limit
 orders beyond one day (e.g., Good-Till-Cancelled orders) are prohibited

Access Persons will receive an automatic approval or denial in the personal trading system and via email:

*Approval:*

![](tm2522623d1_ex99-bxpx40img2.jpg)

**4.2 Pre-Clearance Exemptions**

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in Managed Accounts are exempt from pre-clearance requirements

&nbsp;&nbsp;&nbsp;&nbsp;· ETFs
 on the ETF exclusion list, or options on these ETFs, and municipal bonds are exempt from
 pre-clearance requirements

***Obtaining pre-clearance does not relieve Access Persons of responsibilities to comply with other provisions of the Code (incl. holding period and front running restrictions and prohibitions on trading while in possession of material non-public information).***

<sup>7</sup> If an Access Person is unable to access the personal trading system, they may request off-line approval from Investments Compliance via email.

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

![](tm2522623d1_ex99-bxpx40img1.jpg)

**5 Holding Period**

**5.1 Holding Period Requirement**

**Reportable Securities may not be (i) purchased and sold *or* (ii) sold and then repurchased within 30 calendar days (the "Holding Period").**

&nbsp;&nbsp;&nbsp;&nbsp;· For
 purchases and sales of MetLife, Inc. securities<sup>8</sup> acquired in the market,
 the Holding Period is 60 days

&nbsp;&nbsp;&nbsp;&nbsp;· For
 Access Persons that are part of MIM Japan, the Holding Period is 6 months

**5.2 Holding Period Exemptions**

&nbsp;&nbsp;&nbsp;&nbsp;· Sales
 of MetLife, Inc. securities that are received as part of a performance award or restricted
 stock grant are not subject to the holding period requirement, but the transaction must be
 pre-cleared

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in ETFs on the ETF exclusion list, or options on these ETFs, are not subject to the holding
 period requirement

**6 Front Running Restriction**

Access Persons that are involved in portfolio management, trading, or research (e.g., recommending securities or transactions) are prohibited from knowingly executing a securities transaction in Reportable Accounts on the same day or within 5 business days before or after an account managed by MIM transacts in the same security issuer (or any of its derivatives).

This restriction does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
 or sales or issuers or securities that have a market capitalization of $5 billion or more

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in issues or securities executed in a MIM-managed account that replicates a broad-based securities
 market index

**7 Requirements for MetLife, Inc. Securities**

**7.1 Disclosure, Pre-Clearance, and Holding Period Requirements for MetLife Securities**

&nbsp;&nbsp;&nbsp;&nbsp;· All
 transactions in MetLife, Inc. securities must receive pre-clearance approval, regardless
 of whether the securities were acquired in the market or as part of a performance award /
 restricted stock grant

&nbsp;&nbsp;&nbsp;&nbsp;· For
 purchases and sales of MetLife, Inc. securities acquired in the market, the Holding
 Period is 60 days

&nbsp;&nbsp;&nbsp;&nbsp;· Sales
 of MetLife, Inc. securities that are received as part of a performance award or restricted
 stock grant are not subject to the holding period requirement, but the transaction must be pre-cleared

<sup>8</sup> See section 7.2 for additional information on restrictions related to MetLife, Inc. securities

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

![](tm2522623d1_ex99-bxpx40img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· If
 MetLife opens a Fidelity account on behalf of an Access Person for purposes of a performance
 award / restricted stock grant, the Access Person must disclose the account in the personal
 trading system as a Reportable Account

&nbsp;&nbsp;&nbsp;&nbsp;· Allocations
 to the MetLife Company Stock Fund in a SIP or Auxiliary SIP Account are not reportable in
 PTA and are not subject to the 60-day holding period

**7.2 Restrictions related to MetLife Securities**

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons that are also deemed Restricted Persons under MetLife's Insider Trading Policy
 are prohibited from transacted in MetLife, Inc. securities during MetLife enterprise
 blackout periods

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons that file Section 16 filings for the purchase and sale of MetLife, Inc.
 securities must pre-clear transactions through the MetLife Corporate Secretary's Office

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons are prohibited from engaging in speculative transactions in MetLife, Inc. securities,
 including purchases and sales of options in the market

**8 Transactions in Options**

Access Persons are permitted to transact in options pursuant to the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;· The
 expiration of the option must be greater than 30 days from the trade date

&nbsp;&nbsp;&nbsp;&nbsp;· Pre-clearance
 approval must be obtained for both (i) the initial purchase of the option and (ii) the
 underlying transaction if the Access Person elects to take the option (on the transaction
 date)

&nbsp;&nbsp;&nbsp;&nbsp;· The
 option may not be closed out within 30 days of the initial trade date

Access Persons are prohibited from transacting in options whereby they are effectively causing a purchase and sale in the same security within 30 days, such as:

&nbsp;&nbsp;&nbsp;&nbsp;· Buying
 a call and a put in the same security

&nbsp;&nbsp;&nbsp;&nbsp;· Selling
 a call and buying a call with different strike prices

**9 Additional Personal Trading Restrictions**

**9.1 Initial Currency Options**

&nbsp;&nbsp;&nbsp;&nbsp;· Access
Persons are prohibited from investing in Initial Currency Options (ICOs)

**9.2 Investment Clubs**

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons are prohibited from forming or participating in an Investment Club without prior
 approval from Investments Compliance

**9.3 Private Placements**

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons are prohibited from investing in Private Placements without prior approval from Investments
 Compliance. Such approval may only be granted if the investment does not present a conflict
 of interest.

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

![](tm2522623d1_ex99-bxpx40img1.jpg)

**10 Material Non-Public Information (MNPI)**

**Access Persons are expressly prohibited from transaction in securities about which the Access Person, MIM, or MetLife, has MNPI.**

**10.1 MNPI Definition**

&nbsp;&nbsp;&nbsp;&nbsp;· Information
 is considered **material** if it would likely affect the market price of a security or
 if a reasonable investor would consider the information important in deciding whether to
 buy or sell the security

&nbsp;&nbsp;&nbsp;&nbsp;· Information
 is considered **non-public** if it has not been widely disseminated and investors have
 not had time to absorb the information.

&nbsp;&nbsp;&nbsp;&nbsp;· Examples
 of MNPI may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Financial plans, projections,
 or results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Mergers or acquisitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Purchases or sales of a
 business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o New products or businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Changes in executive management;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Potential or ongoing contractual
 negotiations

**10.2 Prohibitions**

Access Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;· **Insider Trading** – transacting in securities while aware of MNPI related to the securities
 issuer or its securities

&nbsp;&nbsp;&nbsp;&nbsp;· **Tipping** – providing MNPI to others who act on the information by transacting those securities

&nbsp;&nbsp;&nbsp;&nbsp;· **Gifting** – giving securities to others as gifts while aware of MNPI related to the securities
 issuer or its securities

&nbsp;&nbsp;&nbsp;&nbsp;· **Advising** – advising others to transact in securities while aware of MNPI related to the
 securities issuer or its securities, even if the MNPI is not shared

**10.3 Reporting MNPI**

Any Access Persons who become aware of MNPI are required to:

&nbsp;&nbsp;&nbsp;&nbsp;· Promptly
 report the MNPI to Compliance by <u>completing the request form</u> or emailing <u>InvestmentsCompliance@metlife.com</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· Refrain
 from sharing MNPI with (i) anyone within MetLife / MIM without a valid business purpose
 and (ii) anyone outside of MetLife / MIM

When the information is no longer material or non-pubic, Access Persons should notify Investments Compliance immediately to remove it from the Restricted List.

**10.4 MNPI Restricted List(s) and Watch List**

&nbsp;&nbsp;&nbsp;&nbsp;· If
 MIM, or any Access Person, has MNPI about a securities issuer, the issuer may be added to
 the applicable restricted list or watch list

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

![](tm2522623d1_ex99-bxpx40img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons are generally prohibited from transacting in issuers on the Restricted List and pre-clearance
 requests will result in a denial

&nbsp;&nbsp;&nbsp;&nbsp;· The
 Watch List contains issuers about which a select group of Access Persons may have access
 to MNPI (such as during a confidential project or transaction)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o While an issuer is on the
 Watch List, that select group of Access Persons are restricted from transacting in the issuer
 or its securities

If any Access Person acquires MNPI outside of the course of their employment at MIM / MetLife, they should not disclose it to anyone, including their manager and Investments Compliance. They are still prohibited from transacting in the relevant security issuer on behalf of themselves or in any MetLife accounts and from making any investment recommendations to advisory clients on the basis of such information.

**10.5 Sharing MNPI with Clients**

There may be certain circumstances under which MIM shares MNPI with client for a valid business reason. Prior to sharing any MNPI with any client, Access Persons must contact Investments Compliance (<u>InvestmentsCompliance@metlife.com</u>) for approval.

**10.6 Information Barriers**

There is an Information Barrier in place separating MIM's asset classes that primarily trade in public securities and those that trade in private securities. Additional Information can be found in the MIM Information Barrier Policy.

In addition, there is an Information Barrier in place between MIM and MII; see the <u>policy</u> for additional details.

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

![](tm2522623d1_ex99-bxpx40img1.jpg)

**11 Recordkeeping and Data Sheet**

**Policy Data Sheet**

---

| | |
|:---|:---|
| **Policy Author** | Investments Compliance |
| **Policy Approval Committee** | MIM Policy Working Group on behalf of the MIM Risk Committee |
| **Policy Approval Date** | November 2024 |
| **Last Review Date** | November 2024 |
| **Next Review Date** | November 2026 |
| **Applicable Laws, Rules, and Regulations** | Investment Advisors Act of 1940 (Advisors Act) Rule 204A-1 Investment Company Act of 1940 (1940 Act) Rule 17J-1 All Requirements of other Applicable Foreign Jurisdictions |
| **Related Policies/Standards** | MetLife Code of Business Ethics<br>MetLife Global Insider Trading Policy<br>MIM Information Barrier Policy<br>MetLife Insurance Investments Confidential Transaction Information Process and Information Barrier Policy |

---

**Revision History**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Version #** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Summary of Changes** | &nbsp;&nbsp;**Approver** |
| &nbsp;&nbsp;2.0 | &nbsp;&nbsp;October 2023 | &nbsp;&nbsp;*Policy refresh; clarified various requirements and aligned to MIM Policy Template* | &nbsp;&nbsp;MIM Policy Working Group |
| &nbsp;&nbsp;3.0 | &nbsp;&nbsp;January 2025 | &nbsp;&nbsp;*Policy refresh; update to policy structure and order of sections; addition of violations examples and framework; no material changes to any policy requirements.* | &nbsp;&nbsp;MIM Policy Working Group |

---

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

![](tm2522623d1_ex99-bxpx40img1.jpg)

**12 Appendix A: List of Approved Broker-Dealers**

&nbsp;&nbsp;&nbsp;&nbsp;· Ameriprise

&nbsp;&nbsp;&nbsp;&nbsp;· Bank
 of America / Merrill Lynch / Merrill Edge

&nbsp;&nbsp;&nbsp;&nbsp;· Charles
 Schwab (including transitioned TD Ameritrade accounts)

&nbsp;&nbsp;&nbsp;&nbsp;· Chase
 Investments

&nbsp;&nbsp;&nbsp;&nbsp;· Citigroup

&nbsp;&nbsp;&nbsp;&nbsp;· Davenport

&nbsp;&nbsp;&nbsp;&nbsp;· Edward
 Jones

&nbsp;&nbsp;&nbsp;&nbsp;· Fidelity

&nbsp;&nbsp;&nbsp;&nbsp;· Goldman
 Sachs

&nbsp;&nbsp;&nbsp;&nbsp;· IG
 Group

&nbsp;&nbsp;&nbsp;&nbsp;· Hargreaves
 London

&nbsp;&nbsp;&nbsp;&nbsp;· Interactive
 Brokers

&nbsp;&nbsp;&nbsp;&nbsp;· Janney
 Montgomery Scott

&nbsp;&nbsp;&nbsp;&nbsp;· JP
 Morgan

&nbsp;&nbsp;&nbsp;&nbsp;· LPL
 Financial

&nbsp;&nbsp;&nbsp;&nbsp;· Morgan
 Stanley (including transitioned E-Trade accounts)

&nbsp;&nbsp;&nbsp;&nbsp;· Pershing

&nbsp;&nbsp;&nbsp;&nbsp;· Raymond
 James

&nbsp;&nbsp;&nbsp;&nbsp;· Robinhood

&nbsp;&nbsp;&nbsp;&nbsp;· Stifel
 Nicolaus

&nbsp;&nbsp;&nbsp;&nbsp;· T.
 Rowe Price

&nbsp;&nbsp;&nbsp;&nbsp;· UBS

&nbsp;&nbsp;&nbsp;&nbsp;· USAA

&nbsp;&nbsp;&nbsp;&nbsp;· Vanguard

&nbsp;&nbsp;&nbsp;&nbsp;· Wells
 Fargo

Important note: always refer to the <u>Investments Policies site</u> for the most up-to-date version of the Code of Ethics

## Ex-99.B(P)(41)

**Exhibit 99.B(p)(41**)

![](tm2522623d1_ex99-bxpx41img01.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| General Principles | 1 |
| Personal Investment Transactions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overview | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covered Transactions/Covered Accounts | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-clearance of Covered Transactions | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-clearance Process | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitations on Pre-Clearance | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Trading Restrictions | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prohibited Transactions | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Restrictions for Certain Investment Personnel | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exempt Securities | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exemptive Relief | 10 |
| Reporting | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Investment Reporting | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting on Opening, Changing or Closing a Covered Account | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Required Certifications | 11 |
| Insider Trading and Market Manipulation Policy | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insider Trading | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overview | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What You Should Do If You Have Questions About Inside Information? | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policies and Procedures | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading Prohibition | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Prohibition | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations with respect to the Material, Non-Public Information | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading in the Names of Companies on the Restricted List | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Does TCW Monitor Trading Activities? | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance of Restricted List | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exceptions | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Removal of Issuers from the Restricted List | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What is Material Information? | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What is Non-Public Information? | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What Tippee Liability? | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Examples of How TCW Personnel Could Obtain Inside Information and What You Should Do In These Cases | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deal-Specific Information | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participation in Rapid Fire Capital Infusions | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overview | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What Should You Do? | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What Are The Ramifications For Participating In A Rapid Fire Capital Infusion? | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creditors' Committees | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information about TCW Products | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Big Boy" Letters | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contacts with Public Companies | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value-Added Investors | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expert Networks | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Manipulation | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overview | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policies and Procedures | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Background | 22 |

---

![](tm2522623d1_ex99-bxpx41img02.jpg)

---

| | |
|:---|:---|
| Gifts & Entertainment: Anti-Corruption Policy | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifts | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment or Similar Expenditures | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifts, Entertainment, Payments & Preferential Treatment | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifts Provided By the *Firm/Access Persons* | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment and Hospitality Provided by the *Firm/Access Persons* | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifts and Entertainment Received by *Firm Personnel* | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Corrupt Practices Act (FCPA) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Purpose | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scope | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prohibited Conduct | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health or Safety Exception | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Party Representatives | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Flag Reporting | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mandatory Reporting | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Books and Records | 34 |
| Outside Business Activities | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obtaining Approval/Reporting | 35 |
| Political Activities & Contributions | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introduction | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Rules | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rules Governing Firm Contributions and Solicitation Activities | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rules for Access and Covered Persons | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Responsibility for Personal Contribution Limits | &nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Approval of all Political Contributions, Fundraising, Soliciting, and Volunteer Activity | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hires | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participation in Public Affairs | 38 |
| Lobbying | 38 |
| Other Employee Conduct | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Loans | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taking Advantage of a Business Opportunity That Rightfully Belongs To the Firm | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosure of a Direct or Indirect Interest in a Transaction | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Property or Services | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use of TCW Stationery | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Giving Advice to Clients | 40 |
| Confidentiality | 40 |
| Sanctions | 40 |
| Reporting Illegal or Suspicious Activity - "Whistleblower Policy" | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procedure | 41 |
| Glossary | 42 |
| Endnotes | 46 |

---

![](tm2522623d1_ex99-bxpx41img02.jpg)

General Principles

The TCW Group, Inc. is the parent of several companies that provide investment advisory services. As used in this Code of Ethics or Code, the "Firm" or "TCW" refers to The TCW Group, Inc., TCW Advisors, and controlled affiliates.

This Code is based on the principle that the officers, directors and employees of the Firm owe a fiduciary duty to the Firm's clients. In consideration of this you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Protect
 the interests of the Firm's clients before looking after your own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If you know that
 an investment team is considering a transaction in a security, don't trade that security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Never use opportunities
 provided for the Firm's clients by brokers or others for your personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Avoid actual or apparent
 conflicts of interest in conducting your personal investing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Never trade on the
 basis of client information, or otherwise use client information for personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Maintain the confidentiality
 of all client financial and other confidential information. Loose lips sink ships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Comply with all applicable
 securities laws and Firm policies, including this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Communicate with
 clients or prospective clients candidly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exercise independent
 judgment when making investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Treat all clients
 fairly.

In addition to the above fiduciary requirements, Officers, directors and employees of the Firm are prohibited from violating the laws of the United States, including but not limited to, the applicable federal and state securities laws. These provisions prohibit any manipulative conduct in connection with transactions in Securities in the marketplace:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employing any device,
 scheme or artifice to defraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Making any untrue statement
 of a material fact, or omitting to state a material fact necessary in order to make the statements
 made not misleading, in connection with the offer, purchase, or sale of Securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engaging in any action,
 transaction, practice or course of business that would operate as a fraud or deceit upon
 any person.

This Code of Ethics applies to all Access Persons and their respective Covered Persons, as defined herein. New employees are provided copies of the Code of Ethics as part of their onboarding process. Since the Code and amendments made to it are always available on myTCW, Access Persons are deemed to be in receipt of the Code. Annually, all Access Persons are required to acknowledge that they have received the Code and any amendments and understand its contents. As always, if you have any questions, the Administrator of the Code of Ethics and the Compliance Department are available to help.

When in doubt, call the General Counsel, the Chief Compliance Officer, or any member of the Compliance or Legal Department before taking action. We are here to help. The reputation that TCW has built through decades of hard work can be destroyed by a single action . As an Access Person, you are responsible for safeguarding the reputation of TCW.

Individuals covered by this Code of Ethics are required to promptly report any violation to the Administrator of the Code of Ethics and/or the Chief Compliance Officer. Violations of this Code constitute grounds for disciplinary actions, including immediate dismissal.

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| | |
|:---|:---|
| ![](tm2522623d1_ex99-bxpx41img02.jpg) | 1 |

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Personal Investment Transactions

Overview

The first part of this policy restricts your personal investment activities to avoid actual or apparent conflicts of interest with investment activities on behalf of clients of the Firm. The second part addresses reporting requirements for personal investing. You must conduct your personal investment activities in compliance with these rules.

Any questions about this policy should be addressed to the Administrator of the Code of Ethics at extension 0467 or <u>ace@tcw.com</u>.

All Securities trading by Access Persons and Covered Persons is monitored and reviewed. If patterns arise or it is determined that trading during the course of normal operations is of such a level as to interfere with the Person's work performance or responsibilities, create any actual or apparent conflict of interest, negatively impact the operations of TCW or violate any Firm policy, limits may be imposed. The Person may be notified by his/her supervisor, or such other appropriate officer(s) that there is a trading issues, and that trading restrictions and/or other disciplinary action, as appropriate, may be implemented.

Every Covered Person should be familiar with the requirements of this policy. Contact the Administrator of the Code of Ethics to send each Covered Person a copy of this policy.

Covered Transactions/Covered Accounts

This policy covers investment activities ("Covered Transactions") (i) by any Access Person or Covered Person in a Covered Account, or (ii) in any account in which any Access Person has a "beneficial interest".

An Access Person has a "beneficial interest" in an account if that Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· has benefits substantially
 equivalent to owning the Securities or the account,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· can obtain ownership
 of the Securities in the account within 60 days, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· can vote or dispose
 of the Securities in the account.

Any account of an Access Person or Covered Person is a "Covered Account." Covered Accounts include any personal trading account in which you have a beneficial interest. A representative list of such accounts includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Brokerage accounts (i.e.
 individual, joint, trust, custodial); Individual Retirement Accounts (all types); DRIPs,
 profit sharing, and any other account/vehicle that have the ability to trade any non-exempt
 investment product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 401(k),
 403(b), 529 Plans, employee retirement accounts, variable annuity contracts, and any other
 investment account that holds reportable securities or provides the ability to trade any
 non-exempt investment product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Please
 note: If the accounts hold TCW MetWest or TCW Registered Funds, these accounts require reporting
 as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Accounts
 held directly at mutual funds are exempt unless the account holds TCW MetWest or TCW Registered
 Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 relative's brokerage account for which the Access Person can effect trades, or an estate
 for which the Access Person makes investment decisions as executor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o This
 includes accounts for relatives in the same household (residence).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct
 investments in private funds.

![](tm2522623d1_ex99-bxpx41img02.jpg)<sub>2</sub>

Violations of this policy by a Covered Person will be treated as violations by you.

Pre-clearance of Covered Transactions

Generally, all trading by Access Persons and Covered Persons requires pre-clearance. Exempt securities are listed in this Code of Ethics.

Pre-clearance Process

Pre-clearance is required for any non-exempt security below and any other investment product not listed on the Exempt securities list in the Code of Ethics.

Pre-clearance expires at 1:00 p.m. Los Angeles time (4:00 p.m. New York time) on the next business day after approval has been received. If your order has not been executed by the next business day after approval, it should be canceled and a new pre-clearance obtained. Log on to StarCompliance and file the required preclearance form at <u>https://tcw-ng.starcompliance.com/</u>

Outside Fiduciary Accounts and Non-Discretionary Accounts require special procedures and qualification. Contact the Administrator of the Code of Ethics.

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| | | | |
|:---|:---|:---|:---|
| Types of Non-exempt<br> Securities | Pre-clearance<br> Required? | Reporting<br> Required? | <br> Comments |
| Equities / Stocks (US and Foreign) | Yes | Yes | |
| Corporate Bonds and Notes | Yes | Yes | |
| Derivatives - Options, warrants, financial commodities, security-based swaps, any other derivative linked to a specific security or other derivative product. | Yes | Yes | |
| Exchange Traded Funds (ETFs) <br> Exchange Traded Notes (ETNs) | Yes | Yes | Both TCW and non-TCW ETFs require preclearance |
| Closed-end Mutual Funds <br> Foreign Mutual Funds | Yes | Yes | TCW Strategic Income (TSI) requires preclearance.<br>Foreign mutual funds not classified as open- end mutual funds require preclearance. |
| Unit Investment Trusts (UITs) <br> Foreign Unit Trusts (UCITS) | Yes | Yes | Shares of unit investment trusts that are invested exclusively in mutual funds not advised by the Firm are considered Exempt Securities . |
| Recurring Deposits used to purchase non-exempt securities | Yes | Yes | Any transaction in non-exempt security that overrides the pre-set schedule of the automatic investments plan of corporate dividends must be pre-cleared and reported. (This excludes dividend reinvestments, which are exempt securities) |
| Options – (Buying or Writing/Selling a Call or Put Option, exercising options with volition) | Yes | Yes | Securities obtained from the exercise or expiration of written call or put options requires update to holdings. |

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![](tm2522623d1_ex99-bxpx41img02.jpg)<sub>3</sub>

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| | | | |
|:---|:---|:---|:---|
| Private funds, Private placements, private securities | Yes | Yes | Private Investments include, but are not limited to investments in: hedge funds, private equity funds, venture capital funds, other private fund vehicles, privately-held companies, investments in commercial properties, or residential properties (excluding primary residence) where income is earned on the property (e.g. a secondary residence that is used as a rental property or listed as vacation rental) and private placement offerings of various assets.<br>Private Investments also may include: (i) loans to or from such entities, and any other entities formed for the purpose of engaging in business activity; (ii) loans to or from individuals who are not immediate family of the Access Person; and (iii) loans to or from individuals who are immediate family of the Access Person for the purpose of engaging in business activity. |
| Volitional transactions in non-exempt securities (includes tender offerings) | Yes | Yes | Any transaction that overrides the pre-set schedule of corporate actions must be pre- cleared and reported. |

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Limitations on Pre-Clearance

All pre-clearance requests in StarCompliance will be limited to 65 approved requests per calendar quarter. Once an Access Person or Covered Person has reached 65 approved pre-clearance requests for the quarter, StarCompliance will automatically deny each subsequent pre-clearance request (i.e. beginning with the 66th pre- clearance request). The multiple transactions that make up an option trading strategy, such as option spreads, will be counted as individual transactions towards the trading limit.

Personal Trading Restrictions

If you receive two or more personal securities trading violations within a 2-year period, the Firm will impose an automatic 90-day trading suspension on your trading. Specifically, a trading suspension will result in automatic denials of all pre-clearance requests for 90 days.

Prohibited Transactions

The following activities are prohibited and pre-clearance will generally not be available.

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| | | |
|:---|:---|:---|
| Prohibited Transaction | Exceptions/Limitations | Consequences/Comments |
| Transacting in a Security that the Firm is trading for its clients | Exception: Permitted once the Firm's trading is completed or cancelled | Portfolio managers may accumulate a position in a particular security over a period of time. During such accumulation period, permission for personal trades in that security will generally not be granted. |
| Transacting in a security that the Access Person knows is under consideration for trading by the Firm for its clients | | |

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![](tm2522623d1_ex99-bxpx41img02.jpg)<sub>4</sub>

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| | | |
|:---|:---|:---|
| Acquiring any Security in an: IPO, any Digital Currency in an ICO,<br> Or any Single Stock ETF . | Exception: Permitted if the Security is an Exempt Security. See chart below. | Current holders of prohibited securities must contact Administrator of the Code of Ethics to seek permission to liquidate. |
| Acquiring an interest in a 3rd party registered investment company advised or sub-advised by the Firm | Exception: TCW sub-advised ETFs are permitted, but, as with all ETFs, must still be pre-cleared and reported as stated below. | See Prohibited Third-Party Mutual Fund List under Forms on myTCW. |
| No short-selling any ETF that is TCW advised, sub-advised or otherwise managed by the Firm. |  |  |

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Additional Restrictions for Certain Investment Personnel

In addition to the foregoing prohibited transactions, the following are prohibited for the Investment Personnel indicated below.

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| | | |
|:---|:---|:---|
| Prohibited Transaction | Applies to | Consequences/Comments |
| Profiting from the purchase and sale, or sale and purchase, of the same (or equivalent) Securities within 60 calendar days. | &nbsp;&nbsp;&nbsp;&nbsp;· Investment Personnel<br> &nbsp;&nbsp;&nbsp;&nbsp;· Members of Investment Compliance | Transactions will be matched using a LIFO system.<br>Profits from the sale or purchase of a security obtained within 60 days of the exercise of written call or put options are subject to the rule prohibiting such transactions for Investment Personnel.<br>All profits of prohibited trades are subject to disgorgement<br>Exceptions:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Exempt Securities<br> &nbsp;&nbsp;&nbsp;&nbsp;· ETFs and ETNs (Though exempt from this rule, ETFs and ETNs still must be pre-cleared through StarCompliance)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Transactions in derivatives linked to ETFs and ETNs such as options on ETFs and ETNs must be pre-cleared and are not exempt from this rule . |
| Purchasing or selling a Security in the 5 business days <u>BEFORE</u> that Security is bought or sold on behalf of a Firm client (except for account rebalancings to maintain proportions after cash receipts, redemptions, or the like, that do not involve any investment decision) , in any<br>&nbsp;&nbsp;&nbsp;&nbsp;· Covered Account, or<br> &nbsp;&nbsp;&nbsp;&nbsp;· Outside Fiduciary Account | &nbsp;&nbsp;&nbsp;&nbsp;· Prohibited for Investment Personnel related to the client account in which the Security is transacted.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Members of Investment Compliance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All prohibited transactions will generally be reversed; and<br> &nbsp;&nbsp;&nbsp;&nbsp;· all profits are subject to disgorgement.<br>Exceptions:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Stock transactions resulting from the forced exercise of a call or put option that you have written |

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![](tm2522623d1_ex99-bxpx41img02.jpg)<sub>5</sub>

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| | | |
|:---|:---|:---|
| Prohibited Transaction | Applies to | Consequences/Comments |
| Purchasing a Security in the 5 business days after that Security is sold on behalf of a Firm client, or selling a Security in the 5 business days <u>AFTER</u> that Security is purchased on behalf of a Firm client (except for account rebalancings to maintain proportions after cash receipts, redemptions, or the like, that do not involve any investment decision), in any<br>&nbsp;&nbsp;&nbsp;&nbsp;· Covered Account, or<br> &nbsp;&nbsp;&nbsp;&nbsp;· Outside Fiduciary Account | &nbsp;&nbsp;&nbsp;&nbsp;· Prohibited for Investment Personnel related to the client account in which the security is transacted.<br> &nbsp;&nbsp;&nbsp;&nbsp;· Members of Investment Compliance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All prohibited transactions will generally be reversed; and<br> &nbsp;&nbsp;&nbsp;&nbsp;· all profits are subject to disgorgement.<br>Exceptions:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Stock transactions resulting from the forced exercise of a call or put option that you have written |
| Purchasing or selling any Security in the 5 business days <u>AFTER</u> a TCW-advised or sub-advised registered investment company buys or sells the Security (except for account rebalancings to maintain proportions after cash receipts, redemptions, or the like, that do not involve any investment decision), in any<br>&nbsp;&nbsp;&nbsp;&nbsp;· Covered Account, or<br> &nbsp;&nbsp;&nbsp;&nbsp;· Outside Fiduciary Account | &nbsp;&nbsp;&nbsp;&nbsp;· Prohibited for Investment Personnel involved in managing funds for the registered investment company<br> &nbsp;&nbsp;&nbsp;&nbsp;· Members of Investment Compliance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All prohibited transactions will generally be reversed; and<br> &nbsp;&nbsp;&nbsp;&nbsp;· all profits are subject to disgorgement.<br>Exceptions:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Stock transactions resulting from the forced exercise of a call or put option that you have written |
| Purchasing or selling any Security in a manner inconsistent with any recommendation made by that research analyst less than 90 days prior to the proposed purchase or sale | &nbsp;&nbsp;&nbsp;&nbsp;· Prohibited for any Analyst or Researcher | &nbsp;&nbsp;&nbsp;&nbsp;· All prohibited transactions must be reversed; and<br> &nbsp;&nbsp;&nbsp;&nbsp;· all profits are subject to disgorgement. |
| Recommending any Security for purchase by the Firm, including writing a research report advocating for the purchase of a Security, where such individual also holds such Security in a Covered Account. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prohibited for any portfolio manager,<br> Researcher or Analyst, unless they have held such Security for at least three months prior to the recommendation or drafting of the research report. | &nbsp;&nbsp;&nbsp;&nbsp;· All prohibited transactions must be reversed; and<br> &nbsp;&nbsp;&nbsp;&nbsp;· all profits are subject to disgorgement. |

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![](tm2522623d1_ex99-bxpx41img02.jpg)<sub>6</sub>

Exempt Securities

Pre-clearance is generally not required for Exempt Securities. The following table identifies Exempt Securities and summarizes any pre-clearance and reporting requirements that apply.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Types of Exempt Securities | Pre-clearance<br> Required? | Reporting Re-<br> quired? | <br> Limitations/Comments |
| TPAY, TCW MetWest or TCW Open End Mutual Funds in a Firm or Non-Firm Account | No | Yes | Compliance with frequent trading rules required.<br>Both TCW Exchange Traded Funds (ETFs) and TCW Strategic Income (TSI) require preclearance. |

---

---

| | | | |
|:---|:---|:---|:---|
| <br> Types of Exempt Securities | Pre-clearance<br> Required? | Reporting Re-<br> quired? | Limitations/Comments |
| U.S. and Government Securities (including agency obligations) | No | No |  |
| Investment-grade rated Securities issued by any State, Commonwealth or territory of the United States, or any political subdivision or taxing authority thereof | No | Yes |  |
| Certificates of deposit (Bank and Brokered) or time deposits | No | No |  |
| Bankers' Acceptances | No | No |  |
| Investment grade debt instruments with a term of 13 months or less, including commercial paper, fixed-rate notes and repurchase agreements | No | Yes | Ask the Legal Department for clarification if any questions. |
| Shares in money market mutual funds or a fund that appears on the exempt list. | No | No |  |
| Shares in open-end investment companies not advised or sub-advised by the Firm.<br>(ETFs, ETNs and closed-end funds are not exempt and require pre-clearance) | No | No\*<br><sup>\*</sup>TCW MetWest and TCW Registered Funds require reporting. | Acquiring an interest in a 3rd party registered investment company advised or sub-advised by TCW is prohibited. See Prohibited Third- Party Mutual Fund List on myTCW. |
| Investments in Collective Investment Trust (CIT) | No | No\*<br>\*TCW CITs require reporting |  |
| Shares of unit investment trusts (UITs) that are invested exclusively in mutual funds not advised by the Firm. | No | No |  |
| Municipal bonds traded in the market | No | Yes | No |

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![](tm2522623d1_ex99-bxpx41img02.jpg)<sub>7</sub>

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| | | | |
|:---|:---|:---|:---|
| <br> Types of Exempt Securities | Pre-clearance Required? | Reporting Re- quired? | <br> Limitations/Comments |
| Trades in Non-Discretionary Accounts which you, your spouse, your domestic partner, or your significant other established. | The Account must first be certified as Non- Discretionary by Compliance – Contact the Administrator of the Code of Ethics. If designated as Non-Discretionary, no pre- clearance of trades required. | The Account must first be certified as Non- Discretionary by Compliance – Contact the Administrator of the Code of Ethics. If designated as Non-Discretionary, no reporting of trades required. | Periodic sample reviews of statements of non-discretionary accounts will be conducted. |
| Dividends reinvested through a Dividend Reinvestment Plan (DRIP)<br>[Note: While automatic transactions within DRIPS and ESOPs do not require pre- clearance, any volitional transactions within DRIPS and ESOPs must be pre-cleared] | No, unless the transaction is not automatic | Yes | If you or a covered person is a recipient of Restricted Stock Units (RSUs), please contact ACE for flagging. |
| Securities purchased pursuant to certain Robo Advisory Programs | The Program must first be evaluated by Compliance - Contact the Administrator of the Code of Ethics. If designated as Non- Discretionary, no pre- clearance of trades required. | The Program must first be evaluated by Compliance - Contact the Administrator of the Code of Ethics. If designated as Non- Discretionary, no reporting of trades required. | Periodic sample reviews of statements of non-discretionary accounts will be conducted. |
| Security purchases effected upon the exercise of rights issued by the issuer pro rata to all holders of a class of its securities, to the extent that such rights were acquired from such issuer. | No | Yes | Sales of such rights that were acquired must be pre-cleared. |
| Securities where the Firm acts as an adviser or distributor for the investment, offered in:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A hedge fund;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Private Placement; or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Other Limited Offerings | No | Yes | Firm already must approve in order to invest, which serves as pre-clearance. |

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![](tm2522623d1_ex99-bxpx41img02.jpg)<sub>8</sub>

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| | | | |
|:---|:---|:---|:---|
| <br> Types of Exempt Securities | Pre-clearance<br> Required? | Reporting Re-<br> quired? | <br> Limitations/Comments |
| Interests in Firm-sponsored limited partnerships or other Firm-sponsored private placements, including those that that are<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Estate planning transfers<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Court-ordered transfers | No | Yes | Firm already must approve in order to invest, which serves as pre-clearance. |
| Securities acquired or sold in connection with the involuntary exercise or assignment of an option. | No, unless you voluntarily exercise an option. | Yes, securities received must be reported. | Profits from the sale or purchase of a security obtained within 60 days of the exercise of written call or put options are subject to the rule prohibiting such transactions for Investment Personnel. |
| Ownership Interests in Clipper Holding, LP | No | No |  |
| Ownership Interests in TCW Owners, LLC | No | No |  |
| Rule 10b5-1 Plans | Prior approval required to enter plan.<br> Transactions pursuant to an approved plan will not require pre-clearance. | Yes |  |
| Direct Purchase Plans | Prior approval required to enter plan.<br> Transactions pursuant to an approved plan will not require pre-clearance. | Yes |  |
| Direct investments in Cryptocurrencies or Digital Currencies (non-securities such as Bitcoin, Ethereum). However, investment products derived from cryptocurrencies or digital currencies are NOT exempt. | No | No | Bitcoin ETFs and other derivative products based on Cryptocurrencies or Digital Currencies require both preclearance and reporting. |
| Futures and Non-Financial Commodities | No | Yes | Financial Commodities are not exempt and requires both pre-clearance and reporting. |
| Non-publicly traded funds associated with certain Qualified Accounts [These include state sponsored 529 Plans, Health Savings Accounts (HSA) and Employer Retirement Plans] | No | Yes\*<br>\*TCW MetWest and TCW Registered Funds require reporting. | Non-publicly traded investment fund vehicles offered in certain Qualified accounts are exempt from preclearance and reporting. |
| Acquisition of securities by gift, inheritance, or corporate action. | No | Yes | However, a sale of securities acquired by gift, inheritance, or corporate action requires pre-clearance. |

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![](tm2522623d1_ex99-bxpx41img02.jpg)<sub>9</sub>

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| | | | |
|:---|:---|:---|:---|
| <br> Types of Exempt Securities | Pre-clearance<br> Required? | Reporting Re-<br> quired? | <br> Limitations/Comments |
| Insurance products – life insurance, fixed annuities, and variable annuity contracts that invest in third-party funds. | No | No | If these products are structured as investment contracts or otherwise meet the definition of a "security" under the Investment Advisers Act, they may be subject to reporting requirements. |

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Exemptive Relief

To seek approval for a Code of Ethics exemption, contact the Administrator of the Code of Ethics. The Administrator of the Code of Ethics will require a written statement indicating the basis for the requested approval, and coordinate obtaining the approval of the Approving Officers. The Approving Officers have no obligation to grant any requested approval or exemption.

The Approving Officers also may, under appropriate circumstances, grant exemption from Access Person status to any person.

Reporting

Personal Investment Reporting

Access Persons are required to report all non-exempt security holdings and transactions (including investments in private placements) as part of the certifications listed below.

TCW receives automated feeds from many major brokers ("Linked Brokers"). If your broker is not a Linked Broker, you must ensure that TCW receives duplicate broker statements. The Administrator of the Code of Ethics can inform you if your broker is a Linked Broker, and set up your account for automated feed. If your broker is not a Linked Broker, the Administrator of the Code of Ethics can assist you with a release letter ("407 letter") to allow TCW to receive duplicate statements. Corporate actions such as mergers, purchases and sales, spin-offs, stock splits, stock-on-stock dividends and like activities must also be reported unless made through an account with a Linked Broker. In addition, Access Persons must timely file all reports for all transactions as provided in the tables below and must promptly report the opening, closing or changing of any Covered Accounts.

![](tm2522623d1_ex99-bxpx41img02.jpg)<sub>10</sub>

Reporting on Opening, Changing or Closing a Covered Account

<u>Brokerage Accounts</u>: You must use the StarCompliance, <u>https://tcw-ng.starcompliance.com/</u>, system to enter information about each Covered Account:

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| | | |
|:---|:---|:---|
| Activity | Comments | Exceptions |
| · Upon becoming an Access Person<br> · Upon opening a new Covered Account while you are an Access Person | Updates must occur within 30 days of the event | You are not required to report or enter information for:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Outside Fiduciary Accounts<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accounts that can strictly invest only in non-reportable exempt securities.<br>\*Accounts holding TCW MetWest and TCW Registered Funds require reporting |
| · Upon closing, or making any change to a Covered Account while you are an Access Person | Updates must occur within 30 days of the event | N/A |

---

<u>Employee Separate Accounts</u>: Employees may not establish a Separately Managed Account for themselves, family members, or friends without the prior written approval of (i) the manager of their investment unit and/or the primary investment strategy in which the account is proposed to be invested (e.g., the Head of Fixed Income, Equities, Emerging Markets, Private Credit or Asset Backed Finance, as the case may be), (ii) the COO, and (iii) the General Counsel. If the Separately Managed Account is intended to create a marketing track record, approval will also be required by the Product Development Committee.

Other Required Certifications

Reports are filed online at <u>https://tcw-ng.starcompliance.com/</u>

If you will not be able to file a report on time, contact the Administrator of the Code of Ethics prior to the filing due date.

---

| | | |
|:---|:---|:---|
| Certification | When Due | Additional Requirements |
| Initial Holdings Report | Within 10 days after becoming an Access Person | Include all securities except non- reportable Exempt Securities<br>Include all Covered Accounts. Holdings must be current no earlier than 45 days before you became an Access Person |
| Quarterly Report of Personal Investment Transactions | By each January 15, April 15, July 15 and<br> October 15 | Must be filed even if there were no transactions during the period. |
| Annual Holdings Report | By January 31 of each year | Same as Initial report, except that holdings must be current as of December 31 of the prior year. |
| Annual Certificate of Compliance | By January 31 of each year |  |
| Annual Report on Outside Business Activities (Includes, among other activities, Directorships, Officerships, Creditor Committees, Board Observation Rights and Employment) | By January 31 of each year | Must be filed even if there are no outside business activities to report. |
| Quarterly Certification on Personal Devices / Electronic Communications | By each January 15, April 15, July 15 and October 15 |  |

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![](tm2522623d1_ex99-bxpx41img02.jpg)<sub>11</sub>

Insider Trading and Market Manipulation Policy

Insider Trading

*Overview*

Members of the Firm occasionally come into possession of material, non-public information or "inside information". Various laws, court decisions, and general ethical standards impose duties with respect to the use of this inside information.

The U.S Securities and Exchange Commission (the "SEC") and other rules provide that any purchase or sale of a security of an issuer while "having awareness" of inside information regarding that issuer or certain related issuers is illegal regardless of whether the information was a motivating factor in making a trade.

Courts may attribute one employee's knowledge of inside information to other employees that trade in the affected security, even if no actual communication of this knowledge occurred. Thus, by buying or selling a particular security in the normal course of business, Firm personnel other than those with actual knowledge of inside information could inadvertently subject the Firm to liability. However, the securities laws provide firms with an affirmative defense to such charges, and that defense depends upon the establishment and enforcement of policies and procedures reasonably designed to control the flow of inside information within the firm.

The risks in this area can be significantly reduced through the use of a combination of trading restrictions and temporary and permanent information barriers ("Information Barrier(s)") designed to confine material non- public information to a given individual, group or department.

See the Reference Table below if you have any questions on this Policy or who to consult in certain situations.

![](tm2522623d1_ex99-bxpx41img02.jpg)<sub>12</sub>

*What You Should Do If You Have Questions About Inside Information?*

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| | |
|:---|:---|
| Topic | You Should Contact: |
| If you have a question about:<br>· This Policy in general<br>· Whether information is "material" or "non-public"<br>· If you have a question about whether you have received inside information on a Firm commingled fund (e.g. partnerships, trusts, mutual funds)<br>· Whether you have received material non-public information about a public company<br>· Obtaining deal-specific information (pre-clearance is required)<br>· Sitting on a Creditors' Committee (preapproval is required)<br>· An Information Barrier<br>· Section 13/16 issues | Any SVP or MD in the Legal Department |
| If you wish to serve on a Board of Directors, serve as an alternate on a Board, serve as a Board Observer or sit on a Creditors Committee<br> *(Pre-approval is required)* | Administrator of the Code of Ethics |
| In the event of inadvertent or non-intentional disclosure of material non-public information | Any SVP or MD in the Legal Department |

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Policies and Procedures

*Trading Prohibition*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No Access Person of the Firm, either for themselves or on behalf of clients or others, may buy or sell a security (i.e., stock, bonds,
convertibles, options, warrants or derivatives tied to a company's securities) while in possession of material, non-public information
about the company or certain related companies 1 (except as listed in Deal- Specific Information below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· This applies in the case of both publicly traded and private companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· This means that you may not buy or sell such securities for yourself or anyone, including your spouse,
domestic partner, relative, friend, or client and you may not recommend that anyone else buy or sell a security of a company on the basis
of inside information regarding that company.

If you believe you have received oral or written material, non-public information, you should not discuss the information with anyone except an SVP or MD member in the Firm's legal Department ("the Legal Department") and should contact the Legal Department immediately. Do not discuss the information with your supervisor, department head or any other individual who is on your team.

*Communication Prohibition*

No Access Person may communicate material, non-public information about a company to others who have no official need to know, regardless of whether the company is on the Restricted List. This is known as "tipping," which also is a violation of the insider trading laws, even if you as the "tipper" did not personally benefit. Therefore, you should not discuss such information acquired on the job with your spouse, domestic partner or with friends, relatives, clients, or anyone else inside or outside of the Firm except on a need-to-know basis relative to your duties at the Firm.

![](tm2522623d1_ex99-bxpx41img02.jpg)<sub>13</sub>

Remember that TCW Funds, Inc., Metropolitan West Funds, TCW ETF Trust, each of their series, and any other proprietary and registered closed-end investment companies (including TPAY and TSI)), exchange-traded funds (ETFs) and open-end investment companies (mutual funds) advised (or sub-advised) by TAMCO, TIMCO, TABF, or MetWest, respectively (such closed-end investment companies, ETFs and mutual funds, collectively, the "TCW Registered Funds") are publicly traded entities and you may be privy to material non-public information regarding those entities. Communicating such information in violation of the Firm's policies is illegal.

The prohibition on sharing material, non-public information extends to affiliates such as the Carlyle and Nippon Life entities. Please refer to the policies and procedures describing the relevant information barrier to these entities.

*Obligations with respect to the Material, Non-Public Information*

If Firm personnel are presented with the opportunity to learn non-public information to assist in the analysis of any security or other instrument prior to signing any confidentiality letter, a definitive agreement pertaining to an investment, or any other agreement relating to the receipt of confidential information, such personnel must obtain the approval of the Legal Department prior to entering into any such confidentiality letter or agreement. Firm personnel may not knowingly accept any material, non-public information relating to a company prior to the Administrator of the Code of Ethics placing such issuer on the Restricted Securities List.

If Firm personnel obtain information about a company that may be material, non-public information, including, among other things, as a result of a contractual agreement, through an expert or expert network, or by virtue of a Firm representative or observer on a company's board of directors or creditor's committee, you must immediately notify the Administrator of the Code of Ethics of the information. If the Administrator of the Code of Ethics, in coordination with the Legal Department, determines that the information constitutes material, non- public information that might expose the Firm or any of its affiliates to liability for "insider trading," the company to which the information relates and, in certain circumstances, related companies will generally be placed on the Restricted Securities List.

You may contact the Administrator of the Code of Ethics at extension 0467 or ace@tcw.com.

*Trading in the Names of Companies on the Restricted List*

When a company is placed on the Restricted Securities List, no member, employee, or other personnel of the Firm or certain of its affiliates (or any member of the family/household of such member, employee, or personnel) may trade in the securities or other instruments of the company, either for their own account or for the account of any TCW Client (as defined below), absent authorization from the Administrator of the Code of Ethics.

In addition, no member, employee, or other personnel of the Firm or certain of its affiliates (or any member of the family/household of such member, employee, or personnel) may recommend trading in such company, or otherwise disclose material, non-public information, to anyone other than the Administrator of the Code of Ethics, the Legal Department and personnel of the firm with whom such person is working on a matter to which such material, non-public information relates.

The Restricted Securities List must be checked before each Firm trade. If an order is not completed on one day, then the open order should be checked against the Restricted Securities List and approval must be obtained every day it is open beyond the approved period that was given (e.g., the waiver you received was for a specific period, such as one day).

![](tm2522623d1_ex99-bxpx41img02.jpg)<sub>14</sub>

*Does TCW Monitor Trading Activities?*

Yes, TCW monitors trading activities through one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conducts reviews of trading in public securities listed on the Restricted Securities List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Surveys client account transactions that may violate laws against insider trading and, when necessary, investigates such trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conducts monitoring of the Information Barriers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviews personal securities trading to identify insider trading, other violations of the law or violations of the Firm's policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Obtains securities holding and transaction reports as required by SEC rules and regulations.

*Maintenance of Restricted List*

The Administrator of the Code of Ethics maintains the Restricted Securities List, which is a highly confidential list of companies that includes any company (i) about which the Firm or any of its personnel may possess material non-public information and (ii) the Administrator of the Code of Ethics, in coordination with the Legal Department, deems appropriate to be added to the Restricted Securities List because, for example, trading in such company's securities may involve potential conflicts of interest.

The Administrator of the Code of Ethics distributes the Restricted Securities List as necessary. The Administrator of the Code of Ethics also updates an annotated copy of the list and maintains the history of each item that has been deleted. This annotated Restricted Securities List is available to the General Counsel and the Chief Compliance Officer, as well as any additional persons, which either of them may approve. The identity of companies included on the Restricted Securities List, as well as information about those companies, must not be discussed with persons outside the Firm without the prior consent of the Administrator of the Code of Ethics.

The Restricted Securities List restricts issuers (i.e., companies) and not just specific securities issued by the issuer. The list of ticker symbols on the Restricted Securities List should not be considered the complete list – the key is that you are restricted as to the company or a derivative that is tied to the company. This is of particular importance to the strategies which may invest in securities listed on foreign exchanges.

*Exceptions*

The Administrator of the Code of Ethics, in coordination with the Legal Department, may grant limited exceptions to the policies and procedures discussed herein on a case by case basis. One such exception is as follows:

For a TCW Registered Fund that is a passive broad-based index fund designed to track a particular broad-based index, when transacting in securities on such index that the fund is designed to track, personnel are exempt from the requirement to check the Restricted Securities List prior to trading in such securities, and transactions in such securities will not be restricted. However, this exception is limited to transactions in securities on the index that the TCW Registered Fund is designed to track and personnel must reference the Restricted Securities List when trading in securities outside of the index on behalf of TCW Registered Funds, and such transactions will generally be restricted.

Documentation of such requested exceptions and approvals shall be maintained by the Administrator of the Code of Ethics.

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*Removal of Issuers from the Restricted List*

Issuers are removed from the Restricted Securities List by the Administrator of the Code of Ethics in his or her discretion, but in any event after receipt of written confirmation from the responsible Firm personnel that such persons are no longer in possession of non-public information pertaining to such issuer. The Administrator of the Code of Ethics may, in his or her discretion, impose "cooling off" periods following such confirmation prior to removing an issuer from the Restricted Securities List.

*What is Material Information?*

Information (whether positive or negative) is material:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· When there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· When it could reasonably be expected to have an effect on the price of a company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The information need not be so important that it would have changed the investor's decision to buy or sell a security.

Some examples of Material Information are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Earnings results, changes in previously released earnings estimates, liquidity problems, dividend changes, defaults;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Projections, major capital investment plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Significant labor disputes or supply chain disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Significant merger, tender offers, secondary offerings, rights offerings, spin-off, joint venture, stock buy backs, stock splits or
acquisition proposals or agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· New product releases, services, contracts, price changes, schedule changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Significant accounting changes, credit rating changes, write-offs or charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Major technological discoveries, breakthroughs or failures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Major contract awards or cancellations, significant regulatory developments (e.g. FDA approvals);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Other events or circumstances affecting the market for a company's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Governmental investigations, major litigation or disposition of significant investigation or litigation matters; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Significant management developments or changes.

This list is not exhaustive and no clear or "bright line" definition of what is material exists. Due to this, assessments sometimes require a fact- specific inquiry. If you have questions about whether information is material, direct the questions to the Legal Department.

*What is Non-Public Information?*

Non-public information is information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Has not been disseminated broadly to investors in the marketplace, such as a press release or publication in The Wall Street Journal
or other generally circulated publication; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Has not become available to the general public through a public filing with the SEC or some other governmental agency, Bloomberg,
or release by Standard & Poor's or Reuters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The market as a whole has not had adequate time to respond to the information.

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*What Tippee Liability?*

Firm personnel must be wary of material, non-public information disclosed in breach of a corporate insider's duty of trust or confidence that the corporate insider may owe to his or her corporation and/or such corporation's shareholders. Even when there is no expectation of confidentiality, Firm personnel may become an "insider" upon receiving material, non-public information in circumstances in which a person knows, or should know, that a corporate insider is disclosing information in breach of a duty of trust and confidence that he or she owes the corporation and its shareholders. Whether the disclosure is an improper "tip" depends on whether the corporate insider expects to benefit include, for example, a reputational benefit or an expectation of a "quid pro quo." It is also possible for a person to become an "insider" or "tippee" upon obtaining material, non-public information inadvertently, including information derived from social situations, business gatherings, overheard conversations, and misplaced documents. It should be assumed that a duty of trust or confidence exists whenever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A confidentiality agreement is entered into;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An oral agreement is made or a reasonable expectation exists based on the manner in which the information was transmitted that you
will maintain the information as confidential; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· There is a pattern or practice of sharing confidences so that the recipient knows or reasonably should know that the provider expects
the information to be kept confidential.

There is a presumed duty of trust and confidence when a person receives material non-public information from his or her spouse, parent, child, or sibling.

Examples of How TCW Personnel Could Obtain Inside Information and What You Should Do In These Cases

Examples of how a person could come into possession of inside information include:

Board of Directors Seats or Observation Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Most public companies have restrictions on trading by Board members except during trading window periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Anyone who wishes to serve on a Board of Directors or as a Board Observer must obtain pre-approval in StarCompliance by submitting
an Outside Business Activity request. The Administrator of the Code of Ethics will then coordinate the approval process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If approval is granted, the Administrator of the Code of Ethics will notify the Legal Department so that
the Firm can implement the appropriate safeguards and restrictions, such as placing the issuer on the Firm's restricted securities
list (the "Restricted Securities List"). Please see the information Barrier Policy located in the Portfolio Management Policy
for further details.

Portfolio Managers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sitting on Boards of public companies in connection with an equity or fixed income position that they manage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Having the intent to control or work with others to attempt to influence or control a company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Working with expert network consultants who were recent employees of a company involving a major transaction.

The Legal Department should be consulted in these situations.

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Deal-Specific Information

Employees may receive inside information regarding transactions in securities that are not publicly traded for legitimate purposes such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In the context of a direct investment, secondary transaction or participation in a transaction for a client account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In the context of forming a confidential relationship; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Receiving "private" information through on-line services such as FinDox.

This "deal-specific information" may be used by the department to which it was given for the purpose for which it was given. This type of situation typically arises in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· mezzanine financings,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· loan participations, bank debt financings (e.g., when the Firm chooses to go "private" when trading in bank loans through
the Loan Syndication and Trading Association process),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· venture capital financing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· purchases of distressed securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· oil and gas investments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· purchases of substantial blocks of stock from insiders.

Remember that even if the transaction for which the deal-specific information is received involves securities that are not publicly traded, the issuer may have other classes of traded securities and/or the deal-specific information may impact a security-based swap, and the receipt of inside information can affect the ability of other product groups at the Firm to trade in those securities.

If you are to receive any deal-specific information or potentially material, non-public information on a company (whether domestic or foreign), contact the Legal Department, who then will implement the appropriate safeguards and restrictions, such as placing the issuer on the Restricted Securities List.

Participation in Rapid Fire Capital Infusions

*Overview*

From time to time, public companies may seek rapid-fire capital infusions of capital from institutional investors. In the past, these have involved investment banks contacting potential investors, often over the weekends, on a pre-announcement basis.

*What Should You Do?*

If you work with marketable security strategies and you receive a call to participate in an offering before it is publicly announced, please contact the Legal Department, the Firm's general counsel (the "General Counsel") or the Firm's chief compliance officer (the "Chief Compliance Officer"). <u>Do not</u> ask the name of the company that is the subject of the financing or agree to any confidentiality or standstill agreements. Otherwise, you may restrict trading in your and other portfolios and the Firm. Your email should include the contact information for the person who contacted you.

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*What Are The Ramifications For Participating In A Rapid Fire Capital Infusion?*

Historically, the Firm's marketable securities strategies have not received material non-public information and have relied solely on public information. Some of the ramifications of your participating in a rapid fire capital infusion are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your accounts will be restricted for the company in question as soon as you learn about the name of the company, even if you decide
not to participate. There is no ability to preview the names because just knowing about the potential transaction is in itself material
non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A restriction in a name could last for a period of time and that period cannot be predicted in advance. In many cases, it may be a
fairly short period (a week or so).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You will need to be available or designate someone in your portfolio management group to be fully available at night and possibly
over the weekend to consider the transaction(s).

If your group decides to participate in the offering, the Legal Department will work with your group to implement appropriate Information Barrier procedures with the goal of ensuring that others at the Firm who do not have the information will not be frozen in their trading securities of the issuer. The shares of the company at issue will be restricted in accounts managed by your group and possibly others at the Firm until after the terms of the financing (or other material non-public information) are publicly announced.

Creditors' Committees

Members of the Firm may be asked to participate on a Creditors' Committee which is given access to inside information. Since this could affect the Firm's ability to trade in securities in the company, before agreeing to sit on any Creditors' Committee, contact the Administrator of the Code of Ethics who will obtain any necessary approvals and notify the Legal Department so that the appropriate safeguards and restrictions, such as placing the issuer on the Restricted Securities List, can be made.<sup>2</sup>

Information about TCW Products

Employees could come into possession of inside information about the Firm's limited partnerships, trusts, ETFs, and mutual funds that is not generally known to their investors or the public. The following could be considered inside information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Plans with respect to dividends, closing down a fund or changes in portfolio management personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A large-scale buying or selling program or a sudden shift in allocation that was not generally known

Disclosing holdings of the TCW Registered Funds on a selective basis could also be viewed as an improper disclosure of non-public information and should not be done. The Firm currently discloses holdings of the TCW Registered Funds to the general public and investors through tcw.com on a monthly basis. This disclosure may occur on or prior to the 15th calendar day following the end of that month (or, if the 15th calendar day is not a business day, the next business day thereafter). Disclosure of these funds' holdings at other times, where a general disclosure has not yet been made through tcw.com, requires special confidentiality procedures and must be pre-cleared with the Legal Department (See the Marketing and Communications Policy for further information concerning portfolio holdings disclosure).

In the event of inadvertent or unintentional disclosure of material non-public information, the person making the disclosure should immediately contact the Legal Department or General Counsel. The Legal Department should notify the Administrator of the Code of Ethics of this type of inside information so that appropriate restrictions can be put in place.

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"Big Boy" Letters

"Big Boy" letters are agreements between investors which address the frequent reality that, as experienced and sophisticated traders, one party to a transaction (usually the seller) has access to non-public information while the other does not, and yet both parties still want to proceed with the sale. In practice, such agreements take a variety of forms and terms vary. Most involve a representation by the buyer in a securities transaction that (a) the buyer is a sophisticated investor, (b) the buyer understands that the seller may possess material non-public information that will not be disclosed to the buyer, and (c) the buyer effectively waives any claim it may have under the federal securities laws, including Section 10(b) or Rule 10b-5 of the Exchange Act. No Firm personnel may effect a purchase or sale of an issuer's securities in reliance on a so-called "Big Boy" letter when that issuer appears on the Restricted Securities List, unless he or she obtains prior approval to do so from the Legal Department. The Legal Department must review the proposed terms and conditions of any "Big Boy" letter prior to its execution.

Contacts with Public Companies

Contacts with public companies are an important part of the Firm's research efforts coupled with publicly available information. Difficult legal issues arise when an employee becomes aware of material, non-public information through a company contact. This could happen, for example, if a company's Chief Financial Officer prematurely discloses quarterly results, or if an investor-relations representative makes a selective disclosure of adverse news to a handful of investors. In such situations, the Firm must make a judgment regarding its further trading conduct.

If an issue arises in this area, a research analyst's notes could become subject to scrutiny. Research analyst's notes have become increasingly the target of plaintiffs' attorneys in securities class actions.

The SEC has declared publicly that they will take strict action against what they see as "selective disclosures" by corporate insiders to securities analysts, even when the corporate insider was getting no personal benefit and was trying to correct market misinformation. Analysts and portfolio managers who have private discussions with management of a company should be clear about whether they desire to obtain inside information and become restricted or not receive such information.

If an analyst or portfolio manager receives what he or she believes is inside information and if you feel you received it in violation of a corporate insider's fiduciary duty or for his or her personal benefit, you should not trade and should discuss the situation with the Legal Department.

Value-Added Investors

TCW Private Funds may accept investments from so-called "value-added" investors. Although the term value- added investor is not defined in the Investment Advisers Act of 1940, as amended, or elsewhere, it is generally understood to refer to an investor who may provide some benefit to the adviser (such as industry expertise or access to individuals in the investor's network) beyond just the amount of their commitment. Examples of such investors may include, without limitation, executive-level officers or directors of a company or personnel who are affiliated with other investment advisers and/or private funds.

Due to the nature of their position, such investors may possess material nonpublic information. Therefore, employees of the Firm should always remain alert to the possibility that they could inadvertently come into possession of material, non-public information when communicating with such investors. Firm personnel should refrain from discussing potentially sensitive topics (e.g., specific information about the investor's employer) with a known value-added investor.

If there is any question as to whether information received from an investor could be material, non-public information, you are expected discuss it with the Legal Department immediately, and otherwise to act in accordance with the procedures in this Policy.

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Expert Networks

The Firm may, from time to time, execute agreements with companies that provide access to a group of professionals, specialized information or research services ("Expert Networks"). In such circumstances, Expert Networks are engaged to provide authorized TCW employees with information that may be helpful in TCW understanding an industry, legislative initiatives, and many other important topical areas. However, TCW is mindful of the fact that Expert Networks present significant legal, compliance and regulatory risks concerning the receipt and transmission of materially non-public information.

Given this inherent risk, TCW requires that, in addition to the requisite approval from our vendor management team, the compliance policies of each Expert Network are reviewed and approved by the Firm's compliance department (the "Compliance Department") prior to entering into an agreement for services. In the course of the review, the Compliance Department may rely on certifications and affirmations made by the Expert Networks as to the underlying processes. Furthermore, the Firm requires that each employee who wishes to participate in an Expert Network read and confirm their understanding of the Firm Expert Network Guidelines, as well as complete an Insider Trading training module to ensure that they understand the Firm policies regarding material non-public information and insider trading. A TCW employee that participates in a meeting with an Expert Network, regardless of the medium through which the meeting is conducted (i.e. phone, video call, or any other means by which such meeting may occur), should be assigned the task of creating notes during or contemporaneously with the meeting ("Notes"). These Notes should be delivered to the Compliance Department within seven (7) days of the meeting. In conjunction with the appropriate departments, the Compliance Department will maintain a log of all Expert Network calls.

The Compliance Department may chaperone Expert Network calls on a sampling basis, or periodically sample and conduct a review of calls by inspecting the Notes, and/or any written or audio recording of the call that may be available. If, based upon this review, the Compliance Department determines that material non-public information may have been disclosed during a call, they will immediately notify the General Counsel and the Chief Compliance Officer. A review to determine if material non-public information was received, and any actions to be taken, will be conducted in accordance with TCW's policies and procedures regarding material non-public information. Additionally, the Compliance Department will sample personal trading activity by employees in the securities of publicly traded companies in similar industries as those discussed during the calls.

Market Manipulation

*Overview*

It is essential that no personnel of the Firm engage in any activity the purpose of which is to interfere with the integrity of the marketplace. Among other things, intentionally manipulating the market, as discussed below, is a violation of the federal securities laws and of the Firm's policies and standards of conduct.

*Policies and Procedures*

Firm personnel may not engage in any deceptive practice intended to manipulate the market in an issuer's publicly traded securities. Examples of such practices are provided below under "Legal Background."

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*Legal Background*

The term "manipulation" generally refers to any intentional or deliberate act or practice in the marketplace that is intended to mislead investors by artificially controlling or affecting the price of a security traded in such marketplace. For example, manipulation may involve efforts to stimulate artificially the public demand for a stock or to create the false appearance of actual trading activity. Practices that may be intended to mislead investors by artificially affecting market activity and thus may constitute manipulative acts include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· portfolio pumping or painting the tape (submitting orders to purchase securities held by a TCW Registered Fund or other TCW client
(each, a "TCW Client") near the close of trading on the last day of a period for which the TCW Client's performance
will be reported (e.g., quarter-end));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· window dressing (adding or eliminating securities holdings of a TCW Client on or around the date for which the TCW Client's
holdings will be reported solely in order to make the TCW Client's holdings appear more favorable to the TCW Client's investors
(e.g., by eliminating a poorly performing holding or acquiring a security that has performed well));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· marking the close (executing securities transactions at or near the close with a purpose of inflating the day's price);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· wash sales (selling a security at a loss and purchasing the same or a substantially similar security soon afterwards);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· front running (transacting in a security for one's own account while taking advantage of advance knowledge of a TCW Client's
pending transactions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· spreading rumors that can impact the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· disseminating false information into the marketplace that could reasonably be expected to cause the price of a security to increase
or decrease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· matched orders (buying a security with a low turnover and subsequently placing contemporaneous buy and sell orders for the security
for substantially the same number of securities at substantially the same time and at substantially the same price, with the aim of conveying
an appearance of renewed interest in the security);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· runs (also known as pumping and dumping);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· corners (obtaining sufficient control of a particular security or other asset in an attempt to manipulate the market price); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· abusive squeezes (control of a large and dominating security position in a market in order deliberately to increase the price of the
security).

The rules against market manipulation do not mean that merely trying to acquire or to dispose of stock for investment purposes and incidentally affecting the price is unlawful. It is permissible for trading to have a corollary effect upon the price of a security as an ancillary consequence of buying or selling that security, so long as the investor's purpose is not to create an artificial impression about the demand for, or supply of, the security. Further, certain of the practices described above may in certain instances be made in connection with legitimate business purposes and in such instances would not constitute market manipulation. Firm personnel with any questions whether any transaction may constitute market manipulation should contact the Legal Department immediately.

The SEC and the federal courts have emphasized that manipulation, in essence, interferes with the free forces of supply and demand, and, thus, the integrity of the market. As the SEC stated in a 1977 case:

Investors and prospective investors… are… entitled to assume that the prices that they pay and receive are determined by the unimpeded interaction of real supply and demand so that those prices are the collective marketplace judgments that they purport to be. Manipulations frustrate these expectations. They substitute fiction for fact…. The vice is that the market has been distorted and made into a stage-managed performance.

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The most cited anti-manipulative provisions of the federal securities laws are Section 10(b) of the Exchange Act, and Rule 10b-5 thereunder. Section 10(b) makes it unlawful to use or employ, in connection with the purchase or sale of any security, any manipulative or deceptive device or contrivance in contravention of such rules and regulations as the SEC may prescribe. The various rules promulgated by the SEC under Section 10(b) define specific activities as manipulative or deceptive acts or practices. Rule 10b-5, however, sometimes referred to as the "anti-manipulation" rule, sets forth the general prohibition on fraudulent, deceptive or manipulative devices. The prohibitions against manipulative and deceptive acts under Section 10(b) and Rule 10b-5 apply to all securities, not just those registered on a national stock exchange. The SEC and the federal courts have established that pure manipulation – that is, merely undertaking acts to raise or lower the price of a security – constitutes a "manipulative or deceptive device" and a "scheme to defraud."

Section 17(a) of the Securities Act of 1933, as amended, is also a general antifraud provision and applies to manipulation in the over-the-counter market. Section 17(a) proscribes material misrepresentations or omissions, any scheme, device or artifice to defraud, or any fraudulent or deceitful transaction, practice or course of business, in the offer or sale of securities.

Section 9(a) of the Exchange Act specifically prohibits various manipulative practices. For example, Section 9(a) (1) prohibits the use of "wash sales" and "matched orders" for the purpose of creating a false or misleading appearance of active trading in any security registered on a national exchange. Section 9(a)(2) prohibits manipulation of prices by any person, acting alone or with others, who for the purpose of inducing others to buy or sell a particular security, effects a series of transactions in the security which creates actual or apparent active trading in the security or causes a rise or decline in the price of the security. Section 9(a)(3) prevents brokers, dealers and others from circulating or disseminating information about a security to the effect that the price of the security will or is likely to rise or fall for the purpose of raising or lowering the price of the security.

Rule 9j-1 under the Exchange Act prohibits fraud, manipulation, or deception in connection with transacting in security-based swaps. Examples of such prohibited conduct may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a credit default swap ("CDS") buyer working with a CDS reference entity (i.e., the issuer or group of issuers of whose
default triggers payment on the CDS) to create an artificial, technical or temporary failure-to-pay event in order to trigger a payment
on the CDS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· causing a CDS reference entity to issue a below-market debt instrument in order to artificially increase the auction settlement price
for the CDS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· endeavoring to influence the timing of a credit event to either ensure or avoid payment on a CDS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· restructuring CDS reference entities to eliminate or reduce the likelihood of a credit event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· taking actions to increase (or decrease) the supply of deliverable obligations with respect to a CDS, thereby increasing (or decreasing)
the likelihood of a credit event and the cost of CDS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engaging in wash trades to artificially inflate the price of an equity security in order to benefit from the manipulated price by
way of an existing total return swap ("TRS") position.

Rule 10b-21 under the Exchange Act makes it unlawful to submit an order to sell a security if the person submitting the order deceives a broker-dealer, a participant of a registered clearing agency or a purchaser regarding his or her intention or ability to deliver the security by the settlement date and to then fail to deliver the security by the settlement date. Among other things, Rule 10b-21 targets short sellers who deceive broker-dealers about their source of borrowable shares for purposes of complying with the "locate" requirement of Rule 203(b) (1) of Regulation SHO. Rule 10b-21 also applies to sellers who misrepresent to their broker-dealers that they own the shares being sold.

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Gifts & Entertainment: Anti-Corruption Policy

Access Persons may provide reasonable Gifts and Entertainment for the bona fide purpose of promoting, demonstrating, or explaining Firm services, including fostering strong client relationships.

Where possible, or as required in this Policy, you should notify your department head before, or after, providing or accepting any Gifts or Entertainment, even if no other approval is required and report it to StarCompliance within 30 days of occurrence. As discussed below, Access Persons may also be required to obtain approval when giving or receiving certain Gifts and Entertainment. Unless otherwise specified below, if approvals are required, you must submit your request through StarCompliance for approval by the Administrator of the Code of Ethics. Access Persons must obtain prior written approval from the Administrator of the Code of Ethics where required. The Administrator of the Code of Ethics shall elevate the request in the event of high risk or higher value gifts, or as otherwise necessary or appropriate. Notwithstanding the foregoing, in light of the impromptu nature of some Entertainment, approval for Access Persons providing entertainment may on occasion be after the fact. After the fact approval shall not be deemed a violation of this Policy where (1) approval prior to such impromptu Entertainment was not feasible, and (2) the provision of such Entertainment or the value of such Entertainment does not violate applicable U.S. or local laws. However, to the extent feasible, any required approvals should be obtained before accepting or giving Gifts or Entertainment. It is the Access Person's responsibility to seek prior approval from the Administrator of the Code of Ethics for Gifts and Entertainment which can be reasonably anticipated in advance of travel, events, meetings, conferences, or other similar circumstances where Gifts or Entertainment may be given or received. Repeated reliance on the impromptu nature of giving or receiving Gifts or Entertainment may be considered a violation of this Policy and may result in disciplinary action.

Gifts

A "Gift" is anything of value given or received without paying its reasonable fair value that personally benefits an individual (e.g. merchandise, cash, gift cards, favors, credit, special discounts on goods or services, free services, loans of goods or money, tickets to sports or entertainment events, trips and hotel expenses where Access Persons are not present as attendees). This does not include a political contribution. Entertainment (as defined below) is not a Gift.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A Gift must only be provided as a courtesy or token of regard or esteem ("Token Gift").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Token Gifts should be appropriate under the circumstances, not be excessive in value (generally, not more than $100) and involve
no element of concealment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gifts of cash or cash equivalents are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gifts to Foreign Officials or Domestic Officials must be pre-cleared, regardless of value, as described below.

You may not give or accept a Gift if you know, or have reason to know, that it is not permitted under the applicable laws.

Entertainment or Similar Expenditures

"Entertainment" generally refers to items of value that are given or received by hosts or guests while in the presence of TCW Access Persons. This means the attendance by both you and your hosts or guests at a meal, sporting event, theater production, tickets to an event sponsorship, or comparable event which may also include accommodation expenses covering your hosts or guests' meal, travel to, or other related accommodation expenses at a conference or an out-of-town event. This does not include a political contribution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Business Entertainment (including meals, sporting events, theater productions, or comparable events) may only be provided if (i) a
legitimate business purpose exists for such entertainment and (ii) such entertainment is reasonable and not excessive (e.g., 3 days
of golf for a 1-day seminar is excessive and not reasonable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tickets received in relation to (i) an event sponsorship or (ii) received on behalf of a charitable contribution that Access
Persons give or receive to guests are considered entertainment and require reporting to StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You may never pay or accept payment of Entertainment or similar expenditures if they are not commensurate with local custom or practice
or if you know or have reason to know that they are not permitted under the applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Entertainment provided to Foreign Officials or Domestic Officials must be pre-cleared, regardless of value, as described below.

Access Persons are required to follow the approval process set forth below, and in this Policy, to obtain the requisite approvals in StarCompliance, if any, before or after giving or receiving Gifts or Entertainment.

Gifts, Entertainment, Payments & Preferential Treatment

Gifts or Entertainment may create an actual or apparent conflict of interest, which could affect (or appear to affect) the recipients' independent business judgment. Further, the U.S. federal government, each state, and many local jurisdictions have Domestic Officials, and in some cases their spouse or children. These laws range from absolutely prohibiting such Gifts and Entertainment to permitting them as long as there is no intent to influence a specific official decision with the Gift or Entertainment. In addition, providing Gifts and Entertainment to Foreign Officials can have implications under applicable foreign gift law as well as the Foreign Corrupt Practices Act (FCPA), as discussed below. Therefore, the Policy establishes reasonable limits and procedures relating to giving and receiving Gifts and Entertainment.

To ensure TCW is in compliance with these laws, Access Persons must obtain approval prior to providing any Gift or Entertainment to, at the request of, or for the benefit of, a Foreign Official, Domestic Official, Union Official, or his or her spouse or child, as further described below.

If approval is required, Access Persons should request approval through StarCompliance, and wait for a decision before taking any action. Access Persons are prohibited from making any unilateral decisions as to whether a gift or entertainment is within the scope of the relevant rules, including whether a gift is personal in nature. The Administrator of the Code of Ethics shall review the submission with your department head and the Approving Officers, as appropriate. Access Persons are required to log non-personal gifts & entertainment given or received regardless of amount in StarCompliance. Refer to the table below which describes the Gifts & Entertainment for which a log may be required. If you have any doubt about whether a Gift or Entertainment requires approval, you should err on the side of caution and seek approval. Notwithstanding the foregoing, in light of the impromptu nature of some Entertainment, approval for Access Persons providing entertainment may on occasion be after the fact. After the fact approval shall not be deemed a violation of this Policy where (1) approval prior to such impromptu Entertainment was not feasible, and (2) the provision of such Entertainment or the value of such Entertainment does not violate applicable U.S. or local laws. However, to the extent feasible, any required approvals should be obtained before accepting or giving Gifts or Entertainment. It is the Access Person's responsibility to seek prior approval from the Administrator of the Code of Ethics for Gifts and Entertainment which can be reasonably anticipated in advance of travel, events, meetings, conferences, or other similar circumstances where Gifts or Entertainment may be given or received. Repeated reliance on the impromptu nature of giving or receiving Gifts or Entertainment may be considered a violation of this Policy and may result in disciplinary action.

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*Gifts Provided By the Firm/Access Persons*

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|:---|:---|
| Type of Gift To Be Given | Approval Required |
| Cash Gifts (including gift cards) | Prohibited |
| Token Gifts (e.g. bottles of wine, fruit baskets, books) under $100 (unless given to a Foreign Official or Domestic Official)<br>Gifts that display TCW's logo which are of nominal value (e.g. pens, notepads or modest desk ornaments, umbrellas, tote bags or shirts) that are substantially below the $100 limit does not require reporting. | No Approval Required<br>Reporting within 30 days of occurrence is required to StarCompliance regardless of amount.<br>Pre-Approval Required for Foreign Official or Domestic Official. |
| Gifts in excess of $100 that seem appropriate under the circumstances | Pre-Approval Required |
| Personal Charitable Gifts given where the recipient has a known business relationship with or a connection to a client or potential client of the Firm | Pre-Approval Required |
| Gifts to Foreign Officials or Domestic Officials (regardless of value) | Pre-Approval Required |
| Charitable Gifts given on behalf of the Firm | Pre-Approval Required. The Charitable Contribution request form must be completed before making the Gift. |
| Gifts by TCW Funds Distributors LLC, a limited-purpose broker-dealer ("TFD") Registered Persons aggregating less than $100 per year | No Approval Required, But Each Individual Must Maintain Their Own Log On StarCompliance Within 30 Days of Occurrence Showing:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Name of recipient(s)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Date of Gift(s)<br> &nbsp;&nbsp;&nbsp;&nbsp;· Value of Gift(s) |
| Gifts by TFD Registered Persons in excess of $100 per individual per year that do relate to the business of the recipient's employer | &nbsp;&nbsp;&nbsp;&nbsp; Prohibited with exclusions.<br>Personal Gifts Exclusions: The prohibition does not apply to personal gifts such as:<br>&nbsp;&nbsp;&nbsp;&nbsp;1. Gifts of a de minimis value (e.g. pens, notepads or modest desk ornaments) or to promotional items of nominal value that display the Firm's logo (e.g. umbrellas, tote bags, or shirts). In order for a promotional item to fall within this exclusion, it must be substantially below the $100 limit.<br>&nbsp;&nbsp;&nbsp;&nbsp;2. A wedding gift or a congratulatory gift for the birth of a child, provided that these gifts are not "in relation to the business of the employer of the recipient." ACE must be contacted in order to review factors including (1) the nature of any pre-existing personal or family relationship between the person giving the gift and the recipient; and (2) if the Firm bears the cost of the gift, either directly or by reimbursing the employee. |

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|:---|:---|
| Type of Gift To Be Given | Approval Required |
| Gifts to Unions or Union Officers | Pre-Approval Required. The Request Form for Approval for Gift/Entertainment must be completed before making the gift. In addition, an LM-10 Information Report is required to be completed, approved by an officer and submitted to the Administrator of the Code of Ethics and to the Legal Department for each occurrence. |
| Gifts to officers of TCW Affiliates | No Approval or Reporting Required if only provided to officers of TCW Affiliates and is (1) not provided in conjunction with any other non-TCW recipients and (2) is less than $100/ person.<br>Reporting within 30 days of occurrence is required if the value of the gift is above $100/person to StarCompliance. |
| Gifts provided to same recipient exceeding more than $100/person per quarter in one calendar year | Pre-Approval Required |

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*Entertainment and Hospitality Provided by the Firm/Access Persons*

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|:---|:---|
| Amount | Approval Required |
| Total entertainment value of $250 or less per person and $2,500 or less in aggregate per event<br>Examples: Tickets to events, meals, transportation and lodging expenses received by the third party . | No Approval Required<br>Reporting to StarCompliance within 30 days of occurrence is required regardless of amount. |
| Greater than $250 per person or $2,500 or more in aggregate per event | Pre-Approval Required |
| On-premise meals at TCW offices or at the third party provider's place of business | Pre-Approval is required for Union Officers, Foreign Officials or Domestic Officials.<br>Otherwise, certain on-premise meals at TCW offices or at the third party provider's place of business are not considered entertainment (and not reportable to StarCompliance) if any one or more of the following factors below:<br>&nbsp;&nbsp;&nbsp;&nbsp;1. The meal is not extravagant (under $250/person, or $2500 aggregate total)<br> &nbsp;&nbsp;&nbsp;&nbsp;2. The meal does not involve alcoholic drinks<br> &nbsp;&nbsp;&nbsp;&nbsp;3. Office snacks, including coffee, soft drinks, bottled water, donuts/pastries, and similar snacks or beverages provided to employees on the business premises.<br> &nbsp;&nbsp;&nbsp;&nbsp;4. A meal is provided by or for an industry-sponsored convention or seminar |
| Attendance and participation at educational or industry sponsored events (for example, tickets for attendance or purchasing a table at an industry conference) | No Approval Required<br>Reporting within 30 days of occurrence to StarCompliance is required regardless of amount. |

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|:---|:---|
| Amount | Approval Required |
| If provided to Unions or Union Officers | The Request Form for Approval for Gift/Entertainment must be completed before making the entertainment. In addition, an LM-10 Information Report is required to be completed, approved by an officer and submitted to the Administrator of the Code of Ethics and to the Legal Department for each occurrence. |
| If provided to a Foreign Official or Domestic Official<br> (regardless of value) | Pre-Approval Required |
| Entertainment to officers of TCW Affiliates | No Approval or Reporting Required if only provided for officers of TCW Affiliates and is (1) not provided in conjunction with any other non-TCW recipients and (2) is less than $250/ person.<br>Reporting within 30 days of occurrence is required if the value of the entertainment is above $250/person to StarCompliance. |
| Entertainment provided to same recipient exceeding more than<br> $250/person per quarter in one calendar year | Pre-Approval Required |

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Note that officials and employees of public pension plans, school districts or federal, state and local government officials or state-owned entities should also be treated as Domestic Officials subject to the pre-approval requirement, given that many are covered under applicable gift laws as governmental entities. For public pension plans, and in some cases other clients, Gifts or Entertainment may have to be disclosed by the Firm in response to client questionnaires and may reflect unfavorably on the Firm in obtaining business. Receipt of Gifts may even lead to disqualification. Therefore, discretion and restraint is advised.

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*Gifts and Entertainment Received by Firm Personnel*

You should not accept Gifts that are of excessive value (generally, $100 or more) or inappropriate under the circumstances. Access Persons are required to report and seek approval for any gift that they receive worth more than $100 to the Administrator of the Code of Ethics.

If a Gift has a value over $100 and is not approved as being otherwise appropriate, you should (i) reject the Gift, (ii) give the Gift to the Administrator of the Code of Ethics who will return it to the person giving the Gift (you may include a cover note), or (iii) if returning the Gift could affect friendly relations between a third party and the Firm, give it to the Administrator of the Code of Ethics, which will donate it to charity.

If the host of an event is personally present at the event, the event will be considered Entertainment; otherwise, it will be considered a Gift. You should not accept any invitation for Entertainment that is excessive or inappropriate under the circumstances. There may be some circumstances where it is difficult to reject an invitation or provision of hospitality or Entertainment. Where rejecting such an invitation or provision of hospitality could affect friendly relations between a third party and the Firm, use your best judgment and promptly report the entertainment or hospitality to the Administrator of the Code of Ethics. The Administrator of the Code of Ethics shall review such situation with your department head and the Approving Officers, as appropriate. No absolute rules exist, so good judgment must be exercised, considering the context, circumstances, and frequency of the Entertainment or hospitality. For example, approval might be required for an out-of-town sporting event, but not for a business conference in the same venue.

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In light of the nature of Gift-giving and the impromptu nature of some Entertainment, approval for Access Persons accepting such items may often be after the fact. However, to the extent feasible, any required approvals should be obtained before accepting Gifts or Entertainment. Where prior approval is not possible with respect to impromptu Gifts or Entertainment, the Access Persons receiving such Gift or Entertainment must seek approval as soon as is reasonably practicable. If such Gift or Entertainment received is impermissible under U.S. or local laws, then the Administrator for the Code of Ethics may require the Access Persons to return the Gifts or reimburse such Entertainment received.

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| | |
|:---|:---|
| Type of Gift/Entertainment Received | Approval Required |
| Cash Gifts (including gift cards) | Prohibited |
| Solicitation by Access Persons of Gifts from clients, suppliers, brokers, business partners, or potential business partners | Prohibited |
| Appropriate Gifts with value of $100 or less\*<br>Promotional gifts of nominal value (e.g. pens, notepads or modest desk ornaments, umbrellas, tote bags or shirts) that display a firm's logo that are substantially below the $100 limit does not require reporting. | No Approval Required<br>Reporting within 30 days of occurrence is required to StarCompliance regardless of amount |
| Tickets(s) to attend an industry conference or seminar paid by a vendor or other third party (note that payment of airfare, accommodations, meals and other expenses paid by such vendor or third party would still require approval, unless exempted per the Speaker Exemption below) | No Approval Required<br>Reporting within 30 days of occurrence is required to StarCompliance regardless of amount |
| Gifts believed to have a value in excess of $100, that seem appropriate under the circumstances\* | Pre-approval Required<br>Gifts above $100 to TCW Funds Distributors LLC Registered Persons are prohibited . |
| Gifts $100 or less given to a wide group of recipients (e.g. closing dinner Gifts, holiday Gifts)\* | No Approval Required<br>Reporting within 30 days of occurrence is required to StarCompliance regardless of amount |
| Gifts received from the same donor more than twice in a calendar year exceeding more than $100\* | Approval Required |
| Entertainment received of $250 or less per person<br>Examples: Tickets to events, meals, *transportation* and lodging expenses paid for by the third party.<br>*Shared ground transportation (i.e. shuttle, van, etc.) provided by the third party with respect to similar entities is not considered entertainment.* | No Approval Required<br>Reporting within 30 days of occurrence to StarCompliance is required regardless of amount. |
| Entertainment provided by same donor exceeding more than $250/person per quarter in one calendar year | Pre-approval Required |
| Entertainment over $250 per event\* | Pre-approval Required |

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|:---|:---|
| Type of Gift/Entertainment Received | Approval Required |
| Out-of-town accommodations and airfare for business conference or other industry event paid by sponsor as speaker expenses, or on the same basis as other attendees (the "Speaker Exemption") | No Approval Required<br>Reporting within 30 days of occurrence is required to StarCompliance regardless of amount |
| Other out-of-town travel expenses, other than on a business trip or industry conference that is customary and usual for business purposes | Pre-approval Required |

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\*For Investment Personnel only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All Gifts and Entertainment, of any value, received from broker/dealers must be reported in StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All Gifts received from broker/dealers with a value in excess of $100/person are prohibited and should be returned to the broker/dealer
or turned over to Compliance for appropriate disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If an Investment Personnel is granted approval to accept entertainment with a value in excess of $250 per event from a broker/dealer,
that person must personally pay the amount in excess of $250 and must maintain records indicating such payment.

Foreign Corrupt Practices Act (FCPA)

The FCPA permits small payments to low-level Foreign Officials (typically in countries with pervasive corruption) to expedite or secure the performance of non-discretionary government action (e.g., processing governmental papers, providing police protection, and providing mail service) under limited circumstances ("Facilitating Payments"). Nevertheless, because such payments may be illegal under the local law of the foreign country involved and/or other applicable anti-corruption laws and rules, such as the Bribery Act, this Policy prohibits Firm Personnel from making such payments, regardless of whether such payments would be permissible under the FCPA and requires pre-approval for any Gifts or Entertainment provided to Foreign Officials.

Statement of Purpose

TCW (the "Firm") is committed to complying with all applicable anti-corruption laws and rules, including, but not limited to, the U.S Foreign Corrupt Practices Act of 1977, as amended (the "FCPA"), the U.S. Travel Act (the "Travel Act"), the U.K. Bribery Act of 2010 (the "Bribery Act") and any laws enacted pursuant to the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (the "OECD Convention"). The purpose of this Anti-Corruption Policy (the "Policy") is to ensure compliance with all applicable anti-corruption laws and rules.

Of course, no policy can anticipate every possible situation that might arise. As such, Firm Personnel (defined below) are encouraged to discuss any questions that they may have relating to the Policy with their supervisor, Firm contact or the Legal or Compliance Departments. When in doubt, Firm Personnel should seek guidance.

Scope

This Policy is mandatory and applies to all directors, officers and employees of the Firm and any persons engaged to act on behalf of the Firm, including agents, representatives, temporary agency personnel, consultants, and contract-based personnel, wherever located (collectively referred to as "Firm Personnel"). Violations of this Policy may result in disciplinary action, up to and including termination of employment and referral to regulatory and criminal authorities.

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Prohibited Conduct

Firm Personnel shall not, directly or indirectly, make, offer, or authorize any gift, payment or other inducement for the benefit of any person, including a Foreign Official or Domestic Official, with the intent that the recipient misuse his/her position to aid the Firm in obtaining, retaining, or directing business.

"Foreign Official" includes government officials, political party leaders, candidates for public office, employees of state-owned enterprises (such as state-owned banks or pension plans), employees of public international organizations (such as the World Bank or the International Monetary Fund), and close relatives or agents of any of the foregoing. Because U.S. regulators have a very broad view of what constitutes a "Foreign Official," Firm Personnel should err on the side of caution by treating counter-parties as Foreign Officials when in doubt.

"Domestic Official" means any officer or employee of any government entity, department, agency, or instrumentality (federal, state, or local) in the U.S., candidates for public office, and close relatives or agents of any of the foregoing.

For purposes of this Policy, Foreign Official and Domestic Official also includes individuals who have actual influence in the award of business and any person or entity hired to review or accept bids for a government entity.

All payments, whether large or small, are prohibited if they are, in substance, bribes or kickbacks, including, cash payments, gifts, and the provision of hospitality and entertainment expenses. Personal funds (your own or a third party's) must not be used to accomplish what is otherwise prohibited by this Policy.

Firm Personnel are also prohibited from requesting, agreeing to accept, or accepting Gifts from any third party in exchange for or as a reward for improper or unapproved performance of their job responsibilities.

Health or Safety Exception

Facilitating Payments are permitted in rare circumstances when the health or safety of Firm Personnel (or anyone else) is at risk. If a payment is made pursuant to this limited exception, Firm Personnel must report the payment and circumstances to the Legal Department as soon as possible after the health or safety of the individual(s) is no longer at risk. The payment must also be accurately recorded in the Firm's books and records.

Third Party Representatives

Under the FCPA and other anti-bribery laws, the Firm may be held responsible for the misconduct of its agents, representatives, business partners, consultants, contractors or any other third party engaged to act on the Firm's behalf (collectively "Third Party Representatives"). As such, prior to entering into an agreement with any Third Party Representative regarding business outside the United States, the Firm shall perform anti-corruption related due diligence and obtain from the Third Party Representative appropriate assurances of compliance in accordance with this Policy. The Legal Department is required to approve all engagements with Third Party Representatives. Any anti-corruption compliance issue that comes to the attention of any Firm Personnel must be reported to the General Counsel and addressed before proceeding with the relevant transaction or doing business with or through a Third Party Representative.

Firm Personnel should be alert to the activities of any Third Party Representative with whom they interact and promptly report any suspicious activity to the Legal Department. Firm Personnel should be especially alert to Third Party Representatives who are located in or interact with individuals in countries with high levels of corruption (the United States Department of Justice and Transparency International maintain internet-accessible lists of countries where corruption is a concern). Firm Personnel must consult with the Legal Department whenever encountering a situation involving any anti-corruption issue, including a Red Flag, or any other similar situation.

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It is important for Firm Personnel to identify and report anti-corruption compliance issues in the ordinary course of business. To this end, the following shall apply to all Firm Personnel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Familiarize yourself with the examples of Red Flags listed in this Policy; Attend anti-corruption training as applicable so you can
identify the types of situations that may raise Red Flags or other compliance concerns that are not enumerated in this Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Be vigilant in detecting Red Flags; it is prohibited to "consciously avoid" or "close your eyes" to a violation
or to a Red Flag;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Look out for Red Flags both before and during a relationship with any transaction partner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If you have information concerning a potential Red Flag, contact the General Counsel immediately.

No Firm Personnel who in good faith provides information regarding a possible Red Flag will suffer any retaliation or adverse employment decision as a consequence of such report.

The existence of a Red Flag does not necessarily mean that a violation has occurred or will occur. However, once a Red Flag arises, Firm Personnel must report the Red Flag to the Legal Department who will oversee a reasonable inquiry into the circumstances surrounding the Red Flag. Upon request, other Firm Personnel will cooperate with and assist in the review of the Red Flag. The extent of this inquiry will depend on the facts of the particular situation and the degree of risk involved.

Red Flag Reporting

Firm Personnel are required to promptly report to the General Counsel any situations that raise anti-corruption compliance Red Flags. All Firm Personnel are expected to be alert to any Red Flags or other situations that may indicate any compliance issues. The existence of a Red Flag requires additional diligence to address potential problems before a transaction may go forward. Red Flags include (but are not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A request for reimbursement of extraordinary, poorly documented, or last minute expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A request for payment in cash, to a numbered account, or to an account in the name of someone other than the appropriate counterparty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A request for payment in a country other than the one in which the transaction is taking place or counterparty is located, especially
if it is a country with limited banking transparency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An unreasonable request (taking into consideration the circumstances of the request, including the size
of payment and the timing of the request) for payment in advance or prior to an award of a contract, license, concession, or other business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A refusal by a party to certify that it will comply with the requirements and prohibitions of this Policy, applicable anti-corruption
laws and rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A refusal, if asked, to disclose owners, partners, or principals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Use of shell or holding companies that obscure an entity's ownership without credible explanation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· As measured by local customs or standards, or under circumstances particular to the party's environment,
the party's business seems understaffed, ill equipped, or inconveniently located to undertake its proposed relationship with the
Firm;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The party, under the circumstances, appears to have insufficient know-how or experience to provide the services the Firm needs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In the case of engaging a Third Party Representative, the potential Third Party Representative:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o has an employee or a family member of an employee in a government position, particularly if the family member is or could be in a
position to direct business to the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o is insolvent or has significant financial difficulties that would reasonably be expected to impact its dealings with the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o displays ignorance of or indifference to local laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o is unable to provide appropriate business references;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o lacks transparency in expenses and accounting records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o is the subject of credible rumors or media reports of inappropriate payments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o requests payment that is disproportionate to the services provided.

Mandatory Reporting

Firm Personnel and Third Party Representatives are required to promptly report to the General Counsel or Chief Compliance Officer any instance in which they believe that they, or any other Firm Personnel or Third Party Representative may have violated this Policy. All suspected violations of this Policy, including minor violations, should be reported. For example, a failure to obtain pre-approval before giving Gifts in excess of $100 should be reported. In addition, Firm Personnel and Third Party Representatives must alert the General Counsel or Chief Compliance Officer if anyone solicits improper Gifts, payments or other inducements from them, including any request made by Foreign Official or Domestic Official for a payment that would be prohibited under this Policy or any other actions taken to induce such a payment.

Firm Personnel may also report suspected violations of this Policy as specified in the Firm's Whistleblower Policy.

Books and Records

The Firm is required to maintain books and records that accurately reflect the Firm's transactions, use of Firm assets, and other similar information. The Firm is also required to maintain the internal accounting controls necessary to maintain proper control over the Firm's actions. The Firm should not create any undisclosed or unrecorded accounts for any purpose. False or artificial entries are not to be made in the books and records of the Firm for any reason.

Outside Business Activities

General

The Firm discourages employees from holding outside employment, including consulting. In addition, an employee may not engage in outside employment that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· interferes, competes, or conflicts with the interests of the Firm or gives an appearance of a conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Employment in the securities brokerage industry is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Employees must abstain from negotiating, approving, or voting on any transaction between the Firm and
any outside organization with which they are affiliated, except in the ordinary course of providing services for the Firm and on a fully
disclosed basis.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· encroaches on normal working time or otherwise impairs performance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· implies Firm sponsorship or support of an outside organization, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· adversely reflects directly or indirectly on the Firm.

A conflict of interest may arise if an employee is engaged in an outside business activity ("OBA") or receives any compensation for outside services that may be inconsistent with the Firm's business interests. Examples of OBAs may include, but are not limited to, the following with any non-TCW entities or organizations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Outside employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Serving in any capacity of any non-affiliated company or institution, including positions in TCW investment-related entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accepting appointment as a fiduciary, including executor, trustee, guardian, conservator or general partner, except for the employee
or immediate family for estate planning and other non-commercial and personal purposes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Honorariums, public speaking appearances or instruction courses at educational institutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Providing investment advice, or any other financial services to, any person, organization or association, including any that are exclusively
charitable, fraternal, religious, civic and are recognized as tax exempt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Regardless if compensation is received or not, ANY active role/position you have with an outside entity or organization.

Obtaining Approval/Reporting

All employees are required to obtain pre-approval before engaging in any OBA by submitting an Outside Business Activity request through StarCompliance. The Administrator of the Code of Ethics will then coordinate the approval and reporting process.

Each employee that has disclosed an OBA must submit an updated request in StarCompliance upon material changes to the activity or role involved. For example, if an employee that serves on a Board were to become an officer such as Treasurer in addition to serving on the Board. Any position involving investment advice may be subject to conditions to prevent conflicts of interest.

All employees are required to complete the Report on Outside Business Activity annually in StarCompliance.

In addition, all employees are required to submit an initial Outside Business Activity request upon their hire through Human Resources, if they have any OBA .

Political Activities & Contributions

Introduction

In the U.S., both federal and state laws impose restrictions on certain kinds of political contributions and activities. Federal law prohibits foreign nationals (i.e., non-U.S. entities or individuals who are neither U.S. citizens nor permanent U.S. residents) from making or otherwise having any input into decisions regarding such contributions.

Accordingly, the Firm has adopted policies and procedures concerning political contributions and activities regarding federal, state, and local candidates, political parties, and political committees.

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This policy applies to the Firm and all Access Persons, and in some cases to affiliates, consultants, placement agents and solicitors working for the Firm. Failure to comply with these rules could result in civil or criminal penalties for the Firm and the individuals involved or loss of business for the Firm.

These policies are intended to comply with these laws and regulations and to avoid any appearance of impropriety. These policies are not intended to otherwise interfere with an individual's right to participate in the political process. If you have any questions about political contributions or activities, contact the Administrator of the Code of Ethics.

General Rules

All persons are prohibited from making, fundraising, or soliciting political contributions where the purpose is to assist the Firm in obtaining or retaining business. This includes using Firm resources for political activities.

No Access Person shall apply pressure, direct or implied, on any other employee (including, in particular, subordinates) that infringes upon an individual's right to decide whether, to whom, in what capacity, or in what amount or extent, to engage in political activities.

All persons are prohibited from doing indirectly or through another person anything prohibited by these policies and procedures or to avoid a required review for approval.

Rules Governing Firm Contributions and Solicitation Activities

Federal and many state election laws prohibit TCW from making corporate political contributions. Further, as a registered investment adviser, TCW is subject to U.S. Securities and Exchange Commission ("SEC") Rule 206(4)- 5, which restricts making or soliciting political contributions to certain state and local restricted recipients or any other attempt to do indirectly what the Rule prohibits from being done directly. In addition, various U.S. states and localities maintain their own pay-to-play laws.

To ensure compliance with these laws, Firm employees may not cause TCW to make or solicit political contributions, including not only monetary contributions from corporate funds but also use of corporate personnel or facilities, without obtaining prior approval from the Approving Officers. This includes the following activity:

Using Firm resources for political activities (e.g., engaging in volunteer campaign activity, such as raising funds for, or other activity benefiting, a candidate campaign, political party or PAC),, including the use of photocopier paper for political flyers, or Firm-provided refreshments at a political event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Using Firm resources for political activities (e.g., engaging in volunteer campaign activity, such as raising funds for, or other
activity benefiting, a candidate campaign, political party or PAC), including the use of photocopier paper for political flyers, or Firm-provided
refreshments at a political event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Directing other employees, including, in particular, subordinates, to participate in federal, state, and/ or local fundraising or
other political activities, except where those employees have voluntarily agreed to participate in such activities. Any Access Person
who has obtained approval to use the services of an employee (whether or
not in the same reporting line) for political activities must inform the employee that his or her participation is strictly voluntary
and that he or she may decline to participate without the risk of retaliation or any adverse job action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Using any TCW branded resources such as letterhead, email signature blocks, logos or other identifiers
of TCW,
in connection with soliciting any political contribution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Using the Firm's funds for any political contributions to state or local candidates, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Making any political contribution in the Firm's name,

Federal law and Firm policy allow an individual to engage in limited personal, volunteer political activities on company premises on behalf of a federal candidate that does not currently hold state or local office if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the individual obtains approval before the activities occur. Contact the Administrator of the Code of Ethics to request approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the political activities are isolated and incidental (they may not exceed 1 hour per week or 4 hours per month),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the activities do not prevent the individual from completing normal work or interfere with the Firm's normal activity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the activities do not raise the overhead of the Firm (for example, result in phone charges, postage or delivery charges, use of Firm
materials), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the activities do not involve services performed by other employees (including secretaries, assistants, or other subordinates) unless
the other employees voluntarily engage in the political activities.

TCW follows the above policy for activities related to state and local elections.

Rules for Access and Covered Persons

*Responsibility for Personal Contribution Limits*

Federal law and the laws of many states and localities establish contribution limits for individuals. Each Access Person is responsible for knowing and remaining within those limits.

*Pre-Approval of all Political Contributions, Fundraising, Soliciting, and Volunteer Activity*

Each TCW Access Person, and their Covered Person(s) (i.e. spouse, domestic partner and relative or significant other sharing the same house), must submit a Political Contribution Request Form to the Administrator of the Code of Ethics and obtain pre-approval before:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· making or soliciting any Contribution to, or engaging in any other fundraising for a current holder or candidate for a state, local
or federal elected office, or a campaign committee, political party committee, proposition, referendum, initiative, 501(c)4 organization,
other political committee (e.g., PAC or Super PAC) or 527 political organization (example: Republican, Democratic Governors Association)
inaugural committee or transition team of a successful candidate. A Contribution includes anything of value given or paid to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o influence any election for foreign, federal, state or local office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o pay any debt incurred in connection with such election; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o pay any transition or inaugural expenses incurred by the successful candidate for state or local office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· volunteering their services to a political campaign, political party committee, proposition, referendum, initiative, political action
committee ("PAC") or political organization.

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Any solicitation or invitations to fundraisers by an Access Person or Covered Person on behalf of candidates, party committees or political committees that is approved pursuant to the above must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· originate from the individual's home address or personal email address,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· make clear that the solicitation is not sponsored by the Firm,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· make clear that the contribution is voluntary on the part of the person being solicited,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not take place on the Firm's premises, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not direct employees, including, in particular, subordinates, to participate in soliciting and fundraising
(except where those employees have voluntarily agreed to participate in such activities and sought pre- approval to participate).

Access Persons are required to affirm after the end of each calendar quarter that they have reported all political contributions and volunteer services they, and each of their spouse, domestic partner and relative or significant other sharing the same house, have provided during the quarter.

New Hires

TCW considers all employees to be Covered Associates. New hires may not be made without the prior review of their political contributions and activities by Compliance. Human Resources will gather information on any new hire and provide this to Compliance for review. This information shall include details about the political contributions or activities of the new hire. Legal and Compliance may exempt individuals or categories of employees from this review.

Participation in Public Affairs

The Firm encourages its employees to be involved in public affairs and political processes. Normally, participation in public affairs takes place outside of regular business hours. If participation in public affairs requires corporate time, or you wish to accept an appointive federal, state or local office, or you want to run for elective office, contact the Administrator of the Code of Ethics in order to request approval.

If you are running for office, you must campaign on your own time. You may not use Firm property or resources without proper reimbursement to the Firm.

Employees participating in political activities do so as individuals and not as representatives of the Firm. You may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· use either the Firm's name or its address in material you mail or fundraising, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· identify the Firm in any advertisements or literature, except as necessary biographical information.

Lobbying

The federal government, each state and certain localities have laws requiring registration and reporting by lobbyists and in some cases, also by the lobbyist's employer. Lobbying activity generally includes attempts to influence the passage or defeat of legislation, but can also include efforts to influence an agency's formal rulemaking, or the agency's decision to enter into a contract or other financial arrangement (such as meetings to procure government contracts with public pension funds, school districts or federal, state and local government officials or entities).

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To ensure that TCW and its employees are in compliance with these laws, Employees must comply with the following:

Employees may not engage in any lobbying activities on behalf of TCW without prior written approval from the Administrator of the Code of Ethics. This also includes the retention of any outside lobbyists that would be hired to lobby on behalf of TCW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In addition, if you plan to communicate with a Domestic Official but are not sure whether your activities would be considered lobbying,
contact the Administrator of the Code of Ethics before engaging in any such activities.

If you are communicating with Domestic Officials solely for the purpose of providing services under an existing contract, you need not obtain pre-approval for those communications.

Other Employee Conduct

Personal Loans

You may not borrow from clients or from Firm vendors or service providers, except those who engage in lending in the usual course of their business and then only on terms offered to others in similar circumstances, without special treatment. This prohibition does not preclude borrowing from individuals related to you by blood or marriage.

Taking Advantage of a Business Opportunity That Rightfully Belongs To the Firm

Employees must not take for their own advantage a business opportunity that rightfully belongs to the Firm. Whenever the Firm has been actively soliciting a business opportunity, or the opportunity has been offered to it, or the Firm's funds, facilities, or personnel have been used in pursuing the opportunity, that opportunity rightfully belongs to the Firm and not to employees who may be in a position to divert the opportunity for their own benefits.

Examples of improperly taking advantage of a corporate opportunity include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· selling information to which an employee has access because of his/her position,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· acquiring any property interest or right when the Firm is known to be interested in the property in question,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· receiving a commission or fee on a transaction that would otherwise accrue to the Firm, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· diverting business or personnel from the Firm.

Disclosure of a Direct or Indirect Interest in a Transaction

If you or any family member have any interest in a transaction (whether on behalf of a client or the Firm), that interest must be disclosed, in writing, to the General Counsel or the Chief Compliance Officer to allow assessment of potential conflicts of interest.

You do not need to report any interest that is otherwise reported in accordance with the Personal Investment Transactions Policy.

Example of an interest that should be disclosed: conducting TCW business with a vendor or service provider who is related to you or for which your parent, spouse, or child is an officer should be disclosed.

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Corporate Property or Services

You may not purchase or acquire corporate property or use the services of other employees for personal purposes. For example, you may not use inside counsel for personal legal advice absent approval from the General Counsel or use of outside counsel for that advice at the Firm's expense.

Use of TCW Stationery

You may not use corporate stationery for personal correspondence or other non-job-related purposes.

Giving Advice to Clients

The Firm cannot practice law or provide legal advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Avoid statements that might be interpreted as legal advice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Avoid giving clients advice on tax matters, the preparation of tax returns, or investment decisions, except
as appropriate in the performance of a fiduciary or advisory responsibility, or as otherwise required in the ordinary course of your duties.

Confidentiality

Generally, all information relating to past, current, and prospective clients is confidential and is not to be discussed with anyone outside the organization under any circumstance. All employees, including on-site and off-site temporary employees, and consultants will be required to sign and adhere to a Confidentiality Agreement. You should report violations of the Confidentiality Agreement to the Chief Compliance Officer.

Sanctions

The Firm may impose such sanctions it deems appropriate upon discovering a violation of this Code, including, but not limited to, an oral or written reprimand, supplemental training, a reversal of a transaction and disgorgement of profits, demotion, and suspension or termination of employment.

Reporting Illegal or Suspicious Activity - "Whistleblower Policy"

Policy

The Firm is committed to compliance with the law and its policies in all of its operations. The Firm's employees can provide early identification of significant issues that arise with compliance with policies and the law. The Firm's policy is to create an environment in which its employees can report these issues in good faith without fear of reprisal.

The Firm requires that all employees report activity that is illegal or does not comply with the Firm's policies and procedures ("Compliance Issues"), including this Code. Reports about Compliance Issues will be held confidentially by the Firm except as otherwise required to investigate and address the issues raised. The Firm expects the exercise of the Whistleblower Policy to be used responsibly. If an employee believes that a policy is not being followed because it is being overlooked, one first step could be to bring the issue to the attention of the party charged with the operation of the policy. If, however, you believe that a policy is not being followed and feel uncomfortable bringing it to the attention of the person involved, you may follow the other procedures set forth in this policy.

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Procedure

In some cases, an employee should be able to resolve issues or concerns with their manager or, if appropriate, other management senior to their manager. However, this may fail or the employee may have legitimate reasons to choose not to notify management. In such cases, the Firm has established a system for employees to report Compliance Issues.

An employee who has a good faith belief that a Compliance Issue may occur or is occurring is required to come forward and report under this policy. "Good faith" means that the employee believes that they are disclosing information that is truthful, but it does not require that a reported concern is correct.

The report should be made to the General Counsel or an Associate General Counsel, and may be made in person, in writing, via email at <u>TCWWhistleblower@tcw.com</u> or via the TCW whistleblower line at (213) 244-0055. The whistleblower email and line is only directly accessible by the General Counsel. Reports may also be made anonymously via the whistleblower line or the whistleblower drop box located in the pantry on the 28th floor of the Los Angeles office and in the Town Hall pantry in the New York office; however, the Firm encourages employees to identify themselves when making a report to facilitate follow-up communication. When making a report, employees should state in as much detail as possible the facts that raised a concern.

The General Counsel will consult with others. Depending on the nature of the matters covered by the report and other relevant facts and circumstances, the other persons consulted may include other members of the Legal team, the Chief Compliance Officer and other members of the Compliance team, outside counsel and/ or independent investigators, as appropriate, about the investigation. If deemed necessary and appropriate, a formal or informal investigation may be conducted by the General Counsel and Legal team or an external party.

The Firm understands the importance of maintaining confidentiality of the reporting employee. The identity of the employee making the report will be kept confidential, except to the extent that disclosure may be required by law, a governmental agency, or self-regulatory organization, or as an essential part of completing the investigation. The employee making the report will be advised if confidentiality cannot be maintained. To the extent practicable, employees will be kept apprised of the Firm's response to their reports.

The Chief Compliance Officer will follow up to assure that the investigation is completed, that any Compliance Issue is addressed, and that no acts of retribution or retaliation occur against the person reporting violations or cooperating in an investigation in good faith.

Each quarter (or more frequently as necessary), the General Counsel will provide TCW's Board of Directors with an update regarding the status of each report received under this policy during the preceding quarter. Employees may also contact the SEC's Office of the Whistleblower at (202) 551-4790 or via fax at (703) 813-9322, or via the California Office of the Attorney General's whistleblower hotline at (800) 952-5225. The Attorney General refers calls received on its whistleblower hotline to an appropriate governmental authority for review and possible investigation.

Submitting a report that is known to be false is a violation of this Reporting of Illegal or Suspicious Activity Policy.

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Glossary

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| A | |
|  | Access Person(s) -– Includes all of the Firm's directors, officers, and employees, except those who (i) do not devote substantially all working time to the activities of the Firm, and (ii) do not have access to information about the day to-day investment activities of the Firm. A consultant, temporary employee, or other person may be considered an Access Person depending on various factors, including length of service, nature of duties, and access to Firm information (such as nonpublic information regarding any clients' purchase or sale of securities, portfolio holdings, securities recommendations, or providing investment advice). |
|  | Account – A separate account and/or a commingled fund (e.g., limited partnership, trust, mutual fund, REIT, and CBO/CDO/CLO). |
|  | Administrator of the Code of Ethics – Shall be a member of the Compliance Department, as designated by the Chief Compliance Officer . |
|  | Approving Officers – The following conflicts of interest situations involving a Covered Officer must be approved by (i) the General Counsel or his designee and (ii) the Chief Compliance Officer. |

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|:---|:---|
| B |  |
|  | Beneficial Interest – an interest of an Access Person in a security or account of another person under which they (i) can obtain benefits substantially equivalent to owning the security, (ii) can obtain ownership of the security immediately or within 60 days, or (iii) can vote or dispose of the security. |

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| C | |
|  | CBO – Collateralized bond obligation. |
|  | CDO – Collateralized debt obligation. A security backed by a pool of bonds, loans, and other assets. |
|  | Chief Compliance Officer – The Chief Compliance Officer of TCW. For purposes of this policy, the term Chief Compliance Officer shall include persons authorized by the Chief Compliance Officer to handle certain matters under this Code of Ethics policy. |
|  | CLO – Collateralized loan obligation. |
|  | Code of Ethics or Code – This Code of Ethics. |
|  | Covered Account – Any account of an Access Person or Covered Person is a "Covered Account ." Covered Accounts include any personal trading account in which you have a beneficial interest. A non-exhaustive or a representative list of such accounts include: |

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|:---|
| Brokerage accounts (i.e. individual, joint, trust, custodial, corporate, LLC); Individual Retirement Accounts (all types); DRIPs, profit sharing, Investment Clubs, and any other account/vehicle that have the ability to trade any non-exempt investment product. |
| 401(k), 403(b), 529 Plans, employee retirement accounts, variable annuity contracts, and any other investment account that holds reportable securities or provides the ability to trade any non-exempt investment product. |

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o Please note: If the accounts hold TCW MetWest or TCW Registered Funds, these accounts
 require reporting as well.

o Accounts held directly at mutual funds are exempt unless the account holds TCW MetWest
 or TCW Registered Funds.

– A relative's brokerage account for which the Access Person can effect trades, or an estate for which the Access Person makes investment decisions as executor. <br>– Direct investments in private funds

Covered Person – Spouse, minor child, relative or significant other sharing a house with an Access Person, or any other person, when the Access Person has a "beneficial interest" in the person's accounts or securities.

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|:---|:---|
| ![](tm2522623d1_ex99-bxpx41img02.jpg) | 42 |

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| | |
|:---|:---|
|  | Covered Transaction – A transaction in a Covered Account. |
|  | Cryptocurrencies – Cryptocurrencies, like Bitcoin and Ethereum, are pieces of computer code that are not managed by any authority (see Digital Currencies definition, below). Creation, as well as use, is maintained through a distributed ledger, typically a blockchain, that serves as a public financial database. |
| D |  |
|  | Digital Currencies – Digital currency refers to the electronic form of fiat money issued by governments. Unlike Cryptocurrencies, digital currency does not require encryption, and users are required to use secure and unique passwords in order to protect their digital wallets from hacking or theft. |
|  | Direct Purchase Plan – An investment service that allows individuals to purchase a security directly from a company or through a transfer agent. Not all companies offer Direct Purchase Plans and the plans often have restrictions on when an individual can purchase. |
| E |  |
|  | Entertainment – Generally refers to items of value that are given or received by hosts or guests while in the presence of TCW Access Persons. This means the attendance by both you and your hosts or guests at a meal, sporting event, theater production, tickets to an event sponsorship, or comparable event which may also include accommodation expenses covering your hosts or guests' meal, travel to, or other related accommodation expenses at a conference or an out-of-town event. |
|  | ETF – Exchange Traded Fund. A fund that tracks an index but can be traded like a stock . |
|  | ETN – Exchange Traded Note – An unsecured debt security that tracks an underlying index of securities and trade on a major exchange like a stock. |
|  | Ethical Walls or Informational Barriers – The conscientious use of a combination of trading restrictions and information barriers designed to confine material non-public information to a given individual, group, or department. |
|  | Exchange Act – Securities Exchange Act of 1934, as amended. |
|  | Exempt Securities – Those Securities described in the subsection Exempt Securities in the Personal Investment Transactions Policy.<br>Expert Networks – a business model in which a company connects subject matter experts to firm personnel wishing to gain information concerning a particular industry, market segment or topic. These subject matter experts usually possess specialized knowledge in their area of expertise. |
| F |  |
|  | Financial Commodity – Any futures or option contract that is not based on an agricultural commodity, a natural resource such as energy or metals, or other physical or tangible commodity. It includes currencies (both virtual and non-virtual), equity securities, fixed income securities, and indexes of various kinds. |
|  | Firm or TCW – The TCW Group of companies. |
|  | Firm Personnel – All directors, officers and employees of the Firm and any persons engaged to act on behalf of the Firm, including agents, representatives, temporary agency personnel, consultants, and contract-based personnel, wherever located. |
|  | Foreign Official – Includes (i) government officials, (ii) political party leaders, (iii) candidates for office, (iv) employees of state-owned enterprises (such as state-owned banks or pension plans), and (v) relatives or agents of a Foreign Official if a payment is made to such relative or agent of a Foreign Official with the knowledge or intent that it ultimately would benefit the Foreign Official. |
| G |  |
|  | General Counsel – The General Counsel of TCW. For purposes of this policy, the term General Counsel shall include persons authorized by the General Counsel to handle certain matters under this Code of Ethics policy. |
|  | Gift – Anything of value received without paying its reasonable fair value (e.g., favors, credit, special discounts on goods or services, free services, loans of goods or money, tickets to sports or entertainment events, trips and hotel expenses). If something falls within the definition of Entertainment, it does not fall within the category of Gifts. |

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|:---|:---|
| ![](tm2522623d1_ex99-bxpx41img02.jpg) | 43 |

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I

Initial Coin Offerings (ICOs) – An initial coin offering (ICO) is a type of capital-raising activity in the cryptocurrency and blockchain environment. The ICO can be viewed as an initial public offering (IPO) that uses cryptocurrencies and may be considered securities offerings which may need to be registered with the SEC or fall under an exemption to registration under the Exchange Act.

IPO – Initial public offering. An offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

Inside information – Material, non-public information.

Investment Compliance – The support group for certain trading areas that, among others, checks proposed trades and open trades against investment restrictions.

Investment Personnel – Includes (i) any portfolio manager or securities analyst or securities trader who provides information or advice to a portfolio manager or who helps execute a portfolio manager's decision, and (ii) a member of the Investment Compliance Department.

L

Limited Offering – An offering that is exempt from registration under the Securities Act pursuant to Sections 4(2) or 4(6), or pursuant to Rules 504, 505, or 506 or under the Securities Act. Note that a CBO or CDO is considered a Limited Offering or Private Placement.

Linked Broker – A broker that provides account information by automatic feed to StarCompliance.

LM-10 Information Report – Report required for reporting gifts or entertainment to labor unions or union officials.

Lobbyist – A lobbyist is an individual who is compensated to communicate directly with any state, legislative or agency official to influence legislative or administrative action on behalf of his or her employer or client.

M

Material Information – Information that a reasonable investor would consider important in making an investment decision. Generally, this is information the disclosure of which could reasonably be expected to have an effect on the price of a company's securities.

MetWest – Metropolitan West Asset Management, LLC, a U.S.-registered investment advisor and direct subsidiary of The TCW Group, Inc.

MetWest Mutual Funds – Metropolitan West Funds, each of its series, and any other proprietary, registered, open-end investment companies (mutual funds) advised by MetWest.

N

Non-Discretionary Accounts – Accounts for which the individual does not directly or indirectly make or influence the investment decisions.

Non-Financial Commodity – Any futures contract based on an agricultural commodity, a natural resource such as energy or metals, or other physical or tangible commodity. It includes commodities that may be physically delivered or agricultural commodities. This extends to environmental commodities like carbon offset credits, emission allowances and renewable energy credits (RECs).

O

Outside Fiduciary Accounts – Certain fiduciary accounts outside of the Firm for which an individual has received the Firm's approval to act as fiduciary and that the Firm has determined qualify to be treated as Outside Fiduciary Accounts under this Code of Ethics.

P

Private Placements – An offering that is exempt from registration under the Securities Act pursuant to Sections 4(2) or 4(6), or pursuant to Rules 504, 505, or 506 or under the Securities Act. Note that a CBO or CDO is considered a Limited Offering or Private Placement.

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|:---|:---|
| ![](tm2522623d1_ex99-bxpx41img02.jpg) | 44 |

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| | |
|:---|:---|
| R |  |
|  | REIT – Real estate investment trust. |
|  | Registered Person(s) – Any person having a securities license (e.g., Series 6, 7, 24, etc.) with TFD. |
|  | Restricted Securities List – A list of the securities for which the Firm is generally limited firm-wide from engaging in transactions. |
|  | Rule 10b5-1 Plan – A rule established by the Securities Exchange Commission (SEC) that allows insiders of publicly traded corporations to set up a trading plan for selling stocks they own. Rule 10b5-1 allows major holders to sell a predetermined number of shares at a predetermined time. |
| S |  |
|  | SEC – Securities and Exchange Commission. |
|  | Securities – Includes any interest or instrument commonly known as a security, including stocks, bonds, ETFs, ETNs, shares of mutual funds, and other investment companies (including money market funds and their equivalents), options, options on securities, single stock futures, warrants, financial commodities, a derivative linked to a specific security, security-based swaps, or other derivative products and interests in privately placed offerings and limited partnerships, including hedge funds. Includes cryptocurrencies or digital currencies (other than Bitcoin, Ethereum and USDC). |
|  | Securities Act – Securities Act of 1933, as amended. |
|  | Single Stock ETF – Exchange Traded Fund allowing for leveraged or inverse trading of a single stock. Single- stock ETFs do not hold a portfolio of stocks; rather, they track just a single stock but employ derivatives contracts to provide leveraged and/or inverse returns. |
| T |  |
|  | TABF – TCW Asset Backed Finance Management Company LLC, a U.S.-registered investment advisor and direct subsidiary of The TCW Group, Inc. |
|  | TAMCO – TCW Asset Management Company LLC, a U.S.-registered investment advisor and direct subsidiary of The TCW Group, Inc. |
|  | TCW or Firm – The TCW Group of companies. |
|  | TCW Advisor – Includes TAMCO, TIMCO, MetWest and any other U.S. federally registered advisors directly or indirectly controlled by The TCW Group, Inc. |
|  | TCW ETF Trust – TCW ETF Trust, each of its series, and any other proprietary, registered, exchange-traded funds (ETFs) advised by TIMCO. |
|  | TCW Funds – TCW Funds, Inc., each of its series, and any other proprietary, registered, open-end investment companies (mutual funds) advised by TIMCO. |
|  | TCW Registered Funds – Collectively, the TCW Funds, MetWest Mutual Funds, TCW ETF Trust, each of their series, and any other proprietary and registered closed-end investment companies (including TSI and TABF), exchange-traded funds (ETFs) and open-end investment companies (mutual funds) advised (or sub-advised) by TAMCO, TIMCO, TPAY, MetWest or any other affiliate, unless otherwise indicated. |
|  | TFD or TCW Funds Distributors LLC – A limited-purpose broker-dealer (formerly, TCW Brokerage Services). |
|  | TIMCO – TCW Investment Management Company LLC, a U.S.-registered investment advisor and direct subsidiary of The TCW Group, Inc. |
|  | TPAY - TCW Private Asset Income fund, a registered, closed-end investment company advised by TABF. |
|  | TSI – TCW Strategic Income Fund, Inc., a registered, closed-end investment company advised by TIMCO. |

---

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| ![](tm2522623d1_ex99-bxpx41img02.jpg) | 45 |

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Endnotes

<sup>1</sup> Certain related companies may include affiliates, economically linked companies, companies in the same sector or industry or any other impacted companies that may be participating in a corporate action.

<sup>2</sup> This may also implicate the TCW and Carlyle Information Barrier, so please contact the General Counsel or the CCO in the event that Carlyle is involved with a Creditors' Committee.

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|:---|:---|
| ![](tm2522623d1_ex99-bxpx41img02.jpg) | 46 |

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## Ex-99.B(P)(43)

**Exhibit 99.B(p)(43)**

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| ![](tm2522623d1_ex99-bxpx43img01.jpg) | &nbsp;&nbsp;&nbsp;CODE OF BUSINESS CONDUCT AND ETHICS |
| ![](tm2522623d1_ex99-bxpx43img01.jpg) |  |
| ![](tm2522623d1_ex99-bxpx43img01.jpg) |  |

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**Code of Business Conduct and Ethics**

Revised June 2025

Pzena Investment Management, LLC

<br> Compliance Manual <br> Version 2.2

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|:---|:---|
| ![](tm2522623d1_ex99-bxpx43img01.jpg) | &nbsp;&nbsp;&nbsp;CODE OF BUSINESS CONDUCT AND ETHICS |
| ![](tm2522623d1_ex99-bxpx43img01.jpg) |  |
| ![](tm2522623d1_ex99-bxpx43img01.jpg) |  |

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Dear Colleagues/Associates:

The good name and reputation of Pzena Investment Management, LLC and its subsidiaries (collectively, the "Company") are a result of the dedication and hard work of all of us. Together, we are responsible for preserving and enhancing this reputation, a task that is fundamental to our continued well-being. Our goal is not just to comply with the laws and regulations that apply to our business; we also strive to abide by the highest standards of business conduct.

Set forth in the succeeding pages is the Company's Code of Business Conduct and Ethics ("the Code"). The purpose of the Code is to reinforce and enhance the Company's ethical way of doing business and, in particular, to provide regulations and procedures consistent with the Investment Company Act of 1940 and the Investment Advisers Act of 1940. The contents of the Code are not new, however. The policies set forth here are part of the Company's long-standing tradition of ethical business standards.

All employees, officers and directors are expected to comply with the policies set forth in the Code. Read the Code carefully and make sure that you understand it, the consequences of non-compliance, and the Code's importance to the success of the Company. If you have any questions, speak to the Chief Compliance Officer or any of the alternate Compliance Officers identified in the Code.

The Code should be viewed as the minimum requirements for conduct. The Code cannot and is not intended to cover every applicable law or provide answers to all questions that might arise; for that we must ultimately rely on each person's good sense of what is right, including a sense of when it is proper to seek guidance from others on the appropriate course of conduct. When in doubt about the advisability or propriety of a particular practice or matter, please confer with the Legal and/or Compliance departments.

We at the Company are committed to providing the best and most competitive services to our clients. Adherence to the policies set forth in the Code will help us achieve that goal.

Sincerely, <br>Richard S. Pzena

<br> Compliance Manual <br>Version 2.2

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|:---|:---|
| ![](tm2522623d1_ex99-bxpx43img01.jpg) | &nbsp;&nbsp;&nbsp;CODE OF BUSINESS CONDUCT AND ETHICS |
| ![](tm2522623d1_ex99-bxpx43img01.jpg) |  |
| ![](tm2522623d1_ex99-bxpx43img01.jpg) |  |

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**Table of Contents**

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|:---|:---|
|  | Page |
| PUTTING THIS CODE OF BUSINESS CONDUCT AND ETHICS TO WORK | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;About this Code of Business Conduct and Ethics | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee Provisions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Implementation | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions | 4 |
| RESPONSIBILITY TO OUR ORGANIZATION | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conflicts of Interest | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prohibited Transactions with Respect to Non-Company Securities | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee Trading Exceptions with Respect to Non-Company Securities | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exempt Transactions | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Clearance Requirement | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting Requirements | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Prohibitions | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company Disclosures | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Review | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting Violations | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Background Checks | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanctions | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Required Records | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record Retention | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waivers of this Code | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Opportunities | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protection and Proper Use of Company Assets | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Client Information | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Company Information | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company Information | 16 |
| INSIDER TRADING | 17 |
| FAIR DEALING | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antitrust Laws | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conspiracies and Collaborations Among Competitors | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Issues | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penalties | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gathering Information About the Company's Competitors | 19 |
| RESPONSIBILITY TO OUR PEOPLE | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equal Employment Opportunity | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Discrimination Policy | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anti-Harassment Policy | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individuals and Conduct Covered | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retaliation | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting an Incident of Harassment, Discrimination or Retaliation | 21 |

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Compliance Manual i Version 2.2

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|:---|:---|
| ![](tm2522623d1_ex99-bxpx43img01.jpg) | &nbsp;&nbsp;&nbsp;CODE OF BUSINESS CONDUCT AND ETHICS |
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| ![](tm2522623d1_ex99-bxpx43img01.jpg) |  |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leave Policies | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safety in the Workplace | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weapons and Workplace Violence | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drugs and Alcohol | 22 |
| INTERACTING WITH GOVERNMENT | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prohibition on Gifts to Government Officials and Employees | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Political Contributions and Activities | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lobbying Activities | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bribery of Foreign Officials | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments and Modifications | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form ADV Disclosure. | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee Certification. | 23 |

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Compliance Manual ii Version 2.2

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|:---|:---|
| ![](tm2522623d1_ex99-bxpx43img01.jpg) | &nbsp;&nbsp;&nbsp;CODE OF BUSINESS CONDUCT AND ETHICS |
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| ![](tm2522623d1_ex99-bxpx43img01.jpg) |  |

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**PUTTING THIS CODE OF BUSINESS CONDUCT AND ETHICS TO WORK**

**About this Code of Business Conduct and Ethics**

We at the Company are committed to the highest standards of business conduct in our relationships with each other and with our clients, suppliers, and others. This requires that we conduct our business in accordance with all applicable laws and regulations and in accordance with the highest standards of business conduct. The Company's Code of Business Conduct and Ethics (this "Code") helps each of us in this endeavor by providing a statement of the fundamental principles and key policies and procedures that govern the conduct of our business. Furthermore, this Code sets out procedures for compliance by the Company, a registered investment adviser to separately managed advisory accounts including registered investment companies (the "Funds") as well as unregistered funds and other private accounts, with Rule 17j-1 under the Investment Company Act of 1940, as amended, Rule 204A-1 and Rule 204-2 under the Investment Advisers Act of 1940, as amended (hereinafter, the Investment Company Act of 1940 and the Investment Advisers Act of 1940 shall collectively be referred to as the "1940 Acts" and Rule 17j-1, Rule 204A-1 and Rule 204-2 shall be collectively referred to as the "Rules"). This Code is designed to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of the Company's advisory accounts may breach their fiduciary duties, and to avoid and regulate situations that may give rise to conflicts of interest that the Rules address.

This Code is based on the principle that the Company owes a fiduciary duty to clients, to ensure that its employees conduct their Personal Security Transactions (as defined below) in a manner that does not interfere with clients' transactions or otherwise take unfair advantage of the Company's relationship to its clients. The fiduciary principles that govern personal investment activities reflect, at a minimum, the following: (1) the duty at all times to place the interests of the client first; (2) the requirement that all Personal Security Transactions be conducted consistent with this Code and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility; (3) the fundamental standard that investment personnel should not take inappropriate advantage of their positions; and (4) the requirement that investment personnel comply with applicable federal securities laws. Our business depends on the reputation of all of us for integrity and principled business conduct. Thus, in many instances, the policies referenced in this Code go beyond the requirements of the law.

Honesty and integrity are required of the Company and its employees, officers and directors at all times. The standards herein should be viewed as the minimum requirements for conduct. All employees, officers and directors of the Company are encouraged and expected to go above and beyond the standards outlined in this Code in order to provide clients with top level service while adhering to the highest ethical standards.

This Code is a statement of policies for individual and business conduct and does not, in any way, constitute an employment contract or an assurance of continued employment. Employees of the Company are employed at-will, except when covered by an express, written employment agreement. This means that employees may choose to resign their employment at any time, for any reason or for no reason at all. Similarly, the Company may choose to terminate employees' employment at any time, for any legal reason or for no reason at all, but not for an unlawful reason.

Compliance Manual 1 Version 2.2

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| ![](tm2522623d1_ex99-bxpx43img01.jpg) | &nbsp;&nbsp;&nbsp;CODE OF BUSINESS CONDUCT AND ETHICS |
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**Purpose**

The purpose of this Code is to reinforce and enhance the Company's ethical way of doing business and, in particular, to provide regulations and procedures consistent with the 1940 Acts and the Rules. As required by Rule 204A-1, this Code sets forth standards of conduct, requires compliance with the federal securities laws and addresses personal trading. In addition, this Code is designed to give effect to the general prohibitions set forth in Rule 17j-1(b), to wit:

"It is unlawful for any affiliated person of or principal underwriter for a Fund, or any affiliated person of an investment adviser of or principal underwriter for a Fund, in connection with the purchase or sale, directly or indirectly, by the person of a security held or to be acquired by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To make any untrue statement of a material
 fact to the Fund or omit to state a material fact necessary in order to make the statements
 made to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To engage in any act, practice, or course
 of business that operates or would operate as a fraud or deceit on the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To engage in any manipulative practice with respect to the Fund."

**Employee Provisions**

All Access Persons are required to file reports of their Personal Security Transactions (as defined below), excluding exempted securities, as provided in the "Pre-Clearance Requirement" and "Reporting Requirements" sections below and, if they wish to trade in the same securities as any of the Company's advisory accounts, must comply with the specific procedures in effect for such transactions.

The reports of employees will be reviewed and compared with the activities of the Company's advisory accounts and, if a pattern emerges that indicates abusive trading or noncompliance with applicable procedures, the matter will be referred to the Company's Chief Compliance Officer (the "CCO"), who will make appropriate inquiries and decide what action, if any, is then appropriate, including escalation to the Company's management as needed.

**Implementation**

In order to implement this Code, a CCO and one or more alternate Compliance Officers (each, an "Alternate") shall be designated from time to time for the Company. The current CCO is Steven M. Coffey, and the current Alternates are Jacques Pompy and Bill Zois.

The duties of the CCO and each Alternate shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Continuous maintenance of a current list of Access Persons as
defined herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Furnishing all employees with a copy of
 this Code, and initially and periodically informing them of their duties and obligations
 thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Training and educating employees regarding
 this Code and their responsibilities hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Maintaining, or supervising the maintenance of, all records
required by this Code;

Compliance Manual 2 Version 2.2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Maintaining a list of the Funds that the Company advises or
subadvises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Determining with the assistance of an Approving
 Officer (as defined below) whether any particular Personal Security Transaction should be
 exempted pursuant to the provisions of the sections titled "Conflicts of Interest"
 or "Prohibited Transactions" of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Determining with the assistance of an
 Approving Officer whether special circumstances warrant that any particular security or Personal
 Security Transaction be temporarily or permanently restricted or prohibited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Maintaining, from time to time as appropriate,
 a current list of the securities that are restricted or prohibited pursuant to (vii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Issuing any interpretation of this Code
 that may appear consistent with the objectives of the Rules and this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Conducting such inspections or investigations
 as shall reasonably be required to detect and report violations of this Code, as described
 in paragraphs (xi) and (xii) below, to the Company's management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Submitting periodic reports to the Company's
 management containing: (A) a description of any material violation by any non-executive
 employee of the Company and the sanction imposed; (B) a description of any violation
 by any director or executive officer of the Company and the sanction imposed; (C) interpretations
 issued by and any material exemptions or waivers found appropriate by the CCO; and (D) any
 other significant information concerning the appropriateness of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Submitting a report at least annually
 to the Executive Committee of Pzena Investment Management, LLC (the "Executive Committee")
 that: (A) summarizes existing procedures concerning personal investing and any changes
 in the procedures made during the past year; (B) identifies the violations described
 in clauses (A) and (B) of the preceding paragraph (xi); (C) identifies any
 recommended changes in existing restrictions or procedures based upon experience under this
 Code, evolving industry practices or developments in applicable laws or regulations; and
 (D) reports of efforts made with respect to the implementation of this Code through
 orientation and training programs and ongoing reminders.

Each of us is responsible for knowing and understanding the policies and guidelines contained in the following pages. If persons have questions, please ask them; if they have ethical concerns, please raise them. The CCO, who is responsible for overseeing and monitoring compliance with this Code, and the other resources set forth in this Code are available to answer questions and provide guidance and for persons to report suspected misconduct. Our conduct should reflect the Company's values, demonstrate ethical leadership, and promote a work environment that upholds the Company's reputation for integrity, ethical conduct and trust.

Copies of this Code are available from the CCO and on the Company's website. A statement of compliance with this Code must be completed by all officers, directors and employees on an annual basis.

Compliance Manual 3 Version 2.2

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This Code cannot provide definitive answers to all questions. If employees have questions regarding any of the policies discussed in this Code or if employees are in doubt about the best course of action in a particular situation, employees should seek guidance from a supervisor, the CCO or the other resources identified in this Code.

This Code is a statement of the fundamental principles and key policies and procedures that govern the conduct of the Company's business. It is not intended to and does not create any obligations to or rights in any employee, director, client, supplier, competitor, or any other person or entity.

**Definitions**

For purposes of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Access Person(s)" means any employee,
 officer, or director (provided that directors may rebut the presumption of access established
 under Rule 17j-1(a)(1) by way of certification) of the Company. Contractors, interns,
 and other temporary staff are not generally included; however, we seek separate confidentiality
 representations from such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Approving Officer" means Richard
 S. Pzena, John P. Goetz, Ben Silver, Allison Fisch, or designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A security is "being considered for
 purchase or sale" when, subject to the Company's systematic buy/sell discipline as described
 in its Form ADV and client and prospect presentations, (i) a recommendation to
 purchase or sell that security has been made by the Company to an advisory account (*e.g*.,
 the Portfolio Manager has instructed Portfolio Administration to begin preparing orders)
 or (ii) the Portfolio Manager is seriously considering making such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "Beneficial Ownership" means
 any interest by which an employee or officer or any member of such person's "immediate
 family" (which, for purposes of this Code includes a spouse or civil partner (wherever
 they may live), dependent child or stepchild (wherever they may live), or parent, sibling
 or other relative by blood or marriage living in the same household as the employee) can
 directly or indirectly derive a monetary benefit from the purchase, sale or ownership of
 a security. Thus, a person may be deemed to have Beneficial Ownership of Securities held
 in accounts in such person's own name, such person's spouse's name, and in all other
 accounts over which such person does or could be presumed to exercise investment decision-making
 powers, or other influence or control<sup>1</sup>, including trust accounts, partnership
 accounts, corporate accounts or other joint ownership or pooling arrangements; provided however,
 that with respect to spouses, a person shall no longer be deemed to have Beneficial Ownership
 of any accounts not held jointly with his or her spouse if the person and the spouse are
 legally separated or divorced and are not living in the same household.

<sup>1</sup> In accordance with foreign regulations, this would include, without limitation, any security with which the Access Person is linked as a result of: (i) directly or indirectly controlling the security (in particular, but without limitation, by way of (i) having a majority of the voting rights in that security; or (ii) by being a shareholder in that security and having rights to appoint or remove a majority of the relevant Board, or to exercise a dominant influence over it under a shareholders' agreement); or (ii) having a participating interest in the security, by holding, directly or indirectly, at least 20% or more of the voting rights or capital.

Compliance Manual 4 Version 2.2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "Exempt Transactions" means the
 transactions described in the section hereof titled "Exempt Transactions."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "Personal Security Transaction"
 means, for any employee or officer, a purchase, sale, gifting or donation of a security in
 which such person has, had, or will acquire a Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "Purchase and Sale of a Security"
 includes, *inter alia*, the writing of an option to purchase or sell a security or participation
 in a tender offer. In addition, the "sale of a security" also includes the disposition
 by a person of that security by donation or gift. On the other hand, the acquisition by a
 person of a security by inheritance or gift is not treated as a "purchase" of that
 security under this Code as it is an involuntary purchase that is an Exempt Transaction under
 clause (iii) of the section titled "Exempt Transactions" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) "Security"
 shall mean any common stock, preferred stock, treasury stock, single stock future, exchange
 traded fund or note, hedge fund, mutual fund, private placement, limited partnership interest , note, bond, debenture, evidence of indebtedness, certificate
 of interest or participation in any profit-sharing agreement, collateral-trust certificate,
 transferable share, 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 of securities
 (including any interest therein or based on the value thereof), or any put, call, straddle,
 option, or privilege entered into on a national securities exchange relating to foreign currency,
 or, in general, any interest or instrument commonly known as a "security," or any
 certificate of interest or participation in, temporary or interim certificate for, receipt
 for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

**RESPONSIBILITY TO OUR ORGANIZATION**

Company employees, officers and directors are expected to dedicate their best efforts to advancing the Company's interests and to make decisions that affect the Company based on the Company's best interests, independent of outside influences.

**Conflicts of Interest**

A conflict of interest occurs when employees' private interests interfere, or even appear to interfere, with the interests of the Company. A conflict situation may arise when employees take actions or have interests that make it difficult for employees to perform Company work objectively and effectively. Each employee's obligation to conduct the Company's business in an honest and ethical manner includes the ethical handling of actual, apparent and potential conflicts of interest between personal and business relationships. This includes full disclosure of any actual, apparent or potential conflicts of interest as set forth below.

As a fiduciary, the Company has an affirmative duty of care, loyalty, honesty, and good faith to act in the best interest of its clients. Compliance with this duty can be achieved by avoiding conflicts of interest or, when impracticable to do so, by fully disclosing all material facts concerning any conflict that does arise with respect to any client and following appropriate procedures designed to minimize any such conflict. Employees must try to avoid situations that have even the appearance of conflict or impropriety. Potential conflicts of interest should be brought to the attention of the CCO, who will determine whether further action is warranted (e.g., escalating such issues to the Risk Management Committee and/or Executive Committee, and/or recommending policy changes or additional disclosure).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Conflicts of interest may arise where the
 Company or its employees have reason to favor the interests of one client over another client.
 Favoritism of one client over another client constitutes a breach of fiduciary duty.

Compliance Manual 5 Version 2.2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Employees are prohibited from using knowledge
 about pending or currently considered securities transactions for clients to profit personally,
 directly or indirectly, as a result of such transactions, including by purchasing or selling
 such securities. Conflicts raised by Personal Security Transactions also are addressed more
 specifically below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Company determines that an employee's
 Beneficial Ownership of a Security presents a material conflict, the employee may be restricted
 from participating in any decision-making process regarding the security. This may be particularly
 true in the case of proxy voting, and employees are expected to refer to and strictly adhere
 to the Company's proxy voting policies and procedures in this regard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Employees are required to act in the best
 interests of the Company's clients regarding execution and other costs paid by clients
 for brokerage services. Employees are expected to refer to and strictly adhere to the Company's
 Best Execution policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Access Persons are not permitted to knowingly
 sell to or purchase from a client any security or other property, except securities issued
 by the client.

Employees, officers and directors are prohibited from trading, either personally or on behalf of others, while in possession of material, nonpublic information. The Company's Insider Trading Policy is hereby incorporated by reference and employees, officers and directors are required to comply with the provisions therein.

**Prohibited Transactions with Respect to Non-Company Securities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Access Person or any member of such Access
 Person's immediate family may enter into a Personal Security Transaction for any security,
 or related security (e.g., derivatives, convertible instruments, corporate bonds), with actual
 knowledge that, at the same time, such security is "being considered for purchase or
 sale" by advisory accounts of the Company, or that such security is the subject of an
 outstanding purchase or sale order by advisory accounts of the Company except as provided
 below in the section titled "Employee Trading Exceptions";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except under the circumstances described
 in the section below titled "Employee Trading Exceptions," no Access Person or
 any member of such Access Person's immediate family shall purchase or sell any security,
 or related security, within one business day before or after the purchase or sale of that
 security by advisory accounts of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No Access Person or any member of such
 Access Person's immediate family shall be permitted to effect a short-term trade (*i.e*.,
 to purchase and subsequently sell within 60 calendar days, or to sell and subsequently purchase
 within 60 calendar days) involving the same or equivalent securities;

Compliance Manual 6 Version 2.2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No Access Person or any member of such
 Access Person's immediate family is permitted to enter into a Personal Security Transaction
 for any security that is named on a Prohibited List;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) No Access Person or any member of such Access
 Person's immediate family shall purchase any security in an Initial Public Offering (other
 than a security issued by the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) No Access Person or any member of such
 Access Person's immediate family shall, without the express prior approval of the CCO,
 acquire any security in a private placement, and if a private placement security is acquired,
 such employee must disclose that investment when he/she becomes aware of the Company's subsequent
 consideration of any investment in that issuer, and in such circumstances, an independent
 review shall be conducted by the CCO;

**Employee Trading Exceptions**

Notwithstanding the prohibitions of the above section titled "Conflicts of Interest," an employee will be permitted to purchase or sell any security, or related security, once the Company's advisory accounts have each received their full allocation of the security purchased or sold. In addition, client activity in a security may occur within one day after an employee transaction is executed where the client transaction is unforeseen at the time of preclearance. This situation may arise when (i) new events trigger changes in the investment strategy regarding a security, and/or (ii) unanticipated client cash flows occur. There are no consequences to an employee if any of these situations occur after the employee has received the proper trading approval.

**Exempt Transactions**

The following transactions are exempt from the pre-clearance, holding period, and reporting provisions of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Purchases or sales of securities of an open-end
 mutual fund, index fund, collective investment trusts (CITs), money market fund or other
 registered investment company **that is not advised or subadvised by the Company**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchases or sales of securities for an
 account over which an employee has no direct control and does not exercise indirect control
 (*e.g.*, an account managed on a fully discretionary basis by a third party);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Involuntary purchases or sales made by an employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Purchases that are part of an automatic dividend reinvestment
plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Purchases that are part of an automatic
 investment plan, except that any transactions that override the preset schedule of allocations
 of the automatic investment plan must be reported in a quarterly transaction report;

Compliance Manual 7 Version 2.2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Purchases or sales of U.S. Treasury securities
 (including purchases directly from the Treasury or a Federal Reserve Bank) and other direct
 obligations of the U.S. Government, as well as unsecured obligations of U.S. Government sponsored
 enterprises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Purchases or sales of money market instruments,
 such as banker's acceptances, bank certificates of deposit, commercial paper, repurchase
 agreements and other high-quality short-term debt instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Purchases or sales of units in a unit investment trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Purchases resulting from the exercise of
 rights acquired from an issuer as part of a pro rata distribution to all holders of a class
 of securities of such issuer and the sale of such rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Purchases or sales of futures (except individual
 stock futures contracts) and commodity contracts.

The following transactions are exempt from the pre-clearance and holding period provisions of this Code; **however, the <u>reporting requirements of this Code shall</u> apply to:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Purchases or sales of open-end mutual funds or CITs advised or subadvised
 by the Company ("affiliated funds");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchases or sales of closed-end mutual
 funds, exchange traded funds or notes (ETF/ETN), and derivatives of such securities, <u>except in the case of single-stock ETFs which are not exempt from the pre-clearance and holding period provisions</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Purchases or sales of municipal securities.

**Pre-Clearance Requirement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless an exception is granted by the CCO,
 each Access Person and each member of their immediate family must pre-clear all Personal
 Security Transactions by submitting a request through the MyComplianceOffice ("MCO")
 system and awaiting approval. A pre-clearance request to trade in a security, or related
 security, that is held in a client account or that is being considered for client purchase
 or sale, must also be accompanied by a fully completed Securities Transaction Pre-Clearance
 Form, as approved by the CCO or other Compliance Officer. The Securities Transaction Pre-Clearance
 Forms generally include the signatures of an Approving Officer, the relevant Portfolio Manager,
 the Portfolio Implementation Desk and the Trading Desk. The MCO system will include a list
 of all such securities within a "Restricted List." The Securities Transaction
 Pre-Clearance Form can be found in the Employee Area of the Company's intranet
 site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All pre-cleared Personal Security Transactions,
 with the exception of private placements, must take place on the same day that the clearance
 is obtained. Personal Security Transactions in foreign markets will be approved for the next
 trading session in that local market. If the transaction is not completed on the date of
 clearance, a new clearance must be obtained, including one for any uncompleted portion. Post-approval
 is <u>not permitted</u> under
this Code. If it is determined that a trade was completed before approval was obtained, it will be considered a violation of this Code;
and

Compliance Manual 8 Version 2.2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In addition to the restrictions contained
 in the "Conflicts of Interest" section hereof, an Approving Officer or the CCO
 may refuse to grant clearance of a Personal Security Transaction in his or her sole discretion
 without being required to specify any reason for the refusal. Generally, an Approving Officer
 or the CCO will consider the following factors in determining whether or not to clear a proposed
 transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) whether the amount or the nature of the
 transaction or person making it is likely to affect the price or market of the security;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) whether the individual making the proposed
 purchase or sale is likely to receive a disproportionate benefit from purchases or sales
 being made or considered on behalf of any of the advisory clients of the Company.

The pre-clearance requirement does not apply to Exempt Transactions. In case of doubt, the employee may present a Securities Transaction Pre-clearance Request Form to the CCO for consideration.

**Reporting Requirements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No later than 10 days after becoming an
 Access Person, each such individual shall provide a listing of all securities Beneficially
 Owned (an "Initial Holdings Report"). The information in the Initial Holdings Report
 must be current as of a date no more than 45 days prior to the date the person became an
 Access Person. The Initial Holdings Report should be completed via MCO and furnished to the
 CCO, Alternate, or any other person whom the Company designates, and contain the following
 information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title and type of security, and, as
 applicable, the exchange ticker symbol or CUSIP number, the number of shares, and the principal
 amount of each reportable security in which the Access Person had any direct or indirect
 beneficial ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of any broker, dealer or bank
 with whom the Access Person maintains an account in which any reportable securities were
 held for the direct or indirect benefit of the Access Person, the account number; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All Access Persons must disclose any outside
 investment accounts in which they have Beneficial Ownership (as defined above) where reportable
 securities may be bought or sold. This disclosure should be done using MCO. Accounts where
 the only investment options are mutual funds, index funds, and other exempt securities (e.g.,
 529 Plans, Health Savings Accounts, certain 401(k) plans) do not need to be disclosed
 unless affiliated funds and/or other reportable securities are bought and sold.

Compliance Manual 9 Version 2.2

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For all U.S.-based Access Persons, unless otherwise approved by the CCO, securities accounts may only be maintained at the brokerage firms that provide the Company with a direct electronic feed through the MCO system. The list of approved brokerage firms is available on the Company's intranet site. For accounts held at brokerage firms that do not provide the Company with a direct electronic feed, Access Persons must direct their brokers and/or affiliated mutual fund custodians to supply the CCO on a timely basis with duplicate copies of monthly or quarterly statements for all personal securities accounts as are customarily provided by the firms maintaining such accounts.

Accounts that are managed on a fully discretionary basis by an outside adviser (i.e., the employee has no direct control and does not exercise indirect control) must also be disclosed and may be held at a brokerage firm of the employee's choosing. Compliance will seek written confirmation from the outside advisor of the managed status of the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Duplicate statements must contain the following information
(as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The date and nature of each transaction
 (purchase, sale or any other type of acquisition or disposition), if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Title, and as applicable the exchange
 ticker symbol or CUSIP number (if any), interest rate and maturity date, number of shares
 and, principal amount of each security and the price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The name of the broker, dealer or bank
 with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The date of issuance of the duplicate statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No later than 30 days after each calendar
 quarter, all Access Persons shall provide quarterly transaction reports confirming that they
 have disclosed or reported all Personal Security Transactions and holdings required to be
 disclosed or reported pursuant hereto for the previous quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Within forty-five days of the end of each
 calendar year, all Access Persons shall provide annual holdings reports listing all securities
 Beneficially Owned (the "Annual Holdings Report"). The information contained in
 the Annual Holdings Report shall be current as of a date no more than 45 days prior to the
 date the report is submitted, and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title and type of security, and, as
 applicable, the exchange ticker symbol or CUSIP number, the number of shares, and the principal
 amount of each security in which the Access Person had any direct or indirect beneficial
 ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of any broker, dealer or bank
 with whom the Access Person maintains an account in which any securities were held for the
 direct or indirect benefit of the Access Person, the account number; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date the report is submitted by the Access Person.

Compliance Manual 10 Version 2.2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Any statement or report submitted in accordance
 with this section may, at the request of the employee submitting the report, contain a statement
 that it is not to be construed as an admission that the person making it has or had any direct
 or indirect Beneficial Ownership in any Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) All employees shall certify in writing,
 annually, that they have read and understand this Code and have complied with the requirements
 hereof and that they have disclosed or reported all Personal Security Transactions and holdings
 required to be disclosed or reported pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The CCO shall retain records for each
 employee that shall contain the monthly/quarterly account statements, quarterly and annual
 reports listed above and all Securities Transaction Pre-clearance Forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) With respect to the receipt of gifts and
 entertainment, all employees shall promptly report on a form designated by the CCO the nature
 of such gift or entertainment, the date received, its approximate value, the giver and the
 giver's relationship to the Company. Please refer to the Company's *Business Gifts and Entertainment Policy*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) With respect to reports regarding accounting matters, the Company is committed to compliance with
 applicable securities laws, rules, and regulations, accounting standards and internal accounting controls. Employees are expected to
 report any complaints or concerns regarding accounting, internal accounting controls and auditing matters ("Accounting
 Matters") promptly. Reports may be made to the CCO in person, or by calling the Helpline at 1-888-475-8376. Reports may be made
 anonymously to the Helpline; or in writing to the CCO at their offices by inter-office or regular mail. All reports will be treated
 confidentially to the extent reasonably possible. No one will be subject to retaliation because of
 a good faith report of a complaint or concern regarding Accounting Matters.

**Other Prohibitions**

**Gifts**

No Access Person shall accept any gifts or anything else of more than a de minimis value from any person or entity that does business with or on behalf of the Company or any of the advisory accounts of the Company. For purposes hereof, "de minimis value" shall mean a value of less than $100 per calendar year, or such higher amount as may be set forth in FINRA Conduct Rule 3220 from time to time. Furthermore, all gifts to consultants and other decision-makers for client accounts must be reasonable in value and must be pre-approved by the Managing Principal, Marketing and Client Services and the CCO before distribution. The Company has adopted a *Business Gifts and Entertainment Policy*, which is located in the Company's Compliance Manual.

Compliance Manual 11 Version 2.2

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**Political Contributions**

No Access Person may make political or charitable contributions for the purpose of obtaining or retaining advisory contracts with government entities. In addition, no Access Person may consider the Company's current or anticipated business relationships as a factor in soliciting political or charitable contributions. The Company has adopted a *Political Contributions Policy* which is located in the Company's Compliance Manual.

**Outside Business Activities**

No executive officer of the Company may serve on the board of directors (or similar governing body) of any corporation or business entity without the prior written approval of the Company's management. Non-executive employees of the Company may only serve on the board of directors (or similar governing body) of a corporation or business entity with the prior written approval of the CCO in consultation with the Company's management. Prior written approval of the CCO is also required in the following two (2) additional scenarios:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Advisory Committee positions of any business,
 government or charitable entity where the members of the committee have the ability or authority
 to affect or influence the selection of investment managers or the selection of the investment
 of the entity's operating, endowment, pension or other funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Positions on the board of directors, trustees
 or any advisory committee of a Company client or any potential client who is actively considering
 engaging the Company's investment advisory services.

Prior to engaging in any outside employment or other business activity ("Outside Business Activity") Access Persons must receive written approval from their department supervisor and the CCO (or Alternate). Outside Business Activity shall be permitted if it is free of any actions that could be considered a conflict of interest. Outside Business Activity must not adversely affect an Access Person's job performance at the Company, and must not result in absenteeism, tardiness or an Access Person's inability to work overtime when requested or required. Access Persons may not engage in Outside Business Activity that requires or involves using Company time, materials or resources.

Upon hire, all Access Persons shall disclose any Outside Business Activity in which they are engaged. Furthermore, on an annual basis, Access Persons shall complete a certification for all Outside Business Activity in which they are engaged.

Outside Business Activities include, but are not limited to, the following: (1) Working for and receiving compensation from another company, organization, or person; (2) Having a control relationship (acting as an officer, director, significant shareholder, partner, or member) in any publicly or privately held company or organization; (3) Owning or controlling 10% or more of the outstanding shares of a publicly-traded security; (4) Acting as a sole proprietor for a business; (5) Accepting compensation from any other person as a result of any business activity other than a proportionate share of a passive investment; (6) Receiving consulting fees; (7) Advisory committee positions of any business, government, or charitable entity where the members of the committee have the ability or authority to affect or influence the selection of investment managers or the selection of the investment of the entity's operating, endowment, pension or other funds; and (8) Positions on the board of directors, trustees, or any advisory committee of a PIM client or any potential client who is actively considering engaging PIM's investment advisory services.

Compliance Manual 12 Version 2.2

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**Company Disclosures**

It is Company policy to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Company files with, or submits to, the SEC and in all other public communications made by the Company.

Employees must complete all Company documents accurately, truthfully, and in a timely manner, including all travel and expense reports. When applicable, documents must be properly authorized. Employees must record the Company's financial activities in compliance with all applicable laws and accounting practices. The making of false or misleading entries, records or documentation is strictly prohibited. Employees must never create a false or misleading report or make a payment or establish an account on behalf of the Company with the understanding that any part of the payment or account is to be used for a purpose other than as described by the supporting documents.

**Review**

All pre-clearance requests, statements and reports of Personal Security Transactions and completed portfolio transactions of each of the Company's advisory clients shall be compared by or under the supervision of the CCO to determine whether a possible violation of this Code and/or other applicable trading procedures may have occurred. Before making any final determination that a violation has been committed by any person, the CCO shall give such person an opportunity to supply additional explanatory information.

If the CCO or Alternate determines that a material violation of this Code has or may have occurred, he or she shall, following consultation with counsel to the Company if needed, submit a written determination and any additional explanatory material provided by the individual to the Company's management and/or the Executive Committee, as necessary.

No person shall review his or her own report. If a Personal Security Transaction of the CCO or the CCO's spouse is under consideration, an Alternate shall act in all respects in the manner prescribed herein for the CCO.

**Reporting Violations**

Any violations of this Code including violations of applicable federal securities laws, whether actual, known, apparent or suspected, should be reported promptly to the CCO or to any other person the Company may designate (as long as the CCO periodically receives reports of all violations). It is imperative that reporting persons not conduct their own preliminary investigations. Investigations of alleged violations may involve complex legal issues, and an employee acting on his own may compromise the integrity of an investigation and adversely affect both employees and the Company.

Any reports of violations will be treated confidentially to the extent permitted by law and reasonably possible and investigated promptly and appropriately. Any such reports may also be submitted anonymously. Employees are encouraged to consult the CCO with respect to any transaction that may violate this Code and to refrain from any action or transaction that might lead to the appearance of a violation. Any retaliation against an individual who reports a violation is prohibited and constitutes a further violation of this Code.

Compliance Manual 13 Version 2.2

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The Company has a 24-hour Helpline, 1-888-475-8376, which employees can use to report violations of the Company's policies or to seek guidance on those policies. Employees may report suspected violations to or ask questions of the Helpline anonymously; however, providing such employee's name may expedite the time it takes the Company to respond to such employee's call, and it also allows the Company to contact an employee if necessary during any investigation. Either way, the Company should treat the information that employees provide as confidential.

**Background Checks**

Employees are required to promptly report any criminal, regulatory or governmental investigations or convictions to which they become subject. Each employee is required to promptly complete and return any background questionnaires that the Company's Compliance department may circulate.

**Sanctions**

The Company intends to use every reasonable effort to prevent the occurrence of conduct not in compliance with this Code and to halt any such conduct that may occur as soon as reasonably possible after its discovery. Any violation of this Code shall be subject to the imposition of such sanctions by the CCO as may be deemed appropriate under the circumstances to achieve the purposes of the Rules and this Code, and may include suspension or termination of employment or of trading privileges, the rescission of trades, a written censure, imposition of fines or of restrictions on the number or type of providers of personal accounts; and/or requiring equitable restitution.

**Required Records**

Required Records (as listed in this section) must be kept in an easily accessible place. In addition, *no* records should be selectively destroyed, and *all* records must be retained if they are connected with any litigation/government investigation. The CCO shall maintain and cause to be maintained in an easily accessible place, the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of any Code that has been in effect at any time during
the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A record of any violation of this Code
 and any action taken as a result of such violation for five years from the end of the fiscal
 year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of each report made by the CCO
 within two years from the end of the fiscal year of the Company in which such report or interpretation
 is made or issued (and for an additional three years in a place that need not be easily accessible);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A list of the names of persons who are currently, or within
the past five years were, employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A record of all written acknowledgements
 of receipt of this Code for each person who is currently, or within the past five years was,
 subject to this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Holdings and transactions reports made
 pursuant to this Code, including any brokerage account statements made in lieu of these reports;

Compliance Manual 14 Version 2.2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All pre-clearance forms shall be maintained
 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;(h) A record of any decision approving the
 acquisition of securities by employees in private placements for at least five years after
 the end of the fiscal year in which approval was granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any exceptions reports prepared by Approving Officers or the
Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) A record of persons responsible for reviewing
 employees' reports currently or during the last five years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) A copy of reports required to be provided
 to a board of directors/trustees of a registered investment company client regarding this
 Code.

The required records shall be maintained in the Company's New York offices.

**Record Retention**

In the course of its business, the Company produces and receives large numbers of records. Numerous laws require the retention of certain Company records for various periods of time. The Company is committed to compliance with all applicable laws and regulations relating to the preservation of records. The Company's policy is to identify, maintain, safeguard and destroy or retain all records in the Company's possession on a systematic and regular basis. Under no circumstances are Company records to be destroyed selectively or to be maintained outside Company premises or designated storage facilities, except in those instances where Company records may be temporarily brought home by employees working from home in accordance with approvals from their supervisors or applicable policies about working from home or other remote locations.

If employees learn of a subpoena or a pending or contemplated litigation or government investigation, employees should immediately contact the General Counsel. Employees must retain and preserve ALL records that may be responsive to the subpoena or relevant to the litigation or that may pertain to the investigation until employees are advised by the Legal department as to how to proceed. Employees must also affirmatively preserve from destruction all relevant records that without intervention would automatically be destroyed or erased (such as e-mails and voicemail messages). Destruction of such records, even if inadvertent, could seriously prejudice the Company. If employees have any questions regarding whether a particular record pertains to a pending or contemplated investigation or litigation or may be responsive to a subpoena or regarding how to preserve particular types of records, employees should preserve the records in question and ask the Legal department for advice.

**Waivers of this Code**

Waivers of the Code may be made by the CCO, in consultation with Company management, and/or the Executive Committee, as deemed necessary.

**Corporate Opportunities**

Employees owe a duty to the Company to advance its legitimate interests when the opportunity to do so arises. If employees learn of a business or investment opportunity through the use of corporate property or information or an employee's position at the Company, such as from a competitor or actual or potential client, supplier or business associate of the Company, employees may not participate in the opportunity or make the investment without the prior written approval of the CCO. Such an opportunity should be considered an investment opportunity for the Company in the first instance. Employees may not use corporate property or information or an employee's position at the Company for improper personal gain, and employees may not compete with the Company.

Compliance Manual 15 Version 2.2

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**Protection and Proper Use of Company Assets**

We each have a duty to protect the Company's assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Company's profitability. We should take measures to prevent damage to and theft or misuse of Company property. When employees leave the Company, all Company property must be returned to the Company. Except as specifically authorized, Company assets, including Company time, equipment, materials, resources and proprietary information, must be used for business purposes only.

**Client Information**

Current federal regulations are designed to protect the privacy of customers of financial institutions and financial services providers. In this regard, the Company has adopted privacy policies (the "Privacy Policies") by which each employee of the Company must agree to abide. The CCO will ensure that each employee of the Company acknowledges their adherence to the Privacy Policies. A copy of the Privacy Policies is found in the Company's Compliance Manual. The Company will keep a copy of the Privacy Policies and will make them available upon request.

**Portfolio Company Information**

Certain limitations on trading and other activities may result from employees of the Company receiving access to material, nonpublic information regarding the plans, earnings, operations or financial condition of issuers ("Portfolio Companies"). If, in employee conversations, meetings or written communications with Portfolio Company management, employees are told (or have reason to believe) that the information employees have received is not public, employees should notify the CCO immediately. If employees are forewarned that the information employees are about to receive is confidential/not public, employees should ask the person not to disclose the information to employees until employees have a chance to check with the Compliance department. The Company's Insider Trading Policy more fully discusses material, nonpublic information.

**Company Information**

Unless employees are doing so in connection with Company duties and responsibilities, employees should not discuss specific details about the Company's business with unauthorized persons, including family members. Even when representing the Company, employees need to be careful about disclosing certain information. Engaging in discussions with outside parties (who are not custodians and brokers or dealers implementing such strategies and transactions for us) about specific strategies or transactions in Portfolio Companies that the Company is or is considering implementing for clients may present a conflict of interest for the Company and may even subject the recipient of such information to this Code (including its personal trading policies). It is very important to remember this when having discussions with personal friends, social acquaintances and former business associates or colleagues who are active investment management professionals (*e.g.*, hedge fund managers, other investment advisers). It is equally important to remember this when employees are discussing the Company's business or clients with colleagues in public places (*e.g.*, elevators, lunch lines). Employees should be particularly careful not to use actual company or client names in any public settings.

Compliance Manual 16 Version 2.2

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Information that is proprietary to the Company should not be shared with others. With regard to what might constitute material that is proprietary and/or should not be shared, employees may use a simple guideline that if we paid for it or if we created it, it is likely proprietary and should not be shared. For example, the Company's proprietary stock analysis software should not be shared with others.

**INSIDER TRADING**

Various federal and state securities laws and the Investment Advisers Act of 1940 (Section 204A) require every investment adviser to establish, maintain and enforce written policies and procedures reasonably designed, taking into consideration the nature of such adviser's business, to prevent the misuse of material, nonpublic information in violation of the Investment Advisers Act of 1940 or other securities laws by the investment adviser or any person associated with the investment adviser.

The CCO has the primary responsibility for the implementation and monitoring of the Company's Insider Trading Policy, practices, disclosures and recordkeeping. The Company's Insider Trading Policy is designed to detect and prevent illegal insider trading. The Insider Trading Policy covers: (i) the Company, (ii) all persons controlled by, controlling or under common control with the Company (iii) consultants, subtenants, office occupants or other persons who are deemed to be Access Persons under this Code; and (iv) each and every employee, officer, director, general partner and member of the Company and any person described in clause (ii) (all persons described in this paragraph are referred to collectively as the "Covered Persons"). The Insider Trading Policy extends to activities both within and outside each Covered Person's relationship with the Company. The CCO will ensure that each employee of the Company acknowledges their adherence to the Insider Trading Policy. The Company will keep a copy of the Insider Trading Policy and will make it available upon request.

**FAIR DEALING**

The Company depends on its reputation for quality, service and integrity. The way we deal with our clients, competitors and suppliers molds our reputation, builds long-term trust and ultimately determines our success. Employees should endeavor to deal fairly with the Company's clients, suppliers, competitors and other employees. We must never take unfair advantage of others through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair dealing practice.

**Antitrust Laws**

While the Company competes vigorously in all of its business activities, its efforts in the marketplace must be conducted in accordance with all applicable antitrust and competition laws. While it is impossible to describe antitrust and competition laws fully in any code of business conduct, this Code gives an overview of the types of conduct that are particularly likely to raise antitrust concerns. If employees are or become engaged in activities similar to those identified in this Code, employees should consult the Compliance department for further guidance.

**Conspiracies and Collaborations Among Competitors**

One of the primary goals of the antitrust laws is to promote and preserve each competitor's independence when making decisions on price, output, and other competitively sensitive factors. Some of the most serious antitrust offenses are agreements between competitors that limit independent judgment and restrain trade, such as agreements to fix prices, restrict output or control the quality of products, or to divide a market for clients, territories, products or purchases. Employees should not agree with any competitor on any of these topics, as these agreements are virtually always unlawful. (In other words, no excuse will absolve employees or the Company of liability.)

Compliance Manual 17 Version 2.2

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Unlawful agreements need not take the form of a written contract or even express commitments or mutual assurances. Courts can -- and do -- infer agreements based on "loose talk," informal discussions, or the mere exchange between competitors of information from which pricing or other collusion could result. Any communication with a competitor's representative, no matter how innocuous it may seem at the time, may later be subject to legal scrutiny and form the basis for accusations of improper or illegal conduct. Employees should take care to avoid involving themselves in situations from which an unlawful agreement could be inferred.

By bringing competitors together, trade associations and standard-setting organizations may raise antitrust concerns, even though such groups serve many legitimate goals. The exchange of sensitive information with competitors regarding topics such as prices, profit margins, output levels, or billing or advertising practices may potentially violate antitrust and competition laws, as may creating a standard with the purpose and effect of harming competition. Employees must notify the Compliance department before joining any trade associations or standard-setting organizations. Further, if employees are attending a meeting at which potentially competitively sensitive topics are discussed without oversight by an antitrust lawyer, employees should object, leave the meeting, and notify the Compliance department immediately.

Joint ventures with competitors are not illegal under applicable antitrust and competition laws. However, like trade associations, joint ventures present potential antitrust concerns. The Compliance department should therefore be consulted before negotiating or entering into such a venture.

**Distribution Issues**

Relationships with clients and suppliers may also be subject to a number of antitrust prohibitions if these relationships harm competition. For example, it may be illegal for a company to affect competition by agreeing with a supplier to limit that supplier's sales to any of the Company's competitors. Collective refusals to deal with a competitor, supplier or client may be unlawful as well. While the Company generally is allowed to decide independently that it does not wish to buy from or sell to a particular person, when such a decision is reached jointly with others, it may be unlawful, regardless of whether it seems commercially reasonable.

Other activities that may raise antitrust concerns are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) discriminating in terms and services offered to clients, where
the Company treats one client or group of clients differently than another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exclusive dealing agreements, where the Company requires a client
to buy only from a particular supplier, or the supplier to sell only to the Company or the client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) tying arrangements, where a client or supplier is required,
as a condition of purchasing or selling one product or service, also to purchase or sell a second, distinct product or service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "bundled discounts," in which discount or rebate programs
link the level of discounts available on one product or service to purchases of separate but related products or services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "predatory pricing," where the Company offers a discount that results in the sales price
 of a product or service being below the product's or service's cost (the definition of cost varies depending on the court), with the intention
of sustaining that price long enough to drive competitors out of the market.

Compliance Manual 18 Version 2.2

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Because these activities are prohibited under many circumstances, employees should consult the Compliance department before implementing any of them.

**Penalties**

Failure to comply with the antitrust laws could result in jail terms for individuals and large criminal fines and other monetary penalties for both the Company and individuals. In addition, private parties may bring civil suits to recover three times their actual damages, plus attorney's fees and court costs.

The antitrust laws are extremely complex. Because antitrust lawsuits can be very costly (even when a company has not violated the antitrust laws and is cleared in the end), it is important to consult with the Compliance department before engaging in any conduct that even appears to create the basis for an allegation of wrongdoing. It is far easier to structure employee conduct to avoid erroneous impressions than to explain their conduct in the future when an antitrust investigation or action is in progress. For that reason, when in doubt, consult the Compliance department with any concerns.

**Gathering Information About the Company's Competitors**

It is entirely proper for us to gather information about our marketplace, including information about our competitors and their products and services. However, there are limits to the ways that information should be acquired and used, especially information about competitors. In gathering competitive information, employees should abide by the following guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. We may gather information about our competitors from sources
such as published articles, advertisements, brochures, other non-proprietary materials, surveys by consultants and conversations with
our clients, as long as those conversations are not likely to suggest that we are attempting to (a) conspire with our competitors,
using the client as a messenger, or (b) gather information in breach of a client's nondisclosure agreement with a competitor or
through other wrongful means. Employees should be able to identify the source of any information about competitors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. We must never attempt to acquire a competitor's trade secrets
or other proprietary information through unlawful means, such as theft, spying, bribery or breach of a competitor's nondisclosure agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If there is any indication that information that employees obtain
was not lawfully received by the party in possession, employees should refuse to accept it. If employees receive any competitive information
anonymously or that is marked confidential, employees should not review it and should contact the Compliance department immediately.

The improper gathering or use of competitive information could subject employees and the Company to criminal and civil liability. When in doubt as to whether a source of information is proper, employees should contact the Compliance department.

Compliance Manual 19 Version 2.2

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**RESPONSIBILITY TO OUR PEOPLE**

**Equal Employment Opportunity**

It is the policy of the Company to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, national origin, religion, age, sexual orientation, gender, marital status, disability or any other characteristic protected by applicable federal, state, or local law. Our employment practices and decisions adhere to the principles of non-discrimination and equal employment opportunity. All personnel involved in hiring, promotion, transfers, compensation, benefits, termination and all other terms and conditions of employment are made aware of their responsibilities in support of these corporate goals.

**Non-Discrimination Policy**

The Company is committed to a work environment in which all individuals are treated with respect and dignity. Each employee has the right to work in a professional atmosphere that promotes equal employment opportunities and prohibits discriminatory practices, including harassment. Therefore, the Company expects that all relationships among persons in the office will be free of bias, prejudice and harassment.

**Anti-Harassment Policy**

The Company is committed to maintaining a work environment that is free of discrimination. In keeping with this commitment, we will not tolerate unlawful harassment of our employees by anyone, including any supervisor, co-worker or third party. Harassment consists of unwelcome conduct, whether verbal, physical or visual, that is based on a person's race, color, national origin, religion, age, sexual orientation, gender, marital status, disability or other protected characteristic, that (1) has the purpose or effect of creating an intimidating, hostile or offensive work environment; (2) has the purpose or effect of unreasonably interfering with an individual's work performance; or (3) otherwise adversely affects an individual's employment opportunities. Harassment will not be tolerated.

Harassment may include derogatory remarks, epithets, offensive jokes, intimidating or hostile acts, the display of offensive printed, visual or electronic material, or offensive physical actions. Sexual harassment deserves special mention. Unwelcome sexual advances, requests for sexual favors, or other physical, verbal or visual conduct based on sex constitutes harassment when (1) submission to the conduct is required as a term or condition of employment or is the basis for employment action, or (2) the conduct unreasonably interferes with an individual's work performance or creates an intimidating, hostile or offensive workplace. Sexual harassment may include propositions, innuendo, suggestive comments or unwelcome physical contact.

**Individuals and Conduct Covered**

These policies apply to all applicants and employees, and prohibit harassment, discrimination and retaliation whether engaged in by fellow employees, by a supervisor or manager or by someone not directly connected to the Company (*e.g*., an outside vendor, consultant or client).

Conduct prohibited by these policies is unacceptable in the workplace and in any work-related setting outside the workplace, such as during business trips, business meetings and business-related social events.

Compliance Manual 20 Version 2.2

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**Retaliation**

The Company prohibits retaliation against any individual who reports discrimination or harassment or participates in an investigation of such reports. Retaliation against an employee for reporting discrimination or harassment or for participating in an investigation of a claim of harassment or discrimination is a serious violation of this policy and, like harassment or discrimination itself, will be subject to disciplinary action.

**Reporting an Incident of Harassment, Discrimination or Retaliation**

The Company strongly urges the timely reporting of all incidents of harassment, discrimination or retaliation regardless of the offender's identity or position. Individuals should file their complaints with their immediate supervisor, the Chief Legal Officer, the Chief Human Resources Officer, or any member of senior management before the conduct becomes severe or pervasive. Individuals should not feel obligated to file their complaints with their immediate supervisor first before bringing the matter to the attention of one of the other designated representatives identified above. To the fullest extent practicable, the Company will maintain the confidentiality of those involved, consistent with the need to investigate alleged harassment and take appropriate action. Misconduct constituting harassment, discrimination or retaliation will be dealt with promptly and appropriately.

Each supervisor and manager is responsible for enforcing these policies against unlawful discrimination, harassment and retaliation, and maintaining a work environment free from sexual and other unlawful discrimination, harassment and retaliation. This includes understanding these policies; reporting any complaint of unlawful discrimination, harassment or retaliation received from an employee to the appropriate Company representative; cooperating with investigations into reported allegations, and taking the necessary and appropriate action where such allegations are substantiated.

Employees who have experienced conduct they believe is contrary to this policy have an obligation to take advantage of this complaint procedure.

**Leave Policies**

The Company provides leaves of absences in accordance with applicable federal, state and local law. The Company's leave policies are outlined in the US Employee Handbook.

**Safety in the Workplace**

The safety and security of employees is of primary importance. Employees are responsible for maintaining our facilities free from recognized hazards and obeying all Company safety rules. Working conditions should be maintained in a clean and orderly state to encourage efficient operations and promote good safety practices.

***Weapons and Workplace Violence***

No employee may bring firearms, explosives, incendiary devices or any other weapons into the workplace or any work-related setting, regardless of whether or not employees are licensed to carry such weapons. Similarly, the Company will not tolerate any level of violence in the workplace or in any work-related setting. Violations of this policy must be referred to an employee's supervisor, the Chief Human Resources Officer and the CCO immediately. Threats or assaults that require immediate attention should be reported to the police by calling 911.

Compliance Manual 21 Version 2.2

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***Drugs and Alcohol***

The Company intends to maintain a drug-free work environment. Except at approved Company functions, employees may not use, possess or be under the influence of alcohol on Company premises.

Employees cannot use, sell, attempt to use or sell, purchase, possess or be under the influence of any illegal drug on Company premises or while performing Company business on or off the premises.

**INTERACTING WITH GOVERNMENT**

**Prohibition on Gifts to Government Officials and Employees**

The various branches and levels of government have different laws restricting gifts, including meals, entertainment, transportation and lodging, which may be provided to government officials and government employees. Employees are prohibited from providing gifts, meals or anything of value to government officials or employees or members of their families without prior written approval from the CCO.

**Political Contributions and Activities**

Laws of certain jurisdictions prohibit the use of Company funds, assets, services, or facilities on behalf of a political party or candidate. Payments of corporate funds to any political party, candidate or campaign may be made only if permitted under applicable law and approved in writing and in advance by the CCO.

This policy does not prohibit the Company from establishing and maintaining political action committees ("PACs"), such as a Company PAC, which are permitted under applicable law, nor does this policy prohibit the Company's eligible employees from giving to such PACs. Employee participation in any of these activities is strictly voluntary and employees have the right to refuse to contribute without reprisal.

Employees' work time may be considered the equivalent of a contribution by the Company. Therefore, employees will not be paid by the Company for any time spent running for public office, serving as an elected official, or campaigning for a political candidate. The Company will not compensate or reimburse employees, in any form, for a political contribution that employees intend to make or have made.

**Lobbying Activities**

Laws of some jurisdictions require registration and reporting by anyone who engages in a lobbying activity. Generally, lobbying includes: (1) communicating with any member or employee of a legislative branch of government for the purpose of influencing legislation; (2) communicating with certain government officials for the purpose of influencing government action; or (3) engaging in research or other activities to support or prepare for such communication.

So that the Company may comply with lobbying laws, employees must notify the Compliance department before engaging in any activity on behalf of the Company that might be considered "lobbying" as described above.

Compliance Manual 22 Version 2.2

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**Bribery of Foreign Officials**

Company policy, the U.S. Foreign Corrupt Practices Act (the "FCPA"), and the laws of many other countries prohibit the Company and its officers, employees and agents from giving or offering to give money or anything of value to a foreign official, a foreign political party, a party official or a candidate for political office in order to influence official acts or decisions of that person or entity, to obtain or retain business, or to secure any improper advantage. A foreign official is an officer or employee of a government or any department, agency, or instrumentality thereof, or of certain international agencies, such as the World Bank or the United Nations, or any person acting in an official capacity on behalf of one of those entities. Officials of government-owned corporations are considered to be foreign officials.

Payments need not be in cash to be illegal. The FCPA prohibits giving or offering to give "anything of value." Over the years, many non-cash items have been the basis of bribery prosecutions, including travel expenses, golf outings, automobiles, and loans with favorable interest rates or repayment terms. Indirect payments made through agents, contractors, or other third parties are also prohibited. Employees may not avoid liability by "turning a blind eye" when circumstances indicate a potential violation of the FCPA.

The FCPA does allow for certain permissible payments to foreign officials. Specifically, the law permits "facilitating" payments, which are payments of small value to effect routine government actions such as obtaining permits, licenses, visas, mail, utilities hook-ups and the like. However, determining what is a permissible "facilitating" payment involves difficult legal judgments. Therefore, employees must obtain permission from the Compliance department before making any payment or gift thought to be exempt from the FCPA.

**Amendments and Modifications**

The CCO will periodically review the adequacy of this Code and the effectiveness of its implementation and shall make amendments or modifications as necessary. All material amendments and modifications shall be subject to the final approval of the Company's management and/or the Executive Committee, as necessary.

**Form ADV Disclosure**

In connection with making amendments to this Code, the CCO will review and update disclosure relating to this Code set forth in the Company's Form ADV, Part 2A.

**Employee Certification**

Ultimate responsibility to ensure that we as a Company comply with the many laws, regulations and ethical standards affecting our business rests with each of us. Employees must become familiar with and conduct themselves strictly in compliance with those laws, regulations and standards and the Company's policies and guidelines pertaining to them. By completing the annual acknowledgment form, employees acknowledge that they have received and read the terms of this Code. Employees also certify that they recognize and understand the responsibilities and obligations incurred by them as a result of being subject to this Code and they hereby agree to abide by the terms hereof.

Compliance Manual 23 Version 2.2

## Ex-99.B(P)(44)

**Exhibit 99.B(p)(44)**

![](tm2522623d1_ex99-bxpx44img01.jpg)

**A. Introduction**

Robeco Institutional Asset Management US, Inc. (RIAM US) has adopted this Code of Ethics (the "Code") in accordance with rule 204A-1 of the Investment Advisers Act of 1940 (the "Advisers Act") to promote the highest levels of ethical conduct among our personnel.

RIAM US, its employees and persons subject to the Participating Affiliate Agreement (PAR) between Robeco Institutional Asset Management B.V. (RIAM BV), <u>et.al</u>. with RIAM US are all subject to the Code and are fiduciaries. ("Covered Persons" or "Covered Personnel"). All Covered Persons have a duty to act for the benefit of RIAM US' clients and should at all times place the interests of such clients first. Among the purposes of the Code are to: (1) educate Covered Persons regarding RIAM US' expectations and the laws governing their conduct; (2) remind Covered Persons that they are in a position of trust and must act with complete propriety at all times; (3) protect the RIAM US' reputation; (4) guard against violation of the securities laws; (5) protect RIAM US' clients by deterring misconduct; and (6) establish procedures for Covered Persons to follow so that the RIAM US can assess compliance with the firm's ethical principles.

All persons covered by the Code have the individual responsibility to comply with the Code and applicable laws, regulations and (internal) rules. Behaving in contravention of the Code or other related internal or external rules may lead to the imposition of sanctions on Covered Persons. Such sanctions are to be correlated to the severity of the violation.

Commensurate with general anti-fraud provisions contained in the federal securities laws Covered Persons must never:

· Defraud any client in any manner;

· Mislead any client, including by making statements that omit material facts;

· Engage in any act, practice or course of conduct which operates or would
operate as a fraud or deceit upon any client, including misappropriation of an investment opportunity;

· Engage in any manipulative practice with respect to any client or security,
including price manipulation.

· Covered Persons are also subject to the Robeco *Code of Conduct* dated January 2024, which focuses on Robeco's core principals of conduct as outlined herein. See Section I
below for a description of these principles.

September 2024 pg. 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. *Applicability***

All Covered Persons are designated as *Access Persons* under the Code as that term is defined in the Investment Adviser's Act of 1940. Covered Personnel are identified on a list maintained by the RIAM US Chief Compliance Officer (CCO) and/or US-based Local Compliance Officer (LCO) in coordination with the Rotterdam-based LCO (together LCOs).

Certain other persons may be designated as *Access Persons* by Compliance, such as temporary/contract workers who support our businesses.

The CCO or LCOs will notify all individuals of their status as an *Access Person* upon being hired at RIAM US or upon being named to the Covered Personnel list, or as soon thereafter as is practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II. Reporting Violations**

All Covered Persons must report violations or suspected violations of this Code promptly to the CCO or LCOs. If an LCO is notified he/she will promptly notify the CCO of any reported or suspected breaches. The CCO (with the support of the LCOs) will review each report on a case-by-case basis and make a final determination regarding resolution of the issue. RIAM US is committed to treating all Covered Persons in a fair and equitable manner. Individuals are encouraged to voice concerns regarding any personal or professional issue that may materially affect their ability or the firm's ability to provide a quality product or service to its clients while striving to operate under the highest standards of integrity.

1. Any such reports will be treated confidentially to the extent permitted by law and investigated promptly and appropriately.

2. Retaliation against any individual making such a report is prohibited. See the RIAM BV *Whistleblower Policy*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III. Annual Reviews and Certifications**

The CCO (with the support of the LCOs) will review the Code annually and update any provisions and/or attachments which require revision.

<u>Initial Certification</u>. Within ten (10) days of becoming a RIAM US employee or upon being designated as a Cover Person or as soon thereafter as practicable, such personnel are required to provide written certification that they have:

(a) received a copy of the Code;

(b) read and understood all provisions of the Code; and

(c) agreed to comply with the terms of the Code.

<u>Acknowledgement of Amendments</u>. RIAM US will provide Covered Personnel with any material amendments to the Code and they must submit an acknowledgement that they have received, read, and understood the amendments to the Code.

September 2024 pg. 2

<u>Annual Certification</u>. Covered Personnel are required to certify on an annual basis that they have read, understood, and complied with the Code.

Questions concerning the Code of Ethics should be directed to RIAM US's CCO or the LCOs.

**B. Personal Securities Transactions - Covered Persons**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Covered Persons' Accounts**

RIAM US employees are free to maintain their brokerage accounts at any broker they choose, subject to the CCO's approval.

Covered Personnel who are not RIAM US employees ("Shared Personnel" or "PAR" staff) are generally required to hold their securities accounts at one of the Compliance designated broker dealers. Shares of open-end mutual funds or ETFs not advised by RIAM BV or an affiliate, do not need to be held at such designated broker dealers. In addition, Compliance, in its sole discretion, may allow certain other exceptions on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II. Trading limits**

Covered Persons must observe due restraint in transactions in financial instruments or equivalent securities (option, warrant, convertible security, stock appreciation right, or similar right) refraining from securities transactions which may be objectively regarded as excessive or highly speculative. In consonance with the Robeco personal account dealing policy, a thirty-day (30) holding period is required for all securities transactions for all Covered Persons. Exiting established positions in securities in less than thirty-days (30) can subject the Covered Person to the risk of discipline where transactions have occurred. In cases where a hardship request is made to the CCO or LCOs for an exception to the thirty-day (30) holding period, such request will be handled on a case-by-case basis and will be granted or denied in writing by the CCO or LCOs. Intra-day trading is prohibited.

<u>ORIX Securities Transactions</u>

Covered Persons are prohibited from trading financial instruments and related financial instruments issued by ORIX Corporation.

<u>Closed-End Investments</u>

Special restrictions apply to transactions in closed-end investment institutions managed or sub-advised by Robeco. Purchasing or selling is only allowed during the two (2) trading days after the day on which the NAV of the investment institution is published. Participating units shall be held in the portfolio for at least six (6) months and may not be bought again within a period of six (6) months after being sold.

<u>New Issues</u>

Covered Persons involved in a new issue managed by Robeco or an IPO of closed-end RIAM Products, are only allowed to subscribe to such an issue or product with prior Compliance approval.

September 2024 pg. 3

<u>Investment clubs</u>

Covered Persons are prohibited from participating in investment clubs because of the risk that such membership increases the potential for abuse/misuse of confidential/proprietary information obtained while employed at Robeco. Also, there is the added risk that in Robeco personnel sharing their investment beliefs or opinions in the context of an investment study club, there is the genuine potential to have such "opinions" be misperceived as those of Robeco by club members. To avoid any misconception, there is a prohibition of membership in such clubs for Robeco employees. In special circumstances (e.g. interns), a conditional exemption could be granted, but such an exemption would be in writing by the CCO in consultation with the LCOs with the rationale for the granting of the exemption expressly stated.

<u>Short Sales</u>

Covered Persons may not engage in any short sales in their personal accounts, including the sale of uncovered options (where the employee does not own or does not own a sufficient amount of the securities of an issuer to deliver against the obligation for which the employee sold the option).

<u>Cryptocurrency</u>

This asset class is currently regulated in the US by an array of US federal agencies, which is a cause of concern for Robeco as each agency has its own rule making and oversight authority independent form each other agency. This can create a tapestry of complex and at times competing rules and regulations which makes for difficult to monitor and police. However, this concern is to be balanced against Covered Persons' interest in investing in this asset class. While Covered Persons are permitted to invest in cryptocurrency, they are urged to be careful in their choices to avoid any semblance of impropriety or of engaging in a course of conduct that may result in a conflict of interest. Excessive dealing or intra-day trading is not permitted. Covered Persons should carefully consider platforms or other service providers when dealing with cryptocurrency and favor those already supervised in well-regulated countries. As regulation of this asset class develops further and becomes more wide-spread, Robeco may impose restrictions on platforms/providers to be used.

Robeco regards ICOs (Initial Coin Offerings) as non-regulated securities and therefore these are not allowed to be invested in by Covered Persons. Stablecoins (or other cryptos whose rates are linked to those of a covered security) are deemed to be comparable to non-regulated derivatives, entailing a risk of indirect market abuse, and Covered Persons are not permitted to trade or hold such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III. Exceptions**

<u>Managed Accounts</u>: Purchases or sales of securities in any account which is managed exclusively on a discretionary basis by a person other than a Covered Person where the Covered Person retains no influence or ability to trade in the account are excluded from coverage under personal account dealing rules. However, Covered Persons must retain no authority to participate in the management of the account. Such managed account must meet the following requirements:

Covered Persons must have a written management agreement with a financial institution that meets the following conditions:

a) The management agreement assumes a strict separation between possession and management;

September 2024 pg. 4

b) The Covered Person provides Compliance with a copy of the agreement;

c) The Covered Person refrains from giving specific instructions relating to the buying and selling of financial instruments;

d) The Covered Person must report any amendment to or termination of the management agreement to Compliance without delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV. Pre-clearance**

Absent an exemption, pre-clearance of all in-scope personal securities transactions for non-exempt accounts is always required for Covered Persons.

Covered Person's trade preclearance requests can be placed electronically via *My Compliance Office*.

· Covered Persons may access *My Compliance Office* via Robeco's
Compliance intranet

<u>My View \| My Compliance Office</u>

· Preclearance is valid until close of business on the business day during which preclearance was obtained. If the transaction has not been executed within that timeframe, it becomes void and a new preclearance must be obtained prior to entering into a transaction.

<u>No pre-clearance requirement</u>: Trade pre-clearance is not required for: a) Non-Covered Securities, b)

open-end funds regardless of their management, and c) "Broad Based ETFs". Broad Based ETF is defined for this purpose as an ETF that hold 10 or more underlying securities.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V. Reporting Requirements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Initial Holdings Reports**

All Covered Persons are required to disclose to Compliance a list of all non-exempt Covered Accounts including all Covered Securities in those accounts no later than ten (10) days after becoming designated a Covered Person, or as soon thereafter as is practicable. The account holding information must be current as of a date of submission to Compliance with all in-scope transactions and holdings in such Covered Accounts to be within the preceding forty-five (45) days prior to becoming a Covered Person.

Initial holdings reports must contain, the Account title, Account number, name and types of securities held including the corresponding exchange ticker symbol or CUSIP, number of shares, the principal amount of each reportable security along with the date of the report's submission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Quarterly Transaction and Account Reports**

Absent an exemption, Covered Persons must report every IPO, private placement, and Covered Security transaction in Covered Accounts during the calendar quarter, no later than thirty (30) days after the end of that quarter. Covered Persons must certify to the account name(s) and location(s) of all of the nonexempt personal trading accounts for themselves and in-scope accounts of members of their household to whom they provide material financial support.

<sup>1</sup> *See* Commodity Exchange Act §1a(35).

September 2024 pg. 5

Please note: Quarterly reporting must also include any transactions in open-end funds/ETFs advised or sub-advised by Robeco or one of its affiliates.

Covered Persons reporting obligations may be satisfied in the following ways:

1. <u>Electronic Account Statements</u>: For any Cover Person's in-scope personal trading account(s) maintained at a broker-dealer that provides an electronic data feed of personal account holdings and transactions for such Covered Person, the Covered Person's disclosure and reporting obligations are automatically satisfied. However, that Covered Persons must still provide a certification quarterly.

2. <u>Non-electronic Account Statements</u>: For accounts in which a Covered Person has a Beneficial Interest that are not maintained at a broker-dealer that provides electronic statements, the Covered Person may satisfy their reporting obligations by delivering or causing to be delivered copies of their brokerage statements to Compliance and by completing the Quarterly Transaction and Account Report form received from Compliance.

***Note: Covered Persons that do not have transactions to report for the quarter, including those that have accounts at a broker-dealer that provides electronic statements, are still required to complete and sign the Quarterly Transactions and Accounts Report form.***

Reports (either in the form of brokerage statements or forms) submitted to Compliance must contain:

1. The name of the security, the date of the security transaction, and as applicable: the ticker, CUSIP, SEDOL, the interest rate and maturity
date, the number of shares, and the principal amount;

2. The
nature of the transaction (i.e., purchase, sale, corporate action or other type of acquisition or disposition);

3. The
price at which the transaction was effected;

4. The
name of the broker-dealer where the transaction was effected;

5. The
date the report was submitted.

Private Placement transactions effected during the quarter must be reported via the form in MCO (Personal Trading/Trades).

Compliance will conduct periodic reviews of Covered Persons' personal securities transactions in an effort to ensure compliance with the Personal Investment Transactions Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c) Annual Holdings Report**

Annually, Covered Persons will be required to attest to Compliance a listing of all Covered Securities in the Covered Person's non-exempt Covered Account as of a date no more than forty-five (45) days prior to the date the report is to be submitted.

**Please note:** Annual holding reports must include holdings in open-end funds advised or sub-advised by RIAM US or one of its affiliates.

September 2024 pg. 6

Annual holdings reports must contain, at a minimum, title and type of security, exchange ticker symbol or CUSIP, number of shares, the principal amount of each reportable security and the date the Covered Person submits the report.

**C. Insider Trading/Material Non-Public Info**

RIAM US aspires to maintain the highest standard of business ethics. In accordance with this, RIAM US educates staff to recognize circumstances that may give rise to insider trading threats to reduce the risk of incurring violations of federal insider trading laws. Accordingly, RIAM US has developed the following mechanisms to monitor, restrict if necessary, and educate Covered Persons on when it is permissible and impermissible to invest when in possession of proprietary and/or confidential information.

I. What is Non-public Information?

Non-public information is information that is not generally available to the investing public. Information is public if it is generally available through the media or disclosed in public documents such as corporate filings with the SEC. If it is disclosed in a national business or financial wire service (such as Dow Jones or Bloomberg), in a national news service (such as AP or Reuters), in a newspaper, magazine, on the television, on the radio or in a publicly disseminated disclosure document (such as a proxy statement, quarterly or annual report, or prospectus), consider the information to be public.

If the information is not available in the general media or in a public filing, consider the information to

be non-public. Consult Compliance when you are uncertain whether information you are seeking to rely on to trade is public or non-public.

II. What is Material Information?

Information a reasonable investor would find useful in deciding whether or when to buy or sell a security is generally material. In most instances, any non-public information that, if announced, could affect the price of the security should be considered as material information. If you are not sure whether non-public information is also material, you must consult Compliance.

1. Material information may be about the issuer itself: For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. information about a company's earnings or dividends, (such as whether they will be increasing or decreasing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. any merger, acquisition, tender offer, joint venture or similar transaction involving the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. information about a company's physical assets (e.g., an oil discovery, or an environmental problem);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. information about a company's personnel that could materially impact operations (such as a valuable employee
leaving or becoming seriously ill); or

September 2024 pg. 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. information about a company's financial status (e.g., any plans or other developments concerning financial restructuring or the issuance
or redemption of, or any payments on, any securities).

2. Information may be material that is not directly about a company, if the information is relevant to that company or its products,
business, or assets and may reasonably be expected to impact the price for the issuer's securities. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Information that a company's primary supplier is going to increase dramatically the prices it charges; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. information that a competitor has just developed a product that may cause sales of a company's products to decrease.

3. Material information may also include information about Robeco's portfolio management activities.

III. Use or Misuse of Confidential or Proprietary Information

Covered Persons may in the course of their duties receive or have access to material, non-public information. Company policy, industry practice and U.S. federal and state laws establish strict guidelines for the handling of material, non-public information. To ensure that Covered Persons adhere to the applicable laws, RIAM US has adopted the following policies:

Covered Persons:

· may not use material non-public, confidential or proprietary
information for personal investment purposes, nor may they share such information with others for their personal benefit; and

· may not pass material, non-public information about an issuer on to others or recommend, directly or indirectly, that others trade
such issuer's securities; and

· must treat as confidential all information that is not generally made public concerning Robeco's investment activities or plans,
or the financial condition and business activity of any enterprise with which Robeco is conducting business; and

· must preserve the confidentiality of proprietary information and disclose it only to other Covered Persons for whom there is a legitimate
business need for such information. If a Covered Person has questions/concerns around the legitimate disclose of this type of information
to others, the Covered Persons must consult with Compliance.

Under US federal securities law, it is illegal to buy or sell a security while knowingly in possession of material, non-public information relating to that security. For a violation of law to occur, the person in possession of the material non-public information need not have a duty to protect the confidentiality of the information, they need only to be aware that someone in the information chain had a duty to protect the confidentiality of the information. It is also illegal to "tip" others about such inside information. Tipping involves passing material, non-public information about an issuer on to others or recommending that they trade such issuer's securities.

September 2024 pg. 8

Insider trading is an extremely complex area of the law that has developed via case law rather than regulation. The civil enforcement is principally regulated by the SEC which criminal prosecutions are handled by the US Department of Justice. If a Covered Person believes that he/she may have material, non-public information gained within or outside the scope of his/her employment, regardless of the source, he/she must notify Compliance so that securities can be monitored and/or placed on a Robeco Restricted List as appropriate.

IV. Robeco's Insider Trading Rules

Set forth below are four rules concerning insider trading. Failure to comply with these rules could result in violations of the federal securities laws and subject the Covered Person to severe penalties, both civilly and criminally. Violations of these rules also may result in discipline by Robeco.

Covered Persons who possess, or have reason to believe they possess, material, non-public information relating to any security:

· may not buy or sell that publicly traded security for themselves, members of their family, RIAM US, or any other person or persons
until such time as the information is no longer non-public;

· may not recommend to others that they buy or sell that security while the material non-public information remains non-public;

· must contact Compliance immediately and disclose that they are, or believe they are, in possession of material, non-public information;
and,

· may not communicate any information regarding a security for which the Cover Person is in possession of material non-public to anyone
outside of Robeco's Compliance or Legal Departments. Questions concerning one's obligations while in possession of material
non-public information may be addressed directly with Compliance.

Additionally, if a Covered Person is aware that RIAM US is considering or is engaged in trading of any publicly traded security for any account it manages, the Covered Person must regard such information as proprietary information. Separately informing Compliance of this information is not required.

V. Inadvertent Access to Material Non-public information - Specific Procedures

Covered Persons who have business relationships with senior management of publicly traded companies may be at risk for the inadvertent receipt of material, non-public information about the company. As soon as practicable following receipt of such information, it is incumbent upon the recipient to contact Robeco Compliance to: 1) ensure the issuer is placed on Robeco's limited restricted list applicable to those employees who received the MNPI; 2) refrain from sharing such material non-public information.

The issuer will be removed from Robeco's restricted list following the public disclosure of the non-public information and following sufficient time for the absorption of the information by the marketplace.

VI. Restricted Security List

Compliance maintains a Restricted Security List (the "Restricted List") which includes all securities where a Covered Person has, or is in a position to receive, confidential or material non-public information about a company.

September 2024 pg. 9

The decision whether to place a security on the Restricted List and the amount of time a security will remain on the Restricted List is at the discretion of Compliance.

If it is determined that the Covered Person is in possession of material, non-public information, the security will be added to the Restricted List by Compliance and Compliance will instruct the appropriate individuals to restrict the security in the relevant Robeco trading systems, if necessary. Compliance will further inform the appropriate Covered Persons that personal trades in the restricted security are not permitted.

When it is determined by Compliance that the material non-public information for a security has become public, Compliance will instruct the appropriate individuals to release the restriction of the security in the relevant trade systems, if applicable Compliance will remove the security from the Restricted List.

VII. Reporting Violations

Any Covered Person who has reason to believe that any insider trading has occurred is to report such matter to Compliance. However, such reporting does not preclude the employee from approaching securities regulators or law enforcement should they choose to do so.

**D. Business Gifts and Entertainment**

RIAM US Personnel may periodically give or receive gifts from clients or may host a client or be the recipient of entertainment provided by a client. To avoid the appearance that such gifts or entertainment may be considered efforts to gain unfair advantage, Robeco maintains a separate Anti-Bribery and Anti-Corruption policy which is incorporated into the Code by reference. RIAM US Personnel are not permitted to give or receive gifts of more than $100 (or its equivalent in other currency) in value, per person, per calendar year. Entertainment that is normal or customary in the industry is considered where appropriate. Covered Persons should consult the Robeco Anti-Bribery and Anti-Corruption policy for express entertainment levels and corresponding internal reporting obligations. Covered Persons may also contact the CCO or the LCOs if they are unsure about a particular gift or value of entertainment.

"Entertainment" is defined as business meals and events (such as sports events, shows and concerts etc.) where the person supplying the meal or event is present. If this person is not present, it is considered a gift, and then subject to the gift rather than the entertainment limits.

Limitations on Entertainment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Entertainment may only be offered or accepted if it is appropriate and proportionate
for the type of relationship and/or occasion for which it is presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If an employee is invited to Entertainment, that employee must determine beforehand the context of the
event and decide if the program is appropriate and proportionate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Invitations for international/long distance business events with a corresponding Entertainment program
may be accepted or offered, when Robeco, is paying for its own travel and lodging expenses. Or, it may be offered by Robeco if the invitee
(or the company where he/she works) pays for the travel and lodging costs. For specific guidance,
refer to the Robeco Anti-Bribery and Anti-Corruption policy.

September 2024 pg. 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Entertainment with a value of
 less than $25 need not be reported as it is deemed *de minimis*. However, the *de minimis* level does not apply in the case of public officials. Any entertainment of public
 official is reportable. Entertainment in excess of $25 and less than $149 per person must
 be reported to Compliance post-receipt of the entertainment. Entertainment of $150 per person
 or more requires pre-receipt approval from Compliance. Assuming pre-receipt approval of the
 entertainment was approved by Compliance, such entertainment would also require post-receipt
 approval to Compliance via the gift and entertainment reporting tool. See <u>Gift and Entertainment - Power Apps</u> (N.B. The Gifts and Entertainment reporting tool is expected to be replaced
 with a *Workday* -based application in H1 2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ All entertainment for or with public officials is strongly discouraged. However, if it cannot be avoided,
all entertainment with public officials must receive compliance preapproval and post event compliance notification without exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If it is unclear whether Entertainment is appropriate for the type of relationship,
Compliance must be consulted for approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Entertainment or hospitality that was declined must be reported to Compliance
 by sending an e-mail with the details of the declined entertainment to <u>giftsandentertainment@robeco.com.</u> 

Gifts are defined as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any goods or services - whether or not expressed in monetary terms - are to be voluntary offered or
received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ An invitation to an event, trip or conference, etc. for an (or more)
employee(s), where the giver is not present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ An invitation to an event, trip or conference, etc. offered by an employee to a (or more) person(s) where
the employee is not present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A donation to a charity, at the
solicitation or recommendation of a client or prospect.

Gift Requirements

· A gift is not considered to be excessive, when the gift is not in cash and has a value of less than $100
(or its equivalent in other currency) per year, per person.

· In the US, a gift that has a value of $100 or more (or its equivalent in other currency) is considered to be excessive and cannot
be accepted<sup>2</sup>. In highly exceptional circumstances Compliance can make an exception to this rule. Any such gift must, before
offering or within a reasonable period directly after the receipt, be approved by Compliance.

· Gifts with a value of less than $25 (or its equivalent in other currency) do not have to be reported, unless the gift could be reasonable
viewed as unduly influencing (or attempting to unduly influence) the decisions of the employee or recipient in making a business decision
in the interests of the gift giver. In such case the gift should
not be accepted, and reported to Compliance.

<sup>2</sup> **This is different than what is contained in Robeco's** globally applicable Anti-corruption and Anti-bribery policy which sets the excessive limit at $150 EUR. The US has chosen to set a smaller limit in accordance with US securities regulation.

September 2024 pg. 11

· If Compliance (or the individual's manager) believes a gift should not be accepted, they must indicate whether the gift should
be sent back or, if to do so may be potentially insulting or upsetting to the donator, Compliance should be consulted on the possibility
of a solution which could dilute the overall value to the recipient by donating a portion of the value of the gift in excess of $100 to
a Robeco approved charity. In the event of such a donation, Compliance should prepare a memo to file detailing the solution, parties involved
and conclusions drawn and the rationale for the solution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Gifts that were declined must be
 reported to Compliance by sending an e-mail with the details of the declined gift to <u>giftsandentertainment@robeco.com.</u> 

Public Officials

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Gifts to public officials are not permitted. Entertainment involving public
officials is strongly discouraged and always require prior written approval of Compliance, regardless of the value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ All entertainment for public officials
must have prior approval from Compliance.

**E. Charitable Contributions Policy**

From time to time, RIAM US or its Covered Persons may be asked by a client to make a charitable contribution. To avoid any real or perceived conflict of interests, RIAM US has adopted the following procedures:

If a contribution is requested by a client, the Covered Person must submit the request to Compliance as a gift request for pre-approval. If approval is granted by Compliance, the following terms apply:

· The check must be made in Robeco's or RIAM US' name
(not the client or the Covered Person)

· Any tax benefit is taken by Robeco or RIAM US.

· The contribution does not directly benefit the client.

· The contribution is not made to satisfy a pledge made by the
client.

· The contribution must be made payable to an IRS 501(c)(3) charitable
organization.

Donations by RIAM US to charities with the expressed intent of influencing such charities to become clients or investors of RIAM US are not permitted. Covered Persons should notify the Compliance of any actual or apparent conflict of interest in connection with any charitable contribution, or about any contribution that could give an appearance of impropriety.

**F.** Political Contributions Policy

RIAM US complies with Rule 206(4)-5 of the Advisers Act, known as the "Pay-to-Play" Rule (the "Rule"). It was designed to prevent the real or perceived practice whereby registered investment advisers may have sought to try and unduly influence the awarding of public funds for investment to advisers who made political contributions to state and local government officials in exchange for the award of an advisory contract to be managed by the advisor.

September 2024 pg. 12

An adviser may not receive compensation from a state or local government agency investment plan or program for two years after the adviser or an employee has made a political contribution to a state or local government official or candidate who could influence the government plan to invest with the investment adviser.

Definition of Contributions

The term "contribution" includes a gift, subscription, loan, advance, deposit of money or anything of value made for the purpose of influencing an election for state or local office, including any payment of debt incurred in connection with an election.

Donations of time are not considered to be a contribution, provided the donation of time is not made at the adviser's request and the adviser's resources, such as office space and telephone are not used.

A contribution also includes transition or inaugural expenses of the successful candidate for state or local office.

Exception for *De Minimis* Contributions: The Rule allows US persons to make aggregate contributions of up to $350 per election cycle to an elected state or local official or candidate for whom the individual is entitled to vote and up to $150 per election cycle to an elected state or local official or candidate for whom the contributor is not entitled to vote because they do not reside in the politician's voting district.

These *de minimis* limits also apply to officials or candidates for federal office if they hold a state or local office. If a candidate for federal office does not currently hold a state or local office, this policy does not apply.

"Look Back Provision": The Rule includes a "look-back" provision that attributes to an adviser

contributions made by a person ***prior to*** becoming an employee. The "look-back" period is two (2) years, but is shortened to six (6) months when the employee does not solicit on behalf of the adviser.

Third-Party Solicitors: An adviser and its employees may not pay a third-party placement agent or other solicitor to solicit a government plan to invest with the adviser, unless the third party is subject to comparable prohibitions and restrictions against engaging in pay-to-play practices.

PROCEDURES FOR MAKING AND REPORTING POLITICAL CONTRIBUTIONS

1. Pre-approval of Political Contributions

The RIAM US employee must seek and receive written pre-approval from Compliance via the MCO platform. Approval must be obtained in MCO by the RIAM US employee prior to such employee making any political contributions.

2. Reporting Political Contributions

Each employee must submit a report to the CCO quarterly disclosing the date, amount and recipient of any direct or indirect political contribution made to local or state elected officials or candidates, government entities, state political parties or political subdivisions, or political action committees ("PACs"). All reporting is submitted through the compliance automation software, MCO.

September 2024 pg. 13

Political Contributions Record: The CCO will maintain access to a record of all political contributions made by the adviser and each of its employees via the MCO system. The CCO will ensure that the political contributions record is reviewed prior to the acceptance by the adviser of an investment from a state or local government agency investment plan or program.

Additional Recordkeeping: The CCO will maintain access to a record of all government entities for which the adviser provides investment advisory services. The CCO shall inform all employees regarding their responsibility concerning political contributions relating to such government entities under the Rule and these procedures.

**G. Outside Business Activities**

While Covered Persons are encouraged to pursue activities outside Robeco, such activities cannot be at the expense of serving Robeco's clients or create a real or perceived conflict of interest with Robeco or its clients.

All business activities or interests external to Robeco must be reported via the MCO portal for review, and assessment by Compliance.

The MCO portal for reporting an outside business activity contains a detailed set questions concerning the outside business activity that must be completed prior to submission. In the event that a request is denied, should the Covered Person have already undertaken the outside activity such Covered Person may be asked to terminate either the outside activity or their employment with Robeco.

**H. Code of Ethics - Code Waivers**

The CCO has the authority to waive provisions of this Code where permissible. The CCO shall record in writing all instances where a waiver to this Code has been granted, the person requesting such waiver, the rationale underlying the waiver request and the reason for granting any waiver.

**I. Robeco Code of Conduct**

Covered Persons are subject to Robeco's Code of Conduct [*See* <u>Code of Conduct.pdf (sharepoint.com)</u>]. The Robeco Code of Conduct expresses a shared vision for staff to consider in seeking to live up to the ideals espoused by Robeco in serving its clients, its colleagues, our firm and the communities Robeco serves.

The Code of Conduct focuses on principles of conduct. They form the basic premises for the expected conduct of everyone within Robeco. It is important that all Covered Persons be familiar with the principles, understand them and act accordance with them. This will help contribute to building a culture based on trust and confidence.

September 2024 pg. 14

1. Treat our clients and business partners fairly

2. Treat each other with respect

3. Identify, assess, manage, and mitigate conflicts of interest or thoroughly disclose them

4. Promote a healthy risk culture

5. Retain our objectivity when deciding on the acceptance of gifts or invitations

6. Treat confidential information and insider information with due care and attention

7. Identify and safeguard confidential or internal information

8. Strive to communicate in an honest and clear way

9. Create an inclusive working environment where staff can work to their potential

10. Prevent Robeco being misused to facilitate financial offenses

11. Strive to help Robeco's clients reach their financial and sustainability goals

12. Contribute Robeco's business continuity, safety in the workplace and protection of assets

September 2024 pg. 15

## Ex-99.B(P)(45)

**Exhibit 99.B(p)(45)**

![](tm2522623d1_ex99-bxpx45img01.jpg)

---

| |
|:---|
| **Code of Ethics** |
| June 2025 |

---

Code of Ethics

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Version Control** | **Version Control** | **Version Control** | **Version Control** | **Version Control** |
| **Version** | **Date:** | **Author:** | **Approved by:** | **Detail of Change** |
| V.1 | &nbsp;&nbsp;August 2016 | Compliance | &nbsp;&nbsp;Paul Larché | &nbsp;&nbsp;Creation |
| V.2 | &nbsp;&nbsp;Sept 2020 | Compliance |  | &nbsp;&nbsp;SEC updates |
| V.3 | &nbsp;&nbsp;Feb 2021 | Compliance | &nbsp;&nbsp;HK | &nbsp;&nbsp;PAD policy updates and inclusion |
| V.4 | &nbsp;&nbsp;June 2021 | Compliance | &nbsp;&nbsp;HK | &nbsp;&nbsp;PAD policy updates |
| V.5 | &nbsp;&nbsp;Sept 2021 | Compliance | &nbsp;&nbsp;HK | &nbsp;&nbsp;Minor Clarifications |
| V.6 | &nbsp;&nbsp;July 2022 | Compliance | &nbsp;&nbsp;HK | &nbsp;&nbsp;Annual Review |
| V.7 | &nbsp;&nbsp;Oct 2022 | Compliance | &nbsp;&nbsp;HK | &nbsp;&nbsp;Added Trusts managed by Redwheel to restrictions |
| V.8 | &nbsp;&nbsp;August 2023 | Compliance | &nbsp;&nbsp;HK | &nbsp;&nbsp;Update to PAD on Gov debt and Investment trusts |
| V.9 | &nbsp;&nbsp;August 2024 | Compliance | &nbsp;&nbsp;HK | &nbsp;&nbsp;Update to PAD restrictions for SMA and reverse trading |
| V.10 | &nbsp;&nbsp;June 2025 | Compliance | &nbsp;&nbsp;HK | &nbsp;&nbsp;Minor Clarifications |

---

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Code of Ethics

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| | | |
|:---|:---|:---|
| **Contents** |  |  |
| Contents |  | 3.0 |
| 1. | Introduction | 4.0 |
| 2. | Application | 4.0 |
| 3. | Insider Trading | 5.0 |
| 4. | Restrictions on Personal Account Dealing ('PAD' or 'PA dealing') and Holdings Disclosure | 5.0 |
| 5. | Periodic Holdings Disclosures | 6.0 |
| 6. | Protection of MNPPSI | 7.0 |
| 7. | US Political Contributions | 7.0 |
| 8. | Annual Certification of Compliance | 8.0 |
| 9. | Sanctions | 8.0 |
| 10. | Exceptions | 8.0 |

---

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Code of Ethics

**1. Introduction**

1.1 The Redwheel Code of Ethics (the 'Code') is based
on fundamental principles that Redwheel must put client interests first. Redwheel has fiduciary responsibilities to its clients, including
the private funds (collectively the 'clients') for which it serves as investment adviser. Among Redwheel's fiduciary
responsibilities is the responsibility to ensure that its staff conduct their personal account dealing in a manner which does not interfere
or appear to interfere with any client transactions or otherwise take unfair advantage of their relationship to clients as well as comply
with all applicable laws. All staff must adhere to these fundamental principles as well as comply with the specific provisions set forth
herein.

1.2 The Code of Ethics (the 'Code') is adopted pursuant
to Rule 204A-1 under the Investment Advisers Act of 1940, as amended ('Advisers Act') and Rule 17j-1 of the Investment
Company Act of 1940. Additionally, the Code complies with the rules of other regulatory authorities that regulate Redwheel, including
the Financial Conduct Authority ("FCA"), the Monetary Authority of Singapore ("MAS"), Australian Securities and
Investments Commission ("ASIC") and any other applicable US securities laws.

1.3 The Advisers Act makes it unlawful for investment advisers to
engage in fraudulent personal securities transactions (commonly referred to within Redwheel as 'personal account dealing').

1.4 Rule 204A-1 (the 'Rule') under the Advisers
Act requires an investment adviser covered by the Rule to adopt a Code that contains provisions reasonably necessary to prevent
it and its Access Persons from engaging in conduct prohibited by the principles of the
Rule.

1.5 The Rule also requires that reasonable diligence be used
and procedures instituted which help prevent violations of the Code. Redwheel will provide the Code and any amendments to staff and obtain
written acknowledgment of receipt, requiring staff to comply with applicable US Federal securities laws.

**2. Application**

2.1. Redwheel is a registered trademark of RWC Partners Limited.
This document and the policies contained herein are applied to all staff who perform services to the following Redwheel entities
(collectively referred to as the "Firm" or "Redwheel"). It is reviewed and restated on an at least annual
basis.

2.1.a. RWC Partners Holdings Limited 2.1.b. RWC Partners Midco Limited 2.1.c. RWC Partners Limited 2.1.d. RWC Asset Management LLP 2.1.e. RWC Asset Advisors (US) LLC 2.1.f. RWC Singapore (PTE) Limited 2.1.g. Redwheel Australia Pty. Ltd. 2.1.h. Redwheel Europe A/S

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Code of Ethics

2.2. This Code applies
 to all Redwheel Access Persons ("staff"), (including Directors, Partners, employees,
 on-site full-time contractors or temps) and their Relevant Persons. For the remainder
 of this policy, this group of people are referred to as "you" or "your".

2.3. Relevant Persons
 includes:

2.3.a. Partners sharing the same household and spouses; <br>2.3.b. Dependants;

2.3.c. Relatives living in the same household;

2.3.d. Any other person whose relationship with you or the Relevant Person means that either of you has a direct or indirect interest in the outcome of the trade; and

---

| | |
|:---|:---|
| 2.3.e. | Anyone else you or your Relevant Persons advise, control, influence or assist in managing investments or with investment decisions or considerations regardless of whether this in an informal or formal capacity |

---

2.4. Whilst this Code
 is adopted pursuant to U.S. securities' law, it is expected that all Redwheel staff
 irrespective of their location or the Redwheel entity with which they are contracted
 observe the principles and rules of the Code details herein.

2.5. If
 you are unsure how or if these obligations apply to you, please contact <u>compliance@redwheel.com</u> who can advise you accordingly. It is ultimately your responsibility to seek further guidance
 or clarity from Compliance.

**3. Insider Trading**

3.1. All staff are subject to Redwheel's Policy regarding the
misuse of material non-public information (the 'Market Conduct Policy'), which is considered
an integral part of this Code.

3.2. The Market Conduct Policy prohibits staff from buying or selling
any security while in the possession of material non-public price sensitive information
('MNPPSI').

3.3. The policy also prohibits staff from communicating to third
parties any MNPPSI about any security or issuer of securities.

3.4. Additionally, no member of staff may use inside information
about Redwheel's activities to benefit clients or gain personal benefit.

3.5. Any violation of the Market Conduct Policy may result in sanctions
which could include termination of employment with Redwheel.

**4. Restrictions on Personal Account Dealing ('PAD' or 'PA dealing') and Holdings Disclosure**

4.1. To reiterate, this Code should be read in conjunction with the
Redwheel PAD Policy, see Appendix 1.

4.2. It is the responsibility of every member of staff to ensure
that a particular personal account deal being considered is not subject to a restriction
contained in this Code, by any other Redwheel policy or procedure, or otherwise prohibited by any applicable laws.

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Code of Ethics

4.3. PAD may be carried out only in accordance with the provisions
of this Code and the Redwheel PAD Policy. Pre-clearance is required for any PAD unless
exempt under the PAD policy in Appendix 1.

4.4. For the avoidance of doubt, staff members are strictly prohibited
from PA dealing in the issuers or securities included on the Redwheel Restricted List.

4.5. Issuers on the Restricted List include the issuers of securities
that Redwheel has come into or may have come into contact with MNPPSI.

4.6. In the event you own a security of an issuer prior to that issuer
being added to the Restricted List, you may not conduct any PA deal in the issuer until
it is removed from the Restricted List.

Staff members associated directly with the activist strategies are prohibited from PA dealing in the same positions as the funds they manage. In the event that a member of the activist team owns a security prior to employment at Redwheel, and such security is held in an activist fund, the team member will not be allowed to trade in the position at all until such time that the constructive activist fund has exited the position.

4.7. You must obtain prior approval from Compliance before dealing
in Relevant Holdings for yours or your Relevant Persons' personal account
UNLESS:

4.7.a. the PA deal is effected pursuant to an automatic investment plan in funds;

4.7.b. you have no direct or indirect influence over the account transacting the securities; or

4.7.c. the PA deal is effected under a discretionary portfolio management service where there is no prior communication to the manager; or

4.7.d. the security is categorised in the PAD Policy as permissible without approval from Compliance.

4.8. For instructions on how to seek approval, and for a comprehensive
list of Relevant Holdings (those securities that do and do not require Compliance pre-approval),
please refer to the PAD Policy in Appendix 1.

**5. Periodic Holdings Disclosures<sup>1</sup>**

5.1. As noted above, the requirements outlined in this section will
apply to all personal account dealing in accounts in your name, and in the name of your partner, dependents,
and anyone else whom you advise, control, influence, or assist in managing investments or with the investment decision or considerations regardless
of whether this is in an informal or formal capacity.

5.2. All staff members are required to provide the following disclosures:

Initial Holdings Report: within 10 days of joining the Firm, staff must file an initial holdings report containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The title and exchange ticker symbol or CUSIP number, type
of security, number of shares and principal amount (if applicable) of each reportable security in which the supervised person had any
direct or indirect beneficial interest ownership when the person becomes a Relevant Person;

<sup>1</sup> All Holding Disclosures need to be made through the My Compliance Office (MCO) system. MCO requires all the requisite information needed to comply with the Code of Ethics requirements in this section.

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Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 name of any broker, dealer or bank, account name, number and location with whom the Relevant
 Person maintained an account in which any securities were held for the direct or indirect
 benefit of the relevant person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 date that the report is submitted by staff and/or on behalf of any relevant persons.

The information submitted must be current as of a date no more than forty-five (45) days before the person became a Relevant Person.

5.2.a. Quarterly Holdings Report: All staff members and their Relevant Persons must, no later than thirty (30) days after the end of each calendar quarter, file quarterly transaction reports for every reportable transaction containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
date of the transaction, the title and exchange ticker symbol or CUSIP number, the interest rate and maturity date (if applicable), the number of shares and the
principal amount (if applicable) of each covered security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
price of the reportable security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
date the report is submi tted by the supervised person.

**6. Protection of MNPPSI**

6.1. In addition to other provisions of the Code and the Redwheel
Compliance Manual, all staff members should be mindful of Redwheel's duty to safeguard
material, non-public information about securities and/or investment recommendations provided to (or made on behalf of) its clients.

6.2. Staff should refer to and comply with the Redwheel Market Conduct
Policy to ensure MNPPSI is treated appropriately.

6.3. If there are any questions about the sharing of MNPPSI about
securities and/or investment recommendations made by Redwheel, please contact compliance@redwheel.com.

**7. US Political Contributions**

7.1. The SEC "pay to play rule" (206(4)-5) prohibits
SEC registered investment advisers from providing advisory services for compensation
to government clients for a two-year period after the adviser or certain of its executives make a contribution for such office.

7.2. To prevent Redwheel from being excluded from managing money
for US public bodies, it is important that any employees do not
make any US political donations to a public official or candidate for such office in excess of $150 which represents the de minimis amount
for the rule.

7.3. Therefore, all investment and distribution employees must obtain
approval from the Chief Compliance Officer prior to making any **US political contributions** to a public official or candidate for such office.

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Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;7.4. Compliance will also require a quarterly attestation regarding the number and value of any such US political donations.

&nbsp;&nbsp;&nbsp;&nbsp;7.5. Please refer to the Redwheel Political Contributions and Public
Office Policy for additional details.

**8. Annual Certification of Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;8.1. You will be asked to certify annually that:

8.1.a. You have read and understood and agree to abide by this Code;

8.1.b. You have complied with all the requirements of this Code; and

8.1.c. You have reported all personal account deals required to be reported under this Code.

**9. Sanctions**

&nbsp;&nbsp;&nbsp;&nbsp;9.1. Potential violations of the Code of Ethics must be brought to the attention of the CCO. Potential violations are investigated and,
if appropriate, sanctions imposed.

&nbsp;&nbsp;&nbsp;&nbsp;9.2. Upon completion of an investigation the matter may also be reviewed
by the CCO in conjunction with one or more of the individual's direct line
manager, relevant ExCo member ! Investment Team Head to determine the materiality of the breach and whether
any further sanctions should be imposed.

&nbsp;&nbsp;&nbsp;&nbsp;9.3. A breach of the Code of Ethics may result in one or more sanctions proportional to the severity of the breach (as determined in accordance
with 9.2 above) and may include (but not limited to) an informal warning, a requirement to reverse a trade, formal warning, ban on PA
dealing, impact on an individual's remuneration ! profit share, report to a relevant regulator / authority and in the most severe
cases dismissal.

**10. Exceptions**

&nbsp;&nbsp;&nbsp;&nbsp;10.1. An exception to any of the policies, restrictions, or requirements set forth herein may be granted only if you are able to demonstrate
that you would suffer extreme hardship should an exception not be granted. Exceptions would also have to demonstrate that the action remains
within the spirit of the Code, that no conflict of interest arises because of it and no client will be disadvantaged by this action. Changes
to your investment objectives, tax strategies, or a special new investment opportunity will not constitute acceptable reason for an exception.

&nbsp;&nbsp;&nbsp;&nbsp;10.2. For the avoidance of doubt, under no circumstances will you be permitted to trade in a security on the Restricted List.

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Code of Ethics

**Appendix 1** –**Personal Account Dealing** ("PAD") **Policy**

**1. Introduction**

&nbsp;&nbsp;&nbsp;&nbsp;1.1. Our regulators attach significant importance to the systems
and controls we have in place to identify, mitigate and detect market abuse risks.
Part of these expectations are that we have robust controls around PAD given the likelihood of market sensitive information we handle.

&nbsp;&nbsp;&nbsp;&nbsp;1.2. As such, it is vitally important that every staff member is
aware of, and follows, the requirements of the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;1.3. The Firm's policy on PAD is intended to help prevent perceived,
potential or actual conflicts of interests that can arise from such activity between the staff, the Firm,
and its clients.

&nbsp;&nbsp;&nbsp;&nbsp;1.4. Redwheel actively discourages frequent, excessive, or short-term
PAD or any other activity that may present a conflict of interest. This is for a number of reasons
but primarily:

1.4.a. It may potentially bring the individual's personal position into conflict with the Firm or its clients;

1.4.b. It can detract from the individual's attention to their and the Firm's duties and responsibilities to clients and the job at hand;

&nbsp;&nbsp;&nbsp;&nbsp;1.5. However, Redwheel recognises that staff may need to manage their
assets and long-term investment needs. Therefore, PAD is permitted within the prescribed limits
in this policy which is designed to ensure Redwheel and its staff continue to meet their regulatory, legal and fiduciary obligations,
including putting clients' interest first.

&nbsp;&nbsp;&nbsp;&nbsp;1.6. In addition to PAD, this Policy also requires staff to disclose
details of investments held by them and other Relevant Persons, as required by regulations.

&nbsp;&nbsp;&nbsp;&nbsp;1.7. You are expected to promptly inform Compliance as soon as you
are aware of any failure to adhere to this policy and its principles and procedures.
Compliance reviews and deals with breaches of this policy on a case-by-case basis. Breaches of the Firm's policies and procedures
can result in disciplinary action which may be grounds for summary dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;1.8. Redwheel has implemented the My Compliance Office (MCO) system
to assist employees with compliance with PAD requirements. Link for single sign on can be found
in the Compliance section of the intranet.

**2. Application**

&nbsp;&nbsp;&nbsp;&nbsp;2.1. Redwheel is a registered trademark of RWC Partners Limited.
This document and the policies contained herein are applied to all staff who
perform services to the following Redwheel entities (collectively referred to as the "Firm" or "Redwheel"). It
is reviewed and restated on an at least annual basis.

2.1.a. RWC Partners Holdings Limited

2.1.b. RWC Partners MidCo Limited

2.1.c. RWC Partners Limited

2.1.d. RWC Asset Management LLP

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Code of Ethics

2.1.e. RWC Asset Advisors (US) LLC

2.1.f. RWC Singapore (PTE) Limited

2.1.g. Redwheel Europe A/S

2.1.h. Redwheel Australia Pty Ltd

&nbsp;&nbsp;&nbsp;&nbsp;2.2. This Policy is of particular relevance to investment teams,
dealers and other staff who may receive or be exposed to price sensitive information.
However, everyone should be aware of the risks associated with bad and unlawful market conduct.

&nbsp;&nbsp;&nbsp;&nbsp;2.3. The policy applies to all Redwheel staff (including directors<sup>2</sup>,
partners, employees, on-site full-time contractors/temps) and their "Relevant
Persons". For the remainder of this policy, this group of people are referred to as "you" or "your".

&nbsp;&nbsp;&nbsp;&nbsp;2.4. Relevant Persons includes:

2.4.a. Partners and spouses;

2.4.b. Dependants;

2.4.c. Relatives living in the same household;

2.4.d. Any other person whose relationship with you or the Relevant Person means that either of you has a direct or indirect interest in the outcome of the trade

2.4.e. Anyone else you or your Relevant Persons advise, control, influence or assist in managing investments or with investment decisions or considerations regardless of whether this in an informal or formal capacity

&nbsp;&nbsp;&nbsp;&nbsp;2.5. If you are unsure how
 or if these obligations apply to you, please contact <u>compliance@Redwheel.com</u> who can advise you accordingly. It is ultimately your responsibility
to seek further guidance or clarity from Compliance.

**3. Periodic Disclosures**

&nbsp;&nbsp;&nbsp;&nbsp;3.1. All PAD disclosures are required to be made through the MCO
system. Please note that if your brokerage firm has a direct feed into MCO, all of your holdings will
prepopulate. Therefore, you will not be required to manually upload any documentation to the system once you have successfully linked
your account. If a staff member is not on a direct feed then the disclosure will need to be undertaken manually.

&nbsp;&nbsp;&nbsp;&nbsp;3.2. An Initial Holdings Disclosure includes:

3.2.a. Within 10 days of joining the Firm, you are required to advise and disclose to Compliance details of any investments you hold – an Initial Holdings Disclosure.

<sup>2</sup> For non-executive directors the scope of the Policy that applies is limited to: pre-approval for trading in any RWC fund and compliance with applicable regulatory conduct standards.

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Code of Ethics

3.2.b. Details of any brokerage / pension accounts (or similar) which you maintain or are the beneficiary of, including the holdings and a recent copy of the account statement (no more than 45 days old);

3.2.c. Details of any discretionary managed accounts, trusts or similar which you maintain and/ or where you are the beneficiary; and

3.2.d. Details of any other investments that may be held outside an account structure (e.g. bearer certificates, private investments, etc.) Please refer to the table in Section 8 for details on which asset types are reportable.

3.2.e. For accounts where the employee does not have trading discretion, only disclosure of account name, account number and name of financial institution where it is held is required to be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;3.3. This signed disclosure is required  **<u>regardless</u>** of whether you have any investment holdings or not (i.e. you can make a nil report).

&nbsp;&nbsp;&nbsp;&nbsp;3.4. Quarterly Holding Disclosure

---

| | |
|:---|:---|
| 3.4.a. | In addition to the Initial Holdings Disclosure, you are also required to complete these disclosures quarterly. You will receive an email reminder from Compliance on a quarterly basis that you will be required to submit your quarterly holdings transaction disclosure 30 days after the quarter end. |

---

---

| | |
|:---|:---|
| 3.4.b. | This disclosure is required **<u>regardless</u>** of whether you have any investment holdings or not (i.e. you can make a nil report). |

---

**4. Approval Process**

&nbsp;&nbsp;&nbsp;&nbsp;4.1. Approval is required for many types of transactions, but not
all. Please refer to section 5 for non-exhaustive list of transactions which require prior Compliance approval.

&nbsp;&nbsp;&nbsp;&nbsp;4.2. The approval process can involve significant time and effort.
Responses to requests will be approved by Compliance on a best-efforts basis and staff should allow
up to 8 hours for responses.

&nbsp;&nbsp;&nbsp;&nbsp;4.3. Where approval is required:

---

| | |
|:---|:---|
| 4.3.a. | If you wish to carry out a PAD, you must submit a personal trade request through MCO **<u>prior</u>** to placing any orders with any broker, market, any other person or system or similar. |

---

4.3.b. You will be required to confirm that you are not aware of any perceived, potential or actual conflicts of interest (or disclose of any especially if you are unsure).

4.3.c. Compliance will review your request. As part their checks, Compliance may request further clarity or information from you or others depending on the nature of the request and who is making the request (e.g. because of your role – investment analyst vs trader vs marketer - or PAD history).

4.3.d. Provided there are no apparent issues or concerns with the PAD request, and it has cleared Compliance's checks (and the restrictions noted further below), your request will be approved.

---

| | |
|:---|:---|
| 4.3.e. | Compliance approval is valid for current and next business/trading day from the time shown on the approval email unless indicated otherwise. Exceptions will be only granted on a case-by-case basis – if you require more than the above time to carry out the PAD, please ensure you have notified Compliance at the time of the request. |

---

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Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;4.4. If you proceed with the PA request, you are required to upload
a copy of the trade confirmation to MCO as soon as possible. If your account is
connected via an automatic feed you will not be required to submit a trade conformation to MCO as this data will auto populate. If you
do not proceed for any reason, please inform Compliance as well.

&nbsp;&nbsp;&nbsp;&nbsp;4.5. Compliance reserves the right to refuse permission to trade
without giving the reason for refusal. This is to prevent improper disclosure of information.

**5. Permitted and not permitted transactions**

&nbsp;&nbsp;&nbsp;&nbsp;5.1. **The lists in section 5 are not exhaustive. If your PAD is in respect of an asset or transaction type not **listed below, pre-approval must be sought from the Compliance Team. Please refer to the table in Section 8 for additional details.** 

&nbsp;&nbsp;&nbsp;&nbsp;5.2. Where prior approval is required, Redwheel enforces a **90 day rule (the minimum holding period)**.

&nbsp;&nbsp;&nbsp;&nbsp;5.3. Staff members and their Relevant Persons are prohibited from
engaging in reverse trading. Reverse trading refers to the act of buying and then selling, or selling
and then buying, the same security within any 90 day period (counted from the last transaction done) across all
PAD accounts of the staff member and their respective Relevant Persons.

&nbsp;&nbsp;&nbsp;&nbsp;5.4. For any trades not requiring pre-approval into your PAD decisions,
you must also factor the rule on a 30 day holding period. Additional details provided in
Section below. Exceptions will rarely be considered.

&nbsp;&nbsp;&nbsp;&nbsp;5.5. For clarity, the Minimum Holding Period is calculated on a FIFO
(First in first out) basis.

&nbsp;&nbsp;&nbsp;&nbsp;5.6. PAD in the following investments is permitted  **<u>only with prior approval</u>** from Compliance:

5.6.a. Listed and unlisted corporate equity and debt (including private investments) not held in Redwheel funds and accounts;

5.6.b. Spot FX and forwards (speculative);

5.6.c. Investments in non-retail funds e.g. hedge funds or funds generally not available to the public;

5.6.d. Listed derivatives on above equities;

5.6.e. Initial Public Offerings and Secondary Offerings;

5.6.f. All Redwheel funds and Investment Trusts managed by Redwheel (even if inside an ISA);

5.6.g. CFDs with the above equities as the underlying;

5.6.h. All private placements;

5.6.i. Close ended funds traded in regulated markets;

5.6.j. Any other instrument used to access the securities markets.

![](tm2522623d1_ex99-bxpx45img02.jpg)<sub>12</sub>

Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;5.7. PAD in the following investments is permitted  **<u>without approval</u>** from Compliance:

5.7.a. Spot FX for cash management purposes (and personal expenditure);

5.7.b. Open ended funds available to the retail public (excluding Redwheel funds);

5.7.c. Exchange Traded Funds (Including ETNs and ETCs);

5.7.d. Government bonds of non-Emerging or Frontier markets governments more than 1 year maturity;

5.7.e. Physical commodities (such as gold bullion) or physical property;

5.7.f. Crypto currencies (provided this is not used as mechanism to circumvent any prohibited investment which would require prior approval);

5.7.g. Mandatory corporate actions;

5.7.h. The PA deal is effected pursuant to an automatic investment plan in funds;

5.7.i. The PA deal is effected under a discretionary portfolio management services where there is no prior communication to the manager;

5.7.j. Have no direct or indirect influence over the account transacting the securities.

&nbsp;&nbsp;&nbsp;&nbsp;5.8. For the avoidance of doubt, any insurance to cover or hedge against remuneration or performance related
pay is **strictly prohibited** (regardless of Compliance approval).

&nbsp;&nbsp;&nbsp;&nbsp;5.9. Trading within tax wrappers or pensions (such as ISAs, SIPPS, company pension plans, 401k plans) are **not** exempt from Compliance
approval where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;5.10. For any other investment not listed above, please seek Compliance
guidance first.

&nbsp;&nbsp;&nbsp;&nbsp;5.11. Please also refer to the PAD restrictions below for any limitations or restrictions which must be taken into account.

&nbsp;&nbsp;&nbsp;&nbsp;5.12. PAD may not be permitted if you have not submitted your initial and periodic disclosures to Compliance, systematically do not provide
timely trade confirmations as required, or breach the principles or written policy on a frequent basis.

&nbsp;&nbsp;&nbsp;&nbsp;5.13. The use of stop losses is not permitted as these may be used to circumvent the 90 day minimum holding
period.

&nbsp;&nbsp;&nbsp;&nbsp;5.14. Employees may not enter into any wager or gaming contract (i.e. spread betting) the outcome of which is
dependent on any financial index, security or investment.

&nbsp;&nbsp;&nbsp;&nbsp;5.15. PAD is not permitted in the following circumstances (regardless of the type of instrument used to make
the investment):

5.15.a. The issuer is on the restricted list;

5.15.b. The issuer of the security is held by Redwheel funds or Segregated mandates;

5.15.c. There is a conflict of interest;

![](tm2522623d1_ex99-bxpx45img02.jpg)<sub>13</sub>

Code of Ethics

5.15.d. There may be a perception of front running or conflict of interest;

5.15.e. The behaviour or activity may result in market abuse (regardless of intention);

5.15.f. There is (or a perception of) misuse of confidential or client information;

5.15.g. There are liquidity constraints/concerns (where a name is also held by a fund/client); and

5.15.h. The size of the PA is exceptionally large for the individual making the request and it may put them in a financially vulnerable position if there are losses.

&nbsp;&nbsp;&nbsp;&nbsp;5.16. The above is non-exhaustive list. Each PAD request is reviewed on a case-by-case basis and therefore other considerations may be taken
into account depending on the Firm's activities at the time. For example, depending on the role you carry out at Redwheel and the
team for which you work, you may be subject to enhanced PAD restrictions, of which you will be notified.

&nbsp;&nbsp;&nbsp;&nbsp;5.17. In addition to the Policy applying to yourself and Relevant Persons, you are also prohibited from advising or procuring another person
from undertaking such transactions, or disclosing such information to another person (other than in the proper performance of your duties)
that would lead them to engage in such transactions.

**6.** **Breach of Policy**

&nbsp;&nbsp;&nbsp;&nbsp;6.1. You should report any breach of the policy immediately to Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;6.2. Redwheel may take any action available to it for breach of this Policy, particularly where such breach is considered deliberate, repeated
or material. Such action may range from withdrawal of your ability to place PA deals for a set period of time through to disciplinary
action under the Firm's HR procedures.

**7.** **Record Keeping**

&nbsp;&nbsp;&nbsp;&nbsp;7.1. Compliance is responsible for maintaining the PAD register and associated records in an organised and secure manner. PAD records are
maintained in the MCO system as well as the Compliance drive, access to which is restricted to members of the Compliance team. Details
of PAD activity may also be shared with the CEO, COO, RWC Partners Limited board and regulators as and when needed.

&nbsp;&nbsp;&nbsp;&nbsp;7.2. Records are typically maintained in electronic form where possible and are retained for a minimum of 5 years (up to the end of the
last calendar year).

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Code of Ethics

**8. Reference table for pre-approvals and reporting**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **INSTRUMENT** | **PRE-<br> CLEARANCE<br> REQUIRED** | **NO TRADING 7 <br> DAYS BEFORE / 7<br> DAYS AFTER <br> FUND TRADES** | **LENGTH OF VALIDITY OF<br> COMPLIANCE PRE-<br> CLEARANCE** | **MINIMUM<br> HOLDINGS <br> PERIOD** | **QUARTERLY<br> TRANSACTION<br> REPORTS** | **QUARTERLY<br> HOLDINGS <br> ATTESTATION** |
| Equities or Unit Trusts of issuers NOT held/managed by Redwheel | / | / | Next business day | 90 days | / | / |
| Limit orders | / | N/A | 1 month | 90 days | / | / |
| All other limit / stop loss orders | / | / | Next business day | 90 days | / | / |
| Warrants, Options & Futures | / | / | Next business day | 90 days | / | / |
| Alternative Funds (Hedge Funds, Private investment funds, and investment clubs;) | / | / | Next business day | 90 days | / | / |
| Private Equity and unlisted securities | / | / | Next business day | 90 days | / | / |
| Bonds, convertibles, debentures etc. | / | / | Next business day | 90 days | / | / |
| Redwheel sub-advised funds and Redwheel funds | / | N/A | Next business day | 90 days | / | / |
| Redwheel managed Investment Trusts (only during month-end 3 day trading window) | / | N/A | Next business day | 30 days | / | / |
| Other third-party close-ended funds | / | N/A | Next business day | 30 days | / | / |
| Other third-party open-ended mutual funds | N/A | N/A | N/A | N/A | / | / |
| UK, EU, US, SG and OECD Government Debt plus related derivatives | N/A | N/A | N/A | N/A | N/A | N/A |
| Bankers Acceptances and CDs | N/A | N/A | N/A | N/A | N/A | N/A |
| Commercial Paper | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash / FX and Crypto currencies NOT for speculation | N/A | N/A | N/A | N/A | / | / |
| Index / Interest Rate Futures and Options | N/A | N/A | N/A | N/A | / | / |
| Exchange Traded Funds (inc. ETF, ETC and Certificates) | N/A | N/A | N/A | 30 days | / | / |
| Derivatives (inc. ETF, ETC and Certificates) | N/A | N/A | N/A | 30 days | / | / |
| Purchases under a rights issue | N/A | N/A | N/A | 30 days | / | / |

---

---

| | |
|:---|:---|
| ![](tm2522623d1_ex99-bxpx45img02.jpg) | 15 |

---

## Ex-99.B(P)(46)

**Exhibit 99.B(p)(46)**

![](tm2522623d1_ex99-bxpx46img32.jpg)

**Code of Ethics**

**Effective March 31, 2025**

Information Classification: General 1

**Table of Contents**

---

| | |
|:---|:---|
| Overview | 3.0 |
| Covered Person Classifications | 4.0 |
| Code of Ethics Rule Summary | 5.0 |
| Statement of General Fiduciary Principles | 6.0 |
| Related Policies and Procedures | 6.0 |
| General Requirements | 7.0 |
| Personal Trading Requirements – Accounts and Holdings | 8.0 |
| Reportable Accounts Guide | 10.0 |
| Personal Trading Requirements – Transactions | 12.0 |
| Exempted Transactions | 15.0 |
| Pre-Clearance | 16.0 |
| Personal Trading Requirements – Pre-Clearance | 16.0 |
| Administration and Enforcement of the Code of Ethics | 20.0 |

---

**Appendices**

---

| | |
|:---|:---|
| Appendix A – Terms and Definitions | 21.0 |
| Appendix B – Beneficial Ownership of Accounts and Securities | 23.0 |
| Appendix C – Guide: Requirements by Security Types | 25.0 |
| Appendix D – Country Specific Requirements | 27.0 |
| Appendix E – Contacts | 28.0 |
| Appendix F – Code of Ethics Reporting Requirements | 29.0 |
| Appendix G – Code of Ethics FAQs | 30.0 |

---

Information Classification: General 2

**The Purpose of this Code of Ethics**

State Street Global Advisors<sup>+</sup> (the "Firm") will not tolerate misuse of information made available to us for the purpose of making investment decisions or providing advice to our clients. To do so would be a breach of trust that our clients place in us and may also breach securities laws.

**What is the Code of Ethics?**

The State Street Global Advisors Code of Ethics (the "Code") is designed to promote compliance with regulations that apply to our business and to ensure Firm personnel meet expected standards of conduct. The Code is supplemental to the State Street Standard of Conduct, and Firm personnel are required to comply with both.

In certain countries outside the US, local laws, regulations or customs may impose additional requirements. **Personnel located in countries outside the US must also refer to Appendix D for information on those additional requirements.**

The Conduct Risk Management Office administers this Code in coordination with State Street Global Advisors' Chief Compliance Officer ("CCO").

---

| |
|:---|
| **Questions about the Code?** |
| Contact the Conduct Risk |
| **Management Office:** |
| **ethics@statestreet.com** |

---

<u>Definitions for some of the terms used in this Code of Ethics are provided in Appendix A.</u>  

**Who is subject to the Code of Ethics?**

The Code of Ethics applies to you if:

· You
 are a full-time or part-time employee at State Street Global Advisors;

· You
 are a contingent worker at State Street Global Advisors and have been notified that you are
 subject to the Code of Ethics;

· You
 are an officer of the registered investment companies managed\* by SSGA Funds Management, Inc.
 ("SSGA FM") who is not employed by the Firm, but is employed by another business
 unit with access to Firm data such as non-public information regarding any client's
 purchase or sale of securities, non-public information regarding any client's portfolio
 holdings,or non-public securities recommendations made to clients; or

· The
 Conduct Risk Management Office has designated you as a person subject to the Code of Ethics.

For the purposes of the remainder of this document, those personnel who are subject the Code of Ethics will be called "Covered Persons".

**Your family members may also be subject to the Code of Ethics.**

If you are a Covered Person, the requirements of this Code also apply to people related to you, such as spouses, domestic partners, minor children, financial dependents, including adult children and other relatives living in your household if they are financially dependent on you, as well as other persons designated as Covered Persons by the CCO or the Conduct Risk Management Office, or their designee(s).

+ For purposes of this Code of Ethics, "State Street Global Advisors" refers to all State Street Global Advisors legal entities globally.

\*This excludes registered investment companies for which SSGA FM serves as sub-adviser.

Information Classification: General 3

**Covered Person Classifications**

As a Covered Person, you are either an **Access Person**, **Investment Person**, or **Non-Access Person**. Your classification is determined by your access to information. The Conduct Risk Management Office will notify you of your classification. Your classification may change as your responsibilities and access to information change. It is your responsibility to notify the Conduct Risk Management Office if your role or level of access to information changes.

**Access Person** Access Persons are those Covered Persons who:

· as
 part of their regular functions or duties have access to non-public information about a client's
 holdings, or a client's previous securities transactions; have access to non-public
 information about Firm portfolio holdings; or manage or are managed by employees who execute
 these functions;

· are
 officers of the funds; or

· have
 been designated as Access Persons by the Firm's CCO or the Conduct Risk Management
 Office.

**Investment Person** Investment Persons are Covered Persons who are involved in or have access to the investment decision-making process, or who have access to information regarding pending securities transactions, or decisions to buy or sell securities on behalf of clients. Investment Persons include those Covered Persons who:

· as
 part of their regular functions or duties, make investment recommendations or decisions on
 behalf of client portfolios; participate in making investment recommendations
 or decisions on behalf of client portfolios; are responsible for day-to-day management of
 a client or proprietary fund portfolio; have knowledge of or access to investment decisions under
 consideration for a client or proprietary fund portfolio; execute trades on behalf of client
 or proprietary fund portfolios; have access to information regarding pending trades; analyze
 and research securities on behalf of client or proprietary fund portfolios; have access to
 information regarding pending trade orders for any client or proprietary fund portfolio;
 have access to or knowledge of changes in investment recommendations; have access to mathematical
 models used by the Firm as basis for investment strategy for client or proprietary fund portfolios;
 or manage or are managed by employees who execute those functions; or

· other
 persons designated as Investment Persons by the Firm's CCO or the Conduct Risk Management
 Office.

&nbsp;&nbsp;**Examples of Investment Persons** include, but are not limited to, portfolio managers, research analysts, IT and Operations professionals with certain systems access, and Investment Risk personnel.

&nbsp;&nbsp;**Non-Access Persons** are Covered Persons who are not categorized as Access Persons or Investment Persons.

**Unsure what classification applies to you?**

The Conduct Risk Management Office will notify you of your classification, which is based on your responsibilities and level of access to information at the Firm.<br>Dual employees may also be subject to the State Street Securities Trading policy and/or the Global Personal Investment Policy.<br>Contact the Conduct Risk Management Office at <u>ethics@StateStreet.com</u> if you have questions.<br>

Information Classification: General 4

**Code of Ethics Rule Summary**

Refer to the list below to understand which rules apply to you based on your Covered Person Classification. Read the full text of the Code of Ethics to fully understand the requirements and prohibitions, as well as any exceptions to these rules.

**All Covered Persons**

**Required**

· Ensure
 compliance with the Code on the part of your spouse, domestic partner or other Covered Persons
 [p. 3]

· Comply
 with applicable securities laws [p. 7]

· Acknowledge
 the Code of Ethics when you become a Covered Person and annually thereafter [p. 7]

· Report
 accounts and holdings when you become a Covered Person and annually thereafter [p. 8]

· Report
 or confirm transactions quarterly [p. 12]

· Maintain
 accounts at Approved Brokers if required in your region [p. 9]

· Provide
 duplicate statements and confirmations to the Conduct Risk Management Office [p. 8]

· Report
 any actual, attempted, or suspected violation of this policy as soon as you are aware of
 it [p. 7]

· Obtain
 pre-approval from the Conduct Risk Management Office before participating in investment clubs
 [p. 13]

· Contact
 the Conduct Risk Management Office for any exemption to this Code of Ethics [p. 20]

· Understand
 if and how the State Street Securities Trading Policy applies to you [p. 15]

**Prohibited**

· Do
 not misuse client or proprietary fund information, or State Street proprietary information
 for personal gain [p. 14]

· Do
 not trade excessively [p. 13]

· Do
 not sell securities short [p. 13]

· Do
 not trade options or futures on Covered Securities or engage in spread-betting [p. 13] Do
 not participate in Initial Public Offerings [p. 13]

**Access Persons**

**Required**

· Follow
 all above rules for Covered Persons

· Pre-Clear
 trades in Covered Securities [p. 16]

**Prohibited**

· Do
 not sell or dispose of positions in Covered Securities for a profit that have been held for
 less than 60 days [p. 14]

**Investment Persons**

**Required**

· Follow
 all the above rules for Covered Persons and for Access Persons

**Prohibited**

· Do
 not personally trade Covered Securities when there is an open order on any trading desk for
 a client portfolio or fund for the same or similar security (Open Order Rule) [p. 17]

· Do
 not personally trade Covered Securities within seven days (before or after) of a trade in
 the same or equivalent security in a client portfolio with which you are associated (Blackout
 Period) [p. 17]

· Research
 Analysts: Do not personally trade Covered Securities in proximity to a recommendation you
 have made or to which you have access (Research Analyst Waiting Period) [p. 18]. This Rule applies
 regardless of the direction of trade, nature of recommendation, or amount traded.

Information Classification: General 5

**Statement of General Fiduciary Principles**

State Street Global Advisors, its subsidiaries and affiliates, and the officers of the Funds owe a fiduciary duty to their advisory clients (including the Funds) and are subject to certain laws and regulations governing personal securities trading. As a Covered Person, you have an obligation to adhere to the following principles:

· At
 all times, avoid placing your personal interest ahead of the interests of the clients or
 Funds of the Firm;

· Avoid
 actual and potential conflicts of interests between personal activities and the activities
 of the Firm's clients or Funds;

· Do
 not misappropriate investment opportunities from clients or Funds;

· Do not employ or engage in any
device, scheme, artifice, act, course of business, or manipulative practice to defraud clients or Funds; and

· Do
 not make untrue or misleading statements that defraud clients or Funds.

As such, your personal financial transactions and related activities, along with those of your family members and other Covered Persons, must be conducted consistently with this Code, including the principles herein, to avoid any actual or potential conflicts of interest with the Firm's clients or funds, or abuse of your position of trust and responsibility.

When making personal investment decisions, you must ensure that you do not violate the letter or the spirit of this Code. We have developed this Code to promote the highest standards of behavior and ensure compliance with applicable laws. The Code sets forth procedures and limitations that govern the personal securities transactions of every Covered Person.

**Related Policies and Procedures**

All employees of the Firm are required to comply with the following key policies and procedures, which set forth ethical standards required of all Firm personnel. This is not an exhaustive list of State Street or State Street Global Advisors Policies or Procedures to which employees are subject.

**State Street Corporate Policies and Procedures**

· Standard
of Conduct

· Gifts
and Entertainment Policy

· Political
Contributions and Activities Policy

· Outside
Activities Policy

· Conflicts
of Interest Policy

· Anti-Corruption
and Bribery Policy

· Conduct
Standards Policy

· Inside
Information Standard **State Street Global Advisors** 

**Policies and Procedures**

· Inside
Information/Information Barriers Policy and Procedure

· Global
Conflicts of Interest Procedure

· Anti-Corruption
and Bribery Procedure

Note: Policies and related procedures or guidance may be revised from time to time. Employees will find the most up-to-date policies on the intranet.

It is not possible for this Code to address every situation involving the personal trading of Covered Persons. The Conduct Risk Management Office is charged with oversight and interpretation of the Code in a manner considered fair and equitable, in all cases placing the Firm's clients' interests first.

---

| |
|:---|
| &nbsp;&nbsp;It is not enough to only comply with the technical aspects of the Code – **it is every Covered Person's responsibility to ensure their personal investments do not, in any way, compromise the Firm's fiduciary duty to any client.**<br>|
| &nbsp;&nbsp;If you are not certain whether it is appropriate to trade, then do not trade. If you are unsure whether a personal investment matter meets the required ethical standard, contact the Conduct Risk Management Office. |

---

Information Classification: General 6

**Requirements of the Code**

**General Requirements**

Applicable to All Covered Persons

**001. Comply with Applicable Securities Laws**

As a Covered Person, you must comply with securities laws and firm-wide policies and procedures, including this Code of Ethics. Securities laws include the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes-Oxley Act of 2002, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under these statutes, the Bank Secrecy Act and rules adopted there under by the SEC or the Department of the Treasury. Covered Persons outside the US may be subject to additional country-specific requirements and securities laws, which are included in Appendix D.

**002. Report Violations**

Covered Persons are required to promptly report any violation of the Code, whether their own or another individual's, to the Conduct Risk Management Office. Alternatively, you may contact the Senior Compliance Officer in your region, the CCO, or, to report anonymously, The Speakup Line (see Appendix E for contact information).

Nothing in the Code is intended to or should be understood to prohibit or otherwise discourage certain disclosures of confidential information protected by "whistleblower" laws to appropriate government authorities. State Street will not tolerate any discipline or other retaliation against employees who properly make such legally-protected disclosures.

---

| |
|:---|
| **Keep in mind** |
| Our policies and procedures and the Code of Ethics may be more restrictive than applicable securities laws. |

---

**003. Certify Receipt and Compliance with the Code**

*Initial Certification (New Covered Person)*

Within 10 calendar days of becoming subject to the Code, each new Covered Person must certify in writing that they (i) have read, understand, and will comply with the Code, (ii) will promptly report violations or possible violations, and (iii) recognize that an employee conduct issue related to the Code may be grounds for action under the *State Street Conduct Standards Policy.*

*Annual Certification (All Covered Persons)*

Each Covered Person is required to certify annually in writing that they (i) have read and understand the Code, (ii) have complied with the Code during the course of their association with the Advisor; (iii) will continue to comply with the Code in the future; (iv) will promptly report violations or possible violations, (iv) recognize that an employee conduct issue with the Code may be grounds for action under the *State Street Conduct Standards Policy*.

---

| |
|:---|
| **Certification Required** |
| Covered persons are required to certify to the Code of Ethics within 10 days of becoming subject to the Code of Ethics and on an annual basis. |

---

Information Classification: General 7

**Personal Trading Requirements – Accounts and Holdings**

Applicable to All Covered Persons

You must disclose all Reportable Accounts (as defined on page 10) when you become a Covered Person and continue to make accurate and timely account and holding reports. If you are an employee in the US, you must maintain your account(s) with an Approved Broker. Employees in other regions are encouraged to maintain accounts with "Preferred Brokers" where available. All Covered Persons must ensure the Conduct Risk Management Office receives timely and accurate reporting from your broker.

**004. File Initial and Annual Holding Reports**

Covered Persons must file initial and annual holdings reports ("Holdings Reports") in StarCompliance as follows:

&nbsp;&nbsp;&nbsp;&nbsp;a) Content
 of Holdings Reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) The
 name of any broker, dealer or bank with whom the Covered Person maintained a Reportable Account.
 Please note that all Reportable Accounts (see page 10) must be reported in Star Compliance.

ii) The title, number of shares and principal amount of each Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;b) Timing
 of Holdings Reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Initial
 Report – No later than 10 calendar days after becoming a Covered Person. The information
 must be current as of a date no more than 45 days prior to the date the Covered Person became
 an Access Person, Investment Person, or Non-Access Person.

ii) Annual Report – Annually, within 30 calendar days following calendar year end, and the information must be current as of a date no more than 45 calendar days prior to the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;c) Exceptions
 from Holdings Report Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Holdings
 in securities which are not Covered Securities are not required to be included in Holdings Reports (please see Appendix
 C).

Any Reportable Accounts opened during the Covered Person's employment or engagement with the Firm must also be immediately disclosed in StarCompliance regardless of whether there is any activity in the account. Any Reportable Accounts and holdings that become newly associated with a Covered Person through marriage, gift, inheritance, or any other life event, must be disclosed within 30 days of the event.

**005. Provide Duplicate Statements and Confirms**

Each Covered Person is responsible for ensuring the Conduct Risk Management Office receives timely reporting for their Reportable Accounts holdings, (as well as timely reporting for transactions of Covered Securities within the Reportable Account). This applies to any Reportable Accounts (including Fully Managed Accounts) active during the Covered Person's employment or engagement with the Firm. Covered Persons must ensure that on a regular basis the Conduct Risk Management Office or their designee(s) receives account statements (e.g. monthly, quarterly statements) listing all transactions for the reporting period. (See Section 007 – Filing Quarterly Transaction Reports.)

The Covered Person can accomplish this one of two ways:

&nbsp;&nbsp;&nbsp;&nbsp;a. Maintain Reportable Accounts at
Approved Brokers (or Preferred Brokers for employees based in non-US jurisdictions, where available). Approved Brokers and Preferred
Brokers send electronic feeds to the Conduct Risk Management Office; Covered Persons are not required to provide paper-based reporting
for accounts with Approved Brokers or Preferred Brokers. However, it is the
responsibility of the Covered Person to verify the accuracy of these feeds through Quarterly Transaction Reports and Annual Holdings
Reports. Employees in the US, with limited exceptions, are required to maintain their accounts at Approved Brokers. (See Section 006-Maintain
Accounts with Approved Brokers.)

Information Classification: General 8

&nbsp;&nbsp;&nbsp;&nbsp;b. For accounts not on an electronic
feed, the Covered Person must supply the Conduct Risk Management Office with required duplicate documents.

Please see Appendix D for regional requirements.

**006. Maintain Accounts with Approved Brokers (US Employees) or Preferred Brokers (Non-US employees)**

Unless an exemption applies, Covered Persons must maintain accounts with Approved Brokers or Preferred Brokers if required in their region. Please refer to the Personal Securities Trading FAQs on the Conduct Risk Management sharepoint site for regional requirements and for a list of Approved Brokers. The Approved Brokers provide both the holdings and transaction activity in each account through an electronic feed into StarCompliance.

The categorical exemptions to the Approved Broker and Preferred Broker requirement are:

&nbsp;&nbsp;&nbsp;&nbsp;a. Accounts approved by the Conduct
Risk Management Office as Fully Managed Accounts (also known as Discretionary Accounts. See Appendix A.)

&nbsp;&nbsp;&nbsp;&nbsp;b. Accounts that are part of a former
employer's retirement plan (such as a 401(k)); or accounts that are part of a spouse's or other Covered family member's
retirement plan at their employer.

&nbsp;&nbsp;&nbsp;&nbsp;c. Employees who are not US citizens
and are working in the US on an ex-pat assignment or whose status is non-permanent resident.

&nbsp;&nbsp;&nbsp;&nbsp;d. Securities held in physical form.

&nbsp;&nbsp;&nbsp;&nbsp;e. Securities restricted from transfer.

&nbsp;&nbsp;&nbsp;&nbsp;f. Accounts held by employees, or
any Covered Persons, in countries outside the region where they are currently assigned, which are not eligible for transfer to an Approved
or Preferred Broker in that region.

To apply for an exception to maintain an account outside of an Approved Broker, contact the Conduct Risk Management Office at <u>ethics@statestreet.com</u>.

Please see Appendix D for additional regional requirements.

Information Classification: General 9

**Reportable Accounts Guide**

To determine whether an account is a Reportable Account, determine who owns or benefits from the account *and* what types of investments the account can hold. If you have a beneficial interest in an account and the account can hold Covered Securities, it is likely a Reportable Account.

**What is a Beneficially Owned Account?**

A Beneficially Owned Account is:

· An
account where the Covered Person enjoys
the benefits of ownership (even if title is held in another name); and/or

· An
 account where the Covered Person, either directly or indirectly, has investment control or the power to vote or influence the
 transaction decisions of the account.

Generally, an individual is considered to be a beneficial owner of accounts or securities when the individual has or shares direct or indirect pecuniary interest in the accounts or securities. Pecuniary interest means that an individual has the ability to profit, directly or indirectly, or share in any profit from a transaction. Indirect pecuniary interest extends to, but is not limited to:

· Accounts
and securities held by immediate family members sharing the same household;

· Securities
 held in trust (certain restrictions may apply, see Appendix B for more details); and

· A
 right to acquire Covered Securities through the exercise or conversion of any derivative security, whether or not presently exercisable

**No Reporting Required**

· Checking
and savings accounts holding only cash

· Government-subsidized
pension saving products

· Pension
Accounts established under the Hong Kong regulation or Singapore Regulation with **no capacity** to invest in Covered Securities

· Savings
Plans within the course of company pension schemes which only allow unaffiliated open-end mutual funds

· Educational
Savings Plans which only allow unaffiliated open-end mutual funds

· Other
Registered Commingled Funds (such as IRC 529 Plans in the US)

**When in doubt, contact the Conduct Risk Management Office** e<u>thics@statestreet.com</u>

**What are Covered Securities?**

For a complete list of Covered Securities, see Appendix C. Some of the most common types are listed below.

· Stocks,
 including State Street Corp. ("STT")

· Exchange-traded
funds ("ETFs")

· Exchange-traded
notes ("ETNs")

· Open-ended
 mutual funds advised by the Firm

· Municipal
and Corporate bonds

Information Classification: General 10

![](tm2522623d1_ex99-bxpx46img30.jpg)

**Common Reportable Account Types**

The list of account types below is not all-inclusive. Consult the Conduct Risk Management Office if you have questions about whether an account is a Reportable Account.

· **Brokerage Account** 

All brokerage accounts are reportable, including but not limited to retirement accounts, non-retirement accounts, IRAs, RRSPs, UTMA and UGMA accounts. For further definition see Appendix A.

· **Employee Incentive Awards Deposit Account Provided by the Firm** 

Accounts that are provided to employees into which their Employee Incentive Awards are deposited are reportable.

· **Employee Stock Ownership and Purchase Plans ("ESOPs"/ "ESPPs")** 

· **Employer-sponsored Retirement Plans that invest/hold Covered Securities** 

**Practical Examples of Beneficial Ownership**

**See Appendix B for a more detailed discussion of Beneficial Ownership. For the purposes of this sidebar, "you" includes you, your spouse or domestic partner, or anyone else in your household who would be covered by the Code of Ethics, as discussed on page 3.**

**UGMA/UTMA Accounts** If you are the custodian of an UGMA/UTMA account for a minor, and one or both of you is a parent of the minor, you are a beneficial owner. If you are the beneficiary of an UGMA/UTMA and are of majority age, you are a beneficial owner.

**Education Accounts**

If you are the custodian of an Education Savings Account (ESA), or Coverdell IRA, you are a beneficial owner.

**Trusts**

If you are a trustee or the settlor of the trust who can independently revoke the trust and participate in making investment decisions for the trust, you are a beneficial owner.

If you are a beneficiary of the trust but have no investment control, the account is beneficially owned as of the date the trust is distributed, not before.

**Investment Powers over an Account** If you have any form of investment control, such as trading authorization or power of attorney, the account is beneficially owned as of the date you are able to direct or participate in the trading decisions.

Employer-sponsored retirement plans and accounts globally in which the employee/participant invests in or transacts in Covered Securities are reportable. Please see Appendix G "Code of Ethics FAQs" for further clarification on Reportable Retirement Plans.

Information Classification: General 11

**Personal Trading Requirements – Transactions**

Applicable to All Covered Persons

The Code of Ethics requires quarterly reporting of all Covered Transactions and imposes restrictions on certain types of transactions.

**007. Filing Quarterly Transaction Reports**

Each Covered Person is required to submit a quarterly transaction report for and certify to transactions during the calendar quarter in all Covered Securities. Each Covered Person shall also certify that the Reportable Accounts listed in the transaction report are the only Reportable Accounts in which Covered Securities were traded during the quarter for their direct or indirect benefit. For the purposes of this report, transactions in Covered Securities that are effected in Automatic Investment Plans or accounts approved by the Conduct Risk Management Office as Fully Managed Accounts need not be reported.

Covered Persons must file quarterly transaction reports ("Transaction Reports") in StarCompliance

&nbsp;&nbsp;&nbsp;&nbsp;a. Quarterly Transactions Report
For Transactions in Covered Securities are reported on a standardized form in StarCompliance that identifies the date, security, price,
volume, amount, and effecting broker of each Covered Security transaction.

&nbsp;&nbsp;&nbsp;&nbsp;b. Quarterly Transactions Report
For Newly Established Reportable Accounts reported in StarCompliance
Holding ANY Securities (provided there were transactions during the quarter) include the broker dealer or bank with whom the reportable
account is held, the date the account was opened, and the date the report was submitted to the Conduct Risk Management Office.

&nbsp;&nbsp;&nbsp;&nbsp;c. Timing of Transactions Report:
No later than 30 calendar days after the end of the calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;d. Exception from Transactions Report
Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Transactions
 effected pursuant to an Automatic Investment Plan as well as transactions in securities that are not Covered Securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Transactions effected in accounts that
are not Reportable Accounts are not required to be included in the Quarterly Transaction Report (please see Appendix C), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Transactions
 effected in a previously-approved Fully
 Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;e. Confirmation of Trades

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Employees must confirm their transactions
in StarCompliance after execution and before or
simultaneously with their quarterly transaction certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If an electronic feed has been
set up for broker
account (e.g. Fidelity account), the trading data will flow automatically to StarCompliance overnight, however, it is still the employee's
responsibility to maintain accurate data in StarCompliance and it is best practice to check whether electronic feeds were accurate by
checking records in StarCompliance prior to completing a quarterly certification.

&nbsp;&nbsp;&nbsp;&nbsp;f. State Street Employee Incentive
Stock Awards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. STT employee incentive stock awards
must be treated as Covered Securities. Employees receiving awards during a quarter should ensure any awards vested during the quarter
are appropriately reflected in their holdings, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. All employees must preclear  **<u>any</u>** transactions in STT (note, STT employee incentive awards are not subject to the 60 day profit prohibition when they become vested).

Information Classification: General 12

**008. Excessive Trading**

Excessive trading may interfere with job performance or compromise the duty that the Firm owes to clients and consequently is not permitted. Levels of personal trading will be monitored by the Conduct Risk Management Office and high levels of personal trading will be reported to senior management. A pattern of excessive trading may lead to action under the *State Street Conduct Standards Policy*.

**009. Futures, Options, Contracts for Difference, and Spread Betting**

Covered Persons are prohibited from buying or selling options and futures on Covered Securities (other than employee stock options). Covered Persons are also prohibited from engaging in Contracts for Difference ("CFDs") and spread betting related to Covered Securities.

**010. Shorting of Securities**

Covered Persons are prohibited from selling securities short.

**011. Initial Public Offerings**

Covered Persons are prohibited from acquiring securities through an allocation by an underwriter of an initial public offering ("IPO"). An exception may be considered for situations where the spouse/domestic partner/partner of a Covered Person ("PACs") is eligible to acquire shares in an IPO of his/her employer with prior written disclosure to and written approval from the Conduct Risk Management Office.

**012. Private Transactions**

Covered Persons must obtain prior written approval from the Conduct Risk Management Office before participating in a Private Placement or any other private securities transaction. To request prior approval, Covered Persons must provide the Conduct Risk Management Office with a completed Private Placement Request form, which is available on StarCompliance.

If the request is approved, the Covered Person must confirm the transaction in StarCompliance, verify the details on the next

Quarterly Transaction Report, and report the holding on the Annual Holdings Report. If the transaction has already been loaded to the Covered Person's Transaction report, the Covered Person must confirm the transaction in the Quarterly Transaction Report.

Covered Persons may not invest in Private Transactions if the opportunity to invest could be considered a favor or gift designed to influence the Covered Person's judgment in the performance of his/her job duties, or as compensation for services rendered to the issuer, or if there are any other potential conflicts of interest with State Street business. In determining whether to grant approval for any investment for a Private Transaction, the Conduct Risk Management Office will consider, among other things, whether it would be possible (and appropriate) to reserve that investment opportunity for one or more of the Firm's clients, as well as whether the opportunity to invest has been offered to the Covered Person as a gift, or as compensation for services rendered.

See Appendix A for definitions.

**013. Investment Clubs and Investment Contests**

Covered Persons must obtain prior written approval from the Conduct Risk Management Office before participating in an Investment Club. If approved, the brokerage account(s) of the Investment Club are subject to the Approved Broker, pre-clearance and reporting requirements of the Code. Sharing research or other proprietary information obtained through employment with State Street with Investment Club participants is prohibited.

Covered Persons are prohibited from direct or indirect participation in an investment contest. These prohibitions extend to the direct or indirect acceptance of payment or offers of payments of compensation, gifts, prizes, or winnings as a result of participation in such activities.

Information Classification: General 13

**014. Use of the Firm's Proprietary Information**

The Firm's investment recommendations and other Proprietary Information are for the exclusive use of the Firm and may not be used to inform employees' personal investment decisions. Examples of Proprietary Information include but are not limited to:

¨ Information about Firm or issuer business strategies, technologies, or ideas;

¨ client or proprietary transactions;

¨ changes to recommended portfolio weightings, portfolio composition, or target prices for any security;

¨ voluntary actions to be taken on any corporate actions;

---

| | |
|:---|:---|
| ¨ | research produced by employees of the Firm that could influence client investment decisions, such as employees' recommendations maintained in internal databases ; or ¨ any other information that may reasonably be expected could influence an investor's decision-making that has not been made public without violation of law or our policies. |

---

The definition of Proprietary Information does not include information that has been made public or comes from a service that broadly disseminates published information, such as Bloomberg. You should always assume that information is confidential, and treat it as such, unless it is clearly indicated otherwise. It is our responsibility to protect Proprietary Information and Confidential Informationagainst unintentional, malicious, or unauthorized disclosure or misuse. Any pattern of personal trading suggesting misuse of proprietary information may be investigated. Any misuse or distribution of information that is proprietary, confidential, or non-public is prohibited.

Applicable to Access Persons and Investment Persons

**015. Short-Term Trading**

All Access Persons and Investment Persons are prohibited from profiting from the purchase and sale (or sale and purchase) of the same or equivalent Covered Security within sixty (60) calendar days. Transactions that result in a profit will be considered an employee conduct issue and may result in action under *the State Street Conduct Standards Policy*. Any profit amount shall be calculated by the Conduct Risk Management Office or their designee(s), the calculation of which shall be binding. The following will not be matched with other purchases and sales for purposes of this provision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Transactions in securities that
are not Covered Securities such as money market funds (see Appendix C);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Transactions in ETFs, except certain
actively-managed SSGA ETFs (see Appendix C);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Securities received as a gift
or inheritance that cannot be matched to another transaction effected by a Covered Person within 60 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Involuntary actions such as vested
employer stock awards, dividend reinvestments, or other corporate actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Cashless exercise of a Covered
Person's employer stock options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Transactions executed in Fully
Managed Accounts that have been approved by the Conduct Risk Management Office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Transactions effected through
an Automatic Investment Plan, the details of which the Conduct Risk Management Office has been notified of in advance

Information Classification: General 14

**Exempted Transactions**

Pre-clearance is **not required** for certain common transactions.

**Automatic Investment Plans**

*Prior Notification to Conduct Risk Management Office Required* Purchases or sales that are part of an Automatic Investment Plan where the investment decisions are non-discretionary after the initial selections by the account owner (although the initial selection requires pre-clearance). These include dividend reinvestment plans, payroll and employer contributions to retirement plans, transactions in Employee Stock Ownership Programs ("ESOPs") and similar services. Initiation of an Automatic Investment Plan must be disclosed to the Conduct Risk Management Office in advance.

**Certain Exempt Covered Securities** 

Transaction(s) in Covered Securities for which the Conduct Risk Management Office has determined pre-clearance is not required (see Appendix C).

**Discretionary Accounts (Fully Managed Accounts)**

 

*Prior Approval from Ethics Office Required* Subject to prior approval of the account from the Conduct Risk Management Office, transactions made in a Discretionary Account. An account will not be deemed a Discretionary Account until the Conduct Risk Management Office has approved the account as such.

**Certain Educational Savings Plans**

Transactions in educational savings plans that only allow unaffiliated open-end mutual funds, unit-investment trusts, or other registered commingled products (such as IRC 529 Plans in the US).

**Involuntary Transactions** **Involuntary**

purchases or sales such as mandatory tenders, dividend reinvestments, broker disposition of fractional shares, debt maturities. **Voluntary** tenders, transactions executed as a result of a margin call, and other non-mandatory corporate actions are to be pre-cleared, unless the timing of the action is outside the control of the Covered Person, or the Conduct Risk Management Office has determined pre-clearance is not required for a particular voluntary transaction.

**Gifts or Inheritance**

Covered Securities received via a gift or inheritance, although such Covered Securities must be reported in StarCompliance. Note that pre-clearance is required prior to giving or donating Covered Securities.

**016. State Street Securities**

Each Covered Person must ensure that they have reported any Reportable Account holding State Street securities, and that they have reported in StarCompliance any vested State Street shares acquired through an employee incentive award. During certain trading windows, employees may be permitted to exercise Employee Incentive Awards without being subject to the Blackout and Open Order rules (page 17). **However, these transactions remain subject to the pre-clearance and reporting requirements of the Code at all times**. Employees will be notified when a trading window commences and terminates. During this period, all employees remain subject to the *State Street Global Advisors Inside Information/Information Barrier Policy and Procedure*, as well as the Personal Trading section of the State Street Standard of Conduct.

Additionally, certain employees of the Firm are subject to the State Street Securities Trading Policy ("SSTP") and will be notified of this by the Conduct Risk Management Office. Employees subject to SSTP must also comply with all notifications under that Policy.

Information Classification: General 15

**Pre-Clearance**

The Pre-Clearance requirement mitigates the risk of creating actual or perceived conflicts of interest with the trading activities made on behalf of Firm clients. **With limited exceptions, pre-clearance approval is required before you make any personal trades of Covered Securities.**

It applies to all your Reportable Accounts, including those belonging to, or in which, your spouse or other Covered family member has an economic interest or control. (See Appendix B)

It applies to transactions in most types of securities, including transactions in State Street Corp. stock (STT). (See Appendix C)

![](tm2522623d1_ex99-bxpx46img31.jpg)

**Personal Trading Requirements – Pre-Clearance**

Applicable to Access Persons and Investment Persons

You are required to receive pre-clearance approval before trading in any Covered Security, with limited exceptions. This applies to transactions made by your spouse, other Covered family member and/or in any other accounts in which you or they have beneficial ownership or control.

**017. Pre-Clearance**

Access Persons and Investment Persons must request and receive pre-clearance approval prior to effecting a personal transaction in all Covered Securities (see Appendix C).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All pre-clearance requests must be made by submitting a Trade Request for the amount of shares to be transacted in StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Pre-clearance is required for donations and/or gifts of securities made.

Trade requests may be approved or denied at the discretion of the Conduct Risk Management Office, In general, a transaction will be denied if the Covered Security is on any relevant Restricted List or if the Conduct Risk Management Office has reason to believe that the Covered Person has access to relevant information concerning the security or the issuer that is intended for the sole purpose of the Firm or its clients. **If the Covered Person has access to such information, it is the Covered Person's responsibility not to seek pre-clearance nor to trade in the security even if pre-clearance approval has been granted**. For Investment Persons, a transaction may also be denied if the Covered Security is actively being purchased or sold for a client account or account of a Fund, or the Covered Security has been traded within seven days in a portfolio for which they have management discretion.

Information Classification: General 16

**018. Restricted List**

To manage potential conflicts of interest, lists of issuers whose securities (including options and futures) may not be traded are integrated into the pre-clearance approval process. A security that you already own could be placed on a Restricted List at any time. If this happens, you may be unable to sell the security until it is removed from any Restricted List. Employees are not entitled to review any Restricted List.

The contents of any Restricted Lists shall be considered material non-public information and is subject to the considerations of the *Inside Information/Information Barrier Policy and Procedure*.

**019. Pre-Clearance Approval**

Pre-clearance approval granted by the Conduct Risk Management Office is valid only for the same business day the approval is granted and is ineffective on all dates where the relevant Exchange is not open for business. Make note of any expiration time and date displayed on any approved Trade Request. Because approvals are strictly time-limited, place day orders only. "Good-till-cancelled" orders are not permitted, including stop-loss, limit, and stop-limit orders other than day orders. This is a result of the pre-clearance function relying upon point-in-time data in order to have any effect.

Applicable to Investment Persons

**020. Open Order Rule**

Subject to the de minimis transaction threshold (Section 023-De Minimis Transactions), Investment Persons may not trade in a Covered Security, with the exception of ETFs, on any day that the Firm, globally, has a pending buy or sell order in the same Covered Security on any of the trading desk(s) for any client or proprietary fund portfolio until the order is executed or withdrawn (note: Executed trades are considered with regards to the Blackout Period, as outlined below).

**By seeking pre-clearance, you are attesting that you understand that the proposed trade:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Is
not influenced by any non-public information that is proprietary or confidential to State Street or to our clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Does
not create any conflict with State Street's responsibilities to its clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Is
lawful

If you are not certain whether it is appropriate to trade, then do not trade. Contact the Conduct Risk Management Office at <u>Ethics@StateStreet.com</u> for guidance prior to placing any order to trade.

**021. Blackout Period for Investment Persons**

Subject to the de minimis transaction threshold described below, Investment Persons may not buy or sell a Covered Security for seven calendar days before or after a transaction in the same or equivalent security for a client or proprietary fund portfolio with which they are associated. An employee is considered "associated" with a client or proprietary fund portfolio if they have ability to exercise, or direct, trades for the portfolio.

All Covered Persons are required to avoid placing their personal interest ahead of the interests of the clients of the Firm. Investment Persons associated with portfolios must be particularly careful not to engage in personal trading that calls into question whether they have placed their interests ahead of the interest of their clients. Trading in securities personally in advance of similar trades made by the respective Portfolio may lead to questions about the Covered Person's priorities. In such cases, it will be incumbent upon the Covered Person to demonstrate that the clients' priorities were not subordinated to their own priorities. Similarly, failing to trade in a security for a Portfolio because of a personal trade that has recently been made is also a subordination of client interest. Covered Persons with responsibility for portfolios finding themselves needing to violate the Blackout Period in order to avoid placing their personal interest ahead of the clients' interest must inform the Conduct Risk Management Office. Such violations are subject to action under the State Street Conduct Standards Policy.

Information Classification: General 17

**022. Waiting Period for Research Analysts**

Research Analysts with access to tools containing proprietary buy or sell recommendations, who receive internal communications regarding buy or sell recommendations, or participate in investment meetings where buy or sell recommendations are discussed, must refrain from trading in securities that are the subject of such recommendations for their personal account if it could reasonably be presumed that such information was relevant to an investment decision. Examples of recommendations that could reasonably be presumed to be relevant to investment decisions on behalf of client portfolios include but are not limited to buy or sell recommendations, internal analyst upgrades or downgrades related to an issuer, changes to recommended portfolio weightings, portfolio composition, or target prices for any security, or recommendations regarding voluntary corporate actions. Examples of information that are not presumed to be relevant to investment decisions include market analyses, economic updates, or financial updates regarding an issuer that do not also include a buy/sell recommendation or ratings analysis. Research Analysts who trade Covered Securities for their personal account should expect heightened monitoring of such trades. If there is a reason to question whether such trades were made on the basis of confidential or proprietary non-public information, it will be incumbent upon the Covered Person to demonstrate otherwise.

Please see Appendix D for additional regional requirements.

**023. De Minimis Transactions**

De Minimis transactions are subject to the pre-clearance and reporting requirements of the Code, and must follow all holding period and Restricted List requirements of this Code. However, there is a limited exclusion applied for De Minimis transactions in that they are not subject to the Open Order Rule or the Blackout Rule as described above. This exclusion exists because of the breadth and frequency with which securities are being traded across all of the portfolios of the Firm, which would effectively prohibit almost all equity trading by Investment Persons.

A "De Minimis transaction" is a personal trade that meets one of the following conditions: A single transaction in a security with a value equal to or less than US $10,000 (or the local country equivalent) or multiple transactions in a security within a five business day window following the initial trade date (i.e. initial trade date plus five subsequent business days) that have an aggregate value equal to or less than US $10,000.

<u>De Minimis Transaction Examples: (*All values are in US Dollars)*</u>

---

| | | |
|:---|:---|:---|
| **Status** | **Transaction(s)** | **Notes** |
| De minimis | Day One: Buy $10,000 of ABC, Inc. | No subsequent transactions in the following five business days |
| De minimis | Day One: Sell $4,000 of XYZ Corp.<br> Day Two: Sell $3,000 of XYZ Corp.<br> Day Four: Sell $800 of XYZ Corp. | Within five business days, less than $10,000 worth of XYZ Corp. is sold; all transactions in the aggregate are under the de minimis threshold |
| NOT de minimis | Day One: Buy $9,500 of PQR, Inc.<br> Day Three: Buy $1,000 of PQR, Inc. | Day Three transaction is not considered de minimis, as it brings the total for the five business day window after the initial trade date over $10,000 |
| NOT de minimis\* | Day One: Sell $9,000 of Acme Corp.<br> Day Six: Sell $1,500 of Acme Corp. | Day Six transaction is not considered de minimis, as it brings the total for the five business day window following the initial trade date over $10,000 |

---

\*Day One is the initial trade date and Day 6 is the fifth business day following the initial trade date.

StarCompliance will calculate whether a transaction meets the De Minimis thresholds and will take this into account when determining whether to approve or deny a personal trade.

Information Classification: General 18

**024. Additional Requirements for Fundamental Equity Investment Persons**

Investment Persons on Fundamental Equity Teams are required to obtain the respective Asset Class CIO's approval before transacting in single name equities and securities that can convert to single name equities for their personal accounts, including but not limited to transactions in stock, preferred stock, warrants, and any security convertible to an equity. This additional preapproval requirement includes the purchase of new positions and purchase of additional shares of existing positions, with the exception of dividend reinvestments and other involuntary corporate actions. With prior approval from the Conduct Risk Management Office, exceptions from the additional preapproval requirement may be allowed for Fully Managed Accounts. Prior approval can also be requested to transact in securities directly through an employer stock plan or employer stock options, or in circumstances of hardship.

Pre-approvals provided by Asset-Class CIOs will be effected after a trade pre-clearance request has been approved in StarCompliance. Upon receipt of the StarCompliance approval email, the employee shall forward the approval to the appropriate CIO and cc GA_Compliance_CIO_CodeReview. The employee shall provide the Asset Class CIO with any relevant information regarding the trade request. The CIO will review the request and "reply all" when approving or denying the request. Employees may not trade if the request has been denied by Conduct Risk Management Office via StarCompliance or by the CIO. Pre-approvals provided by Asset-Class CIOs expire at the same time and date noted on the StarCompliance pre-approval.

Information Classification: General 19

**Administration and Enforcement of the Code**

The Code of Ethics is administered by the Conduct Risk Management Office and reviewed and approved by State Street Global Advisors' Global Fiduciary and Conduct Committee. Violations of the Code are subject to consideration under the conduct standards framework and the *State Street Conduct Standards Policy.*

**025. Distribution of the Code**

Each new Covered Person will be given a copy of the Code. Each new employee's offer letter will include a statement advising the individual that he/she will be subject to the Code if he/she accepts the offer or employment. If, outside the US due to local employment practices it is necessary to modify this approach, then the offer letters will be revised in accordance with local law.

**026. Applicability of the Code of Ethics' Provisions**

The Conduct Risk Management Office has the discretion to determine that the provisions of the Code do not apply to a specific transaction or activity and may exempt any transaction from one or more trading prohibitions. The Conduct Risk Management Office will review applicable facts and circumstances of such situations, such as specific legal requirements, contractual obligations or financial hardship. Any Covered Person who would like such consideration must submit a request in writing to the Conduct Risk Management Office. Further, all granted exemptions must be in writing.

**027. Review of Reports**

The Conduct Risk Management Office shall review and monitor reports filed by Covered Persons. Covered Persons and their supervisors may or may not be notified of the Conduct Risk Management Office's review.

**028. Violations and Sanctions**

Any potential employee conduct issues related to the provisions of the Code may be investigated. If a determination is made that an employee conduct issue occurred, the issue will be addressed under the *State Street Conduct Standards Policy*. Where consistent with applicable law, and among other appropriate sanctions that should be considered, sanctions may include a requirement to disgorge an amount equivalent to profits earned or losses avoided as a result of personal trading made in egregious violation of the Code. Material violations will be reported promptly to the respective Firm Committees, boards of trustees/managers of the Reportable Funds or relevant committees of the boards and, when relevant, impacted clients. Please see Appendix D for additional regional requirements.

**029. Amendments and Committee Procedures**

The Global Fiduciary and Conduct Committee ("the Committee") will review and approve the Code, including appendices and exhibits, and any amendments thereto. The Committee may, from time to time, amend the Code and any appendices and exhibits to the Code to reflect updated business practice or changes in applicable law and regulation. In addition, the Committee, or its designee, shall submit any material amendments to this Code to the respective boards of trustees/managers of the Reportable Funds, or their designee(s), for ratification no later than six months after adoption of the material change.

**030. Recordkeeping**

The Conduct Risk Management Office shall maintain records in accordance with the requirements set forth in applicable securities laws.<sup>1</sup>

<sup>1</sup>

 In the US, recordkeeping requirements for code of ethics are set forth in Rule 17j-1 of the Investment Company Act of 1940 and Rule 204-2 of the Investment Advisers Act of 1940.

Information Classification: General 20

Appendix A

Terms and Definitions

These definitions are designed to help you, as a Covered Person, understand and apply the Code. These definitions are integral and a proper comprehension of them is necessary to comply with the Code.

Please contact the Conduct Risk Management Office (<u>ethics@statestreet.com</u>) if you have any questions.

**Covered Person** employees of the Firm, including full-time and part-time, exempt and non-exempt employees (where applicable); officers of the Funds who are not employed by the Firm; and other such persons as designated by the Conduct Risk Management Office. Covered Person also includes certain designated contingent workers engaged at the Firm, including but not limited to consultants, contractors, and temporary help, as well as an employee of another business unit with access to Firm data such as non-public information regarding any client's purchase or sale of securities, non-public information regarding any client's portfolio holdings, or non-public securities recommendations made to clients (SSGS APAC, corporate functions, etc.).

Covered Persons are subject to the provisions of this Code. The personal trading requirements of the Code also apply to related persons of Covered Persons, such as spouses, domestic partners, minor children, adult children and other relatives living in the Covered Person's household, as well as other persons designated as a Covered Person by the CCO or the Conduct Risk Management Office, or their designee(s).

**Automatic Investment Plan** means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. This includes a dividend reinvestment plan and some payroll or employer contributions to retirement plans.

**Brokerage Account** means an account with a financial institution in which the account owner can hold or trade a wide variety of securities and exercises brokerage capabilities. Covered Persons should contact their financial institution(s) to verify whether or not their account(s) can hold Covered Securities.

**Covered Securities** are those securities subject to certain provisions of the Code. See Appendix C - Guide: Requirements by Security Types.

**Contract for Difference** ("CFD") a financial derivative, a contract between two parties typically described as "buyer" and "seller", stipulating that the seller will pay to the buyer the difference between the current value of an asset and its value at contract time. If the difference is negative, then the buyer pays instead to the seller. CFD allows investors to take advantage of prices moving up (long positions) or prices moving down (short positions) on underlying financial instruments and are often used to speculate on those markets.

**Employees Incentive Awards** means Firm Performance Equity Plan ("PEP") Awards in State Street Corporation ("STT") stock, Deferred Stock Awards ("DSAs"), Restricted Stock Awards ("RSAs"), STT stock options which are granted to employees, and any other awards that are convertible into or otherwise based on STT common stock.

**Fully Managed Account (also known as Discretionary Account)** means an account Beneficially Owned by you or your Related Persons in which you or your Related Persons have ceded all direct control, influence, and approval, and have contractually assigned responsibility for the timing and nature of all trades and all day-to-day investment management decisions to an independent party. For the purpose of this Policy, the Conduct Risk Management Office is required to approve in advance account arrangements qualifying as Fully Managed Accounts.

**Private Transaction** means a securities offering that is executed outside of a recognized securities exchange. Examples of private transactions include private placements, co-operative investments in real estate, commingled investment vehicles such as hedge funds, investments in family owned or privately held businesses, private company shares, and Initial Coin or Token Offerings promoted by a Decentralized Autonomous Organization ("DAO")<sup>2</sup> where there is investment in a venture or project for expectation of profit. Time-shares and cooperative investments in real estate used as a primary or secondary residence are not considered to be private placements.

Information Classification: General 21

**Reportable Fund** means any commingled investment vehicle (except money market funds), or Exchange Traded Note ("ETN") for which the Firm act as investment advisor, sub-advisor, principal underwriter, or marketing agent.

**Selling Short** is the practice of selling a stock that is not currently owned, while simultaneously borrowing the shares from a lending party and delivering the borrowed shares to the buyer.

**State Street Global Advisors Compliance Department** means all global Firm compliance staff, including those in local offices, in charge of ensuring compliance with the laws and regulations in force worldwide and who report up to the Chief Compliance Officer of the Firm.

**Spread Betting** is any of various types of wagering, such as on sports, financial instruments or house prices for example, on the outcome of an event where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome. As an example, spread betting on a stock allows the investor to speculate on the price movement of the stock.

2 A "virtual" organization embodied in computer code and executed on a distributed ledger of blockchain.

Information Classification: General 22

Appendix B

Beneficial Ownership of Accounts and Securities

**A Beneficially Owned Account is:**

· An
account where the Covered Person enjoys the
benefits of ownership (even if title is held in another name); and/or

· An
account where the Covered Person either directly or indirectly, has investment control or the power to vote or influence the transaction
decisions of the account.

The Code's provisions apply to accounts beneficially owned by the Covered Person, as well as accounts under direct or indirect influence or control of the Covered Person.

Generally, an individual is considered to be a beneficial owner of accounts or securities when the individual has or shares direct or indirect pecuniary interest in the accounts or securities. Pecuniary interest means that an individual has the ability to profit, directly or indirectly, or share in any profit from a transaction. Indirect pecuniary interest extends to, but is not limited to:

· Accounts and securities held by
immediate family members sharing the same household;

· Securities held in trust (certain
restrictions may apply); and

· A right to acquire Covered Securities
through the exercise or conversion of any derivative security, whether or not presently exercisable.

Practical Application

**If an adult child is living with his or her parents:** If the child is living in the parents' house, but does not financially support the parent, the parents' accounts and securities are not beneficially owned by the child. If the child works for the Firm and does not financially support the parents, accounts and securities owned by the parents are not subject to the Code, with the exception of UGMA/UTMA, or similar types of accounts, which are legally owned by the child. If one or both parents work for the Firm, and the child is supported by the parent(s), the child's accounts and securities are subject to the Code because the parent(s) is a beneficial owner of the child's accounts and securities.

**Co-habitation (domestic partnership or PACS):** Domestic partnerships or PACS are generally considered to be permanent, committed arrangements. Accounts where the Covered Person is a joint owner are subject to the Code. If the Covered Person contributes to the maintenance of the household and the financial support of the partner, the partner's accounts and securities are beneficially owned by the Covered Person and are therefore subject to the Code.

**Co-habitation (roommate):** Generally, roommates are presumed to be temporary and have no beneficial interest in one another's accounts and securities.

**UGMA/UTMA and similar types of accounts:** If the Covered Person or the Covered Person's spouse or other Covered family member is the custodian for a minor child, the account is beneficially owned by the Covered Person. If someone other than the Covered Person, or the Covered Person's spouse or other Covered family member, is the custodian for the Covered Person's minor child, the account is not beneficially owned by the Covered Person. If a Covered Person is the minor/beneficiary of the account, the account is a Reportable Account.

**Transfer on Death accounts ("TOD accounts"):** TOD accounts where the Covered Person receives the interest of the account upon death of the account owner are not beneficially owned by the Covered Person until the account transfer occurs (this particular account registration is not common).

Information Classification: General 23

**Trusts**

· If
 the Covered Person is the trustee for an account where the beneficiaries are not immediate
 family members, the position should be reviewed in light of outside business activity reporting
 requirements and generally will be subject to a case-by-case review for Code applicability.

· If
 the Covered Person is a beneficiary and does not share investment control with a trustee,
 the Covered Person is not a beneficial owner until the Trust assets are distributed.

· If
 a Covered Person is a beneficiary and can make investment decisions without consultation
 with a trustee, the trust is beneficially owned by the Covered Person.

· If
 the Covered Person is a trustee and a beneficiary, the trust is beneficially owned by the
 Covered Person.

· If
 the Covered Person is a trustee, and a family member is beneficiary, then the account is
 beneficially owned by the Covered Person.

· If
 the Covered Person is a settler of a revocable trust, the trust is beneficially owned by
 the Covered Person.

· If
 the Covered Person's spouse/domestic partner is trustee and beneficiary, a case-by-case
 review will be performed to determine applicability of the Code.

**College age children:** If a Covered Person has a child in college and still claims the child as a dependent for tax purposes, the Covered Person is a beneficial owner of the child's accounts and securities.

**Powers of Attorney:** If a Covered Person has been granted durable or conditional power of attorney over an account, the Covered Person is not the beneficial owner of the account until such time as the power of attorney is exercised. If a Covered Person has been granted full power of attorney over an account, the account is a Reportable Account. Beneficial ownership runs until revocation/termination of the power of attorney.

Information Classification: General 24

Appendix C

Guide: Requirements by Security Types

*This list is not all inclusive and may be updated from time to time. Contact the Conduct Risk Management Office for additional guidance as needed.*![](tm2522623d1_ex99-bxpx46img34.jpg)

Information Classification: General 25

![](tm2522623d1_ex99-bxpx46img35.jpg)

Information Classification: General 26

Appendix D

Country Specific Requirements

All Countries

**Personal Data**

Refer to the Global Privacy and Personal Data Protection Standard (Standard) for the minimum requirements on how to handle and protect personal data in all jurisdictions in which State Street operates. Also reference the regional addenda to the Standard for any laws of a specific country that may require additional privacy or data protection measures.

Australia

**Additional Blackout Period**

From time to time the Responsible Entity ("RE") of the Australian domiciled Exchange Traded Funds (ETFs) may determine certain Covered Persons could be in possession of material, non-public information relating to one or more ETFs for which State Street Global Advisors, Australia, Limited is the investment advisor, and request a blackout period covering the securities be implemented, whether due to consideration of Australian Securities Exchange listing rules, the insider trading provisions of the Corporations Act 2001 or similar. Typically this may occur during the two weeks prior to the public announcement of income distributions for an ETF.

Upon receipt of a request from the RE, Compliance will review the request and may initiate a blackout period over the relevant ETFs on such terms as are deemed appropriate. Covered Persons to whom a blackout period applies will be advised of the commencement, duration and other specifics of any such blackout period. Any trading in contravention of the blackout period will be treated as an employee conduct issue.

Japan

**Holding Period**

Covered Persons in Japan are subject to a minimum holding period of 6 months regardless of whether a transaction would result in the Covered Person realizing a loss or profit. (Section V. B. Short - Term Trading) This requirement applies to equities, equity warrants, convertible bonds and other equity related products, and does not apply to ETFs, mutual funds, and non-convertible bonds.

Information Classification: General 27

Appendix E

Contacts

Questions or Concerns about Policies or Situations:

The Conduct Risk Management Office *(<u>ethics@statestreet.com</u>)*

Actual or Possible Violations of Policy:

The Conduct Risk Management Office *(<u>ethics@statestreet.com</u>)*

Speak Up Line

<u>https://secure.ethicspoint.com/domain/media/en/gui/55139/index.html</u>

Information Classification: General 28

Appendix F

Code of Ethics Reporting Requirements

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Report** | &nbsp;&nbsp;**Frequency** | &nbsp;&nbsp;**Requirements** | &nbsp;&nbsp;**Notes** |
| &nbsp;&nbsp;**Initial Holdings Report** | &nbsp;&nbsp;Once; completed after becoming Covered Person | &nbsp;&nbsp;Disclose all Reportable<br> Accounts and Holdings in<br> StarCompliance (See Page 8) | &nbsp;&nbsp;Remember to set up duplicate statements and confirmations from your broker, if necessary (See 005. Duplicate Statements and Confirms on Page 8). |
| &nbsp;&nbsp;**Annual Holdings Report** | &nbsp;&nbsp;Annually in January | &nbsp;&nbsp;Ensure all holdings in Covered Securities (See Appendix C) are correctly reflected in StarCompliance. This includes updating holdings to account for involuntary transactions that have occurred, such as mergers, stock splits, and other corporate actions. | &nbsp;&nbsp;**You are responsible for ensuring the data in this report is accurate.** If you hold an account at an Approved Broker and holdings data is fed to StarCompliance (See 006. Maintain Accounts with Approved Brokers), you must still review the data on the report for accuracy. |
| &nbsp;&nbsp;**Quarterly Transaction Report** | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;Ensure all Reportable Transactions for the quarter are correctly reflected in StarCompliance.<br> Transactions in accounts previously approved by the Conduct Risk Management Office as Fully Managed Accounts or Automatic Investment Plans are not Reportable Transactions. | &nbsp;&nbsp;**You are responsible for ensuring the data in this report is accurate.** If you hold an account at an Approved Broker and holdings data is fed to StarCompliance (See 006. Maintain Accounts with Approved Brokers), you must still review the data on the report for accuracy. |
| &nbsp;&nbsp;**Ad Hoc Holdings Report** | &nbsp;&nbsp;Ad hoc<br> *Marriage, new children, inheritance, and financial planning activities may cause accounts and holdings to be opened or associated to you.* | &nbsp;&nbsp;Disclose any newly opened or newly associated Reportable Accounts and Holdings in StarCompliance within 30 days of opening or association. | &nbsp;&nbsp;Remember to set up Duplicate Statements and Confirms (See 005. Duplicate Statements and Confirms on Page 8). |

---

Information Classification: General 29

Appendix G

Code of Ethics FAQs

The Conduct Risk Management Office has additional FAQ and How-To documents related to using Star and completing required reporting (e.g., Initial and Annual Holdings Reports) available on its sharepoint site.

I work in the United States. Do I have to report my State Street 401(k)?

No, you are not required to disclose your State Street 401(k) at this time unless you have chosen to participate in the linked brokerage account option, in which case the linked brokerage account, and the holdings in the account, do need to be reported. 401(k) and other self-invested workplace pension accounts are reportable where you or your Covered Persons have investment discretion beyond that of allocating a monthly value to a specific risk profile or sector, or selecting from a limited number of pre-selected funds.

However, if you have activated the Brokerage Link feature for your 401(k), you must report that account and ensure that all transactions and holdings are reflected accurately in Quarterly Transaction Reports and Annual Holdings Reports, respectively.

**My spouse (or I) has a company- or government-sponsored retirement plan** (such as a 401(k) in the US, or a superannuation plan in Australia). How do I determine what accounts, holdings, and transactions must be disclosed and pre-cleared?

*Due to the wide variety of plans available globally, it's important to check with the Conduct Risk Management Office if you have any questions about how this applies to you.*

**Accounts**

If the account or plan currently holds Covered Securities (see Appendix C), you must disclose the account.

Retirement plans usually have a "line up" of available investments from which the account owner can choose; if there is a Covered Security in the lineup of available investments, but you do not currently invest in Covered Securities, you are not required to disclose the account. If at any point, your retirement plan invests in Covered Securities, you must disclose the account, the holdings in Covered Securities, and the Transactions in Covered Securities, as described below.

**Holdings**

You must disclose <u>any</u> holdings in Covered Securities (see Appendix C).

**Transactions**

<u>Usually</u>, transactions in a retirement plan you are actively participating in fall under the Automatic Investment Plan definition (see Appendix A) and are treated as such. However, you must pre-clear and disclose any transactions over which you exercised discretion. For example, the following types of transactions must be pre-cleared and disclosed:

· A
change in future investment allocations in Covered Securities, such as increasing your automatic payroll investment in Security XYX from
15% to 20%. Note: only the initial change must be pre-cleared and reported.

· Re-allocating
your existing holdings in Covered Securities, such as changing your portfolio from 50% Security XYZ and 50% Security ABC to 75% Security
XYZ and 25% Security ABC.

If you or your Covered Person are automatically enrolled in a plan with default investment percentages (e.g., 7% of salary) and investment options, any transactions made as a result of your automatic enrollment are not subject to disclosure or pre-clearance.

Information Classification: General 30

![](tm2522623d1_ex99-bxpx46img33.jpg)

**I have an account with an Approved or Preferred Broker** which feeds my transactions to Star. Can you tell me what I have to do with regards to pre-clearance and reporting whenever I make personal trades?

In order to ensure your trades are properly pre-cleared and reported, make sure that you:

(1) Pre-clear the trade by submitting a Trade Request in StarCompliance. Trade Requests:

&nbsp;&nbsp;&nbsp;&nbsp;· Must
be for the correct security, account, and trade direction (buy vs.
sell).

&nbsp;&nbsp;&nbsp;&nbsp;· Must
be for at least the amount of shares that you plan on trading. You may always trade **fewer** shares than you were approved for, but
you may not trade **more**.

(2) Are valid only for the day they
are approved. Wait for the result (Approved or Denied) from Star before trading. You'll typically receive the result within seconds
on screen and will receive an email with the results. Trade Request approvals are valid only for the day they are approved. Make
note of the expiration time and date for any approved Trade Request.

(3) Ensure your transactions are accurately reflected in Star.

&nbsp;&nbsp;&nbsp;&nbsp;· You
are **required** to do this on a quarterly basis (known as the Quarterly Transactions Report), but many people find it easier to compare
their transactions in Star with their broker's records (e.g., a statement or trade confirmations) more frequently.

&nbsp;&nbsp;&nbsp;&nbsp;· When
you submit your Quarterly Transactions Report, it must accurately reflect all Reportable Transactions for the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;· The
Approved Broker feeds are tools to help keep accurate records in Star; you are responsible for the accuracy of the data in your Code
of Ethics reports.

**My account is not with an Approved Broker.** Can you tell me what I have to do with regards to pre-clearance and reporting whenever I make personal trades?

In order to ensure your trades are properly pre-cleared and reported, make sure that you:

(1) Pre-clear the trade by submitting a Trade Request in StarCompliance. Trade Requests:

&nbsp;&nbsp;&nbsp;&nbsp;· Must
 be for the correct security, account, and trade direction (buy vs. sell).

&nbsp;&nbsp;&nbsp;&nbsp;· Must
 be for at least the amount of shares that you plan on trading. You may always trade **fewer** shares than you were approved
 for, but you may not trade **more**.

&nbsp;&nbsp;&nbsp;&nbsp;· Are
 valid only for the day they are approved.

(2) Wait for the result (Approved
or Denied) from Star before trading. You'll typically receive the result within seconds on screen and will receive an email with
the results. Trade Request approvals are valid only for the day they are approved. Make note of any
expiration time and date for any approved Trade Request.

(3) Ensure your transactions are accurately
reflected in Star.

&nbsp;&nbsp;&nbsp;&nbsp;· You
 are **required** to do this on a quarterly basis (known as the Quarterly Transactions Report), but many people find it easier to use
 the StarCompliance "Execute" function after they trade. The <u>StarCompliance User Guide</u> on the Conduct Risk Management sharepoint site provides step-by-step instructions.

&nbsp;&nbsp;&nbsp;&nbsp;· When
 you submit your Quarterly Transactions Report, it must accurately reflect all Reportable Transactions for the quarter.

Information Classification: General 31

## Ex-99.B(P)(47)

**Exhibit 99.b(p)(47)** 

**The Informed Momentum<br> Company LLC**

**Global IMC LLC**

**Code of Ethics**

**Compliance Policies**

**Procedures Manual**

------

**Effective February 28, 2025**

------

I-1 \| I M C

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **I** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INTRODUCTION** | **I-5** |
| **II** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CODE OF ETHICS AND STANDARDS OF BUSINESS CONDUCT** | **II-7** |
|  | **Scope of Policy** | **II-7** |
|  | **Code of Business Conduct** | **II-8** |
|  | &nbsp;&nbsp;&nbsp;Acting as a Fiduciary | II-8 |
|  | &nbsp;&nbsp;&nbsp;Compliance with Securities Laws & Rules | II-8 |
|  | &nbsp;&nbsp;&nbsp;Conflicts of Interest | II-9 |
|  | &nbsp;&nbsp;&nbsp;Outside Business Activities | II-9 |
|  | &nbsp;&nbsp;&nbsp;Maintenance of Independence and Objectivity | II-9 |
|  | &nbsp;&nbsp;&nbsp;Political Contributions, Gifts and Entertainment | II-10 |
|  | &nbsp;&nbsp;&nbsp;Gifts and Entertainment | II-10 |
|  | &nbsp;&nbsp;&nbsp;Personal Securities Holdings and Transactions | II-11 |
|  | &nbsp;&nbsp;&nbsp;Preserving Confidentiality | II-12 |
|  | &nbsp;&nbsp;&nbsp;Insider Information | II-12 |
|  | &nbsp;&nbsp;&nbsp;Portfolio Investment Recommendations and Actions | II-12 |
|  | &nbsp;&nbsp;&nbsp;Priority of Transactions | II-12 |
|  | &nbsp;&nbsp;&nbsp;Prohibition against Misrepresentation | II-12 |
|  | &nbsp;&nbsp;&nbsp;Reporting Violations | II-13 |
|  | &nbsp;&nbsp;&nbsp;Sanctions/Disciplinary Policy | II-13 |
| **III** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMPLIANCE POLICIES AND PROCEDURES** | **III-1** |
|  | **Scope** | **III-1** |
|  | **Chief Compliance Officer** | **III-1** |
|  | **Senior Management** | **III-2** |
|  | **Supervision** | **III-2** |
|  | **Testing and Annual Review** | **III-2** |
|  | **Compliance Committee** | **III-2** |
|  | **Compliance Manual Violations** | **III-3** |
|  | **Risk Assessment** | **III-3** |
|  | **Whistleblower Policy** | **III-4** |
|  | **Registration** | **III-5** |
|  | &nbsp;&nbsp;&nbsp;Firm Registration & State Notice Filing | III-5 |
|  | &nbsp;&nbsp;&nbsp;Investment Adviser Representative Registration/Licensing | III-6 |
|  | &nbsp;&nbsp;&nbsp;Annual Renewal | III-6 |
|  | **Disclosure** | **III-7** |
|  | &nbsp;&nbsp;&nbsp;Part 2 of Form ADV | III-7 |

---

I-2 \| I M C

---

| | |
|:---|:---|
| **Annual and Other Reporting** | **III-11** |
| &nbsp;&nbsp;&nbsp;Amendments to Part 1 of Form ADV | III-11 |
| &nbsp;&nbsp;&nbsp;Annual Updating Amendment | III-11 |
| &nbsp;&nbsp;&nbsp;Schedules 13D & 13G | III-11 |
| &nbsp;&nbsp;&nbsp;Form 13F | III-12 |
| &nbsp;&nbsp;&nbsp;Form 13H | III-13 |
| &nbsp;&nbsp;&nbsp;Form PF | III-14 |
| &nbsp;&nbsp;&nbsp;Form ADV-W I | III-16 |
| **Regulatory and Legal Matters** | **III-16** |
| **Portfolio Management** | **III-18** |
| &nbsp;&nbsp;&nbsp;Allocation of Investment Opportunities, Portfolio Recommendations | III-18 |
| &nbsp;&nbsp;&nbsp;Guidelines, Restrictions, and Suitability | III-19 |
| &nbsp;&nbsp;&nbsp;Proxy Voting | III-19 |
| **Trading** | **III-20** |
| &nbsp;&nbsp;&nbsp;Affiliated Broker-Dealer | III-20 |
| &nbsp;&nbsp;&nbsp;Insider Trading | III-21 |
| &nbsp;&nbsp;&nbsp;Personal Trading | III-23 |
| &nbsp;&nbsp;&nbsp;Personal Accounts | III-26 |
| &nbsp;&nbsp;&nbsp;Personal Security Holdings and Transaction Records | III-26 |
| &nbsp;&nbsp;&nbsp;Allocation of Investment Opportunities and Limited Offerings | III-27 |
| &nbsp;&nbsp;&nbsp;Allocation of IPOs | III-28 |
| &nbsp;&nbsp;&nbsp;Aggregation of Orders, Trade Order Allocation | III-28 |
| &nbsp;&nbsp;&nbsp;Mutual Fund Market Timing and Late Order Controls | III-30 |
| &nbsp;&nbsp;&nbsp;Trade Process | III-30 |
| &nbsp;&nbsp;&nbsp;Trade Errors | III-30 |
| &nbsp;&nbsp;&nbsp;Best Execution and Broker Selection | III-31 |
| &nbsp;&nbsp;&nbsp;Directed Brokerage | III-32 |
| &nbsp;&nbsp;&nbsp;Soft Dollars | III-32 |
| **Private Fund Compliance Policies** | **III-33** |
| &nbsp;&nbsp;&nbsp;Introduction | III-33 |
| &nbsp;&nbsp;&nbsp;Policies | III-33 |
| &nbsp;&nbsp;&nbsp;Registration Exemption | III-34 |
| &nbsp;&nbsp;&nbsp;Qualification of Investors | III-34 |
| &nbsp;&nbsp;&nbsp;Advertising or Soliciting | III-34 |
| &nbsp;&nbsp;&nbsp;Portfolio Management | III-35 |
| &nbsp;&nbsp;&nbsp;ERISA | III-35 |
| &nbsp;&nbsp;&nbsp;Service Providers | III-35 |
| &nbsp;&nbsp;&nbsp;Recordkeeping | III-36 |
| &nbsp;&nbsp;&nbsp;Rule 506(d) Bad Actor | III-36 |
| **Mutual Fund Compliance Policies** | **III-41** |
| &nbsp;&nbsp;&nbsp;Introduction | III-41 |
| &nbsp;&nbsp;&nbsp;Definition of Affiliate | III-42 |
| &nbsp;&nbsp;&nbsp;Cross Transactions | III-42 |
| &nbsp;&nbsp;&nbsp;Affiliated Brokerage | III-45 |

---

I-3 \| I M C

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Purchasing Securities in Underwritings from an Affiliated Broker | III-46 |
|  | &nbsp;&nbsp;&nbsp;Borrowing and Leverage | III-47 |
|  | &nbsp;&nbsp;&nbsp;Loans of Portfolio Securities | III-49 |
|  | &nbsp;&nbsp;&nbsp;Securities Related Issuers and Insurance Companies | III-50 |
|  | &nbsp;&nbsp;&nbsp;Investments in Other Investment Companies | III-51 |
|  | &nbsp;&nbsp;&nbsp;Illiquid and Restricted Securities | III-51 |
|  | &nbsp;&nbsp;&nbsp;Fund Pricing | III-52 |
|  | &nbsp;&nbsp;&nbsp;Portfolio Holdings | III-53 |
|  | &nbsp;&nbsp;&nbsp;Advertisements Related to a Fund | III-54 |
|  | **Maintaining Client Relationships** | **III-55** |
|  | &nbsp;&nbsp;&nbsp;Client Complaints | III-55 |
|  | &nbsp;&nbsp;&nbsp;Advisory Contracts | III-55 |
|  | &nbsp;&nbsp;&nbsp;New Client Policy | III-55 |
|  | &nbsp;&nbsp;&nbsp;Privacy Policy | III-56 |
|  | &nbsp;&nbsp;&nbsp;Custody | III-57 |
|  | &nbsp;&nbsp;&nbsp;Client Reporting | III-59 |
|  | **Books and Records** | **III-61** |
|  | **Electronic Communications** | **III-70** |
|  | **Anti-Money Laundering** | **III-71** |
|  | **ERISA** | **III-72** |
|  | &nbsp;&nbsp;&nbsp;Fiduciary Duty | III-72 |
|  | &nbsp;&nbsp;&nbsp;Prohibited Transactions and Parties in Interest | III-72 |
|  | &nbsp;&nbsp;&nbsp;Bonding | III-73 |
|  | **Advertising & Marketing** | **III-73** |
|  | &nbsp;&nbsp;&nbsp;Regulatory Framework | III-74 |
|  | &nbsp;&nbsp;&nbsp;Marketing Private Funds | III-82 |
|  | &nbsp;&nbsp;&nbsp;Solicitors |  |
|  | &nbsp;&nbsp;&nbsp;Social Media Policies | III-82 |
|  | **Political Contributions** | **III-84** |
|  | **CyberSecurity** | **III-88** |
|  | **Third Party Service Providers** | **III-89** |
|  | **Business Continuity Plan** | **III-90** |
| **IV** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit A** | **IV-95** |
|  | **Letter for 506 Covered Persons** | **IV-95** |
|  | **Questionnaire** | **IV-96** |

---

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**I** **INTRODUCTION**

***The Informed Momentum Company, LLC and Global IMC LLC*** (collectively "IMC") are investment advisers registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. Global IMC LLC is under common control and shares the same office location with The Informed Momentum Company, LLC.

IMC has developed this Compliance Manual to ensure its compliance with applicable securities laws and regulations when it engages in the business of providing investment management services to clients. The Compliance Manual sets forth IMC's policies and procedures designed to:

● Prevent violations from occurring;

● Detect violations that have occurred; and

● Correct promptly any violations that have occurred.

IMC provides investment management and supervisory services on a discretionary basis and currently offers the following investment styles:

● **Small Cap Growth** - seeks capital appreciation by investing in companies that correspond to the market values within the range of the Russell 2000 Growth Index.

● **Micro Cap** - seeks capital appreciation by investing in companies that correspond to the market values within the range of the Russell Micro Cap Growth Index.

● **Ultra Micro Cap** - seeks capital appreciation by investing in companies whose market values correspond to the bottom half of the Russell Micro Cap Growth Index.

● **Non US Small Cap Equity** - seeks capital appreciation by investing in companies that correspond to the market values within the range of the MSCI ACWI Ex-US Small Cap Index.

● **Developed Non US Small Cap Equity** - seeks capital appreciation by investing in companies that correspond to the market values within the range of the MSCI World Ex-US Small Cap Index.

● **Non US Micro Cap Equity** - seeks capital appreciation by investing in companies that correspond to the market values within the range of the FTSE Global Micro Cap ex US Index.

● **Emerging Markets Small Cap Equity** - seeks capital appreciation by investing in companies whose market values correspond to the market values within the range of the MSCI Emerging Markets Small Cap Index.

● **Global Opportunities Small Cap Equity** - seeks capital appreciation by investing in companies whose market values correspond to the market values within the range of the MSCI ACWI Small Cap Index.

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IMC requires full compliance with all Applicable Laws & Rules governing the provision of advisory services to clients, including Rule 206(4)-7 under the Advisers Act, which requires an SEC-registered investment adviser to maintain written policies and procedures designed to prevent violations of such laws and regulations. It is also the policy of IMC to conduct its business in a manner that meets the highest standards of commercial honor and just and equitable principles of trade. Inherent in all client relationships is the fundamental responsibility to deal fairly with clients. The Compliance Manual, as of the date of its adoption above, supersedes all previously dated versions of IMC's policies and procedures to the extent such policies and procedures are contained herein, unless stated otherwise.

IMC depends on its employees and officers to provide high quality investment advisory services to clients, in a manner that is ethical, fair and equitable to all concerned. Every Supervised Person is required to read the Compliance Manual, maintain a copy of the Compliance Manual, and make an electronic certification through MyComplianceOffice acknowledging receipt of the Manual and affirming his or her understanding and compliance. IMC will maintain a copy of the electronic acknowledgement. Failure to comply fully with the policies and procedures contained in the Compliance Manual and all applicable securities laws may jeopardize the individual, his or her supervisors, and IMC itself.

IMC will review, no less frequently than annually, the adequacy and effectiveness of the policies and procedures contained in this Compliance Manual. The Compliance Manual will be periodically revised and supplemented. Each page of this Compliance Manual remains in effect until superseded by a revised version.

Each Supervised Person is required to:

● Know and understand the contents of the Compliance Manual;

● Ensure that those persons he or she supervises has a copy of the Compliance Manual and knows and understands it contents;

● Maintain the Compliance Manual in a place that allows easy reference; and

● Contact the Chief Compliance Officer ("CCO") when he or she suspects or detects violations of the Compliance Manual.

This Compliance Manual belongs to IMC and may not be given to any person, other than persons required to comply with IMC's Compliance Manual, without the permission of the CCO.

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**II** **CODE OF ETHICS AND STANDARDS OF BUSINESS CONDUCT**

Pursuant to Rule 204A-1 of the Investment Advisers Act of 1940 (the "Adviser's Act"), an investment adviser is required to establish, maintain and enforce a written code of ethics that must set forth standards of conduct expected of advisory personnel and address conflicts that arise from personal trading by advisory personnel.

**Scope of Policy**

IMC has adopted the following *Code of Ethics and Standard of Business Conduct* ("the Code"). IMC will provide to Supervised Persons a copy of the Code and any amendments to the Code. Supervised Persons of IMC will be required to acknowledge, in writing, receipt of a copy of the Code and any amendments thereto. IMC will additionally comply with the provisions of any Code of Ethics adopted by Funds for which IMC acts as adviser or sub-adviser.

The CCO is responsible for the implementation and monitoring of IMC's Code of Ethics (including associated practices, disclosures and recordkeeping) as well as compliance with the Codes of Ethics of any Reportable Fund.

The CCO may delegate responsibility for the performance of these activities (provided that it maintains records evidencing individual delegates) but oversight and ultimate responsibility remain with the CCO.

Who is Covered by the Code

This Code applies to all employees, officers and partners of IMC or other persons (hereinafter "Supervised Persons") as determined by its Chief Compliance Officer ("CCO"). It is the responsibility of each Supervised Person to immediately report to the CCO, any known or suspected violations of this Code, the Compliance Manual and the policies and procedures contained therein, or of any other activity of any Supervised Person or consultant that could constitute a violation of law. If you are aware of any activity in this regard, contact the CCO immediately. Failure to report a potential violation could result in disciplinary action against the non-reporting Covered Person. IMC will ensure that Supervised Persons are not subject to retaliation in their employment as a result of reporting a known or suspected violation.

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Other General

The CCO has the authority to grant written waivers of the provisions of this Code in appropriate instances. However, (i) it is expected that waivers will be granted only in rare instances and, (ii) some provisions of the Code are prescribed by SEC rules and cannot be waived. These provisions include, but are not limited to, the requirements that Access Persons file reports and obtain pre-approval of investments in IPOs and Limited Offerings.

The CCO will review the terms and provisions of this Code at least annually and make amendments as necessary. Any amendments to this Code will be provided to you.

**Code of Business Conduct**

In reflection of the Code, IMC adopts the following standards of business conduct.

***Acting as a Fiduciary***

IMC is an investment adviser and as such is a fiduciary that owes its clients a duty of undivided loyalty. Supervised persons of IMC will:

● Act for the benefit of their clients, and place their client's interests before their own;

● Exercise independence in making investment decisions for clients;

● Conduct personal securities transactions in a manner that is consistent with the Code and act to avoid actual or potential conflicts of interest or abuse of their position of trust and responsibility;

● Safeguard and keep confidential nonpublic personal information of clients; and

● Comply with applicable federal securities laws.

***Compliance with Securities Laws & Rules***

Supervised Persons will comply with all applicable federal securities laws. Furthermore, Supervised Persons will not engage in any professional conduct involving unlawful acts, dishonesty, fraud, deceit, or misrepresentation.

*Federal securities laws* means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940 ("Investment Company Act"), the Investment Advisers Act of 1940 ("Advisers Act"), Title V of the Gramm-Leach-Bliley Act, any rules adopted by the U.S. Securities and Exchange Commission (the "Commission") under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the Commission or the Department of the Treasury.

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***Conflicts of Interest***

Supervised Persons will make best efforts in identifying actual and potential conflicts of interest. Supervised Persons will seek to avoid conducting personal or private business that conflicts with, or gives the appearance of conflicting with, the interests of the firm or its clients. Where potential conflicts cannot be eliminated, Supervised Persons will fully disclose those to IMC, and IMC will fully disclose material facts concerning that conflict to the client(s). IMC considers a "conflict of interest" to be any situation in which the Supervised Persons' own interests could interfere with the Supervised Persons' responsibilities as a representative of IMC. Supervised Persons must disclose the conflict to the CCO and recuse themselves from the decision-making process with respect to the transaction in question and from influencing or appearing to influence the relationship between Adviser or any of its clients and the customer involved. Supervised Persons may not use non-public knowledge of a pending or currently considered securities transaction for a client to profit personally, directly or indirectly, as a result.

***Outside Business Activities***

Supervised Persons have a duty of loyalty to the firm and his or her efforts should be devoted to the firm's business. IMC encourages Supervised Persons' participation in outside business activities that enhance the professionalism of its Supervised Persons and the reputation of the firm, and that are civic, charitable, and professional in nature. Simultaneously, IMC recognizes that outside business activities may raise conflicts of interest. Supervised Persons must disclose, at the time they become a Supervised Person of IMC and upon any change thereafter, all outside business activities. Supervised Persons may not engage in any outside business without first receiving prior approval for the activity from the CCO. This pre-approval must be sought in writing with a clear description of the activities to be performed and any compensation to be received. The MyComlianceOffice system provides for an online pre-approval form for the Supervised Person to complete for each activity. Decisions by the CCO will be documented within the system.

Outside business activities requiring disclosure include, but are not limited to:

● Being employed by or compensated by any other entity;

● Being active in any other business, including part-time, evening, or weekend employment;

● Being active in any civic or charitable organization;

● Serving as an officer, director or partner in any other entity;

● Owning an interest in any non-publicly traded company or other private, non-real property investment; or

● Acting as a trustee for client accounts.

Supervised Persons will also comply with the requirements regarding disclosure of conflicts of interest imposed by law and by rules or organizations governing their activities and will comply with any prohibitions on their activities if conflicts of interest exist.

***Maintenance of Independence and Objectivity***

Supervised Persons will use particular care and good judgment to achieve and maintain independence and objectivity in the performance of their roles and responsibilities. Supervised Persons will avoid giving or receiving any gift, donation, benefit, service or other favor that might affect, or be seen to potentially affect, the performance of their roles and responsibilities, or which might compromise the credibility of IMC.

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***Political Contributions, Gifts and Entertainment***

IMC recognizes the potential conflicts of interest when the firm and/or its Supervised Persons make political contributions or give and/or receive gifts (for the purpose of this Code "gifts" include but are not limited to any type of merchandise, prizes, travel expenses, meals and certain types of entertainment) or other items of value to/from any person or entity that does business with or on behalf of IMC. Therefore, IMC has adopted the following policies and procedures regarding political contributions and giving and/or receiving gifts:

*Political Contributions*

Covered Associates are prohibited from making any direct or indirect (e.g. through another person, firm, family member, or political action committee) political contribution, either personally or on behalf of IMC, to any political party, elected official or candidate with the intention of obtaining or maintaining any business for IMC. Any political contribution made by a Covered Associate in excess of $150 per calendar year per elected official or candidate, state or local political party, or political action committee must be pre-approved by the CCO. See the Political Contributions policy in the P&P for complete policies and procedures with respect to political contributions.

*Preferential Treatment*

Supervised Persons must make investment decisions, undertake commitments, and perform their duties and obligations without favoritism of any kind and award business or contracts strictly on the basis of merit. A Supervised Person should not actively seek nor accept a discount on any item for personal use from a business contact. If such a person extends preferential treatment (for example, offers a discount) to a Supervised Person in a personal transaction, the Supervised Person must have the preferential treatment pre-approved by the CCO before proceeding with the transaction.

***Gifts and Entertainment***

Payment for entertainment or meals where the Supervised Person is not accompanied by the person purchasing the entertainment or meals is considered a gift, subject to the rules discussed above. Acceptance of meals and entertainment where the host is present is generally permitted. However, the acceptance of particularly lavish entertainment or entertainment with excessive frequency is generally inappropriate and should be refused. Entertainment in poor taste or that adversely reflects on the morals or judgment of the individuals attending the event is considered inappropriate and also should be refused. Individuals involved in the purchase of equipment, supplies, and services may not accept entertainment or meals from a vendor or potential vendor except if business is to be discussed.

*Giving Gifts or Entertainment*

Supervised Persons will not give a gift and/or entertainment to any client, potential client, vendor, potential vendor or anyone else that does business or seeks to do business with the firm that is worth more than $250.00, without receiving prior written approval from the CCO. All gifts and/or entertainment given over $20.00 must be reported to the CCO. No standing or recurring gifts or cash gifts are allowed.

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*Receiving Gifts or Entertainment*

Supervised Persons will not accept any gift and/or entertainment or other item from any client, potential client, vendor, potential vendor or anyone else that does business with or seeks to do business with the firm that is worth more than $250.00 in value, without written approval from the CCO. All gifts and/or entertainment received over $20.00 must be reported to the CCO through the MyComplianceOffice portal.

***Personal Securities Holdings and Transactions***

Supervised Persons, who are Access Persons, as that term is defined below, will disclose to IMC their holdings and transactions in securities or other investments for which they are a beneficial owner, as defined below, and as per the instructions in the firm's policies and procedures.

Supervised Persons, who are Access Persons, must report within 15 days any new personal securities accounts to the CCO or Compliance Manager and will provide the necessary information to ensure the account is connected into the MyComplianceOffice system.

Furthermore, Supervised Persons, who are Access Persons, will obtain written pre-approval for certain personal investments in accordance with the firm's policies and procedures.

*Definition of Access Person*

An access person is defined as any Supervised Person:

● Who has access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund, or

● Who is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic.

For the purposes of this Code, IMC considers all its employees to be Access Persons.

*Beneficial Owner*

For purposes of the Code, an individual is a "beneficial owner" if the individual, directly or indirectly, has:

● a direct or indirect pecuniary interest in the securities;

● the power to vote or direct the voting of the shares of the securities or investments;

● the power to dispose or direct the disposition of the security or investment.

The above definition applies to securities held in accounts of the Supervised Person and/or the Supervised Person's immediate family members living in the same household.

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*Supervision*

Supervised Persons with supervisory responsibility, authority, or the ability to influence the conduct of others will exercise reasonable supervision over those subject to their supervision or authority in order to prevent any violations of applicable statutes, regulations, or provisions of the Code. In so doing, Supervised Persons may rely on procedures established by IMC that are reasonably designed to prevent and detect such violations.

***Preserving Confidentiality***

IMC has implemented policies and procedures, which are outlined in the firm's policies and procedures manual, to limit the sharing of and access to nonpublic personal information regarding the firm's clients to IMC personnel who need that information to provide services to those clients.

Supervised Persons will at all times preserve the confidentiality of information communicated by clients, unless they receive information concerning illegal activities on the part of the client. If that happens, the Supervised Person should give the information directly to the CCO for further action.

***Insider Information***

No Supervised Person, while in the possession of material nonpublic information about a company, will for his/her portfolio or for the portfolios of others buy or sell the securities of that company until that information becomes publicly disseminated and the market has had an opportunity to react.

No Supervised Person will communicate or "tip" material nonpublic information about a company to any person except for lawful purposes.

Supervised Persons will adhere to the firm's policies and procedures regarding insider information as outlined in the firm's compliance manual. Any improper trading or other misuse of material nonpublic information by any Supervised Person may be grounds for immediate dismissal.

***Portfolio Investment Recommendations and Actions***

Supervised Persons will deal fairly and objectively with clients and prospects when disseminating investment recommendations, disseminating material changes in prior investment recommendations, and taking investment action.

***Priority of Transactions***

Transactions for clients will have priority over transactions in securities or other investments of which IMC or any Supervised Persons is the beneficial owner so that such personal or proprietary transactions do not operate adversely to their clients' interests.

***Prohibition against Misrepresentation***

Supervised Persons will not make statements, orally or in writing, that misrepresent:

● The services that they or the firm is capable of performing;

● Their qualifications or the qualifications of the firm; or

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● The individual's academic or professional credentials.

Supervised Persons will not make or imply, orally or in writing, any assurances or guarantees regarding any investment, except to communicate accurate information regarding the terms of the investment instrument and the issuer's obligations under the instrument.

***Reporting Violations***

Supervised Persons must promptly report any violation or suspected violation of the Code or of any securities laws, or rules to the CCO. No retaliation or retribution of any kind will be taken against a Supervised Person for reporting a violation or potential violation in good faith.

All reports will be promptly investigated and, if deemed necessary, appropriate action will be taken. The CCO will be responsible for leading any investigations and reporting violations and investigative findings to the appropriate supervisor and senior management. IMC senior management may utilize any or all of the sanctions described below.

***Sanctions/Disciplinary Policy***

IMC senior management may use any or all of the following sanctions against any Supervised Person found to have violated either the Code or the firm's written compliance policies and procedures.

● Letter of Caution

● Admonishment

● Fine, disgorgement

● Suspension

● Termination

● Report Violation to Regulatory Authorities

II-13 \| I M C

**III** **COMPLIANCE POLICIES AND PROCEDURES**

Pursuant to Rule 206(4)-7 of the Investment Advisers Act of 1940 (the "Advisers Act"), an investment adviser is required to adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws by the adviser and its employees. The adviser must designate a Chief Compliance Officer to be responsible for administering the policies and procedures and to perform a review, at least annually, of the policies and procedures to ensure their adequacy and effectiveness.

The Informed Momentum Company, LLC ("Informed Momentum Company") and Global IMC LLC ("Global IMC") (Collectively "IMC" or the "Firm") are investment advisers registered with the U.S. Securities and Exchange Commission (the "Commission"), and are subject to Rule 206(4)-7 of the Advisers Act. Therefore, Informed Momentum Company and Global IMC hereby have adopted various procedures to implement the firm's Compliance Program and reviews to monitor and ensure that the firm's policy is observed, implemented properly and amended or updated, as appropriate.

**Scope**

IMC will provide to Supervised Persons a copy of the Policies and Procedures at least annually and any amendments thereto. Supervised Persons of IMC will be required to acknowledge, electronically within the MyComplianceOffice system, receipt of a copy of the Policies and Procedures and any amendments thereto.

IMC's Supervised Persons are its partners, officers, directors (or other persons occupying a similar status or performing similar functions) and employees, as well as any other persons who provide advice on behalf of the adviser and are subject to IMC's supervision and control.

IMC will conduct, at least annually, a compliance meeting to review the firm's Code and P&P with its Supervised Persons. Attendance at compliance meetings is mandatory for all Supervised Persons.

**Chief Compliance Officer**

IMC will have at all times a Chief Compliance Officer ("CCO") whose duties are to administer the compliance policies and procedures of IMC. The position of CCO shall:

● Be occupied by a person who is competent and knowledgeable about the Advisers Act and rules thereunder, and other Applicable Laws and Rules;

● Have the power with full responsibility and authority to develop and enforce the compliance policies and procedures of IMC; and

● Have sufficient seniority and authority at IMC to compel others to adhere to the policies and procedures set forth in this Compliance Manual.

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The CCO shall have specific duties described in this Compliance Manual. In addition, the CCO shall:

● Monitor other Supervised Persons who have specific compliance responsibilities under this Compliance Manual to verify that they have carried out those responsibilities in a timely manner;

● Keep current with all laws applicable to the operations of IMC, best practices in the advisory industry, and other events impacting IMC's compliance program;

● When appropriate, recommend amendments to this Compliance Manual and changes to the compliance program of IMC in light of regulatory and industry developments, and changes in the business of IMC;

● Prepare reports and summaries about the operation of IMC's compliance program, as needed including an Annual Report; and

● Periodically meet with Senior Management of IMC to discuss the effectiveness of the compliance program.

**Senior Management**

The Senior Management of IMC shall have the overall responsibility to ensure that the firm has in place an effective compliance program. In carrying out this responsibility, Senior Management shall:

● Periodically review this Compliance Manual and IMC's overall compliance program so it is familiar with the material features of this Compliance Manual and program;

● Understand particularly significant compliance risks of IMC and how this Compliance Manual and compliance program address these risks;

● Review reports and summaries prepared by the CCO about the operation of IMC's compliance program, including an Annual Report discussed below; and

● Periodically meet with the CCO to discuss the effectiveness of the compliance program.

**Supervision**

Supervised Persons are responsible for the reasonable supervision of the persons who report to them. The Chief Executive Officer is responsible for general supervision of all Supervised Persons.

**Testing and Annual Review**

IMC's compliance program, including the supervisory system, will be periodically tested to verify that it is functioning properly and effective at detecting and preventing violations, and to identify any weaknesses. Pursuant to Rule 206(4)-7 under the Advisers Act, IMC shall conduct a comprehensive review of this Compliance Manual and its compliance program no less than annually to determine the adequacy of its compliance policies and procedures and the effectiveness of their implementation. In this review, the CCO shall prepare an annual report, distribute the annual report to Senior Management, and implement revised policies and procedures as necessary.

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**Compliance Committee**

IMC has established a Compliance Committee. IMC's Compliance Committee shall meet periodically and oversee a compliance program that provides reasonable assurance that IMC's activities are conducted in a manner that is in compliance with Applicable Laws and Rules. IMC's Compliance Committee shall consist of the following:

● At least one member of Senior Management of IMC;

● The Chief Compliance Officer;

● The Chief Investment Officer; and

● Any person from various departments where significant compliance risks exist.

**Compliance Manual Violations**

When a violation of the Compliance Manual or a law or regulation is detected, IMC will follow the procedures set forth below:

● If a Supervised Person who discovers a violation or suspects that a violation has occurred, such Supervised Person shall report the violation immediately to the CCO;

● The CCO will determine whether the matter is technical or otherwise is not likely to result in a regulatory enforcement action or have an adverse financial impact on the firm;

● If the matter is technical or does not pose a threat of regulatory action or adverse financial consequences, the CCO will investigate the matter to see if the alleged violation occurred. The CCO shall take the appropriate remedial action and report on the matter at IMC's next Compliance Committee meeting; and

● If the matter is serious, the CCO will immediately contact the Compliance Committee and Senior Management of the IMC and a collective decision will be reached on how to proceed with investigating and resolving the matter.

Possible responsive actions by IMC to a Supervised Person who commits a Compliance Manual violation include, but are not limited to, the following:

● Terminate the employment of the Supervised Person;

● Impose heightened supervisory procedures over the Supervised Person;

● Thoroughly review client account activity;

● Require the supervisor to sign-off daily activity of the Supervised Person;

● Restrict the Supervised Person's activities;

● Provide the Supervised Person with additional training;

● Assign a mentor to the Supervised Person;

● Restrict use of certain types of communications that the Supervised Person may make to clients; and

● Fine the Supervised Person.

**Risk Assessment**

From time to time, IMC shall assess the compliance risks presented by its operations, including the following areas of its business:

● Investment Management

● Research

● Back Office or Account Administration

● Marketing (including performance composite calculation)

● Insider Trading

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● Clients (including verification of their identity, complaints, communications, and meeting objectives)

● Custody

● Fees (including accuracy of fee calculations)

● Disclosure (including accuracy of Form ADV)

● Information and Computer Systems (including maintenance of privacy of Client information and Cybersecurity risks)

● Relationship with third party vendors (e.g., broker-dealers) and financial product providers (e.g., mutual funds and their distributors)

● Firm personnel (including background checks)

● Third-party (solicitor) payments

IMC shall attempt to identify conflicts of interest and other compliance factors creating risk exposure for the Firm and its Clients in light of the Firm's particular operations. Possible conflicts of interest may exist between IMC's interest, Supervised Persons' interests, service providers' interests, and the advisory Clients' interests.

IMC shall consider new policies and procedures to address these conflicts. In addition, IMC must disclose material conflict of interests in Part 2 of its Form ADV.

**Whistleblower Policy**

*Policy*

IMC's policy is to ensure compliance with applicable laws, regulations, and the established policies of the Adviser. In that light, individuals are encouraged to bring forth issues, without fear of reprisal.

*Background and Description*

IMC is committed to maintaining compliance with applicable laws, regulations, and the established policies of the firm. There are times when maintaining such compliance involves questioning, in good faith, whether a policy, practice, or other activity might be a violation of law or policy. There also may be occasions in which a concerned person might feel it necessary, in good faith, to go beyond mere questioning and file a protest or complaint about an activity.

*Procedures*

Individuals are encouraged to bring problems to the attention of IMC's CCO for prompt investigation and resolution. If any Supervised Person (or other person) involved in the Firm's activities (each, a "Whistleblower") believes, in good faith, that some practice or activity is being conducted in violation of federal or state law or IMC's policy or otherwise constitutes an improper financial or employment practice, that person must report the matter (a "Concern") to IMC's CCO. Any Concern should describe in detail the specific facts demonstrating the basis for the complaint, report or inquiry. Concerns may be made under this policy on a confidential basis.

All Concerns brought to the attention of IMC's CCO will be investigated to determine if the allegations are true, whether the issue is material and what action(s), if any, are necessary to correct the Concern. The CCO will acknowledge receipt of the Concern within ten business days to the Whistleblower. All Concerns will be acted upon quickly and thoroughly in order to ideally provide any reportable information to the applicable regulatory bodies within 120 days of receipt of the Concern.

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If you are unsure whether a violation has occurred, you should discuss the matter with the CCO immediately. Failure to report a violation could result in disciplinary action against any non-reporting Supervised Person, which may include termination of employment. IMC has a non-retaliation policy that applies to Supervised Persons who report such matters in good faith. More specifically, IMC will not discharge, demote, suspend, threaten, harass or in any manner discriminate against any Supervised Person based upon the lawful and good faith actions of such Supervised Person submitting a Concern. It is, however, noted that the act of making allegations that prove to be unsubstantiated or made maliciously, recklessly, with gross negligence or foreknowledge that such allegations are false will be viewed as a serious offense and may result in discipline (including without limitation termination of employment and civil or criminal liability).

Reports of Concerns, and investigations pertaining thereto, shall be kept confidential to the extent possible. However, consistent with the need to conduct an adequate investigation, IMC cannot guarantee complete confidentiality. As needed, IMC will solicit feedback on the compliance program. This will be done in conjunction with the Annual Review.

At least annually, the CCO or a delegate will review the IMC's employment and severance agreements currently in effect to ensure that the agreements do not contain any language that limits IMC employee's: (1) right to file a charge or complaint with a federal, state or local governmental agency or commission ("Government Agency") including, but not limited to, the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission; (2) ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to Arcadia; or (3) limit an employee's right to receive an award for information provided to any Government Agency.

*Training*

The CCO, or designee, will include training regarding this Policy in the IMC's Annual Training presentation.

**Registration**

IMC's policy is to monitor and maintain current registrations for the firm and its Supervised Persons, where applicable, with state, federal, and foreign regulatory agencies as required by law. IMC will not provide services in jurisdictions where it is not appropriately registered or where a de minimis or other exemption does not exist.

***Firm Registration & State Notice Filing***

The Informed Momentum Company is registered with the Commission as an SEC Registered Investment Adviser. The Informed Momentum Company has filed its registration with the Commission on the basis that The Informed Momentum Company is a large advisory firm with assets under management of $100 million or more. Global IMC is registered with the Commission as an SEC Registered Investment Adviser and has filed its registration with the Commission on the basis that Global IMC is a large advisory firm with assets under management of $100 million or more. Additionally, The Informed Momentum Company and Global IMC are notice filed in the state in which the firm maintains its principal place of business. Both advisers are either notice filed or exempt from notice filing in states in which they provide services and are either registered or exempt from registration with foreign regulatory agencies. The CCO or his designee will maintain current registration or notice filing with the Commission, state and/or foreign securities authorities.

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With each new client, the CCO or his designee will verify that the advisers are appropriately registered in or exempt from registration in the state/country of that client's residence. At least annually, the CCO or his designee will conduct a complete review of state and country statues and rules in which IMC has clients and verify that the advisers are properly registered/notice filed in all jurisdictions where required. If the CCO determines that a change in either advisers registration/notice filing status is required, the CCO will take the necessary steps to amend Form ADV or register in foreign jurisdictions.

***Investment Adviser Representative Registration/Licensing***

While the Firm is registered with the Commission, the states maintain the authority to license individuals who provide investment advice to clients on behalf of an adviser, i.e. "investment adviser representatives ("IAR"), as that term is defined in Rule 203A-3 of the Advisers Act. For investment advisers registered with the Commission, only the states in which the investment adviser maintains a place of business have this authority. This authority includes the right to require IARs to meet examination requirements set forth by the state. Supervised Persons will be registered/licensed as IARs of IMC or exempt from registration/licensing in the states in which IMC conducts business. IMC will maintain appropriate state registration of IARs. To assist in this process, IMC will maintain records of clients, their state of residence, and the IARs serving those clients.

With each new client, the CCO or his designee will verify that the IAR(s) is either properly licensed and registered in that client's state of residence or exempt from licensing and registration. Furthermore, the CCO or his designee will at least annually review the federal definition of IAR and licensing requirements for IARs and verify the continued compliance with state requirements.

***Annual Renewal***

IMC will keep current the firm's registrations with the Commission and any required notice filings and IAR licensing with the states. IMC will maintain registrations and licenses via the Investment Adviser Registration Depository ("IARD") system, maintained and operated by the Financial Industry Regulatory Authority ("FINRA") (formerly known as the National Association of Securities Dealers (NASD)). In early November of each year, in accordance with the published IARD calendar, the CCO or his designee will obtain the firm's preliminary renewal statement. The CCO will promptly and in accordance with IARD requirements fund the firm's IARD Renewal Account. Prior to IARD processing of the annual renewals, the CCO or his designee will confirm proper funding of the IARD renewal account. Shortly after the IARD processing of annual renewals, the CCO or his designee will obtain the firm's final IARD renewal statement. In the event the final IARD renewal statement shows any deficiencies, the CCO will take the appropriate steps to promptly correct any deficiencies.

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**Disclosure**

***Part 2 of Form ADV***

*<u>Background</u>*

Rule 204-3 under the Advisers Act requires investment advisers to deliver to most clients a brochure and one or more brochure supplements containing all information required by Part 2 of Form ADV. Form ADV, Part 2 is a narrative plain English document designed to disclose information that would be meaningful to a client's decision to hire or retain the adviser, including a description of the firm's business practices and affiliations, investment strategies and risks, disciplinary history, and conflicts of interest, and how the adviser addresses conflicts.

Part 2 of Form ADV ("ADV 2") includes two sections: the "ADV 2A" firm brochure, in the form of a narrative plain English disclosure document and wrap fee program brochure Appendix 1, and the "ADV 2B" supplements, which give information on the individuals providing advice to clients.

ADV 2A (and, for state registered advisers, ADV 2B) must be submitted electronically through the IARD as a text-searchable pdf document and will be available to the public through the Commission's web site. ADV 2A must be updated annually and promptly with any material changes, and ADV 2B must be updated promptly with any material changes.

*<u>Updating and Delivery Requirements</u>*

Rule 204-3 also imposes delivery and updating requirements. ADV 2A and ADV 2A Appendix 1 must be delivered initially to clients, before or at the time the client signs the advisory agreement. Advisers must update ADV 2A and ADV 2A Appendix 1 annually and promptly with any material changes. If material changes were made since the last annual update, advisers must deliver a summary of material changes to clients, either with a full updated brochure or an offer to send the current brochure. Advisers also have a delivery duty with any additions or material changes to disciplinary disclosures.

Advisers are not required to update the brochure between annual amendments solely because the amount of client assets under management or the firm's fee schedule has changed. However, if the adviser is amending the ADV 2A for an unrelated material change, the adviser must also include any material changes to its assets under management or its fee schedule since the most recent annual updating amendment.

ADV 2B must be delivered initially to clients for each person who provides advisory services to the client before or at the time that person begins providing advisory services to that client. In the event of a change in the individual(s) providing advice to a client, advisers must also give clients an ADV 2B supplement for any new Supervised Persons before those persons begin providing investment advice to the client. Advisers must update ADV 2B promptly with any material changes. Advisers also have a delivery duty with any additions or material changes to disciplinary disclosures.

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*<u>Delivery Exceptions</u>*

Advisers are not required to deliver a brochure or brochure supplement to certain types of clients, including registered investment companies, "qualified clients," and clients receiving only impersonal investment advice who are charged less than $500 per year.

For clients participating only in an adviser's wrap fee program, the adviser is only required to deliver ADV 2A Appendix 1 and any applicable ADV 2B supplements.

An adviser is not required to deliver a wrap fee program brochure if another sponsor of the wrap fee program delivers the wrap fee program brochure to the client.

An adviser is not required to create ADV 2B supplements for any Supervised Person who has no direct client contact and has discretionary authority over a client's assets only as part of a team.

Even if an adviser is not required to deliver a brochure or brochure supplement to a particular client, the adviser may still have a fiduciary duty to disclose to the client material information that could affect their decision to hire or retain the firm, such as information about the firm's or Supervised Persons' conflicts of interest and disciplinary information, or disclosure of a precarious financial position.

*<u>Calculation of Assets under Management</u>*

ADV 2A requires disclosure of the firm's assets under management. Advisers are permitted to calculate the assets under management disclosed in ADV 2A using a different method than assets under management are calculated in Item 5 of ADV 1. The firm must maintain documentation describing the method used.

*<u>Disciplinary Disclosures</u>*

Item 9 of ADV 2A and Item 3 of ADV 2B require disclosure of material disciplinary information. The forms presume that any affirmative answer to these questions would be material to a client or prospective client, and the firm is required to disclose details of the event; however, if the firm determines that an event is immaterial, it may choose not to disclose the event. Advisers should consider the following factors when deciding whether an event is material:

● The proximity of the person involved in the disciplinary event to the advisory function;

● The nature of the infraction that led to the disciplinary event;

● The severity of the disciplinary sanction; and

● The time elapsed since the date of the disciplinary event.

If the firm determines the event is not material, it must prepare and maintain a memorandum of its determination.

*<u>Policies</u>*

IMC policy is to at all times adhere to the requirements of Rule 204-3 of the Advisers Act in all material respects. IMC policy is to:

● Maintain and keep current our ADV 2A brochure and ADV 2B supplements for each Supervised Person who provides investment advice to clients.

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● Ensure that all information that IMC reports in our brochure and brochure supplements is true and does not omit any material facts.

● Draft our ADV 2 disclosures in clear plain English language designed to make our disclosures understandable for clients.

● Provide each client with relevant information about the services and fees that are applicable to that client.

● Maintain required books and records relating to our brochure and brochure supplements.

*<u>Procedures and Responsible Party</u>*

IMC will observe the following procedures in fulfilling our disclosure obligations:

● All Supervised Persons should read and be familiar with the ADV 2 and report any inaccuracies, changes, or omissions to the CCO.

● Supervised Persons must promptly report to the CCO any legal or disciplinary event at time of hire and with any changes to that information.

● The CCO will ensure that any material legal or disciplinary events of the firm or related persons are disclosed in ADV 2 if required.

● The CCO will keep current the firm's financial books and records and regularly review the firm's financials. In the unlikely event the firm should find itself in a precarious financial position, the CCO will immediately inform senior management and make the necessary disclosures in ADV 2 if required.

*<u>Form ADV Part 2A Firm Brochure</u>*

● The CCO will deliver the current ADV 2A to each new client before or at the time the client enters into an advisory agreement with IMC.

● The CCO will update and file ADV 2A annually, within 90 days of IMC's fiscal year end in accordance with current Form ADV instructions.

● If material changes have been made since the last annual updating amendment, the CCO will ensure delivery to each client within 120 days of the firm's fiscal year end of either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A
 current brochure, including the summary of material changes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
 summary of material changes that includes an offer to provide a full copy of the current
 brochure without charge.

● The CCO will update and file ADV 2A promptly whenever any information in the brochure becomes materially inaccurate. If the amendment adds or materially revises disclosure of a legal or disciplinary event, the CCO will ensure delivery to clients of either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
 amended brochure along with a statement describing the material facts relating to the change
 in disciplinary information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A
 statement describing the material facts relating to the change in disciplinary information.

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*<u>Form ADV Part 2B Brochure Supplement</u>*

● The CCO will deliver a current ADV 2B supplement to clients for each person who provides advisory services to the client before or at the time that person begins providing advisory services to that client.

● If the Supervised Person providing advice to the client changes, or an additional Supervised Person begins providing advice to the client, the CCO will deliver an ADV 2B supplement to the client for the new Supervised Person before or at the time that person begins providing investment advice to the client. If a Supervised Person begins to provide advisory services to a client as a result of another Supervised Person's resignation or termination, the CCO will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Notify
 the client promptly that the Supervised Person previously providing advisory services to
 the client will no longer do so, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Deliver
 the ADV 2B supplement of the new Supervised Person to the client within 30 days after the
 Supervised Person begins to provide advisory services to the client.

● ADV 2B supplements may be delivered electronically, per IMC's electronic delivery policies and procedures consistent with the Commission guidance on electronic delivery.

● The CCO will update ADV 2B supplements for Supervised Persons promptly whenever any information in the brochure supplement becomes materially inaccurate. If the amendment adds or materially revises disclosure of a legal or disciplinary event, the CCO will ensure delivery to clients of either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
 amended brochure supplement along with a statement describing the material facts relating
 to the change in disciplinary information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A
 statement describing the material facts relating to the change in disciplinary information.

*<u>Recordkeeping</u>*

● The CCO will maintain in an appropriate file:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A
 copy of each brochure and each amendment made to the brochure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Any
 summary of material changes created that is not contained in the brochure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A
 record of the dates that each brochure, brochure amendment, or summary of material changes
 was delivered to any client or prospective client.

● The CCO will maintain in an appropriate file:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A
 copy of each brochure supplement and each amendment made to the supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A
 record of the dates that each brochure supplement, supplement amendment, or summary of material
 facts was delivered to any client or prospective client.

● The CCO will maintain in an appropriate file documentation describing the method used to compute assets under management in ADV 2A, if different than the method used to compute assets under management in Item 5 of ADV 1.

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● The CCO will maintain in an appropriate file a memorandum describing any legal or disciplinary event listed in Item 9 of ADV 2A or Item 3 of ADV 2B (Disciplinary Information), if it is not disclosed in the brochure or brochure supplement due to IMC's determination that it is not material. The memorandum will explain IMC's determination that the presumption of materiality is overcome and will discuss the four factors described in Item 9 of ADV 2A or Item 3 of ADV 2B (listed above).

**Annual and Other Reporting**

Pursuant to the Advisers Act and rules adopted thereunder, registered investment advisers are required to submit periodic filings to the Commission.

IMC's policy is to submit and keep current the firm's regulatory filings. This policy includes on-going monitoring of changing regulation and reporting requirements, as well as, monitoring on an on-going and periodic basis, any regulatory filings that may require amendment or additional filings the firm is required to make. The CCO is responsible for keeping all filings current.

***Amendments to Part 1 of Form ADV***

IMC will keep current Part 1 of Form ADV as required by the instructions to the form and as filed on the IARD. The CCO or his designee will update Part 1.A. of Form ADV promptly for changes in Items 1, 3, 9, or 11 and update Part 1 of Form ADV promptly for material changes to items 4, 8, or 10. Furthermore, the CCO will review Part 1 of Form ADV with regulatory or business changes at least annually; and in the event changes are mandated, amend Part 1 of Form ADV on the IARD.

***Annual Updating Amendment***

The CCO will annually review Parts 1 and 2A and 2B of Form ADV. The CCO or his designee will file an annual updating amendment to Part 1 of Form ADV on the IARD within 90 days of the firm's fiscal year end, updating the firm's responses to all parts.

***Schedules 13D & 13G***

Pursuant to Section 13(d) of the Securities Exchange Act of 1934 ("Exchange Act"), any person who beneficially owns more than five percent (5%) of a class of publicly traded equity securities is required to file a Schedule 13D within 10 days of exceeding the five percent (5%) threshold. Advisers with investment discretion are subject to this requirement because beneficial ownership is attributed to any person who has the power to vote a security or the power to buy or sell a security. In determining whether an adviser's beneficial ownership exceeds five percent (5%), an adviser must aggregate the holdings of all client accounts over which it has discretionary authority, along with any proprietary accounts.

Pursuant to Rule 13d of the Exchange Act, advisers are permitted to file a Schedule 13G in lieu of 13D if the investment adviser has acquired the securities in the ordinary course of business and not with the purpose nor with the effect of changing or influencing the control of the issuer. Schedule 13G requires the disclosure of less information than Schedule 13D and generally only needs to be filed within 45 days after the close of the calendar year in which the adviser's beneficial ownership exceeded 5 percent.

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IMC's current policy is to obtain securities in the ordinary course of business and not with the purpose or effect of changing or influencing the control of the issuer. Furthermore, given IMC's portfolio construction and liquidity constraints, it is unlikely that IMC will acquire five percent (5%) or more of the voting equity shares of an SEC reporting company. IMC will aggregate the shares of all client accounts and any firm proprietary accounts in determining the five percent (5%) threshold.

The CCO or his designee will promptly review after the end of each calendar year the holdings of the firm against publicly reported total outstanding shares to determine if the firm held, as of December 31st, more than five percent (5%) of the voting equity shares of an SEC reporting company. In the event that the firm has exceeded the five percent (5%) threshold, the CCO or his designee will file Schedule 13G using the Commission's Electronic Data Gathering, Analysis and Retrieval ("EDGAR") system within 45 days of the end of the calendar year. Each year thereafter, the CCO or his designee will file an amended Schedule 13G within 45 days of the calendar year end for any reportable changes. If the firm's aggregated holdings drop below the five percent (5%) threshold, the CCO or his designee will file an amended Schedule 13G reporting such change. The CCO will review any required filings under this section prior to submission. Thereafter, the firm need not file another Schedule 13G for that security unless aggregated holdings once again exceed the 5% threshold.

***Form 13F***

Pursuant to Section 13(f) of the Exchange Act, an "institutional investment manager" who exercises investment discretion over $100 million or more in "Section 13(f) securities" is required to file quarterly reports on Form 13F with the Commission. The reports must be filed within 45 days after the last day of such calendar year and within 45 days after the last day of each of the first three calendar quarters of the subsequent calendar year. Under Section 13(f), the term "institutional money manager" includes investment advisers, and the term "Section 13(f) securities" refers generally to exchange-traded shares, NASDAQ-quoted shares, equity options and warrants and certain similar securities (the official list of Section 13(f) securities is on the Commission's website).

In the event the firm exercises investment discretion over $100 million or more in Section 13(f) securities, the firm will file Form 13F pursuant to the requirements under Section 13(f) of the Exchange Act. To determine if the firm is required to file Form 13F, the CCO or his designee will review the firm's aggregate discretionary portfolio holdings promptly following each calendar month-end, using the market value of the securities as of the last trading day of each month. If it is determined that the firm must file Form 13F, the CCO or his designee will file the form electronically using the EDGAR system within 45 days after the end of the calendar year it was initially determined to have met the filing requirement and within 45 days after each calendar quarter thereafter until the firm has not exercised investment discretion over such securities for a full calendar year. The CCO and the COO will review any required filings under this section prior to submission.

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***Form 13H***

Rule 13h-1 (the "Large Trader Rule") under the Exchange Act requires any person that is a "Large Trader", as defined, to register with the SEC using form 13H and to obtain an identification number from the SEC. Large Traders may include investment advisers. After receipt of an identification number, Large Traders must disclose their identification number to all executing and clearing registered broker-dealers through which they transact in National Market System ("NMS") securities. They must also update their Form 13H on an annual basis and, if the information contained therein changes in any way, must file an updated Form 13H by of the end of the quarter in which the change occurs.

**Definition**: The definition of "Large Trader" includes any person, including investment advisers, who directly or indirectly exercises investment discretion over transactions in NMS securities (i.e,. exchange-listed securities) equal to or greater than either (i) two million shares or $20 million per calendar day; or (ii) 20 million shares or $200 million per calendar month ("Identifying Activity Level"). In addition, a Large Trader is (i) any person that voluntarily registers as a Large Trader (ii) any person that "controls" another person that is a Large Trader; and (iii) any person that would be a Large Trader if such person's transactions were aggregated with the transactions of all other entities controlled by such person.

The term "transaction" or "transactions" means all transactions in NMS securities, including exercises or assignments of option contracts and short transactions, which should not be netted for purposes of the calculation. For the sole purpose of determining whether a person is a large trader, the following would not be counted as "transactions": (i) Any journal or bookkeeping entry made to an account in order to record or memorialize the receipt or delivery of funds or securities pursuant to the settlement of a transaction; (ii) any transaction that is part of an offering of securities by or on behalf of an issuer, or by an underwriter on behalf of an issuer, or an agent for an issuer, whether or not such offering is subject to registration under the Securities Act. This exemption does not include (i) an offering of securities effected through the facilities of a national securities exchange; (ii) any transaction that constitutes a gift; (iii) any transaction effected by a court appointed executor, administrator, or fiduciary pursuant to the distribution of a decedent's estate; (iv) any transaction effected pursuant to a court order or judgment; (v) any transaction effected pursuant to a rollover of qualified plan or trust assets subject to Section 402(a)(5) of the Internal Revenue Code; or (vi) any transaction between an employer and its employees effected pursuant to the award, allocation, sale, grant, or exercise of a NMS security, option or other right to acquire securities at a pre-established price pursuant to a plan which is primarily for the purpose of an issuer benefit plan

**Identification and Filing**: Large Traders are required to identify themselves to the SEC by filing a form, Form 13H. After a Large Trader files Form 13H to register with the Commission, the SEC will then assign each Large Trader a unique large trader identification number ("LTID") that will allows the SEC to identify and analyze trading activity by the Large Trader. A Large Trader will be required to disclose to its broker-dealers its LTID and highlight all of the accounts at the broker-dealer through which it trades. The CCO will file and update Form 13H when information required to be included on the form changes. The Adviser must also update its Form 13H on an annual basis and, if the information contained in it changes in any way, must file an updated Form 13H by the end of the quarter in which the change occurs.

**Monitoring**: IMC has been issued a LTID. The CCO is responsible to ensure that all annual and any update filings will be made in a timely fashion. In addition, the CCO is responsible for ensuring that all broker-dealers are apprised of IMC's LTID.

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***Form N-PX***

Pursuant to Section 13(f), rule 14Ad-1, under the Securities Exchange Act of 1934 ("Exchange Act") requires managers to report annually on Form N-PX each say-on-pay vote over which they exercised voting power.

A say-on-pay vote is a shareholder vote on a public company's executive compensation. This includes votes on:

- Executive compensation - Whether to approve executive compensation

- Frequency of votes - How often to hold advisory votes on executive compensation

- Golden parachute compensation - Whether to approve compensation for executives in the event of a merger or acquisition

Funds and managers are required to file Form N-PX by August 31<sup>st</sup> of each year, for the previous 12-month period (July 1 – June 30).

The CCO or designee will coordinate with the unaffiliated third-party proxy vendor that the firm utilizes, to retrieve all of the needed details and ensure that all annual filings will be made in a timely fashion.

***Form PF***

*<u>Background</u>*

Investment advisers to private funds that, together with the adviser's related persons, collectively, have at least $150 million in private fund assets under management as of the last day of the adviser's most recently completed fiscal year, are required to complete and file a Form PF through the IARD system. Related persons may (but are not required to) report on a single Form PF information with respect to all such related persons and the private funds they advise.

*<u>Form PF Organization</u>*

Form PF is divided into sections that are applicable to different types of filers:

● Section 1 must be completed by all Form PF filers

● Section 2 must be completed by large hedge fund advisers

● Section 3 must be completed by large liquidity fund advisers

● Section 4 must be completed by large private equity advisers

● Section 5 is completed by advisers requesting a temporary hardship exemption

*<u>Types of Filers</u>*

● Large hedge fund advisers: advisers that, together with their related persons, collectively, had at least $1.5 billion in hedge fund assets under management as of the last day of any month in the fiscal quarter immediately preceding the adviser's most recently completed fiscal quarter.

● Large liquidity fund advisers: advisers that advise one or more liquidity funds and as of the last day of any month in the fiscal quarter immediately preceding the adviser's most recently completed fiscal quarter, the adviser and its related persons, collectively, had at least $1 billion in combined money market and liquidity fund assets under management.

● Large private equity advisers: advisers that, together with their related persons, collectively, had at least $2 billion in private equity fund assets under management as of the last day of the adviser's most recently completed fiscal year

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*<u>Updating Timelines</u>*

● Periodic filing: Large hedge fund advisers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Within
 60 calendar days after the end of an adviser's first, second and third fiscal quarters,
 the adviser must file a quarterly update that updates the answers to all Items in Form PF
 relating to the hedge funds that it advises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Within
 60 calendar days after the end of an adviser's fourth fiscal quarter, the adviser must
 file a quarterly update that updates the answers to all Items in Form PF. The adviser
 may, however, submit an initial filing for the fourth quarter that updates information relating
 only to the hedge funds that it advises so long as it amends Form PF within 120 calendar
 days after the end of the quarter to update information relating to any other private funds
 that it advises. When the adviser files such an amendment, it is not required to update information
 previously filed for such quarter.

● Periodic filing: Large liquidity fund advisers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Within
 15 calendar days after the end of an adviser's first, second and third fiscal quarters,
 the adviser must file a quarterly update that updates the answers to all Items in Form PF
 relating to the liquidity funds that it advises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Within
 15 calendar days after the end of an adviser's fourth fiscal quarter, the adviser must
 file a quarterly update that updates the answers to all Items in Form PF. The adviser
 may, however, submit an initial filing for the fourth quarter that updates information relating
 only to the liquidity funds that it advises so long as it amends Form PF within 120
 calendar days after the end of the quarter to update information relating to any other private
 funds that it advises (subject to the next paragraph). When the adviser files such an amendment,
 it is not required to update information previously filed for such quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o If
 an adviser is both a large liquidity fund adviser and a large hedge fund adviser, the adviser
 must file its quarterly updates with respect to the liquidity funds that it advises within
 15 calendar days and with respect to the hedge funds it advises within 60 calendar days.

● Periodic filing: All other advisers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Within
 120 calendar days after the end of its fiscal year, the adviser must file an annual update
 that updates the answers to all Items in Form PF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Large
 hedge fund advisers and large liquidity fund advisers are not required to file annual updates
 but instead file quarterly updates for the fourth quarter.

● Transition filing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o If
 an adviser is transitioning from quarterly to annual filing because it is no longer a large
 hedge fund adviser or large liquidity fund adviser, then the adviser must complete and file
 Item A of Section 1a and check the box in Section 1a indicating that it is making
 its final quarterly filing. The adviser must file its transition filing no later than the
 last day on which the adviser's next quarterly update would be timely.

● Final filing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o If
 an adviser is no longer required to file Form PF, then the adviser must complete and
 file Item A of Section 1a and check the box in Section 1a indicating that it is
 making its final filing. The adviser must file its final filing no later than the last day
 on which the adviser's next Form PF update would be timely. This applies to all
 Form PF filers.

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*<u>Policies</u>*

● IMC is an adviser to private funds and has or expects to have over $150 million in private fund assets under management.

● IMC will file Form PF with respect to the private funds we advise in a timely manner based on the instructions to the form.

*<u>Procedures and Responsible Party</u>*

● The CCO is responsible for preparing and filing Form PF.

● The CCO will review and approve the documents prior to submission and will be the signer of the document.

*<u>Recordkeeping</u>*

● IMC will maintain copies of Form PF filings made and any applicable supporting documentation.

***Form ADV-W***

In the event IMC ceases operations or becomes ineligible to be registered with the Commission for any reason, the CCO will, if appropriate, obtain state registration for the firm where required and withdraw its registration from the Commission by filing form ADV-W on the IARD.

**Regulatory and Legal Matters**

*Policy*

IMC's policy is to fully cooperate with regulatory or other examiners and to address any legal matters or threatened litigation expeditiously.

The SEC, state securities regulators and other regulatory agencies from time to time may conduct inspections and examinations of the Firm to ensure compliance with Applicable Laws and Rules. The CCO is responsible for the implementation and monitoring of Adviser's Regulatory & Legal Matters Policy and Procedures, including associated practices, disclosures and recordkeeping. The CCO may delegate responsibility for the performance of these activities (provided that it maintains records evidencing individual delegates) but oversight and ultimate responsibility remain with the CCO.

*Procedure*

IMC has adopted various procedures to implement the firm's Regulatory and Legal Matters policy and reviews to monitor and ensure that the firm's policy is observed, implemented properly and amended or updated, as appropriate. The procedures are as follows:

*<u>Regulatory or Contractual Inspections</u>*

When the SEC, state securities commission, other regulatory agency, Client or adviser contacts or meets a Covered Person of Adviser with respect to a regulatory or contractual examination, the following procedures must be followed:

● The Covered Person who is the recipient of such contact must, as soon as possible, inform the CCO about the matter;

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● The CCO shall arrange for the Firm to make available all documents requested by the examiner, provided such examiner has the legal right to examine such documents;

● Upon the examiner's arrival, the CCO, the CFO, General Counsel or the CEO should ask the official for: (i) proper identification, (ii) his or her authority to conduct the examination, and (iii) the purpose of the visit;

● If the inspection is conducted by a Client or adviser, the CCO should determine whether such person should execute a confidentiality agreement or whether such inspections activities are governed by confidentiality provisions currently in effect;

● The CCO and any other Adviser personnel chosen to assist the inspection team should be pleasant and cooperative;

● Information or copies of documents should be provided to the examiner only if the release of such information or documents has been cleared by the CCO;

● The CCO will ensure that only those documents specifically requested by the inspection team are released to the regulatory inspection team;

● The examiner may request certain information or documents to review on or off-site. All such information and documents should be provided only upon the authorization of the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Where
 the examiner has requested certain information or documents for off-site review and the CCO
 has authorized release of such information or documents, two copies should be made. The examiner
 shall be furnished with one copy and the other copy shall be directed to the CCO;

● The CCO shall maintain a log of all information and documents requested for review by the examiner which shall include the date and time of the request, a description of the information or document requested, and whether the information or document was furnished to the examiner;

● A representative of Adviser should accompany the inspection team at all times when the team is in Adviser's office(s), except in a room or rooms designated by the CCO as places where the team can perform their inspection;

● Without prior clearance from the CCO, no Adviser Covered Person may have substantive conversations with any member of the inspection team;

● The recipient of any letter or other correspondence from the inspecting authority must promptly forward such correspondence to the CCO;

● The CCO in coordination with the inside or outside legal counsel of Adviser will review the correspondence from the inspecting authority and respond, if so required, in the appropriate manner prior to any deadline imposed by the inspecting authority; and

● If deficiencies or weaknesses are identified by the inspecting authority, Adviser will take steps to address and eliminate such deficiencies and weaknesses and memorialize the actions taken in a memorandum.

*<u>Relations with Regulators</u>*

It is IMC's policy to cooperate with government authorities and regulators during routine audits and examinations, as well as inquiries and investigations. The CCO must immediately be made aware of any requests from government authorities or regulators and should be involved in responding to all such inquiries in order to be certain that we are providing complete and accurate information to regulators, as well as to ensure awareness of pending inquiries that may require us to maintain certain records.

III-17 \| I M C

*Legal Notices*

Supervised Persons will immediately forward any legal notices upon receipt to the CCO.

*Threatened Litigation*

Upon receipt of any written or verbal threat of litigation from any source, Supervised Persons will immediately notify the CCO.

**Portfolio Management**

IMC provides investment management and supervisory services on a discretionary basis and currently offers the following investment styles:

● **Small Cap Growth** - seeks capital appreciation by investing in companies that correspond to the market values within the range of the Russell 2000 Growth Index.

● **Micro Cap** - seeks capital appreciation by investing in companies that correspond to the market values within the range of the Russell Micro Cap Growth Index.

● **Ultra Micro Cap** - seeks capital appreciation by investing in companies whose market values correspond to the bottom half of the Russell Micro Cap Growth Index.

● **Non US Small Cap Equity** - seeks capital appreciation by investing in companies that correspond to the market values within the range of the MSCI ACWI Ex-US Small Cap Index.

● **Developed Non US Small Cap Equity** - seeks capital appreciation by investing in companies that correspond to the market values within the range of the MSCI World Ex-US Small Cap Index.

● **Non US Micro Cap Equity** - seeks capital appreciation by investing in companies that correspond to the market values within the range of the FTSE Global Micro Cap ex US Index.

● **Emerging Markets Small Cap Equity** - seeks capital appreciation by investing in companies whose market values correspond to the market values within the range of the MSCI Emerging Markets Small Cap Index.

● **Global Opportunities Small Cap Equity** - seeks capital appreciation by investing in companies whose market values correspond to the market values within the range of the MSCI ACWI Small Cap Index.

In relationships with clients, Supervised Persons will use particular care in determining applicable fiduciary duty and will comply with such duty as to those persons and interests to whom the duty is owed. Supervised Persons will act for the benefit of the firm's clients and place clients' interests before their own personal interests.

***Allocation of Investment Opportunities, Portfolio Recommendations***

Supervised Persons will deal fairly and objectively with clients and prospects when disseminating investment recommendations, material changes in prior investment recommendations, and taking investment action; thereby not favoring one client over another. (See also Allocation of Investment Opportunities and IPOs and Other Limited Offerings under the Trading section below.)

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***Guidelines, Restrictions, and Suitability***

Client accounts will be managed based on the client's investment guidelines and restrictions as agreed upon by both IMC and the clients and in accordance with the investment style selected by the client.

Each client's investment objectives and any restrictions will be documented in written investment guidelines and will be included in the client's permanent file. Clients are instructed and periodically reminded to keep IMC informed of any changes in their investment objectives. In the event that a client informs IMC of a change such that the IAR recommends modifications to the investment guidelines for the client, the IAR will document those changes in the client file.

The CCO will be responsible for obtaining the client's investment objectives, any restrictions, and written investment guidelines. (See also policies under New Client Policy under Maintaining Client Relationships below.) Additionally, in an effort to prevent violating the client's investment objectives, the CCO or designee will be responsible for entering the investment guideline parameters and any restrictions into Charles River, the firm's trade order management system.

The portfolio managers will monitor on a continuous basis the accounts subject to their management and at least quarterly review the client account reports prior to distribution. The CCO will also review on a monthly basis the account compositions to ensure adherence to client investment objectives, restrictions and written investment guidelines. Finally, the portfolio managers will periodically meet with clients to review the client's investment objectives, guidelines, and any restrictions.

***Proxy Voting***

*<u>Background</u>*

Pursuant to Rule 206(4)-6 of the Advisers Act, a registered investment adviser who exercises voting authority with respect to client securities must adopt and implement written policies and procedures: (1) that are reasonably designed to ensure that the adviser votes client securities in the best interest of clients; and (2) which include how the adviser will address material conflicts that may arise between the adviser's interests and those of the client. Additionally, pursuant to the rule advisers must disclose to clients how they may obtain information from the adviser about how the adviser voted with respect to their securities; and describe to clients the adviser's proxy voting policies and procedures and, upon request, furnish a copy of the policies and procedures to the requesting client.

A summary of IMC's proxy voting policy is disclosed to clients and prospective clients in Part 2 of Form ADV along with instructions on how they may obtain a complete copy of IMC's current proxy voting policies & procedures or report on how their proxies were voted. Clients may obtain information on how their proxies were voted by contacting IMC. The CCO or his designee will be responsible for ensuring that client requests are responded to in a timely manner and are documented in the client file.

IMC will maintain records relating to its proxy voting activities as indicated in the section on Books and Records.

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*<u>Proxy Voting Policies and Procedures</u>*

IMC may vote client securities (proxies) on behalf of our clients. When IMC accepts proxy voting responsibility, we will only cast proxy votes in a manner consistent with the best interest of our clients. Absent special circumstances, IMC will vote all proxies within the guidelines established and describe in our Proxy Voting Policies and Procedures, as we may amend from time-to-time.

IMC's Proxy Voting Policies and Procedures is as follows:

● IMC subscribes to the services of an unaffiliated third-party proxy vendor that provides in-depth analysis of shareholder meeting agendas and vote recommendations. The proxy vendor maintains written guidelines to reflect their current vote recommendations. IMC has provided the proxy vendor with instructions on when the proxy vendor should vote proxies according to their written guidelines and when the proxy vendor must contact IMC for a vote decision. IMC may, in some cases, vote a proxy contrary to the proxy vendor's guidelines if we determine that this action is in the best interests of clients.

● In cases where sole proxy voting authority rests with IMC for plans governed by ERISA, IMC will vote or direct the proxy vendor to vote proxies in accordance with their guidelines unless outlined otherwise in the plan's governing documents and subject to the fiduciary responsibility standards of ERISA.

● If the person(s) responsible for voting proxies becomes aware of any type of potential or actual conflict of interest relating to a proxy proposal, they will promptly report the conflict to our Chief Compliance Officer and Chief Investment Officer. Conflicts will be handled in a number of ways depending on the type and materiality. The method selected by IMC will depend upon the facts and circumstances of each situation and the requirements of applicable laws and will always be handled in the client's best interest.

● IMC may also choose not to vote proxies in certain situations or for certain accounts, for example, where a client has retained the right to vote the proxies or where a proxy is received for a client account that has been terminated.

● Clients may direct the vote of their proxy regarding particular solicitations. To do so, the client must contact IMC at our office with specific voting instructions in advance of the proxy voting deadline so that we have sufficient time to contact the third party with the instruction. If the client does not provide adequate advance notice, we may not be able to accommodate the vote request.

*<u>Class Actions</u>*

IMC does not instruct or give advice to clients on whether or not to participate as a member of class action lawsuits and will not automatically file claims on the client's behalf. However, if a client notifies us that they wish to participate in a class action, we will provide the client with any transaction information pertaining to the client's account needed for the client to file a proof of claim in a class action.

**Trading**

IMC policy, as a fiduciary to its clients, is to always place the interest of its clients first and foremost; to have fair trading practices and to seek to disclose actual or potential conflicts of interest or resolve such conflicts.

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***Affiliated Broker-Dealer***

Roth Capital Partners, LLC ("Roth") is considered an affiliate of IMC through common ownership by CR Financial Holdings, Inc. and Byron Roth. IMC has adopted policies and procedures, as outlined in various sections below, to address the conflicts of interest arising out of affiliation.

***Insider Trading***

IMC has adopted the following policies and procedures to reasonably prevent the misuse of material nonpublic information. All Supervised Persons of IMC are required to adhere to the firm's policy.

*<u>Summary</u>*

Pursuant to Section 204A of the Advisers Act, registered investment advisers are required to maintain and enforce written policies reasonably designed to prevent the misuse of material nonpublic information by the adviser or any person associated with the adviser.

The securities laws prohibit improper disclosure or use of nonpublic information relative to publicly traded securities. Violations of the prohibitions against "insider trading" are punishable by severe sanctions, including criminal penalties. In general, the securities laws prohibit trading by a person while in the possession of material nonpublic information about a company or about the market for that company's securities. The securities laws also prohibit a person who is in possession of material nonpublic information from communicating any such information to others.

Insider trading violations are likely to result in harsh consequences for the individuals involved, including exposure to investigations by the Commission, criminal and civil prosecution, disgorgement of any profits realized or losses avoided through the use of the nonpublic information, civil penalties of up to $1 million or three times such profits or losses, whichever is greater, exposure to additional liability in private actions, and incarceration.

*<u>Insider</u>*

The term "insider" includes both traditional insiders and temporary insiders. A traditional insider is generally any officer, director, partner, manager, or employee, of a company who obtains material nonpublic information about that company by virtue of his/her position or relationship with the company. A traditional insider trading on inside information breaches a duty of trust and confidence to the shareholders of his corporation. A temporary insider is any person who receives material nonpublic information about a company in the course of performing services for the company. Temporary insiders may include, but are not limited to accountants, lawyers, consultants, underwriters, or the immediate family members of traditional insiders. A temporary insider trading on inside information breaches a duty of loyalty and confidentiality to the person who shared the confidential information with him. An insider who becomes aware of and uses or discloses material nonpublic information about a company obtained as the result of his/her relationship with another company may be deemed to have misappropriated such information.

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*<u>Material</u>*

The term "material information" is generally defined as information that a reasonable investor would consider important in making their investment decision with respect to a company's securities or information that is reasonably certain to affect the market price of the company's securities, regardless of whether the information is directly related to the company's business. Material information may include, but is not limited to: dividend changes, earnings estimates, changes in previously release earnings estimates, significant new products or discoveries, significant mergers or tender offer proposals or agreements, developments regarding major litigation by or against the company, liquidity or solvency problems, extraordinary management developments, or similar major developments.

*<u>Nonpublic</u>*

Information is to be considered "nonpublic" until it has been effectively disseminated to the marketplace for a sufficient period of time to be reflected in the security's price. Information remains non-public until it has been publicly disclosed, meaning that it has been broadly distributed to the public in a non-exclusionary manner, such as via a filing with the Commission, or by appearance in publications of general circulation.

*<u>Policy Statement</u>*

IMC's policy prohibits any Supervised Person who is in possession of material nonpublic information about a company, or about the market for that company's securities, to purchase or sell or cause another person to trade in those securities until the information becomes public and the market has had time to react to it. Any Supervised Person having doubts regarding the propriety of a proposed securities transaction should seek advice from the CCO, who has been designated by IMC to handle such matters.

*<u>Disclosure of Material Nonpublic Information</u>*

No Supervised Person of IMC may disclose material nonpublic information about a company or the market for that company's securities to any person except to the extent necessary to carry out the legitimate business obligation of IMC or in circumstances in which the information is likely to be used for unlawful trading.

Procedures

● Every supervised person is required to obtain written approval from the CCO prior to engaging in any outside business activities.

● Every supervised person will disclose to the CCO any other activities they engage in that may reasonably cause them to have access to inside information.

● If necessary, the CCO will develop and maintain "restricted lists" and "watch lists" which identify the securities that may not be traded in client, employee and proprietary accounts without prior approval from the CCO.

● Every Supervised Person, before trading or making investment recommendations, for themselves or others, in the securities of a company about which the Supervised Person may have potential insider information, shall consider whether the information is material and nonpublic. If after consideration, the information is material and nonpublic, or the Supervised Person is unable to determine whether the information is material and nonpublic, the Supervised Person must do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o report
 the matter immediately to the CCO;

III-22 \| I M C

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o not
 purchase, sell or recommend securities on behalf of him/herself or others, including accounts
 managed by IMC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o not
 communicate the information inside or outside IMC other than to the CCO or senior management.

After the CCO has reviewed the matter, the Supervised Person will be instructed as to the proper course of action to take.

● IMC will distribute to its Supervised Persons at time of hire, and at least annually thereafter, the firm's insider trading policy, by providing these P&P. Every Supervised Person will be required to certify, by completing a compliance certification, that they have received, read, understood, and will comply with the firm's policies.

● IMC will periodically review and update, as necessary, IMC's insider trading policies to reflect regulatory, business, or industry changes.

● IMC's CCO will review Access Person's holdings and transaction reports (as defined below) for potential violations of the policy.

● IMC's CCO or designee will perform quarterly, targeted reviews as described:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o IMC
 will maintain a calendar of meetings with representatives of public companies,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o select
 a sample of such companies securities to perform a review of the trading activity, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Sample
 electronic mail and other communications if available for references to the public companies
 selected

*<u>Questions about IMC's Insider Trading Policy</u>*

While compliance with the law and with IMC's policies and procedures described in this manual is each individual's responsibility, interpretive questions may arise, such as whether certain information is material or nonpublic, or whether trading restrictions should be applicable in a given situation. Any questions should immediately be addressed to the CCO, who has been designated by IMC to respond to such questions.

*<u>Violations</u>*

Violations of IMC's policies and procedures relative to prohibitions against insider trading will be regarded with the utmost seriousness and will constitute grounds for immediate dismissal.

***Personal Trading***

IMC's policy permits Access Persons to maintain personal securities accounts provided that investing by Access Persons is consistent with IMC's fiduciary duty to its clients and consistent with regulatory requirements.

Personal securities transactions must never adversely affect clients. IMC will monitor trading activity of its Access Persons to confirm that the interests of clients come first, and that the trading activity complies with applicable securities laws. All securities transactions and holdings in any account of an Access Person or their immediate family members living in the same household, which the Access Person has control of and/or is a beneficial owner of, are subject to review by IMC.

III-23 \| I M C

*<u>Definition of Access Person</u>*

An Access Person is defined as any Supervised Person:

● Who has access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund, or

● Who is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic.

For the purposes of this P&P, IMC considers all its officers and employees to be Access Persons.

*<u>Personal Securities Transactions Policy</u>*

Access Persons may have personal accounts that are managed by IMC in the same styles as IMC manages for clients. However, neither IMC nor any of IMC's Access Persons may effect in any non-managed account for himself or herself, or for his or her immediate family (i.e., spouse, minor children, and adults living in the same household as the Access Person), or for any trust accounts for which the Access Person serves as a trustee or in which the Access Person has a beneficial interest (collectively "Covered Persons"), any transactions in a security which is being actively purchased or sold, or is being considered for purchase or sale, on behalf of any of IMC's clients.

Access Persons are limited to trading within non-managed accounts: mutual funds, exchange traded funds (ETFs), fixed income securities, individual equities that have a market capitalization of $25 billion or greater at the time of purchase (or listed options of such equities), direct obligations of the government of the United States; bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt instruments, including repurchase agreements.

Access Persons must also follow the requirements under pre-clearance of trades and black out and holding periods, if applicable, before placing a trade.

Reportable Funds

IMC serves as a sub-adviser to a number of registered investment companies (mutual funds). In addition, an IMC affiliate also sub-advises to registered investment companies. Rule 204A-1 of the Investment Adviser Act of 1940 requires reporting by access persons of transactions in and holdings of "reportable funds." According to the rule, "reportable funds" mean:

● Any fund for which you serve as an investment adviser as defined in section 2(a)(20) of the Investment Company Act of 1940; or

● Any fund whose investment adviser or principal underwriter controls you, is controlled by you, or is under common control with you. For purposes of this section, control has the same meaning as it does in section 2(a)(9) of the Investment Company Act.

IMC will circulate at least annually a list of reportable funds to all access persons. Access persons are required to report transactions and holdings in reportable funds in the Personal Security Transaction Reports and Personal Holdings Reports.

III-24 \| I M C

*<u>Prohibited Transactions</u>*

At no time may IMC or any Access Person purchase for their own account or for any account in which IMC or an Access Persons has a beneficial interest in securities where Roth is a manager, co-manager, underwriter or any part of the syndicate that is offering the securities to the public (e.g. initial public offerings (IPOs) and secondary offerings).

*<u>Pre-Clearance of Trades</u>*

Access Persons are required to obtain written approval from the CCO prior to effecting, for himself or herself, for his or her immediate family (i.e. spouse, minor children, and adults living in the same household as the Access Person), for trusts for which the Access Person serves as a trustee or in an account which the Access Person has a beneficial interest (collectively "Covered Persons"), any transactions in securities:

● which is on a "restricted" list, if maintained;

● which is a private placement;

● which is a limited offering; or

● which is an initial public offering.

Access Persons desiring to trade a security requiring pre-clearance, should submit a Pre-Approval for Securities Transaction Form to the CCO through the MyComplianceOffice system using the preclearance form.

*<u>Blackout Periods</u>*

No Access Person shall execute a securities transaction on a day during which any client has a pending "buy" or "sell" order in that same security until that order is executed or withdrawn.

No portfolio manager of a client account(s) shall buy or sell a security within at least seven (7) calendars days before and after the client account(s) trades in that security.

*<u>Ban on Short-Term Trading Profits</u>*

Access Persons are expected to refrain from trading for short term profits. Day Trading (buying and selling in the same security on the same business day) of any Security is strictly prohibited.

If an Access Person owns stock that becomes a holding for a client account at some point in the future, the Access Person is subject to a 60 day holding period restriction effective the day the stock becomes a holding for a client account.

*<u>Exceptions to the Personal Trading Policies</u>*

The foregoing prohibited transactions, pre-clearance, ban on short-term trading profits policies and procedures are not applicable to transactions (a) effected in any account over which neither IMC nor any Access Person of IMC has any direct or indirect influence or control; (b) with respect to securities effected pursuant to an automatic investment plan; (c) in securities that are: direct obligations of the government of the United States; bankers' acceptances, bank certificates of deposit, commercial paper, robo advised accounts, and high quality short-term debt instruments, including repurchase agreements; shares issued by money market funds, or shares issued by non-affiliated registered open-end investment companies (not including exchange trade funds (ETFs) and funds advised or sub-advised by IMC).

III-25 \| I M C

Under certain limited circumstances, exceptions may be made by the CCO to the policies stated above. The CCO will maintain records of these trades, including the reasons for any exceptions.

*<u>Violations of the Personal Trading Policies</u>*

Upon discovering a violation of the personal trading policies, IMC may impose such sanctions as it deems appropriate, including, among other things, disgorgement of profits, a letter of censure or suspension, or termination of the employment of the violator.

***Personal Accounts***

To assist in the monitoring of employee trading, IMC requires Access Persons who maintain personal accounts to ensure all personal accounts are set-up to provide daily transactions and monthly holdings data to the MyComplianceOffice system. The CCO will periodically review the trading activity and for potential conflicts of interest or violation of the Code of Ethics holdings afforded by these downloads.

***Personal Security Holdings and Transaction Records***

*<u>Personal Holdings Reports</u>*

Access Persons must, within ten (10) days of becoming an Access Person and at least annually thereafter, report to the CCO their personal securities holdings on the firm's Annual Holdings Report within the MyComplianceOffice system. Each Holdings Report must contain, at a minimum, the following information:

● The name of any broker, dealer or bank with which the access person maintains an account in which any securities are held for the access person's direct or indirect benefit; and

● The date the Access Person submits the report.

In addition, the Access Person will ensure that the MyComplianceOffice system has access to direct downloads of transactions and positions of all brokerage accounts or receives duplicate brokerage statements including a complete reporting of transaction activity, on at least a quarterly basis; from each broker-dealer that maintains an account for which the Access Person is a beneficial owner. The required information must be current as of a date not more than 45 days prior to the employee becoming an Access Person (for initial reports) or the date the report is submitted (for annual reports). The CCO or his designee will conduct a periodic review of the holdings reports and brokerage statements for potential conflicts of interest or violation of the Code of Ethics.

*<u>Personal Security Transaction Reports</u>*

Access Persons must report all personal securities transactions on a quarterly basis. It is the responsibility of the Access Persons to complete and signed Securities Transaction Report within the MyComplianceOffice system no later than 30 days after the end of each calendar quarter.

III-26 \| I M C

In addition, the Access Person will ensure that the CCO either has access to direct downloads of positions of all brokerage accounts through the MyComplianceOffice system or receives duplicate brokerage statements including a complete reporting of transaction activity (in each case which will include all of the information required by Rule 17j-1(d)(1)(ii) – see below), on at least a quarterly basis; from each broker-dealer that maintains an account for which the Access Person is a beneficial owner.

The CCO or his designee will review the personal transaction activity for adherence to the firm's personal trading policies and for violations of insider trading, front-running, pre-clearance of trades as described above and other potentially abusive practices. The CIO or his designee will review the CCO's personal transactions activity for adherence to the firm's personal trading policies and for violations of insider trading, front-running, pre-clearance of trades as described above and other potentially abusive practices.

*<u>Record Keeping Pursuant to Rule 17j-1</u>*

IMC will comply with the record keeping requirements in Rule 17j-1(f) under the Investment Company Act of 1940, as amended.

Rule 17J-1(d)(1)(ii) Required Information

With respect to any transaction during the quarter in a Covered Security in which the Access Person had any direct or indirect beneficial ownership:

● The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and principal amount of each Covered Security involved;

● The nature of the transaction (i.e. purchase, sale, or any other type of acquisition or disposition);

● The price of the Covered Security at which the transaction was effected;

● The name of the broker, dealer, or bank with or through which the transaction was effected; and

● The date that the report is submitted by the Access person.

***Allocation of Investment Opportunities and Limited Offerings***

IMC will deal fairly and objectively with clients and prospects when disseminating investment recommendations, disseminating material changes in prior investment recommendations, and taking investment action; thereby not favoring one client over another. IMC will take particular care if ever allocating any private placement investments, such as: pre-IPOs, Direct Public Offerings, Limited Liability Partnerships, etc.

The portfolio manager(s) shall allocate investment opportunities among all accounts the portfolio manager(s) manages for which the security is suitable at the time of investment. If a security is sufficient in size to be allocated to all suitable accounts, then the portfolio manager shall, whenever possible, allocate the security to all suitable accounts on a pro-rata basis. When a pro-rata allocation is not feasible or not in the best interests of all clients, the portfolio manager(s) shall allocate to accounts alphabetically on a rotational basis. Once an account has received such an allocation, it may not receive another such allocation until all of IMC's other clients' accounts have received such an allocation. IMC reserves the right to make exceptions to this policy if it believes it is in the best interest of clients to do so. All exceptions must be in writing and a copy given to the CCO.

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***Allocation of IPOs***

IMC may, from time to time, when consistent with a client's investment objectives and restrictions, purchase a security in an initial or secondary public offering ("IPO") for certain client accounts. When this occurs it is IMC's intention to allocate IPO shares among participating accounts in an equitable manner as not to give one client preference over another. Therefore, IMC will generally allocate IPO shares based on market capitalization of the IPO security in accordance with the objectives of each investment style offered by IMC. If IMC does not receive a full allocation, then the shares will be allocated to accounts on a pro-rata basis. However, if a pro-rata allocation would result in a de minimis number of shares being allocated to any one account, IMC may elect to allocate to accounts alphabetically on a rotational basis. Currently, IMC defines de minimis as ten (10) shares. Once an account has received an IPO allocation, it may not receive another IPO allocation until all of IMC's other clients' accounts have received an IPO allocation. IMC reserves the right to make exceptions to this policy if it believes it is in the best interest of clients to do so. All exceptions must be in writing and approved by either the CCO or a Compliance Manager.

***Aggregation of Orders, Trade Order Allocation***

IMC's policy permits the aggregation of orders for clients in the same securities for the purpose of obtaining best execution, negotiating more favorable commission rates, or allocating equitably among IMC's clients differences in prices and commission or other transaction costs that might not have been obtained had such orders been placed independently.

*<u>Aggregation and Allocation</u>*

IMC may aggregate trades for itself or for its Supervised Persons with client trades, providing that the following conditions are met:

● IMC's policies for the aggregation of transactions shall be fully disclosed in Form ADV and separately to IMC's existing clients (if any) and the broker-dealer(s) through which such transactions will be placed;

● IMC will not aggregate transactions unless it believes that aggregation is consistent with its duty to seek best execution (which includes the duty to seek best price) for its clients and is consistent with the terms of IMC's investment advisory agreement with each client for which trades are being aggregated;

● No advisory client will be favored over any other client; each client that participates in an aggregated order will participate at the average share price for all transactions of IMC in that security on a given business day, with all transaction costs shared on a pro rata basis;

● IMC will prepare, before entering an aggregated order, a written statement (the "Allocation Statement") specifying the participating client accounts and how it intends to allocate the order among the various accounts;

III-28 \| I M C

● If the aggregated order is filled in its entirety, it will be allocated among clients in accordance with the Allocation Statement; if the order is partially filled, it will be allocated pro-rata based on the Allocation Statement.

● Notwithstanding the foregoing, the order may be allocated on a basis different from that specified in the Allocation Statement if all client accounts receive fair and equitable treatment and the reasons for a different allocation is explained in writing and is approved by the CCO no later than one hour after the opening of the markets on the trading day following the day the order was executed;

● If an aggregated order is partially filled and allocated on a basis different from that specified in the Allocation Statement, no account that is benefited by such different allocation may effect any purchase or sale, for a reasonable period following the execution of the aggregated order, that would result in it receiving or selling more shares than the amount of shares it would have received or sold had the aggregated order been completely filled;

● IMC's books and records will separately reflect, for each client account, the orders of which are aggregated, the securities held by, and bought and sold for that account;

● Funds and securities of clients whose orders are aggregated will be deposited with one or more banks or broker-dealers, and neither the clients' cash nor their securities will be held collectively any longer than is necessary to settle the purchase or sale in question on a delivery versus payment basis; cash or securities held collectively for clients will be delivered out to the custodian bank or broker-dealer as soon as practicable following the settlement;

● IMC will receive no additional compensation or remuneration of any kind as a result of the proposed aggregation; and

● Individual investment advice and treatment will be accorded to each advisory client's account.

*<u>Principal Trading</u>*

IMC recognizes the potential for significant conflicts of interest when acting as a principal in client transactions. The SEC defines principal trading as when an investment adviser buys or sells securities from a client for their own account. It is the policy of IMC not to engage in principal trading.

*<u>Cross Transactions</u>*

IMC recognizes the potential for significant conflicts of interest when acting as an agent in client transactions. It is IMC's policy not to engage in agency cross trades.

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However, if IMC feels it is in the best interest of certain clients, IMC may effect an internal cross transaction of securities between clients. IMC acknowledges its duty to seek best execution for its clients and acknowledges that the use of internal cross transactions may raise potential conflicts of interest under the antifraud provisions of the Investment Advisers Act of 1940, Section 206(3) and Section 206 (4). Therefore, internal cross transactions will only be considered when the need to liquidate securities results in an availability of securities that are appropriate for another account. IMC prohibits the need to purchase securities as the sole reason for identifying sale candidates nor does it allow the need to sell an issue as the sole reason for purchase of such by another client. If IMC does effect an internal cross transaction, IMC will not act either as principal or agent through a broker-dealer or otherwise receive commissions or any type of compensation for effecting internal cross transactions. IMC's sole intent for doing an internal cross transaction will be to act in the best interest of each client in accordance with their respective investment objectives. Internal cross transactions will only be used when it is of conspicuous advantage to both accounts in the absence of appropriate and comparable alternatives. Prior to execution, IMC will request two-sided markets from at least two bona fide registered broker-dealers and will use the average of those prices obtained as the execution price. IMC requires written approval from the CCO prior to execution. The CCO will document each cross transaction including, but not limited to, the client accounts participation in the cross transaction, the nature of the cross transaction, the pricing methodology used, and the rationale on which the transaction is based.

***Mutual Fund Market Timing and Late Order Controls***

IMC's policy prohibits mutual fund market timing and the placing of trades after market close for same day NAV, or price. IMC will not engage in the market timing of mutual funds for itself or its clients. A portfolio manager may, for practical purposes, place trades after market close, but only for the next day's NAV, or price.

***Trade Process***

IMC's portfolio managers are responsible for the creation of trade tickets by loading the trade order into the OMS, and the traders are responsible for executing trades. The portfolio manager will exercise diligence in creating the trade order and will review the trade order for the following: (1) correct symbol, number of shares, and account(s); and (2) that the recommended trades do not violate client restrictions.

The traders will be responsible for executing the trade orders and will exercise diligence in ensuring the proper symbol, direction and number of shares is executed. The OMS will automatically create the delivery instructions to be uploaded into the Omgeo system. Additionally, portfolio managers will review trade fills as they are loaded into the OMS by the trader.

***Trade Errors***

All trade errors will be brought to the attention of the CCO immediately upon discovery and reported to clients promptly. In addition, the compliance personnel will review a listing of all trades made during the week to look for any trade errors not reported. In the event of a trade error, errors will be corrected promptly and researched to determine the cause. Further, CCO, the Trader and related Portfolio Managers will attempt to identify ways to mitigate such errors from happening again. Ideally, when possible, trade errors will be moved to the broker-dealer's trade error account, depending upon whether the broker-dealer was responsible for the error. In cases where IMC is responsible for the error, all losses will be paid by IMC and all gains will accrue to the client's account. The CCO and the related Portfolio Managers will work to identify ways to mitigate such errors from happening again. In cases where the broker-dealer is responsible for the error, IMC will follow the procedures of the broker-dealer with respect to any gains or losses in the trade error account. The trade error and resolution will be documented and the CCO will file the report in the firm's designated trade error file.

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*<u>Trade Error Definition</u>*

For purposes of this Policy, each of the following is considered a trading error:

● Purchase or sale of a wrong or an unintended number of securities;

● Purchase or sale of a wrong or an unintended security;

● Purchase or sale of securities for the wrong or an unintended account;

● Allocation of a wrong or an unintended number of securities that have settled;

● Allocation of securities to the wrong or an unintended account that have settled;

● Purchase or sale of securities that are not legally authorized for an account;

● Purchase or sale of securities that are not authorized by either the investment advisory agreement or a client's investment restrictions or guidelines that have been made known to IMC;

● Purchase or sale of securities not authorized by the account's investment objectives; or

● Failure to follow specific client directives to purchase, sell, hold or wait to purchase securities.

This list is not intended to be exhaustive, and other circumstances could also be considered trading errors. Any questions in this regard must be discussed with the CCO.

*<u>Prohibited Error Correction Practices</u>*

There are certain actions that may never be used to correct a trading error in a client account. The following is a list of actions that are prohibited by this Policy:

● Correction of errors by instituting trades between client accounts;

● Using soft dollars to rectify trading errors, which includes allowing a broker to pay or reimburse IMC for losses due to any trading error caused by IMC; and

● Failure to act promptly to cure a trading error, even if the amount of the error appears to be insignificant.

***Best Execution and Broker Selection***

IMC has a fiduciary obligation to seek best execution for client security transactions. Best execution is not determined by the lowest possible commission costs, but by the best overall qualitative execution. Best execution means executing securities transactions for clients in such a manner that the client's total purchase costs or sale proceeds in each transaction are most favorable under the circumstances.

IMC's primary objective in selecting a broker-dealer for any transaction or series of transactions is obtaining the best combination of execution price, efficiency of execution and optimal custodial service. IMC may consider, among other factors, the net price, reputation, financial strength and stability, efficiency of execution and error resolution, block trading capabilities, willingness to execute related or unrelated difficult transactions in the future, order of call, availability of research, availability of investment offerings and ideas, and other matters involved in the receipt of brokerage services generally.

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IMC has a Best Execution Committee (the "Committee") that gathers and reviews periodically, but not less than quarterly, information and reports about the execution quality provided by the broker-dealers used by IMC. This review will be documented and reported to the Committee during each quarterly meeting.

The Committee will maintain records regarding the periodic reviews and documentation of IMC's broker-dealer selection process, including the information received and evaluated and conclusions reached and decisions made. Brokers may receive temporary approval from the CCO. All such reviewed and approved brokers will be subject to a final approval by the Committee at the next quarterly meeting to determine if IMC should continue the business relationship with the broker.

***Directed Brokerage***

In circumstances were IMC is required to execute transactions through a specific broker (aka "Directed Brokerage"), IMC has specific disclosure in its Part 2 of Form ADV and investment advisory agreements, which state that: (1) IMC will not negotiate specific brokerage commission rates with the broker on a client's behalf, or seek better execution services or prices from other broker/dealers and, as a result, the client may pay higher commissions and/or receive less favorable net prices on transactions for their account than might otherwise be the case, (2) transactions for each account generally will be effected independently unless IMC decides to purchase or sell the same security for several clients at approximately the same time, in which case IMC may "aggregate" a client's transaction with that of other clients for execution by the same broker. However, if trades are not able to be aggregated, IMC may have to enter trade orders for the client's account after orders for other clients, with the result that market movements may work against the client, and (3) conflicts may arise between the client's interest in receiving best execution with respect to transactions effected for the account and IMC's interest in receiving future client referrals from the broker.

All directed brokerage arrangements must be provided to IMC in writing by the client. A client must also notify IMC in writing if the client decides to terminate the directed brokerage arrangement.

***Soft Dollars***

Subject to the policy of seeking best execution for transactions, and also subject to the criteria of Section 28(e) of the Securities and Exchange Act of 1934 ("Section 28(e)"), IMC may, in circumstances where IMC has brokerage discretion and in which execution is comparable, place trades with a broker that is providing brokerage and research services to IMC (known as a "Research Broker") that are lawful and provide appropriate assistance in the performance of IMC's investment decision-making. In addition, IMC may place trades with a broker and require a designated portion of that commission be given up to a Research Broker or other research provider. Brokerage and research services provided by these Research Brokers and other research providers may include, among other things, effecting securities transactions and performing services incidental thereto (such as clearance, settlement and custody) and providing information regarding the economy, industries, sectors of securities, individual companies, statistical information, taxation, political developments, legal developments, technical market action, pricing and appraisal services, credit analysis; risk measurement analysis and performance analysis.

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When selecting a Research Broker or research provider, IMC will make a good faith determination that the amount of the commission charged is reasonable in relation to the value of the brokerage and research services received, viewed in terms of either the specific transactions or IMC's overall responsibility to the accounts for which it exercises investment discretion. Subject to Section 28(e), IMC may pay a Research Broker a brokerage commission in excess of that which another broker might have charged for effecting the same transaction, in recognition of the value of the brokerage and/or research services provided by the Research Broker.

Research services provided by Research Brokers or research providers may be used by IMC in servicing any or all of its clients, and may be used in connection with clients other than those making the payment of commissions to a Research Broker, as permitted by Section 28(e).

IMC may participate in certain commission-sharing programs. In these programs, the broker-dealer that executed client trades will allocate commission dollars to an escrow account to be paid at IMC's direction to certain other broker-dealers or research providers which provided meaningful research to IMC but cannot, in IMC's opinion, provide best execution or execution. In most cases, IMC's commission cost for these trades will be higher than commissions for purely execution only service if we believe that the amount of additional commission is reasonable to the value of the brokerage and research services received. The Best Execution Committee will review all commissions and research dollars paid in the commission-sharing program.

IMC's Part 2 of Form ADV contains detailed disclosure regarding soft dollar practices and the conflicts associated with such practices.

The Committee will continuously monitor IMC's soft dollar practices and any third-party arrangements to ensure consistency with policies and disclosures and promptly amend the P&P or Part 2 of Form ADV in the event of any changes. In addition, the Committee will keep detailed records of all IMC's soft dollar arrangements and all executed "soft dollar" transactions.

Although the safe harbor provided by Section 28(e) is somewhat more expansive, IMC will restrict soft-dollar payments to Research Brokers to solely pay for proprietary research. The Committee will review all such proposed soft-dollar arrangements and payments at the quarterly Committee meetings. This review and discussion will be documented in the Committee meeting minutes.

**Private Fund Compliance Policies**

***Introduction***

Pooled investment vehicles are generally required to register under federal or state securities laws. Private investment vehicles are pooled investments which comply with certain exclusions or exemptions under the Investment Company Act and the Securities Act. IMC Global is the general partner and investment adviser to one or more private funds (the "Funds"). The Funds are private funds complying with exemptions under the Investment Company Act and the Securities Act.

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***Policies***

IMC, as a fiduciary to the Funds, will observe and follow the policies and procedures described below to help confirm continued compliance with our fiduciary duty and applicable exemptions. Failure to observe and follow these policies and procedures will present the risk of forfeiture of the private fund exemption. The CCO will be responsible for confirming that the following policies and procedures are observed and followed and that required records are maintained.

***Registration Exemption***

Each of the Funds is relying on Rule 506 of Regulation D, an exemption under Section 4(2) the Securities Act and applicable exemptions under state securities laws. That is, the issuance of interests does not involve any public offering, and Fund interests may only be purchased by "accredited investors" (or up to 35 non-accredited investors if the Fund is relying on Rule 506(b)) as defined in Regulation D under the Securities Act. All investors in the Fund are herein considered "Limited Partners."

Each Fund is relying on an exemption under Section 3(c)(7) of the Investment Company Act and is limited to "qualified purchasers" as defined in Section 2(a)(51) of the Investment Company Act. The Funds do not charge a performance fee.

The CCO will file Form D, if applicable, in compliance with Securities Act.

***Qualification of Investors***

To rely on state and federal exemptions outlined above, IMC must confirm that each Limited Partner is an "eligible investor" by collecting acceptable documentary evidence and of their eligibility status. Eligible investors must meet the requirements of an "accredited investor" as defined in Rule 501 of Regulation D under the Securities Act.

The CCO will confirm that IMC collects for each new Limited Partner a fully completed and executed investor questionnaire and subscription agreement and will review that the Limited Partner has attested and certified to meeting the eligibility requirements.

***Advertising or Soliciting***

*<u>No General Solicitation of Advertising Activities</u>*

Rule 506(b) of Regulation D prohibits the Fund, or any person acting on its behalf, from offering or selling interests through general solicitation or general advertising.

Please also refer to the Advertising and Marketing section of the IMC P&P for further policies and procedures that must be followed when using any IMC marketing materials or advertising with the public.

To help confirm that no public offering of the Funds is made, IMC or any person acting on behalf of IMC must have a pre-existing relationship with the potential purchaser before an offer is made. A pre-existing relationship may exist when the person has had prior investment or other business dealings with the potential purchaser (e.g., the potential purchaser is an existing or former client of IMC). The pre-existing relationship is necessary for IMC to evaluate the financial circumstances and sophistication of the potential purchaser before making an offer.

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The CCO will:

● Review any communication that mentions the Fund prior to sending to confirm that it (a) is not a general solicitation or advertisement and (b) will not be used to offer or sell securities and (c) is consistent with the offering documents.

● Review any general solicitation or advertisement of advisory services prior to using, to confirm that it does not mention the Fund.

● Confirm that IMC does not hold any seminars or meetings with respect to the Fund where the attendees have been invited by general solicitation or advertisement.

Supervised Persons, prior to offering the Fund to a potential purchaser, will confirm that IMC or the Supervised Person has a pre-existing relationship with the potential purchaser.

***Portfolio Management***

IMC must adhere to the investment objectives disclosed to the Limited Partners in the Private Placement Memorandum ("PPM").

The use of side letters in the Fund(s) is permitted, subject to applicable provisions of the Fund's offering documents. Side letter arrangements will be monitored to confirm that the terms of the arrangement are being adhered to.

The Portfolio Managers are responsible for adhering to the investment objectives disclosed in the PPM when managing the assets of the Fund.

Any side letters entered into with investors in the Fund must be submitted to the CCO and CIO for approval prior to being entered into.

The Portfolio Managers are responsible for monitoring that IMC is adhering to the terms of side letter arrangements.

The CCO will work with firm counsel in drafting and periodically reviewing Fund offering documents to confirm that they are accurate.

Please also refer to the Portfolio Management and Trade Management sections of the IMC P&P for further policies and procedures that must be followed when managing IMC client assets.

***ERISA***

IMC intends for the Fund not to constitute "plan assets" under ERISA. Therefore, IMC will monitor the capital contributions to confirm that the aggregate investment by Benefit Plan Investors does not equal or exceed 25% of the value of the interests in the Fund.

***Service Providers***

For any service providers IMC engages to provide services to the Fund, IMC will reasonably review that the provider is qualified to perform those services and will periodically review that the service provider is adequately performing its services as outlined in the agreement with the Fund.

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Periodically, but not less than annually, the CCO will perform a due diligence review, which may or may not include an on-site visit, of each service provider to the Fund in an effort to confirm that the service provider is performing its services as outlined in the service-provider agreement and in accordance with the appropriate federal securities laws.

***Recordkeeping***

IMC will maintain copies of any filings made or required documents created relating to the Fund.

IMC will maintain copies of investor questionnaires and subscription agreements evidencing the investor's eligibility to invest in the Fund.

IMC will maintain copies of Fund PPMs and any other disclosures given to clients regarding the Fund's investment objectives.

IMC will maintain all written documentation gathered during service provider reviews.

***Rule 506(d) Bad Actor***

*<u>Policy</u>*

IMC is an investment manager to private placement funds, and not to retail investors. Adviser's policy is to accept only those Clients of a Fund whose identity can be reasonably established to be legitimate, to maintain accurate, current and complete information about each Investor.

*<u>Background & Description</u>*

On July 10, 2013, the Securities and Exchange Commission voted unanimously to adopt a "bad actor" disqualification for Rule 506 private placement offerings under Regulation D. Rule 506(d) will prevent issuers from relying on Rule 506 when certain "bad actors" are associated with the issuer.

*<u>Responsibility</u>*

The CCO is responsible for the implementation and monitoring of Adviser's Rule 506(d) Policy and Procedures, including associated practices, disclosures and recordkeeping. The CCO may delegate responsibility for the performance of these activities (provided that it maintains records evidencing individual delegates) but oversight and ultimate responsibility remain with the CCO.

*<u>Procedure</u>*

Under Rule 506(d), the exemption under Rule 506 will not be available if a "Cover Person" has engaged in a "Disqualifying Even", as described below. Rule 506(d) Covered Persons include the following:

● The issuer, including any predecessor of the issuer and any affiliated issuer;

● Any director, executive officer, or other officer participating in the offering;

● Any general partner or managing member of the issuer;

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● Any beneficial owner of 20% or more of the issuer's outstanding voting equity securities, calculated on the basis of voting power, even if not a control person of the issuer;

● Any promoter connected with the issuer in any capacity at the time of such sale;

● Any investment manager of an issuer that is a pooled investment fund;

● Any person that has been or will be paid, directly or indirectly, to solicit purchasers in connection with the offering in question;

● Any general partner or managing member of such investment manager or solicitor; and

● Any director, executive officer or other officer participating in the offering of any such investment manager or solicitor or general partner or managing member of such investment manager or solicitor.

Rule 506(d) sets forth "Disqualifying Events" as follows (this list is not all inclusive):

● A conviction, within the 10 years before such sale (or 5 years, in the case of issuers, their predecessors and affiliated issuers), of any felony or misdemeanor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o in
 connection with the purchase or sale of any security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o involving
 the making of any false filing with the SEC or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o arising
 out of the conduct of the business of an underwriter, broker, dealer, municipal securities
 dealer, investment adviser or paid solicitor of purchasers of securities;

● An order, judgment or decree of any court of competent jurisdiction, entered within 5 years before such sale, that, at the time of such sale, restrains or enjoins such person from engaging or continuing to engage in any conduct or practice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o in
 connection with the purchase or sale of any security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o involving
 the making of any false filing with the SEC or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o arising
 out of the conduct of the business of an underwriter, broker, dealer, municipal securities
 dealer, investment adviser or paid solicitor of purchasers of securities;

● A final order of a state securities commission, a state authority that supervises or examines banks, savings associations, or credit unions, a state insurance commission, a federal banking agency, the U.S. Commodity Futures Trading Commission, or the National Credit Union Administration that at the time of such sale, bars the person from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o association
 with an entity regulated by such commission, authority or agency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o engaging
 in the business of securities, insurance or banking or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o engaging
 in savings association or credit union activities;

● An order of the Commission entered within 5 years before such sale that, at the time of such sale, orders the person to cease and desist from committing or causing a violation or future violation of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o any
 scienter-based (i.e., intentional) anti-fraud provision of the federal securities laws or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Section 5
 of the Securities Act of 1933;

● Suspension or expulsion from membership in a registered national securities exchange or a registered national or affiliated securities association; and

● A United States Postal Service false representation order entered within 5 years before such sale.

*<u>Date of Disqualifying Event</u>*

The loss of exemption only applies to Disqualifying Events occurring after the effective date of the Rule. However, an issuer must furnish to each purchaser, prior to sale, a description in writing of any matters that would have triggered disqualification but pre-dated the rule's effective date. Failure to provide such written notice may cause the issuer to lose the availability of the Rule 506 exemption.

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Sales made before the occurrence of the disqualifying event will not be affected by it, but sales made afterward will not be entitled to rely on Rule 506 unless the disqualification is waived or removed, or, if the issuer is not aware of a triggering event, the issuer may be able to rely on the reasonable care exception.

Disqualifying events that exist at the time the offering is commenced but are only discovered later trigger disqualification or a disclosure obligation. Sales will not be eligible for reliance on Rule 506, subject to the application of the reasonable care exception.

*<u>Annual Certification</u>*

IMC will deliver to all Rule 506(d) Covered Persons, defined above, the letter included in Exhibit A on an annual basis. This includes all employees, General Partners, Managing Broker-Dealer, Select Investment Advisors, Selling Representatives, and Participating Dealers.

All Covered Persons must agree to notify IMC if anyone participating in the offering of the Fund's Interests becomes subject to, or experiences a Disqualifying Event or becomes the subject of formal proceedings, which would, if adversely determined, constitute a Disqualifying Event.

*<u>Subscription Documents</u>*

IMC will verify all Selling Representatives via the FINRA Broker Check website at <u>http://brokercheck.finra.org/Search/Search</u> IMC will maintain a list of all Selling Representatives participating in the Offerings. Upon receipt of a subscription document, IMC will verify if the license status of the Selling Representative is active and if any Disclosure Events are listed on the FINRA Broker Check website.

*<u>Documentation of a Disqualifying Event</u>*

IMC will maintain a Bad Actor List. Upon notification of a disqualifying event or formal proceeding, the CCO of IMC will be responsible for documenting the event and investigating the proceedings to determine if the individual will prevent IMC from relying on Rule 506. If a disqualifying event has occurred, the Covered Person will be placed on IMC's Bad Actor List and IMC will immediately notify the Managing Broker-Dealer.

**UCITS Compliance Policies**

IMC's policy is to ensure that its activities as a U.S.-based Registered Investment Adviser (RIA) managing a portion of a UCITS fund comply with all applicable U.S. federal securities laws, including the Investment Advisers Act of 1940 (the "Advisers Act"), and align with the relevant requirements of the UCITS framework as delegated by the UCITS management company. IMC will manage its assigned portion of the UCITS fund without investing in derivatives, adhering to its fiduciary duty to act in the best interests of the UCITS fund and its investors, maintaining transparency, managing conflicts of interest, and ensuring compliance with the investment guidelines, restrictions, and suitability standards established by the UCITS management company and the fund's governing documents.

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*<u>Background & Description</u>*

UCITS funds are collective investment schemes regulated under the European Union's UCITS Directives, designed to provide a harmonized framework for investor protection, liquidity, and cross-border distribution within the EU. A UCITS fund must be domiciled in an EU member state and managed by a UCITS management company authorized by the competent authority of that state. While IMC, as a U.S.-based RIA, does not serve as the UCITS management company, it may be engaged by such a company to manage a portion of the fund's assets under a sub-advisory or delegation agreement. In this capacity, IMC's role is limited to the specific portfolio or strategy assigned, and it must operate within the parameters set by the UCITS management company, including investment restrictions, risk management standards, and liquidity requirements mandated by the UCITS Directives.

As an SEC-registered RIA, IMC remains subject to the Advisers Act and must reconcile its U.S. compliance obligations with the UCITS framework. IMC does not utilize derivatives in its investment strategies, including for the UCITS fund, focusing instead on direct investments in transferable securities (e.g., equities) consistent with its existing investment styles (e.g., Small Cap, Micro Cap). This limitation aligns with IMC's operational practices and ensures compliance with UCITS-eligible asset restrictions as interpreted by the UCITS management company.

*<u>Regulatory Framework</u>*

IMC's management of a portion of a UCITS fund is governed by:

● **U.S. Law**: The Investment Advisers Act of 1940, including anti-fraud provisions (Section 206), fiduciary duty standards, and compliance requirements under Rule 206(4)-7. As an RIA, IMC must register with the SEC if managing $110 million or more in assets under management (AUM), including UCITS assets attributed to IMC's discretion.

● **UCITS Framework**: The UCITS Directives (e.g., Directive 2009/65/EC, as amended by UCITS V - Directive 2014/91/EU), which impose requirements on investment diversification, liquidity (fortnightly redemption rights), and eligible assets. UCITS funds may invest in derivatives under strict conditions, but IMC's mandate excludes such investments, focusing solely on UCITS-eligible transferable securities (e.g., listed equities). IMC complies with these standards as incorporated into the delegation agreement with the UCITS management company.

● **Contractual Obligations**: The sub-advisory or delegation agreement with the UCITS management company, which defines IMC's scope of authority, investment guidelines (excluding derivatives), and reporting duties.

IMC does not market the UCITS fund to U.S. investors, as such offerings would require compliance with U.S. private placement rules under Regulation D of the Securities Act of 1933 and exemptions under Sections 3(c)(1) or 3(c)(7) of the Investment Company Act of 1940, which are outside IMC's scope. IMC's involvement is limited to managing a designated portion of the fund's assets, typically equities, for the benefit of the UCITS fund's investors outside the U.S.

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*<u>Policies</u>*

IMC's policy is to manage its assigned portion of a UCITS fund in a manner that ensures compliance with U.S. regulations, fulfills its fiduciary duty, and aligns with the UCITS framework as directed by the UCITS management company, without the use of derivatives. Specifically, IMC will:

● Adhere to the investment guidelines and restrictions provided by the UCITS management company, focusing exclusively on direct investments in UCITS-eligible transferable securities (e.g., equities) and excluding derivatives, ensuring compliance with diversification and liquidity requirements;

● Act solely within the scope of authority delegated by the UCITS management company, refraining from exercising discretion beyond the agreed-upon mandate or engaging in derivative transactions;

● Maintain independence and objectivity in investment decisions, avoiding conflicts of interest that could disadvantage the UCITS fund or its investors;

● Provide timely and accurate portfolio data, performance reports, and compliance certifications to the UCITS management company as required by the delegation agreement;

● Ensure that its management of UCITS assets, limited to non-derivative investments, does not trigger U.S. registration requirements for the UCITS fund itself under the Investment Company Act of 1940;

● Comply with all applicable U.S. federal securities laws, including anti-fraud provisions and insider trading prohibitions, in its management activities; and

● Document its UCITS-related activities as part of its broader compliance program under Rule 206(4)-7, subject to annual review by the CCO.

*<u>Procedures and Responsible Party</u>*

The CCO or designee is responsible for overseeing IMC's management of UCITS fund assets, ensuring compliance with U.S. laws and the delegation agreement, and coordinating with the UCITS management company. The following procedures will be observed:

● **Delegation Agreement Review**: Prior to managing any UCITS fund assets, the CCO or designee will review and approve the sub-advisory or delegation agreement to confirm:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The
 scope of IMC's authority and investment mandate, explicitly excluding derivatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o UCITS-specific
 guidelines (e.g., diversification, liquidity, eligible transferable securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Reporting
 and oversight obligations to the UCITS management company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Alignment
 with IMC's fiduciary duty and U.S. compliance requirements.

● **Investment Oversight**: Portfolio managers assigned to the UCITS fund will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Adhere
 to the investment guidelines provided by the UCITS management company, verified through pre-trade
 compliance checks in IMC's order management system (e.g., Enfusion), with derivative
 transactions blocked;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Limit
 investments to UCITS-eligible transferable securities (e.g., equities within IMC's
 Small Cap or similar strategies), ensuring no exposure to derivatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Monitor
 liquidity to ensure compliance with UCITS fortnightly redemption requirements for the assigned
 portfolio segment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Promptly
 report any deviations or compliance concerns to the CCO.

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● **Reporting**: The CCO or designee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Submit
 portfolio holdings, performance data, and compliance reports to the UCITS management company
 per the agreed schedule (e.g., monthly or quarterly);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Certify
 adherence to UCITS guidelines, including the exclusion of derivatives, as requested; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Maintain
 records of all UCITS-related communications and reports for five years, in line with IMC's
 Books and Records policy.

● **Risk Management**: The CCO will coordinate with the Chief Investment Officer to ensure that IMC's risk assessment processes address UCITS-specific risks, such as concentration limits and liquidity constraints, for the managed portion of the fund, without reliance on derivatives for risk mitigation.

● **Annual Review**: The CCO will include IMC's UCITS management activities in the annual compliance review under Rule 206(4)-7, verifying the exclusion of derivatives and assessing the adequacy of policies and procedures, with findings documented in the annual report to Senior Management.

*<u>Responsibility for Implementing this Policy</u>*

The CCO holds primary responsibility for ensuring that IMC's management of UCITS fund assets complies with this policy, U.S. regulations, and the delegation agreement, including the prohibition on derivative investments. Portfolio managers and other Supervised Persons involved in UCITS activities are responsible for adhering to the delegated guidelines and reporting requirements, with oversight from the CCO. Senior Management will periodically review UCITS-related activities as part of the broader compliance program.

**Mutual Fund Compliance Policies**

***Introduction***

These policies set forth certain regulatory restrictions and investment policies which govern the manner in which IMC may manage and execute transactions on behalf of a registered investment company (each a "Fund"). These restrictions and policies are derived from the following sources:

● Regulatory restrictions which apply to all registered investment companies. The primary restrictions are established by the Investment Company Act of 1940, as amended (the "IC Act"), regulations promulgated under the IC Act and related interpretations of the Securities and Exchange Commission ("SEC") and its staff. In addition, other securities laws as well as the Internal Revenue Code ("IRC") place certain restrictions on the manner in which a Fund may be managed. Some, but not all, of these regulatory restrictions are set forth in the prospectus and statement of additional information.

● Investment Objectives and Policies adopted by each Fund company are reflected in the prospectuses and the Statement of Additional Information ("SAI"). The prospectus and SAI set forth its investment objectives and policies. These policies may be more restrictive than the applicable regulations.

The restrictions and policies discussed in the text of this document are set forth in summary form for ease of reference. These are not the complete list of all portfolio or investment restrictions or limitations for Funds managed by IMC. However, when questions arise, the IC Act and related regulations themselves and/or the actual policies adopted by the Fund company should be examined.

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***When to Calculate Percentage Limitations***: Unless otherwise indicated, the percentage limitations described herein apply only as of the time that an investment transaction is executed. Thus, a percentage limitation generally will not be deemed to be exceeded due solely to relative changes in market value of the Fund's assets following the acquisition.

***Definition of Affiliate***

The IC Act defines an "affiliated person" of another person as follows:

● any person who directly or indirectly owns, controls or holds with power to vote 5% or more of the outstanding voting securities of such other person;

● any person 5% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote by such other person;

● any person who directly or indirectly controls or is controlled by or under common control with such other person;

● any officer, director, partner, copartner or employee of such other person; and

● with respect to an investment company, its investment adviser or any member of an advisory board thereof.

For purposes of applying the definition of an affiliate, "control" means any person that has the power to exercise a controlling influence over the management or policies of a company, unless that power is due solely to the person's official position with the company (i.e., director, officer, etc.). The IC Act creates a rebuttable presumption that any direct or indirect beneficial owner of 25% or more of a Fund controls the Fund, and a similar presumption that a person beneficially owning less than 25% of the Fund does not control the Fund. Notwithstanding this presumption, the SEC generally takes the position that an adviser to a Fund "controls" the Fund (in addition to being an affiliate of the Fund). Therefore, two Funds advised by the same adviser are deemed to be under "common control" and, therefore, affiliated with each other.

***Cross Transactions***

*<u>Background:</u>*

Section 17(a) of the IC Act prohibits principal transactions between a Fund and any of the following:

● Any affiliate of the Fund (which includes its adviser);

● The principal underwriter or a promoter of the Fund; or

● Any affiliate of an affiliate or of the principal underwriter or promoter (a "secondary affiliate").

A principal transaction is one involving a purchase or sale for one's own account (i.e., the purchaser becomes the legal owner of the purchased securities and the seller is such owner before the sale).

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No person covered by the prohibition may:

● knowingly sell any security or other property to the Fund as principal, except shares issued by the Fund;

● knowingly purchase from the Fund any security or other property as principal, except shares of the Fund; or

● borrow money or other property from the Fund.

The SEC has adopted certain rules that provide limited exceptions to the prohibition against principal transactions with affiliates. While most of these are used only in specific circumstances, there is a general exception for principal transactions between affiliated persons, which is discussed below.

*<u>Rule 17a-7 Transactions:</u>*

Since two Funds that are managed by the same investment adviser and which have the same Board may be considered to be under common control and, therefore, affiliates of each other, Section 17(a) would prohibit the two Funds from engaging in principal transactions with each other.

Rule 17a-7 provides an exception to this rule, and permits a Fund to enter into principal transactions with another Fund that is affiliated with the Fund solely by reason of having a common adviser, common directors and/or common officers. Rule 17a-7 likewise permits transactions between a Fund and another account having a common adviser.

A transaction effected pursuant to Rule 17a-7 must satisfy the following conditions:

● The transaction is a purchase or sale for no consideration other than cash payment against prompt delivery of a security for which market quotations are readily available;

● The transaction shall be effected at the "current market price" of the security. Rule 17a-7 defines this as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o If
 the security is an "NMS stock" as that term is defined in Rule 600 of Regulation
 NMS, under the Securities Exchange Act of 1934, the last sale price with respect to such
 security reported in the consolidated transaction reporting system (the "consolidated
 system") or, if there are no reported transactions in the consolidated system that
 day, the average of the highest current independent bid and lowest current independent offer
 for such security (reported pursuant to Rule 602 of Regulation NMS);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o If
 the security is not a reported security, and the principal market for such security is an
 exchange, including the NASDAQ System, then the last sale on such exchange or, if there are
 no reported transactions on such exchange that day, the average of the highest current independent
 bid and lowest current independent offer on such exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o If the security is not a reported
security and is quoted in the NASDAQ System, then the average of the highest current independent bid and lowest current independent offer
reported on Level 1 of NASDAQ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o If the security is a municipal
security, the price obtained from an independent pricing service, provided that the same pricing service is used for computing the participating
Fund's net asset value;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o For all other securities, the average of the highest current independent bid and lowest current independent offer determined on the
basis of reasonable inquiry. "Reasonable inquiry" is generally defined as quotes from at least three independent broker-dealers;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Any other pricing methodology authorized or permitted from time to time (i) by amendment to Rule 17(a)-7,
(ii) by any relevant no action position taken by the Staff of the SEC or (iii) by any exemptive relief granted by the SEC obtained
by or on behalf of the Fund.

● The transaction is consistent with the policies of each Fund participating in the transaction;

● No brokerage commission or fee (except for customary transfer fees) is paid in connection with the transaction;

● The Board of Trustees/Directors, including a majority of the disinterested trustees must: (i) adopt procedures pursuant to which such purchase and sale transactions may be effected, which procedures are reasonably designed to provide that the conditions set forth in paragraphs (1) through (4) above are complied with; and (ii) determine no less frequently than quarterly that all such purchases or sales made under these procedures during the preceding quarter were effected in compliance with such procedures; and

● The adviser must create a written record of transaction setting forth a description of the security, the identity of the person on the other side of the transaction, and the terms of the purchase or sale.

*<u>Policy:</u>*

If IMC considers crossing securities for any of the Funds it manages, it will only execute cross transactions involving the Funds in accordance with the Funds' policies.

In particular, a cross transaction will only be executed if it is consistent with the policies of each account participating in the transaction. Cross transactions will only be for consideration involving cash payment against prompt delivery of a security for which market quotations are readily available. Cross transactions will be effected at the "independent current market price" of the security and will not involve brokerage commissions or fees (except for customary transfer fees).

*<u>Procedures:</u>*

For all securities described above under (2), except those described in (2)(d), the current market price will be determined immediately after the trading desk has received both instructions to sell the security and instructions to purchase the same security from an investment officer, a Fund or another registered investment company.

With respect to transactions in the securities described in (2)(a) and (2)(b), the last sale price or average of the highest current independent bid and lowest current independent offer, showing the date and time, will be obtained from brokers or dealers or another pricing service and will be retained with other records of the transaction.

All instructions will be dated and time-stamped when received at the trading desk.

IMC will report all cross transactions involving the Funds to the applicable Fund's Board no less frequently than quarterly.

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***Affiliated Brokerage***

*<u>Background:</u>*

Section 17(e) of the IC Act generally prohibits any affiliated person of the Fund, or any affiliate of any such person, from receiving compensation or consideration from the Fund as follows:

● Acting as agent, from receiving any compensation with the purchase or sale of any property to or from the Fund, except in the course of that person's business as an underwriter or broker; or

● Acting as broker, in connection with the sale of securities by or to the Fund, to receive any consideration except in accordance with certain limitations.

Rule 17e-1 provides a safe harbor for an affiliated broker of a Fund to receive compensation for effecting the Fund's portfolio securities transactions only if the compensation does not exceed:

● the "usual and customary" broker's commission if the sale is affected on a securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o "Usual and customary" broker's compensation is defined in under Rule 17e-1 as one that is fair compared to
the commission received by other brokers in connection with comparable transactions involving similar securities being purchased or sold
on an exchange during a comparable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 2% of the sales price if the sale is affected in connection with a secondary distribution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 1% of the purchase or sale price.

The affiliate broker may not affect a transaction on a national securities exchange for a Fund unless such transaction is affected in compliance with Section 11(a) of the Securities Exchange Act of 1934 and the Rules adopted thereunder.

These transactions are required to be reported by the adviser to the Fund's board on a quarterly basis.

*<u>Policy:</u>*

IMC does not use broker-dealer affiliates of IMC to execute client/Fund transactions.

IMC will request a list of any affiliated broker-dealers from the Funds it manages, as well as their current policies and procedures for such transactions.

IMC may determine from time to time that an affiliate of Funds may execute portfolio transactions for a Fund if the use of the affiliate will be likely to result in prices for, and execution of, securities transactions at least as favorable as those likely to be derived from other qualified brokers, and if, in such transactions, the affiliate charges a Fund commission rates consistent with those charged by the affiliate in similar transactions to clients that are comparable to a Fund, but are not "affiliated persons" of the broker. In making this determination, IMC will consider all factors it deems relevant, including but not limited to: the price of the security, the size of the transaction, the nature of the market for the security, the amount of commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial ability of the affiliate and the quality of service rendered by the affiliate in other transactions.

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*<u>Procedures:</u>*

In the event that IMC executes transactions through a broker-dealer affiliated with the Funds, it will report to the Fund's Board no less frequently than quarterly any portfolio transactions placed through affiliated brokers. The report will detail:

● The total amount of all compensation retained by the affiliate in connection with effecting transactions for the Funds during the period covered by the report;

● The trade date;

● Whether the transaction is a purchase or sale;

● The number of shares traded;

● The total dollar amount of the commission paid;

● The total dollar amount of the trade;

● The commission expressed as a percentage of the dollar amount of the trade;

● The commission expressed as number of cents per share;

● A comparison with the average commission paid by a Fund to other brokers expressed as a number of cents per share, and an explanation for any substantial difference in the commission charged to a Fund from that charged to any other customer of the affiliate; and

● Any other information as its Board may request.

IMC will review all portfolio transactions for the Funds no less frequently than on a quarterly basis to identify any portfolio transactions placed through affiliated brokers to ensure that the appropriate information is reported to the Fund's Board on a timely basis.

***Purchasing Securities in Underwritings from an Affiliated Broker***

*<u>Background:</u>*

Section 10(f) of the IC Act generally prohibits a Fund from purchasing securities in an underwriting or selling syndicate if any principal underwriter of the issuer is an affiliate of the Fund.

Rule 10f-3 provides a limited exemption to this prohibition. The independent trustees of the Fund must:

● have adopted procedures pursuant to which such purchases may be effected by the Fund;

● make and approve changes to these procedures as the Board deems necessary; and

● determine on a quarterly basis that all purchases made during the preceding quarter complied with such procedures.

The rule's conditions are designed to prevent an underwriter from "dumping" unmarketable securities on affiliated Funds or from earning excessive underwriting fees.

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*<u>Policy:</u>*

IMC does not use broker-dealer affiliates of IMC to execute client/Fund transactions. However, IMC may purchase securities underwritten by a broker or underwriter affiliated with the Funds only in accordance with the Fund's policies.

Generally, IMC limits such investments to securities that are part of an issue which is registered under the Securities Act of 1933, or part of an issue of government securities, and which are being offered to the public pursuant to an underwriting or similar agreement under which the underwriters are committed to purchase all of the securities being offered if the underwriters purchase any of the securities.

These securities would be purchased prior to the end of the first day on which any sales are made, at a price that is not more than the price paid by each other purchaser of securities in that offering. The commission, spread or profit received or to be received by the principal underwriters will be reasonable and fair compared to the commission, spread or profit received by other such persons in connection with the underwriting of similar securities being sold during a comparable period of time, as determined by IMC.

Investment in such securities will be considered only if the issuer has been in continuous operation for not less than three years, including the operations of any predecessors.

IMC will not cause the Funds it manages and other discretionary accounts managed by IMC to purchase, in aggregate, 25% of the principal amount of any share class of the offering.

*<u>Procedures:</u>*

IMC will request a list of affiliated underwriters from the Funds it manages, as well as their current policies and procedures for such transactions.

IMC will report any such purchases to the Funds' Board no less frequently than quarterly.

***Borrowing and Leverage***

*<u>Background:</u>*

Under the IC Act, a Fund may not issue or sell any "senior security" of which it is the issuer, except for certain specific exceptions. "Senior Security" is defined broadly to include any bond, debenture, note or other similar obligation evidencing indebtedness.

The following are permitted exceptions under the IC Act to the limits on the issuance of senior securities:

● a Fund may borrow from a bank, provided the Fund has asset coverage of at least 300% of all borrowings;

● a "senior security" does not include a borrowing meeting the following characteristics:

● the borrowing is in an amount less that 5% of total assets of the Fund; and

● the borrowing is for "temporary purposes" – meaning a loan repaid within 60 days and not extended or renewed.

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*<u>Leverage and Segregated Accounts:</u>*

Generally, any liability that creates the risk of leverage could be deemed to a "senior security." "Leverage" is defined by the SEC as any transaction where "an investor achieves the right to a return on a capital base that exceeds the investment which he has personally contributed to the entity or instrument achieving a return." Many types of transactions have the ability to leverage a Fund, such as:

● When-issued securities

● Reverse repos

● Short sales

● Futures contracts

● Forward contracts

● Options

● Mortgage dollar rolls

The SEC takes the position that the borrowing restrictions of the IC Act are not implicated by potentially leveraging transactions if the Fund "covers" the senior security. This may be accomplished by one of these approaches:

● Segregating
or earmarking assets. To do so, the segregated/earmarked assets must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o equal or exceed the value of the corresponding commitment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o be marked to market daily, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o consist solely of liquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o "Covering" so as to eliminate any leveraging effect.
Examples include:

◾ A Fund that has a long position in a futures or forward contract could purchase a put option on the same futures or forward contract with a strike price as high or higher than the price of the contract held by the Fund.

◾ A Fund selling a security short may own that security or hold a call option on that security with a strike price no higher than the price at which the security was sold.

*<u>Policy:</u>*

IMC does not intend to borrow money on behalf of the Funds, although the firm recognizes that "incidental" borrowing make occur by virtue of the settlement of transactions in securities as well as (or in combination with) transactions in Fund shares (e.g., custodial overdrafts).

*<u>Procedures:</u>*

IMC shall manage the portfolio using its best efforts to avoid borrowing by (i) monitoring the cash position of the Fund each day before market opening, (ii) monitoring any pending transactional activity in Fund shares (e.g., large redemptions) and (iii) monitoring the timing of settlement of transactions in securities on a pro forma basis to determine if any negative cash position may occur. If any "incidental" borrowing occurs (or will occur), IMC shall take prompt action to remedy the situation.

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***Loans of Portfolio Securities***

<u>Making Loans in General:</u>

A Fund must disclose in its registration statement its policy regarding the making of loans to other persons. This policy may not be changed without shareholder approval. There is no general prohibition under the IC Act against the making of loans, except a Fund may not loan money or property to any person if:

◾ the Fund's investment policies do not permit such a loan, or

◾ if the person receiving the loan controls or is under common control with the Fund.

A Fund is not making a loan if it purchases a portion of an issue of publicly traded bonds, debentures or other securities.

A failure by an adviser or other service provider to timely reimburse a Fund for expenses above the Fund's expense cap is considered a loan by the Fund to the adviser. (Notably, this is also an affiliated transaction that is prohibited under Section 17 of the IC Act.)

<u>Securities Lending:</u>

If permitted by a Fund's investment policies, a Fund may engage in securities lending. Under the same premise as Section 18 regarding senior securities, a Fund is generally limited from lending more than 33 1/3% of its total assets (including the value of cash collateral received in connection with the lending).

<u>Policy:</u>

A Fund may seek additional income at times by lending its portfolio securities to broker-dealers and financial institutions provided that: (1) the loan is secured by collateral that is continuously maintained in an amount at least equal to the current market value of the securities loaned, (2) the Fund may call the loan at any time with proper notice and receive the securities loaned, (3) and the Fund will continue to receive interest and/or dividends paid on the loaned securities and may simultaneously earn interest on the investment of any cash collateral.

Collateral will normally consist of cash or cash equivalents, securities issued by the U.S. government or its agencies or instrumentalities or irrevocable letters of credit. Securities lending by a Fund involves the risk that the borrower may fail to return the loaned securities or maintain the proper amount of collateral. Therefore, a Fund will only enter into such lending after a review by the investment adviser or securities lending agent of the borrower's financial statements, reports and other information as may be necessary to evaluate the creditworthiness of the borrower. Such reviews will be conducted on an ongoing basis as long as the loan is outstanding.

IMC shall not engage in securities lending on behalf of the Funds other than consistent with the procedures adopted by the Board.

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***Securities Related Issuers and Insurance Companies***

<u>Background:</u>

In general, Section 12(d)(3) of the IC Act prohibits a Fund from purchasing or otherwise acquiring securities of an issuer which, directly or indirectly (through a subsidiary, affiliate or otherwise), acts as a broker, a dealer, an underwriter, or is either a registered investment adviser or an investment adviser to a registered investment company (collectively "securities-related business").

In addition, no Fund may acquire more than 10% of the total outstanding voting stock of any insurance company.

<u>General Exception:</u>

The SEC has adopted Rule 12d3-1, which permits the purchase of securities of issuers in a securities related business in the following circumstances:

---

| | |
|:---|:---|
| ◾ | A Fund may acquire securities of an issuer that during its most recent fiscal year derived 15% or less of its gross revenues from securities-related business (provided that, as a result, the Fund does not control that issuer). |

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---

| | |
|:---|:---|
| ◾ | A Fund may acquire securities of an issuer that during its most recent fiscal year derived more than 15% of its gross revenues from securities-related business if all of the following conditions are met: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the Fund, as a result of the acquisition, does not own more than 5% of any class of outstanding equity securities of the issuer, or
more than 10% of the outstanding principal amount of the issuer's debt securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the Fund, as a result of the acquisition has not invested more than 5% of its total<br>
assets in the securities of the issuer.

<u>Policy:</u>

Notwithstanding these exceptions, a Fund may not purchase securities issued by the Fund's adviser, its principal underwriter, or any "affiliated person" of the adviser or underwriter.

A Fund also may not purchase securities issued by or any general partnership interest in a partnership which is engaged in a securities related business.

However, a Fund may purchase the securities of an issuer which is engaged in securities-related activities as a broker, dealer, underwriter, or investment adviser, subject to the above conditions.

<u>Procedures:</u>

IMC will ensure compliance with this restriction by: (i) reviewing, at time of purchase, the purchase of any position in a security of an issuer that – once executed – would result in any of the Funds holding 5% of more of its total assets in securities of the issuer, in order to ensure that such issuer is not engaged in a "securities related business;" and (ii) reviewing, on a monthly basis, all positions held by the Fund that constitute 5% of more of its total assets, to ensure that no issuer in which the Fund holds such a position is engaged in a "securities related activities."

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***Investments in Other Investment Companies***

<u>Background:</u>

The IC Act imposes limits on the amount of assets that a Fund may invest in the securities of other investment companies. In general, a Fund may not:

---

| | |
|:---|:---|
| ◾ | invest more than 5% of its total assets in the securities of any one investment company; |

---

---

| | |
|:---|:---|
| ◾ | hold more than 3% of the total outstanding voting securities of any investment company; |

---

---

| | |
|:---|:---|
| ◾ | invest in the aggregate more than 10% of its total assets in the securities of other investment companies as a group; or |

---

---

| | |
|:---|:---|
| ◾ | hold, together with any other funds or investment companies with the same adviser, more than 10% of the total outstanding voting securities of any closed-end investment company. |

---

For purposes of these limitations, an "investment company" includes shares of mutual funds, closed-end funds, exchange-traded funds (e.g., WEBS, SPDRs and iShares), and unit investment trusts. Investments in pooled vehicles registered in another jurisdiction or unregistered may be considered investments in investment companies for purposes of this limitation. A collateralized mortgage obligation ("CMO") may be considered an "investment company" if less than 55% of the assets of the entity issuing the CMO consist of whole pool mortgage loans and whole pool participation certificates (i.e., participation certificates comprising the entire issue of participation certificates backed by a particular pool of mortgage loans).

<u>Exception</u>:

A Fund can invest all of its assets in other registered funds if: (i) the acquiring Fund (together with its affiliates) acquires no more than 3% of any acquired fund; and (ii) the sales load charged on the acquiring fund's shares is no greater than 1Y2 percent. Rule 12d1-3 of the IC Act allows funds relying on Section 12(d)(1) to charge sales loads greater than 1Y2 percent provided that the aggregate sales load any investor pays (i.e., the combined distribution expenses of both the acquiring and acquired funds) does not exceed the limits on sales loads established by the FINRA for funds of funds.

Under Rule 12d1-1, a fund may to enter into "cash sweep" arrangements in which a Fund invests all or a portion of its available cash in a money market fund rather than directly in short term instruments. The rule provides exemptions from Sections 12(d)(1) and 17(a) of the Act, as well as Rule 17d-1, to permit funds to invest in unaffiliated and affiliated money market funds. The rule, however, precludes the acquiring fund from paying a sales load, distribution fee, or service fee on acquired Fund shares, or if it does, requiring the acquiring Fund's investment adviser to waive a sufficient amount of its advisory fee to offset the cost of the load or distribution fees.

<u>Procedure:</u>

For investment companies to which IMC advises, IMC will monitor the investments in other investment companies on a pre-trade basis employing the capabilities of the Charles River order management system.

***Illiquid and Restricted Securities***

<u>Background</u>:

A Fund may not invest more than 15% of its net assets in illiquid securities.

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An "illiquid security" is a security which cannot be disposed of within 7 days in the ordinary course of business at approximately the value at which such security is valued on the books of the Fund. *In performing this analysis, the test is based upon the sale of individual securities and does not presume that the entire holding must be capable of being sold within the seven-day period.*

Illiquid securities include, but are not limited to, repurchase agreements with remaining maturities of more than 7 days, non-negotiable time deposits with remaining maturities of more than 7 days, restricted securities (i.e. securities subject to restrictions on resale) and other securities which are not readily marketable.

Restricted securities are deemed illiquid, but Rule 144A Securities and Section 4(2) Commercial Paper are considered to be liquid so long as they meet the guidelines established by the Fund's Board of Trustees.

A Fund's compliance with the limitations on illiquid securities is determined on a continuing basis and not just at the time of purchase. In the event a Fund's illiquid securities exceed 15% as a result of changes in market value of securities after the illiquid securities were acquired, the Fund should act promptly to remedy the situation but is not required to dispose of portfolio holdings immediately if the Fund would suffer losses as a result.

In the case of an adviser purchasing illiquid securities of international issuers, the adviser should consider the settlement date of such securities as well as the liquidity date in order to ensure that the mutual fund complies with the requirement that it meets shareholders' redemption requests within 7 business days. A recommended practice is to limit a Fund's investment in countries where securities have delayed settlement to no more than 25% of the Fund's assets.

<u>Policy:</u>

IMC will not purchase securities for the Funds which at the time of purchase are determined to be illiquid securities.

<u>Procedures</u>:

Monthly, IMC will review all securities to determine if any have become illiquid and will report any illiquid securities holdings of a Fund in accordance with the Fund's policies. IMC will complete any reporting form, if any, distributed by the Fund's service providers to comply with this requirement.

***Fund Pricing***

<u>Background:</u>

The IC Act imposes certain requirements relating to the pricing of redeemable securities offered by Funds, and the requirements for paying redemption requests. The sale or redemption of Fund shares must be effected at the current net asset value ("NAV") next computed after receipt of an order to purchase or sell. NAV is determined by taking the current market value of total assets, subtracting any liabilities, and dividing that amount by the total number of shares owned by shareholders. Accordingly, Section 2(a)(41) of the IC Act and Rule 2a-4 require that securities for which market quotations are not readily available be valued at "fair value as determined in good faith by the board of directors of the registered investment company."

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When readily available market quotations on portfolio securities are not available, the Funds must employ fair value methodologies to calculate NAV. The SEC has emphasized that a board cannot use a single or automatic standard to determine "fair value in good faith." Rather, fair value depends upon the facts and circumstances with respect to each security

<u>Policy</u>:

In general, a Fund's accounting agent is charged with valuing each Fund's securities for which market quotations are readily available in accordance with these Pricing Procedures and calculating the net asset value of each Fund on a daily basis. IMC may oversee the portfolio valuation process by periodically reviewing the pricing of each Fund's portfolio holdings for "reasonableness." IMC generally will not rely on the accounting agent's review for determining the accuracy of market quotes of securities exceeding established thresholds, as IMC's review is independent of the accounting agent's review. If under the Fund's adopted Pricing Procedures it is determined that market quotations are not available, or are believed to be unreliable (due to a significant event or otherwise), such security will be valued in accordance with the Fund's Fair Valuation Procedures.

***Portfolio Holdings***

<u>Background</u>:

Unless a security or investment practice is described in the Prospectus or the Statement of Additional Information, an adviser should assume that it is not an authorized investment or practice for a Fund.

Additionally, an adviser has a fiduciary duty to protect the confidentiality of a Fund's portfolio holdings, when disclosure is not in accordance with regulatory requirements or to provide services to the Fund.

<u>Disclosure of Portfolio Holdings:</u>

<u>Policy</u>:

As a matter of policy, IMC does not disclose the portfolio holdings for any of the Funds other than in accordance with the policies and disclosures of the Fund. IMC abides by the Funds' policy to protect the confidentiality of Fund holdings and prevent the selective disclosure of information about the Funds' portfolio holdings that is otherwise not publicly available, unless in accordance with the policy.

<u>Procedures</u>:

IMC will not disclose the portfolio holdings of the Fund unless in accordance with the Funds' policies.

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***Advertisements Related to a Fund***

<u>Background:</u>

Like most issuers of securities, when a Fund offers its shares to the public, its promotional efforts become subject to the advertising restrictions of the Securities Act of 1933. Accordingly, an advertisement is considered a "statutory prospectus" which is intended to be the primary selling document. These advertising restrictions create unique complications for mutual funds as the restrictions apply continuously because the offering process is on-going. The marketing efforts of a mutual fund are primarily handled by the Fund's distributor since the advertisements must be reviewed and approved by the Financial Industry Regulatory Authority ("FINRA").

The IC Act, as well as the Securities Act, regulates the content and scope of advertisements for a Fund, with particular attention on performance advertising.

<u>Policy</u>:

IMC will not generate or distribute marketing materials discussing the Funds unless such materials have been submitted to the Fund's distributor to for review and approval.

<u>Procedures</u>:

As a matter of policy, IMC will not create advertisements for Funds. If IMC should create advertisements for the Funds in the future, it will submit all such advertisements to the Fund's distributor for review and approval prior to the use of any such material.

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**Maintaining Client Relationships**

***Client Complaints***

IMC's policy, as a fiduciary to its clients, requires a prompt, complete, and fair investigation of a client complaint. Client complaints will be resolved in a prompt and fair manner and be properly documented.

A client communication shall be deemed to be a complaint if it is a request by a client for corrective action or any written statement of a client or person representing a client alleging a grievance related to the management of the client's account that involves IMC or any of its Supervised Persons.

In the event that any Supervised Person receives a complaint from a client that Supervised Person will immediately forward a copy of the complaint to the CCO. The Supervised Person will be responsible for drafting the response to the compliant and sending it to the CCO for review prior to sending it to the client.

Responses to written complaints from clients will be in writing and resolutions of a written client complaint will be in writing. Documentation of a written client complaint, including but not limited to the original written complaint and written responses and documentation of the resolution of the complaint will be filed in the firm's client complaint file, maintained by the CCO. Additionally, a copy of these records may also be maintained in the client file.

***Advisory Contracts***

IMC's policy is to enter into a written investment advisory agreement with each client. IMC's agreements will include important disclosures and terms of the client relationship, meet all appropriate regulatory requirements, contain a non-assignment clause, and not contain "hedge clauses."

The CCO will ensure that provisions of the agreements remain in compliance with the federal and state securities laws. The CCO or his designee will review annually any new federal or state regulation, rule, or policy which could affect IMC's contractual relationships with clients. In the event changes are required, the CCO will promptly amend the agreements.

IMC may enter into "most favored nation" arrangements with certain clients. Not all clients will be offered this arrangement and IMC has sole discretion over which clients it will offer this arrangement to. Supervised Persons must obtain approval from the CCO and COO prior to negotiating fees with a client and/or entering into a "most favored nation" arrangement with a client.

***New Client Policy***

IMC's policy is to collect all necessary and required information from clients, deliver all required disclosures to new clients, and have an orderly process for establishing new client and account relationships.

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For every new client, the CCO will do the following:

◾ Assist the client with the preparation of written investment guidelines;

◾ Deliver the firm's privacy policy (not required for institutional clients) and Part 2 of Form ADV and obtain the client's written acknowledgement of receipt of these documents as evidenced by their signature on the Investment Advisory Agreement;

◾ Obtain the executed Investment Advisory Agreement;

◾ Obtain completed custodial account forms;

◾ Obtain, as necessary, documents required under the firm's Anti-Money Laundering program (see below);

◾ For ERISA accounts, IMC will request, at minimum, a copy of the investment powers section of the trust or plan document and obtain a copy of any written investment guidelines; and

◾ For trust accounts, IMC will request a copy of appropriate sections of the trust document, including the identification of trustees, successor trustees, beneficiaries, investment powers, signatures and any amendments.

The CCO or designee is responsible for setting up the account, establishing of the client file, and initiating the new client checklist. The new client checklist will help to ensure that requirements of these P&P are met with respect to new clients and accounts.

***Privacy Policy***

IMC's policy is to comply with applicable state and federal regulations with respect to the protection of the nonpublic personal information of its clients.

In the course of regular business activity, clients provide personal information about themselves. IMC respects and protects each client's right to privacy. Supervised Persons must safeguard the privacy of client information. No Supervised Person may disclose nonpublic personal information about clients to any third party, including affiliates, except as required or permitted by law and to carry out the services provided to those clients. Any violation of this policy will be reported to the CCO immediately. In addition, Supervised Persons must make every effort to help ensure that reasonable steps are taken to protect against unauthorized access to or use of client information after its disposal.

In accordance with State and Federal laws, IMC has adopted a written privacy notice and policies and procedures to ensure the protection of nonpublic client information. IMC privacy notice is also outlined in the firm's Part 2 of Form ADV.

Supervised Persons will adhere to the following procedures to safeguard the privacy of such information:

◾ No client information will be given out to any non-affiliated third parties without the express written consent of the client, except to vendors utilized to provide IMC's services to its clients.

◾ Agreements with vendors providing IMC's services to clients must contain clauses that limit the vendor's use of client nonpublic information for providing contracted services to client.

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| ◾ | Client information that is maintained on computer software programs used by IMC will be protected either with passwords to unlock access to the machines or the particular programs. Access will only be provided to those persons with a "need to know." All computers are password protected and users are automatically logged out after a few minutes of inactivity. |

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◾ Printed client information for individual clients (copies of account applications, management contracts, etc.) will be filed in appropriately designated folders, which are kept in a secured filing area that will remain locked when not in use.

◾ The doors to the IMC offices will be kept locked when the office is not in use.

◾ Discarded paperwork containing client nonpublic information will be shredded.

◾ Supervised Persons must adopt a clean desk policy for any files they are working on.

◾ Supervised Persons must ensure that client files are either returned to the secured filing area or stored in a desk drawer or cabinet overnight.

◾ Client information maintained electronically will be completely erased prior to selling, transferring and/or disposing of the computer or electronic media containing such information.

IMC will deliver its written privacy notice to each new client, with the exception of institutional clients (e.g. pension plans), no later than at the time the client signs IMC's Investment Advisory Agreement. Furthermore, the CCO or his designee will be responsible for sending to each client at least annually, a copy of the firm's privacy notice (excluding institutional clients). The CCO or his designee will maintain proof of mailing in a designated file as part of the firm's books and records. The CCO and Chief Executive Officer will review the firm's privacy notice, policies and procedures at least annually to ensure that the notice remains current and accurate. If changes are made to the privacy notice, the CCO or his designee will be responsible for promptly sending a copy of the new notice to each client. The CCO or his designee will maintain proof of mailing in a designated file as part of the firm's books and records.

***Custody***

IMC's policy requires that all client funds or securities are safeguarded and that clients receive independent statements of their assets, at least quarterly, from third party qualified custodians. IMC may be deemed to have custody of client assets of separate accounts if they have the ability to automatically deduct their advisory fees from client's accounts. If IMC is deemed to have custody, IMC will follow the requirements under the Commission's Custody Rule 206(4)-2, as amended.

*<u>Definition of Custody</u>*

An adviser has custody:

◾ When it has any possession or control of client funds or securities;

◾ If it has the authority to withdraw funds or securities from a client's account; or

◾ If it acts in any capacity that gives it legal ownership of the client's assets or access to those assets.

Inadvertent receipt by IMC of client assets (cash or securities), as long as they are returned to the sender within three business days of receipt or, in the case of checks made payable to the custodian, forwarded directly to the account's custodian, does not constitute "having custody."

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*<u>Definition of Qualified Custodians</u>*

A qualified custodian must be one of the following:

◾ A bank as defined in Section 202(a)(2) of the Advisers Act or a savings association as defined in Section 3(b)(1) of the Federal Deposit Insurance Act that has deposits insured by the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act;

◾ A broker-dealer registered under Section 15(b)(1) of the Securities Exchange Act of 1934, holding the client assets in customer accounts;

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| ◾ | A futures commission merchant registered under Section 4f(a) of the Commodity Exchange Act, holding the client assets in customer accounts, but only with respect to clients' funds and security futures, or other securities incidental to transactions in contracts for the purchase or sale of a commodity for future delivery and options thereon; or |

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◾ A foreign financial institution that customarily holds financial assets for its customers, provided that the foreign financial institution keeps the advisory clients' assets in customer accounts segregated from its proprietary assets.

*<u>Inadvertent Receipt</u>*

IMC will not be deemed to have custody of client funds and securities that it receives inadvertently, provided certain facts and policies are met. In the event that any Supervised Person of IMC inadvertently receives certain funds or securities from third-parties that were meant for the client, IMC will first determine that it meets the following provisions:

◾ IMC has no control over the third-party;

◾ IMC has not directly or indirectly caused the third-party to deliver client assets to them; and

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| ◾ | IMC has, in good faith, used its reasonable best efforts to cause the third-party to deliver client assets to the client(s) or a qualified custodian, as defined under the Custody Rule, at which IMC maintains the client's assets and despite such efforts, the third-party continues to deliver client assets to IMC without regard to IMC's instructions to address and send such client assets to the relevant client or a qualified custodian. |

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If the above provisions are met, IMC will observe the following procedures:

◾ IMC will promptly identify any client assets inadvertently received;

◾ IMC will promptly identify the client (or former client) to whom such client assets are attributable;

◾ IMC will promptly forward the client assets to the client (or former client) or a qualified custodian, but in no event later than five business days following IMC's receipt of such assets;

◾ IMC will promptly return to the appropriate third-party any inadvertently received client assets that are not forwarded to the client (or former client) or a qualified custodian, but in no event later than five business days following receipt of such assets;

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◾ IMC will maintain and preserve appropriate records of all client assets inadvertently received, including a written explanation of whether (and, if so, when) the client assets were forwarded to the client (or former client) or a qualified custodian, or returned to third-parties;

◾ IMC will not impose any additional charges to any party for the forwarding of these items; and

◾ IMC will send (and maintain a copy for its records) a letter to any third-party that sends it funds or securities stating that any future mailings should be sent directly to the client.

In the event that IMC inadvertently receives certain funds or securities from a client, IMC will observe the following policies and procedures:

◾ Notify the CCO immediately;

◾ In the event IMC inadvertently receives client funds or securities from the client, the items will be returned to the client as soon as possible, but no later than three (3) business days after receipt.

*<u>Client Account Policy</u>*

While IMC may assist, client custodial accounts are required to be opened by the client, in the name of the client, with a qualified custodian of the client's choosing and acceptable to IMC. In some cases, IMC may recommend a qualified custodian to a client. Each client, or their designated legal representative, must receive statements directly from the qualified custodian, at least quarterly, which must: 1) include the name and address of the custodian, 2) include the name and account number under which the assets are held, 3) include the amount of funds and each security in the account at the end of each period, and 4) reflect all transactions in the account during the covered period and all paid fees.

***Client Reporting***

IMC's policy is that all portfolio reports provided to clients must reflect accurately the value of the assets managed and that advisory fees will be based on accurate values.

<u>General</u>

IMC uses the services of a back-office service provider to:

◾ download daily securities prices from pricing services and value client securities;

◾ download daily client transactions and holdings from custodians;

◾ reconcile accounts daily.

It is IMC's policy to periodically review the policies and procedures of the service provider to satisfy itself of the service provider's discharge of its services.

*<u>Pricing/Valuation</u>*

IMCs policy is to ensure that appropriate valuation methods are used to price securities in the portfolios of clients. IMC generally purchases securities with readily available market prices for its clients and the service provider will typically use market quotations to value client securities if market quotations are readily available. Otherwise, securities and assets in a client's account are valued at "fair value," which is determined in good faith by IMC.

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All securities are reviewed by the Pricing Committee at the end of the month for quality of price. In the event a security is not priced by the service provider or the Pricing Committee believes that the service price does not adequately represent the investment value, IMC may obtain a price from the financial institution maintaining the client's account, which is acceptable as an alternative to the service price.

In the event the Pricing Committee believes the financial institution price does not adequately represent investment value, the Pricing Committee will price the security using the best information available at that time. The Pricing Committee will document the reasoning and sourcing of information used to determine the price of any overrides or securities priced at "fair value."

*<u>Fees</u>*

IMC's policy is to disclose the firm's maximum fee schedule to clients and prospective clients in Part 2 of Form ADV and to record the client's specific fee, including any agreed-upon fee concessions, in the Investment Advisory Agreement.

IMC's management fees are based on a percentage of assets under management and may include a performance-based incentive fee. The maximum annual fee charged may differ for each of the investment styles offered. IMC reserves the right to negotiate fees with clients, and may charge lower fees than the maximum fee described in Part 2 of Form ADV. IMC may also enter into "most favored nation" arrangements with certain clients. Not all clients will be offered this arrangement and IMC has sole discretion over which clients it will offer this arrangement to. Supervised Persons must obtain approval from the CCO and CEO prior to negotiating fees with a client and/or entering into a "most favored nation" arrangement with a client.

*<u>Billing</u>*

The COO or his designee will adhere to the following procedures:

◾ Ensure the that pricing committee has reviewed all month-end security prices;

◾ Ensure that the service provider has priced and reconciled all client accounts;

◾ Separate the preparation and review functions of each IMC prepared invoice to ensure accuracy prior to the invoice being sent to a client, or;

◾ Review fee calculations performed by the client to ensure accuracy;

◾ Promptly resolve any discrepancies; and

◾ Maintain all necessary records documenting the fees billed to clients.

*<u>Reports to Clients</u>*

In addition to IMC's pricing, fee, and billing procedures, every portfolio manager will be responsible for reviewing his client's quarterly reports prior to those reports being sent to the client.

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**Books and Records**

IMC's policy is to maintain, in an appropriate and well-organized manner, the books and records required under the Advisers Act, the Investment Company Act and any applicable state or federal regulations as appropriate for the firm's business. It is also the firm's policy to retain, at an appropriate office of the adviser or service provider, for two years, and at least an additional three years in a readily accessible place, the appropriate and required records under the Advisers Act and Investment Company Act.

IMC maintains some records in paper format and other records in electronic format on digital media. For records stored electronically, the records will be arranged and indexed in a way that permits easy location, access, and retrieval of a particular record. The CCO or his designee will arrange to store separately from the original record a duplicate electronic copy of the record. Access to the records are limited to authorized persons of IMC, and IMC has taken steps to maintain and preserve the records so as to reasonably safeguard them from loss, alteration, or destruction, as previously discussed under the section titled Privacy Policy.

IMC will be able to provide a legible true and complete copy of the record (including reproduction of a non-electronic original record) in the medium and format in which it is stored; a legible true and complete printout of the record; and means to access, view and print the records.

Following is a table of the books and records IMC is required to keep under Rule 204-2 of the Advisers Act, and Rules 31a-1(b) and 17J-1(f)(1) under the Investment Company Act and the designated person responsible for the maintenance of those records.

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|  | &nbsp;&nbsp;Required Documents | &nbsp;&nbsp;Period of<br> Retention |
| &nbsp;&nbsp;A | &nbsp;&nbsp;Corporate and Financial Records | &nbsp;&nbsp;Corporate and Financial Records |
|  | &nbsp;&nbsp;1. Formation documents (including Adviser's certificate of formations, and any amendments thereto) | &nbsp;&nbsp;3 years after termination of the enterprise |
|  | &nbsp;&nbsp;2. Minute books | &nbsp;&nbsp;3 years after termination of the enterprise |
|  | &nbsp;&nbsp;3. Stock certificate books | &nbsp;&nbsp;3 years after termination of the enterprise |
|  | &nbsp;&nbsp;4. Journals, including cash receipts and disbursements, records, and any other records of original entry forming the basis of entries in any ledger | &nbsp;&nbsp;5 years[1] |
|  | &nbsp;&nbsp;5. General and auxiliary ledgers reflecting assets, liabilities, reserve, capital, income and expense accounts | &nbsp;&nbsp;5 years |
|  | &nbsp;&nbsp;6. Check books, bank statements, canceled checks, and cash reconciliations of the Firm | &nbsp;&nbsp;5 years |

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|  | &nbsp;&nbsp;7. Bills and statements (or copies thereof), paid or unpaid, relating to the business of Adviser | &nbsp;&nbsp;5 years |
|  | &nbsp;&nbsp;8. Trial balances, financial statements, and internal audit working papers relating to Adviser | &nbsp;&nbsp;5 years |
|  | &nbsp;&nbsp;9. All business contracts related to the operation of Adviser, including for example (a) employment contracts; (b) property leases; and (c) contracts with pricing services and other service providers | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;B | &nbsp;&nbsp;Regulatory Registration & Reporting | &nbsp;&nbsp;Regulatory Registration & Reporting |
|  | &nbsp;&nbsp;10. Form ADV, including all amendments | &nbsp;&nbsp;Permanently |
|  | &nbsp;&nbsp;11. Adviser's organizational chart and personnel directory | &nbsp;&nbsp;Permanently on a current basis |
|  | &nbsp;&nbsp;12. Schedule or chart of all affiliated entities<br> 13. List of all prior, present, or potential litigation in which Adviser or its officers, directors, or Covered Persons that may have a material effect on Adviser or otherwise trigger disclosure obligations | &nbsp;&nbsp;Permanently on a current basis |
|  | &nbsp;&nbsp;12. Schedule or chart of all affiliated entities<br> 13. List of all prior, present, or potential litigation in which Adviser or its officers, directors, or Covered Persons that may have a material effect on Adviser or otherwise trigger disclosure obligations | &nbsp;&nbsp;Permanently |
|  | &nbsp;&nbsp;14. Documents evidencing registration status of Adviser with the SEC | &nbsp;&nbsp;Permanently |
|  | &nbsp;&nbsp;15. Reports required to be filed under the Securities Act of 1933 | &nbsp;&nbsp;Permanently |
|  | &nbsp;&nbsp;16. List of all of Adviser's "investment adviser representatives," if any, and the states in which these persons have a "place of business," as defined in Rule 203A-3(b) | &nbsp;&nbsp;Permanently |
|  | &nbsp;&nbsp;17. Copies of all state filings made on behalf of investment advisory representatives, if any, as well as copies of all state licenses obtained by investment advisor representatives, if any | &nbsp;&nbsp;Permanently |
|  | &nbsp;&nbsp;18. Copies of any filings required to be made with any offshore regulatory authorities | &nbsp;&nbsp;Permanently |
|  | &nbsp;&nbsp;Exchange Act Reports. To the extend not available through EDGAR, reports required to be filed under the Exchange Act, including, if applicable:<br> (a) Schedules 13D and 13G (where the adviser owns more than 5% of an issuer's securities).<br> (b) Forms SH (for advisers who filed, or were required to file, a Form 13F for the calendar quarter, and effected a short sale in a Section 13(f) security).<br> (c) Forms 13H, Related Large Trader ID and Record of Executing Broker-Dealer Disclosure (for advisers who fall within the definition of a "large trader"). (d) Forms 3, 4 and 5 pursuant to Section 16 (where adviser is required to report securities holdings by virtue of being a "statutory insider" or beneficial owner of more than 10 % of a class of an issuer's registered equity securities) | &nbsp;&nbsp;5 Years |
| &nbsp;&nbsp;C | &nbsp;&nbsp;Advertising | &nbsp;&nbsp;Advertising |

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19. Copies of all notices, circulars, advertisements, newspaper articles, investment letters, bulletins, or other communications that the Firm circulates or distributes, directly or indirectly. 5 years after the end of the fiscal year when last used

20. Separate memoranda indicating the reasons for a recommendation if a notice, circular, advertisement, newspaper article, investment letter, bulletin or other communication recommends the purchase or sale of a specific security but does not state the reasons for such recommendation 5 years after the end of the fiscal year when last used

22. Solicitation Records (to be retained if Adviser pays cash to any Covered Person, principal or third party in return for client referrals): 5 years (after client relationship is terminated)

☐Written
agreements with solicitors establishing the solicitation arrangement<br>☐Any
communication or other document related to the investment adviser's determination that it has a reasonable basis for believing that a
testimonial or endorsement complies with rule 206(4)-1 and that a third-party rating complies with rule 206(4)-1(c)(1).<br>☐Any questionnaire or survey used in the preparation of a third-party rating included or appearing in any advertisement. 5 years (after client relationship is terminated)

☐Copies
of separate written disclosure statements prepared by third-party solicitors and delivered to clients 5 years (after client relationship is terminated)

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|  | &nbsp;&nbsp;☐ Copies of each signed and dated client acknowledgement of receipt of Adviser's written disclosure statement (i.e., Adviser's Brochure) and the solicitor's written disclosure statement if referred by a third-party solicitor | &nbsp;&nbsp;5 years (after client relationship is terminated) |
|  | &nbsp;&nbsp;☐ Copies of any due-diligence questionnaires completed by third-party solicitors relating to past conduct that might disqualify the person from acting as a solicitor | &nbsp;&nbsp;5 years (after client relationship is terminated) |
|  | &nbsp;&nbsp;☐ List of clients obtained through a solicitor, with a cross reference identifying the solicitor | &nbsp;&nbsp;5 years (after client relationship is terminated) |
|  | &nbsp;&nbsp;☐ Any due diligence records relating to Adviser's efforts to ascertain whether third-party solicitors have complied with the written solicitation agreements | &nbsp;&nbsp;5 years (after client relationship is terminated) |
| &nbsp;&nbsp;D | &nbsp;&nbsp;Client Files | &nbsp;&nbsp;Client Files |
|  | &nbsp;&nbsp;23. Investment advisory agreements | &nbsp;&nbsp;5 years |
|  | &nbsp;&nbsp;24. Fee schedules (if not included in the investment advisory agreements) | &nbsp;&nbsp;5 years |
|  | &nbsp;&nbsp;25. Client investment objectives (if not included in the investment advisory agreements) | &nbsp;&nbsp;5 years |
|  | &nbsp;&nbsp;26. Each version of any offering memoranda, Prospectus, Statement of Additional Information used for any Fund | &nbsp;&nbsp;6 years |
|  | &nbsp;&nbsp;27. All account application agreements with clients | &nbsp;&nbsp;5 years |
|  | &nbsp;&nbsp;28. List or other record of all accounts in which Adviser is vested with any discretionary power with respect to the funds, securities, or transactions of any client | &nbsp;&nbsp;5 years |
|  | &nbsp;&nbsp;29. Powers of Attorney and other evidences of the granting of any discretionary authority to Adviser | &nbsp;&nbsp;5 years |
|  | &nbsp;&nbsp;30. Any other written agreements with clients | &nbsp;&nbsp;5 years |
|  | &nbsp;&nbsp;31. Written Communications<br>☐ Originals of all written communications received and sent by Adviser – whether in hardcopy or electronic version (including e-mails) – relating to (i) any recommendation made or proposed to be made and any advice given or proposed to be given, (ii) any receipt, disbursement or delivery of funds or securities, or (iii) the placing or execution of any order to purchase or sell any security | &nbsp;&nbsp;5 years |
|  | &nbsp;&nbsp;☐ These documents include, among others (i) account statements sent to clients; (ii) trade confirmations; (iii) fee statements; (iv) notices to custodians; (v) principal and agency transaction notices; and (vi) letters describing directed-brokerage arrangements; as well as arguably (i) sales and marketing materials and (ii) privacy and opt-out notices delivered to clients and potential clients pursuant to Regulation S-P. |  |

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| &nbsp;&nbsp;☐ Adviser is not required to keep (i) any unsolicited market letters and other similar communications of general public distribution not prepared by or for Adviser; or (ii) a record of the names and addresses to whom Adviser sent any notice, circular or other advertisement offering any report, analysis, publication or other investment advisory service to more than 10 persons (except that if such notice, circular or advertisement is distributed to persons named on any list, Adviser shall retain with the copy of the notice, circular or advertisement a memorandum describing the list and its source). | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;32. Client complaint file (including any client complaints and responses thereto) | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;33. A copy of each Part II of Form ADV (or Brochure), and each amendment or revision to the document, given or sent to any client or prospective client of Adviser in accordance with Rule 204-3, along with a record of the date that each Part II of Form ADV, and each amendment and revision thereof, was given to any client or prospective client who subsequently became a client | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;34. Custody records |  |
| &nbsp;&nbsp;☐ Journals or other records showing all purchases, sales, receipts and deliveries of securities (including certificate numbers) for client accounts and all other debits and credits to such accounts | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;☐ Separate ledger accounts for each client showing all purchases, sales, receipts and deliveries of securities, the date and price of each purchase and sale, and all debits and credits | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;☐ Copies of confirmations of all transactions effected by or for the account of any client | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;☐ Records for each security in which any client has a position, which must show the name of the client having any interest in such security, the amount or interest of such client, and the location of each such security | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;☐ List of all qualified custodians used for each client's assets | &nbsp;&nbsp;Current |

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|:---|:---|:---|
|  | &nbsp;&nbsp;Private Fund Disciplinary Questionnaires and Certifications. Copies of any disciplinary questionnaires from employees and any questionnaires or certifications from 20% (or greater) investors or any third parties engaged in the sales process that allow the adviser to demonstrate "reasonable care" that such persons engaged in marketing of any private fund have not committed any prohibited "bad acts". | &nbsp;&nbsp;5 Years |
| &nbsp;&nbsp;E | &nbsp;&nbsp;Order & Trade Tickets |  |
|  | &nbsp;&nbsp;36. Trade orders<br> ☐ Memoranda of (1) each trade order given by Adviser for the purchase and sale of any security; (2) any instruction received by Adviser concerning the purchase, sale, receipt, or delivery of a particular security; and (3) any modification or cancellation of any such order or instruction<br> ☐ Each memorandum must (1) show the terms and conditions of the order, instruction, modification, or cancellation; (2) identify the person connected with Adviser who recommended the transaction to the client and the person who placed such order; (3) show the client account for which the transaction was entered, the date of entry, and the bank, broker or dealer by or through whom the transaction was executed where appropriate; and (4) designate whether any such orders were entered pursuant discretionary authority<br> ☐ Any other written communications – whether in hardcopy or electronic version (including e-mails) – relating to trade orders, to the extent not covered in Section D.9 of this chart | &nbsp;&nbsp;5 years |
|  | &nbsp;&nbsp;37. Fund Trades:<br> ☐ Every investment adviser not a majority-owned subsidiary of a registered investment company shall maintain such accounts, books and other documents as are required to be maintained by registered investment advisers by rule adopted under Section 204 of the Investment Advisers Act of 1940, to the extent such records are necessary or appropriate to record such person's transactions with such registered investment company.<br> ☐ A record of each brokerage order given by or in behalf of the investment company for, or in connection with, the purchase or sale of securities, whether executed or unexecuted. Such record must include the name of the broker, the terms and conditions of the order and of any modification or cancellation thereof, the time of entry or cancellation, the price at which executed, and the time of receipt of report of execution. The record must indicate the name of the person who placed the order on behalf of the investment company.<br> ☐ A record of all other portfolio purchases or sales showing details comparable to those prescribed in the paragraph 1 above. | &nbsp;&nbsp;6 years |

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| &nbsp;&nbsp;☐ A record of all puts, calls, spreads, straddles, and other options in which the investment company has any direct or indirect interest or which the investment company has granted or guaranteed; and a record of any contractual commitments to purchase, sell, receive or deliver securities or other property (but not including open orders placed with broker-dealers for the purchase or sale of securities, which may be cancelled by the company on notice without penalty or cost of any kind), containing, at least, an identification of the security, the number of units involved, the option price, the date of maturity, the date of issuance, and the person to whom issued. |  |
| &nbsp;&nbsp;☐ A record for each fiscal quarter, which shall be completed within ten days after the end of such quarter, showing specifically the basis or bases upon which the allocation of orders for the purchase and sale of portfolio securities to named brokers or dealers and the division of brokerage commissions or other compensation on such purchase and sale orders among named persons were made during such quarter. The record must indicate the consideration given to (i) sales of shares of the investment company by brokers or dealers, (ii) the supplying of services or benefits by brokers or dealers to the investment company, its investment adviser or principal underwriter or any persons affiliated therewith, and (iii) any other considerations other than the technical qualifications of the brokers and dealers as such. The record must show the nature of the services or benefits made available, and describe in detail the application of any general or specific formula or other determinant used in arriving at such allocation of purchase and sale orders and such division of brokerage commissions or other compensation. |  |
| &nbsp;&nbsp;☐ the record must also include the identities of the persons responsible for the determination of such allocation and such division of brokerage commissions or other compensation. |  |
| &nbsp;&nbsp;☐ A record in the form of an appropriate memorandum identifying the person or persons, committees, or groups authorizing the purchase or sale of portfolio securities. Where an authorization is made by a committee or group, a record shall be kept of the names of its members who participated in the authorization. There shall be retained as part of the record required by this paragraph any memorandum, recommendation, or instruction supporting or authorizing the purchase or sale of portfolio securities. Such records must be maintained in the absence of minutes of advisory board |  |
| &nbsp;&nbsp;38. Research reports and other materials received from any source (including Adviser) if used in the process of making recommendations (excluding unsolicited market letters and other similar communications of general public distribution not prepared by or for) | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;39. For "best execution," documents sufficient to demonstrate the periodic and systematic evaluation of the quality and cost of services received from broker-dealers who execute Adviser's trades, such as minutes of any best execution committees, information received and evaluated, conclusions reached and decisions made, and determinations that practices are consistent with disclosures in Adviser's Form ADV | &nbsp;&nbsp;5 years |

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|  | &nbsp;&nbsp;40. For any soft dollar arrangements: | |
|  | &nbsp;&nbsp;☐ Copies of any written agreements with broker-dealers relating to soft dollar arrangements | <br>&nbsp;&nbsp;5 years |
|  | &nbsp;&nbsp;☐ Records of the basis for allocations of mixed-use products and services between hard and soft-dollar components | &nbsp;&nbsp;5 years |
|  | &nbsp;&nbsp;☐ List of all products and services received from broker-dealers | &nbsp;&nbsp;5 years |
|  | &nbsp;&nbsp;41. For any aggregated trade orders, an "allocation statements" for each aggregated order, particularly when Adviser or any of Adviser's principals or Covered Persons participate in the aggregated order (and a written statement explaining any deviations therefrom.) The allocation statement should specify the accounts participating in the aggregated order and indicate how Adviser intends to allocate securities among the accounts. Once completed, the allocation statement should be attached to the corresponding trade ticket.<br>&nbsp;&nbsp;42. Records obtained or generated that support the value assigned to any security held by a client, particularly for illiquid securities that are not reported or quoted on an exchange | &nbsp;&nbsp;5 years<br>&nbsp;&nbsp;5 years |
|  | &nbsp;&nbsp;43. Because each client receives "investment supervisory or management services": | &nbsp;&nbsp;5 years |
|  | &nbsp;&nbsp;☐ A record for each client showing the securities purchased and sold, and the date, amount and price of each such purchase and sale | &nbsp;&nbsp;Current |
|  | &nbsp;&nbsp;☐ A record for each security in which a client has a current position setting forth the name of each client and the current amount or interest of such client | |
|  | &nbsp;&nbsp;Private Fund Records and Reports. A copy of the records and reports of any "private fund" to which the adviser provides investment advise. | <br>&nbsp;&nbsp;5 Years |
| &nbsp;&nbsp;F | &nbsp;&nbsp;Code of Ethics | &nbsp;&nbsp;Code of Ethics |
|  | &nbsp;&nbsp;44. A copy of Adviser's code of ethics | &nbsp;&nbsp;Each version maintained for 5 years |
|  | &nbsp;&nbsp;45. A record of every violation of the code of ethics and any action taken as a result of the violation | &nbsp;&nbsp;5 years |
|  | &nbsp;&nbsp;46. A record of all written acknowledgments of each access person's receipt of the code of ethics and any amendment thereto | &nbsp;&nbsp;5 years |
|  | &nbsp;&nbsp;47. A record of each "access person's" initial and annual securities holdings.<br> ☐ Each record must contain (i) the title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each reportable security in which an access person has any direct or indirect beneficial ownership; (ii) the name of the 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 (iii) the date the access person submits the report. |  |
|  | &nbsp;&nbsp;48. A quarterly securities transaction report from each "access person" disclosing each transaction in a reportable security. | &nbsp;&nbsp;5 years |

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| | |
|:---|:---|
| &nbsp;&nbsp;☐ Reports must contain (i) the date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each reportable security involved; (ii) the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition); (iii) the price of the security at which the transaction was effected; (iv) the name of the broker, dealer or bank with or through which the transaction was effected; and (v) the date the access persons submitted the report. | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;49. A record of the names of persons who are currently, or within the past five years were, "access persons" of Adviser. | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;50. A record of any decision, and the reasons supporting the decision, to approve the acquisition of IPOs or private placements by "access persons" | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;51. Copies of Adviser's insider trading policies and procedures reasonably designed to prevent the misuse of material nonpublic information by Adviser or any person associated with Adviser in violation of the Advisers Act or Exchange Act, or the rules or regulations thereunder | &nbsp;&nbsp;Permanently |
| &nbsp;&nbsp;52. Copies of Adviser's Compliance Manual, which contains Adviser's compliance policies and procedures reasonably designed to prevent violations by Adviser and its supervised persons of the Advisers Act and the rules thereunder | &nbsp;&nbsp;Each version maintained for 5 years |
| &nbsp;&nbsp;53. Registered investment advisers that have government clients, or that provide investment advisory services to a covered investment pool in which a government entity investor invests, are required to make and keep certain records that will allow the SEC to examine for compliance with rule 206(4)-5. The adviser is required to make and keep records of contributions made by the adviser and covered associates to government officials (including candidates), and of payments to state or local political parties and PACS. The records of contributions and payments must be listed in chronological order identifying each contributor and recipient, the amounts and dates of each contribution or payment and whether a contribution was subject to rule 206(4)-5's exception for certain returned contributions. | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;54. An adviser that has government clients must make and keep a list of its covered associates, and the government entities to which the adviser has provided advisory services in the past five years. | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;55. An adviser to covered investment pools (as defined in rule 206(4)-5 must make and keep a list of government entities that invest, or have invested in the past five years, in a covered investment pool, including any government entity that selects a covered investment pool to be an option of a plan or program of a government entity, such as a 529, 457 or 403(b) plan. | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;56. An investment adviser, regardless of whether it currently has a government client, must also keep a list of the names and business addresses of each regulated person to whom the adviser provides or agrees to provide, directly or indirectly, payment to solicit a government entity on its behalf. | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;57. Any records documenting Adviser's annual review of its compliance policies and procedures | &nbsp;&nbsp;5 years |

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|:---|:---|
| &nbsp;&nbsp;58. Annual compliance certifications by Covered Persons attesting to the fact that they have read and are in compliance with Adviser's policies and procedures contained in the Compliance Manual | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;59. Employment Records (including the dates of employment, the addresses, social security number and disciplinary history for each Covered Person, officer and director) | &nbsp;&nbsp;Permanently, on a current basis |
| &nbsp;&nbsp;60. Copies of all correspondence with the SEC, including no-action letters, exemptive orders or past deficiency letters | &nbsp;&nbsp;Permanently |
| &nbsp;&nbsp;61. Copies of all state correspondence | &nbsp;&nbsp;Permanently |
| &nbsp;&nbsp;62. Copies of all correspondence with self-regulatory organizations | &nbsp;&nbsp;Permanently |
| &nbsp;&nbsp;63. Copies of all correspondence with any offshore regulatory authority | &nbsp;&nbsp;Permanently |
| &nbsp;&nbsp;64. Copies of Adviser's business continuity and disaster recovery plans | &nbsp;&nbsp;Permanently |

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[1] Most books and records must be maintained and preserved in an easily accessible place for a period of not less than five (5) years from the end of the fiscal year during which the last entry was made on such record. During the first (2) years, these books and records must be kept in an appropriate office of the Firm.

[2] Where "Internal Controls" is cited as the legal basis for a recordkeeping requirement, no actual requirement is established under the Advisers Act or the rules thereunder to maintain the record. These types of records, however, would most likely be retained by Adviser in order to run its business effectively or to monitor compliance with Advisers Act requirements.

**Electronic Communications**

IMC's policy is to maintain all written communication as required by the books and records Rule 204-2 of the Advisers Act and the Investment Company Act. E-mail is considered written communication. IMC subscribes to the service of an electronic communications service provider. The provider captures and retains all electronic communication of the firm and provides the firm with the ability to monitor these communications. The CCO will ensure that the service provider retains and can provide these communications in compliance with federal and state regulations.

In order to comply with the rule, IMC requires all Supervised Persons to adhere to the following policies and procedures:

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| ◾ | Supervised Persons will use the company e-mail service for client and business communication. The use of personal or outside e-mail providers for company communication is **prohibited**. |

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| ◾ | The use of instant messaging and other electronic communication for company business communication is only permitted where the communication can be captured and archived by the firm's electronic communications provider. Supervised Persons should not initiate any business communications through any electronic means that is not captured. Further, inbound communications should be directed as quickly as possible to a captured form of communication. |

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|:---|:---|
| ◾ | Microsoft Teams and Bloomberg messaging are currently approved for business communications and captured by the firm. **Supervised Persons must obtain approval from the CCO prior to using any additional forms for company business communications.** |

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|:---|:---|
| ◾ | Occasionally, incoming e-mail messages can be infected with computer viruses. Should any of these viruses pose a threat to the integrity of IMC's computers and/or data, the e-mail is to be deleted and the CCO is to be notified immediately of the steps taken. If the e-mail was a communication from a client, all attempts will be made to obtain that message in another format. |

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◾ Supervised Persons will use care in the content of electronic communications they create or send:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Supervised Persons should not use abbreviated formats of communication. People have a tendency to treat e-mail as an informal form
of communication and say things they wouldn't otherwise say in person or in a letter. This can have the unintended effect of a third-person,
such as a regulator, taking an e-mail message out of context, potentially creating a problem where there wasn't one.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Supervised Persons should use caution when forwarding messages. They should be mindful of the e-mail content, including the chain
of forwarded/replied e-mails and attachments, so as to avoid violating the firm's privacy policy or attorney-client privilege and
disclosing trade secrets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Supervised Persons should obtain consent from clients to send personal non-public information electronically if not responding to
an electronic message.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o When sending advertising or sales literature via e-mail, Supervised Persons must follow the same company procedures if they were sending
a paper mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Supervised Persons should limit sending and receiving of personal e-mails using company resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Supervised Persons will ensure that every e-mail includes the firm's designated disclosure statement.

Supervised Persons are hereby informed that they should have no expectation of privacy and all written communication of IMC is captured, archived, and may be reviewed by the CCO, senior management, and regulators, and may be discoverable and disclosed in the event of litigation with the firm.

**Anti-Money Laundering**

As a Registered Investment Advisor IMC is not required to maintain an Anti-Money Laundering Program. IMC is, in accordance with applicable federal regulations, required to ensure they are not aiding money laundering or financing terrorist activities.

<u>Policy Statement:</u>

IMC will make reasonable inquiry to determine whether or not the sources of our clients' funds are legitimate. Furthermore, we will not maintain or transact business for or with personal or commercial accounts held in the name(s) of individuals or organizations that the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC") has listed as "Specially Designated Nationals and Blocked Persons" nor with any account in an embargoed country as determined by OFAC.

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<u>Procedures</u>:

IMC has adopted the following procedures to ensure compliance with our AML policy. The CCO or his designee will be responsible to:

◾ Compare new clients to the Office of Foreign Assets Control (OFAC) list prior to engagement.

◾ Compare on at least a quarterly basis all current clients to the OFAC list.

◾ Acquire Identification Papers on all new individual clients.

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|:---|:---|
| ◾ | Acquire Identification Papers of the beneficial owner(s) of a closely held (5 or few individuals whom own greater than 50%) legal entity which is a new client. |

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◾ Report to an appropriate regulatory authority the suspicious activities, if any, of a client.

Identification Papers include either a copy of a passport or a copy of a driver's license and social security card.

**ERISA**

IMC may act as a fiduciary for clients who are governed by the Employment Retirement Income Security Act (ERISA). As a fiduciary, as that term is defined under ERISA, IMC's policy is to act solely in the interests of the plan participants and beneficiaries. IMC's policies are to ensure ERISA bonding when required; and obtain written investment guidelines and/or policy statements, as appropriate.

***Fiduciary Duty***

IMC recognizes that for accounts covered by ERISA the firm is subject to the fiduciary responsibilities as defined by ERISA and acknowledges that duty to ERISA clients in the Investment Advisory Agreement.

Supervised Persons shall recognize that under ERISA, advisers are held to a stricter fiduciary duty than under the Advisers Act. ERISA advisers must exercise the Prudent Man Standard of Care, which means: a fiduciary shall discharge his duties with respect to a plan solely in the interest of the participants and beneficiaries and for the exclusive purpose of providing benefits to participants and their beneficiaries; and defraying reasonable expense of administering the plan; with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; by diversifying the investment of the plan so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so; and in accordance with the documents and instruments governing the plan insofar as such documents and instruments are consistent with other provisions of ERISA.

As part of the new account opening process, the designated Supervised Person should request a copy of the investment guidelines section of the trust or plan documents. Investment guidelines will be followed as set forth in the trust or plan documents, as well as any guidelines agreed to in IMC's Investment Advisory Agreement and any investment policy statement, insofar as they are prudent and consistent with ERISA.

***Prohibited Transactions and Parties in Interest***

ERISA also expressly prohibits a wide range of transactions between a plan and any person who provides services to the plan, commonly referred to as a "party in interest". A "party in interest" is generally defined to include, among others (i) any fiduciary of a plan, (ii) any person providing services to a plan, (iii) any employer whose employees are covered by a plan, (iv) relatives of the foregoing persons, (v) employees, officers, directors and ten (10) percent or greater shareholders or partners of the foregoing persons, and (vi) entities directly or indirectly owned fifty (50) percent or more by: a service provider to the plan; a plan fiduciary; counsel or employees of the plan; the plan sponsor; and certain entities owning fifty (50) percent or more of the plan sponsor.

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In order to help ensure adherence to the above prohibitions of ERISA, the following policies and procedures must be followed:

◾ IMC will not cause an ERISA plan client to engage in a transaction, if it is known or should be known by the portfolio managers or other employees of IMC that such transaction would constitute a direct or indirect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Sale, exchange, or leasing, of any property between a plan and a party of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Lending of money or other extension of credit between a plan and a party of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Furnishing of goods, services, or facilities between a plan and a party in interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Transfer to, or use by or for the benefit of a party in interest, of any assets of a plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Acquisition, on behalf of a plan, of any employer security or employer real property in violation of section 407(a) of ERISA.

◾ IMC will also not permit a plan to hold any employer security or employer real property if the portfolio managers or other employees of IMC know or should know that holding such security or real property violates section 407(a) of ERISA.

◾ IMC and its employees, as fiduciaries to an ERISA plan client, will not:

◾ deal with the assets of the plan in his/her/its own interest or for any proprietary or employee account,

◾ act in any capacity in any transaction involving the plan on behalf of a party (or represent a party) whose interests are adverse to the interests of the plan or the interests of the plan's participants or beneficiaries, or

◾ receive any consideration for his own personal account from any party dealing with a plan in connections with a transaction involving the assets of a plan.

IMC's CCO is responsible for monitoring the firm's compliance with ERISA.

***Bonding***

IMC's policy is to ensure ERISA bonding, when required. The CCO or his designee shall periodically review the list of ERISA accounts for completeness and ensuring of bonding.

**Advertising & Marketing**

<u>Statement of Policy</u>

When using advertising and marketing materials with the public, IMC's policy requires that advertising and marketing materials must be in compliance with the rules under Section 206(4)-1 of the Advisers Act and other applicable state or federal rules or laws. The materials must be accurate and not misleading, include all relevant information and not omit material information, and comply with internal guidelines and applicable regulatory rules.

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***Regulatory Framework***

The Marketing Rule regulates the Adviser's advertising practices and sets forth a general prohibition preventing the Adviser from making any untrue statement of a material fact, or omitting to disclose any material fact necessary to make a statement, in light of the circumstances in which such statement was made, not misleading. Advisers are also prohibited from including in an advertisement any material statement of fact that the adviser does not have a reasonable basis for believing that it will be able to substantiate upon SEC demand.

**Definition of "Advertisement"**

The definition of an "advertisement" includes two prongs. The first prong covers any direct or indirect communication an investment adviser makes to more than one person, or to one or more persons if the communication includes hypothetical performance, that offers the investment advisers' investment advisory services with regard to securities that is: (1) to prospective clients, or investors in a private fund advised by the investment adviser; or (2) that offers new advisory services to current clients (or to current investors in a private fund advised by the investment adviser).

Generally, extemporaneous, live oral communications are excluded from the definition of advertisement. However, prepared remarks, and speeches, such as those delivered from scripts, as well as prepared slides or other written materials presented or distributed in connection with a presentation, would not be excluded from the definition of an advertisement.

Generally, one-on-one communications are not considered advertisements under the Marketing Rule. However, a communication that includes *hypothetical performance* will be considered an advertisement regardless of the number of persons included in the communication unless the hypothetical performance is provided in response to an unsolicited client or investor request or to a private fund investor in a one-on-one communication.

Brand content, whitepapers and/or other types of general market commentary on investment strategies, asset classes, and market or regulatory developments that do not include references to the services of the adviser generally would not be an advertisement. However, if the discussion includes aspects of the advisory services provided by the adviser, this portion of the material would be subject to the Marketing Rule.

Third-party content may be an advertisement if the adviser has either endorsed or approved the information or involved itself in the preparation of the information. For example, if an adviser includes in an advertisement performance information received from a third party, the third-party content will be attributed to the adviser and adviser will be responsible for that content to the same extent it would if it had created the content itself.

The second prong of the advertisement definition covers compensated testimonials and endorsements.

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**Testimonials & Endorsements**

The second prong defines an advertisement to include any endorsement or testimonial for which an investment adviser provides compensation, directly or indirectly, but does not include any information contained in a statutory or regulatory notice, filing or other required communication, provided that such information is reasonably designed to satisfy the requirements of such notice, filing or other required communication. A testimonial is defined to include statements by current clients or private fund investors about their experience with the adviser. An endorsement is defined to include statements by a person other than a current client or private fund investor that indicates approval, support or a recommendation of the adviser or describe the person's experience with the adviser. Whether an adviser provides direct or indirect compensation is a facts and circumstances determination. This may include for example, gifts, and entertainment, fee rebates and other forms of indirect benefits, provided that these benefits are designed to incentivize the recipient to make a positive statement about the adviser.

A testimonial or endorsement by an employee or other affiliate of an adviser is not subject to the disclosure requirements, or written agreement requirement, but remains subject to the disqualification and general adviser oversight requirements. The affiliation between the adviser and such person must be readily apparent to or disclosed to the client or investor at the time the testimonial or endorsement is disseminated, and the adviser must document such person's status.

<u>Disclosure Requirements</u>

The Marketing Rule requires advisers to provide a number of disclosures, or reasonably believes the that the person giving the testimonial or endorsement, discloses, "clearly and prominently," the following at the time the testimonial or endorsement (or within the advertisement) is disseminated:

● Whether or not the testimonial was given by a current client or private fund investor (or that they are not a current client or private fund investor);

● Whether cash or non-cash compensation was provided for the testimonial or endorsement; and

● A statement of any material conflicts of interest on the part of the person giving the testimonial or endorsement resulting from the adviser's relationship with such person.

Other required disclosures: The adviser is also required to disclose the following information to the recipients of testimonials and endorsements, although these disclosures are not subject to any special prominence requirement:

● The material terms of any compensation arrangement, including a description of the compensation provided or to be provided, directly or indirectly, to the person for the testimonial or endorsement; and

● A description of any material conflicts of interest on the part of the person giving the testimonial or endorsement resulting from the adviser's relationship with such person and/or any compensation arrangement.

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All testimonials and endorsements, including uncompensated testimonials that are distributed directly by the adviser, are subject to advisor oversight and compliance. The Marketing Rule requires the adviser to have:

● A reasonable basis for believing that any testimonial or endorsement complies with the requirements of the rule; and

● A written agreement with any person giving a compensated testimonial or endorsement that describes the scope of the agreed-upon activities and the terms of the compensation for those activities when the compensation exceeds $1000 USD over a 12-month period.

<u>Disqualifications for Misconduct</u>

The Marketing Rule prohibits an adviser from compensating a person, directly or indirectly, for a testimonial or endorsement if the adviser knows, or in the exercise of reasonable care should know, that the person giving the testimonial or endorsement is an *ineligible person* at the time the testimonial or endorsement is disseminated (disqualification provision). The disqualification provision does not apply to uncompensated testimonials or endorsements.

Under the Marketing Rule, an "ineligible person" is a person who is subject to an SEC opinion or order barring, suspending, or prohibiting the person from acting in any capacity under the federal securities laws or to any one of many enumerated "disqualifying events." The definition extends to employees, officers, directors, general partners, and elected managers of an ineligible person. The Marketing Rule includes a ten-year lookback period across all "disqualifying events".

<u>Exemptions</u>

*Affiliated Personnel.* A testimonial or endorsement by an employee or other affiliate of an adviser is not subject to the disclosure requirements, or written agreement requirement, but remains subject to the disqualification and general adviser oversight requirements. The affiliation between the adviser and such person must be readily apparent to or disclosed to the client or investor at the time the testimonial or endorsement is disseminated, and the adviser must document such person's status.

*Registered Broker-Dealers*. A testimonial or endorsement by a broker or dealer registered under Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act") is not required to comply with:

● Any disclosure requirements if the testimonial or endorsement is a recommendation subject to Regulation Best Interest;

● The "other disclosure" requirements if the testimonial or endorsement is provided to a person that is not a retail customer (as that term is defined in Regulation Best Interest); and

● The disqualification provision, if the broker or dealer is not subject to statutory disqualification under the Exchange Act.

*De Minimis Compensation*. A testimonial or endorsement disseminated for no compensation or de minimis compensation ($1000 USD or less during the preceding 12 months) is not subject to the disqualification provision for ineligible persons or the written agreement requirement. These communications remain subject to the disclosure and general adviser oversight requirements.

*Covered Persons Under Rule 506(d) of Regulation D*. A testimonial or endorsement by a person that is covered by Rule 506(d) of the Securities Act of 1933 with respect to a Rule 506 securities offering and whose involvement would not disqualify the offering under that rule is also excluded from the disqualification provision. As a practical matter, this will mean that placement agents that are not broker-dealers, including banks and other intermediaries like registered investment advisers and family offices, do not have the burden of complying with two different standards of disqualification when recommending private funds offering interests pursuant to Rule 506 of Regulation D.

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**General Prohibitions**

The Marketing Rule establishes seven principle-based prohibitions designed to prevent fraudulent, deceptive, or manipulative acts. Specifically, in any advertisement, an adviser may not:

1) Include any untrue statement of material fact, or omit a material fact necessary in order to make the statement made, in the light of the circumstanced under which it was made, not misleading;

2) Include a material statement of fact that the adviser does not have a reasonable basis for believing it will be able to substantiate upon demand by the SEC;

3) Include information that would reasonably be likely to cause an untrue or misleading implication or inference to be drawn concerning a material fact relating to the investment adviser;

4) Discuss any potential benefits to clients or investors connected with or resulting from the investment adviser's services or methods of operation without providing fair and balanced treatment of any material risks or material limitations associated with the potential benefits;

5) Include a reference to specific investment advice provided by the investment adviser where such investment advice is not presented in a manner that is fair and balanced;

6) Include or exclude performance results, or present performance time periods, in a manner that is not fair and balanced; or

7) Would otherwise be materially misleading.

<u>Facts and Circumstances</u>

The general prohibitions described above, including whether certain information is presented in a fair and balanced manner, should be interpreted based on all relevant facts and circumstances of each advertisement. Consequently, an investment adviser should take into account the sophistication of the target audience, including whether an investor is a retail or institutional investor.

**Third-Party Ratings**

The Marketing Rule defines a third-party rating as a rating or ranking of an adviser provided by a person who is not a "related person" and who provides such ratings or rankings in the ordinary course of business. Third-party ratings are prohibited in an advertisement, unless the investment adviser complies with the rule's general prohibitions and the adviser:

● Has a reasonable basis for believing that any questionnaire or survey used in the preparation of the third-party rating is structured to make it equally easy for a participant to provide favorable and unfavorable responses and is not designed or prepared to produce any predetermined result (due diligence requirement); and

● Clearly and prominently discloses, or the investment adviser reasonably believes that the third-party rating clearly and prominently discloses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The date on which the rating was given and the period of time upon which the rating was based;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The identity of the third party that created and tabulated the rating; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o If applicable, that compensation has been provided directly or indirectly by the adviser in connection with obtaining or using the
third-party rating

**Performance Advertising**

Performance based advertising is subject to extreme regulatory scrutiny designed to ensure adequate disclosure to prevent unwarranted, promissory, exaggerated, or misleading information being disseminated to customers or prospects.

In particular, the Marketing Rule prohibits the following in ***<u>any</u>*** advertisement:

&nbsp;&nbsp;&nbsp;&nbsp;o Gross performance results (including hypothetical performance and extracted performance presented on a gross basis) unless the advertisement
also presents net performance results (i) with at least equal prominence to, and in a format designed to facilitate comparison with,
the gross performance results; and (ii) calculated over the same time period, and using the same type of return and methodology,
as the gross performance results;

&nbsp;&nbsp;&nbsp;&nbsp;o Any performance results, *unless* they are provided for one-, five- and ten-year time periods or
are the performance results of a private fund;

&nbsp;&nbsp;&nbsp;&nbsp;o Any statement, express or implied, that the calculation or presentation of performance results has been approved or reviewed by the
SEC;

&nbsp;&nbsp;&nbsp;&nbsp;o The presentation of "related performance," which is the performance of portfolios similar to the offered strategy or fund,
unless the related performance includes *all portfolios* with substantially similar investment policies, objectives, and strategies
as those of the

services being offered in the advertisement or certain conditions are met;

&nbsp;&nbsp;&nbsp;&nbsp;o Performance results of a subset of investments extracted from a portfolio (commonly known as a "carve-out" or "segmented"
performance), unless the advertisement provides or offers to provide promptly the performance results of the total portfolio from which
the performance was extracted; and

&nbsp;&nbsp;&nbsp;&nbsp;o Hypothetical performance, *unless* the adviser:

◾ Adopts and implements policies and procedures reasonably designed to ensure that the hypothetical performance is relevant to the likely financial situation and investment objectives of the intended audience of the advertisement;

◾ Provides sufficient information to enable the intended audience to understand the criteria used and assumptions made in calculating such hypothetical performance; and

◾ Provides (or, if the intended audience is a private fund investor, provides or offers to provide promptly) sufficient information to enable the intended audience to understand the risks and limitations of using hypothetical performance in making investment decisions.

<u>Responsibility for Implementing this Policy</u>

The CCO will be responsible for ensuring that IMC's advertising and marketing material are consistent with IMC's policies and applicable regulatory rules. Such material may include, but is not limited to, the firm's web site, one-on-one presentation material, performance advertisements and disclosures, print advertisements, and quarterly letters. Prior to the use or distribution of any advertising and marketing material, the CCO will review and approve those documents for compliance with the above mentioned advertising policy. A copy of approved advertising materials will be maintained in appropriate files. No Supervised Person may use advertising/marketing material unless it has been reviewed and approved as required above.

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The CCO may delegate (except to an individual who prepared such marketing material) in writing any of his or her responsibilities to review and approve marketing materials or advertisements under this policy to any person ("Designee").

<u>Procedures</u>

The CCO shall monitor and ensure this policy is observed and amended or updated, as appropriate. The key elements of the procedures are summarized below:

◾ All advertisements, promotional, or marketing materials should be reviewed and approved by the CCO or Designee prior to use.

◾ The CCO or Designee will also review and approve select written communications prepared for either existing or prospective clients and consultants, including routine commentary and Requests for Proposals ("RFP").

◾ The CCO will maintain an electronic marketing approval log. The log will be in the form of email communications with the approved materials attached and the approval noted by the CCO or Designee.

◾ Each employee is responsible for ensuring that the CCO or Designee has approved in writing any marketing material used.

◾ Any modification to marketing materials previously approved by the CCO or Designee should be re-submitted for approval as if new materials.

◾ The CCO is responsible for maintaining copies of, and ensure all materials are properly stored and backed-up so as to be in compliance with the applicable books and records regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Written or recorded materials used or disclosures provided for oral advertisements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Written communications relating to the performance or rate of return of any portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Accounts, books, internal working papers, and other documents necessary to form the basis for or demonstrate the calculation of the
performance or rate of return of any portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o For supporting records that display hypothetical performance, copies of all information provided or offered pursuant to the hypothetical
performance provisions of the Marketing Rule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Records of who the "intended audience" is pursuant to the hypothetical performance and model fee provisions of the Marketing
Rule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Any communication or document related to a determination of the reasonable basis for believing that a testimonial or endorsement complies
with the Marketing Rule and/or a third-party rating complies with the Marketing Rule's due diligence requirement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A copy of any questionnaire or survey used in the preparation of a third-party rating included in any
advertisement.

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***Hypothetical Performance Marketing***

IMC's policy is to ensure that the use of hypothetical performance in advertising and marketing materials complies with Rule 206(4)-1 of the Investment Advisers Act of 1940 (the "Marketing Rule") and all applicable federal securities laws, tailored exclusively to its institutional client base. Hypothetical performance, including model, back-tested, or targeted performance results, may only be presented when it is relevant to the financial situation and investment objectives of IMC's institutional clients, accompanied by sufficient disclosures to understand its criteria, assumptions, risks, and limitations, and when IMC has implemented procedures to ensure compliance with regulatory requirements. Given that IMC serves only institutional clients and no retail investors, all hypothetical performance marketing will be designed for sophisticated audiences capable of evaluating such information, while remaining accurate, not misleading, and providing a fair and balanced presentation of potential outcomes.

*<u>Background & Description</u>*

The Marketing Rule permits the use of hypothetical performance in advertisements but imposes strict conditions to prevent misleading recipients. Hypothetical performance refers to results that were not actually achieved by any client portfolio managed by IMC, such as model performance, back-tested performance, or projected returns. Because IMC's client base consists solely of institutional clients—such as pension funds, endowments, or other investment entities with professional investment expertise—the presentation of hypothetical performance is tailored to their sophisticated understanding of investment strategies and risks. Nonetheless, IMC must ensure that such information is relevant to these clients' specific objectives and accompanied by adequate disclosures, recognizing that even institutional investors require clear and balanced information to make informed decisions.

*<u>Regulatory Framework</u>*

Under the Marketing Rule, the use of hypothetical performance in advertisements is prohibited unless IMC:

● Adopts and implements policies and procedures reasonably designed to ensure that the hypothetical performance is relevant to the likely financial situation and investment objectives of the intended institutional audience;

● Provides sufficient information to enable the institutional audience to understand the criteria used and assumptions made in calculating the hypothetical performance; and

● Provides sufficient information to enable the institutional audience to understand the risks and limitations of using hypothetical performance in making investment decisions.

Given IMC's exclusive focus on institutional clients, the Marketing Rule's requirements are interpreted in light of their sophistication, but compliance with its general prohibitions remains mandatory. This includes presenting performance in a fair and balanced manner and avoiding material statements of fact that IMC cannot substantiate upon SEC demand.

*<u>Policies</u>*

IMC's policy is to adhere to the Marketing Rule in all material respects when presenting hypothetical performance to its institutional clients, with no retail investor considerations. Specifically, IMC will:

● Include hypothetical performance in advertisements only when it is relevant to the financial situation and investment objectives of its institutional clients, as determined by IMC's documented assessment of their sophistication, investment mandates, and risk profiles;

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● Ensure that all hypothetical performance is accompanied by clear and prominent disclosures regarding the criteria, assumptions, risks, and limitations, tailored to the analytical capabilities of institutional clients;

● Prohibit the use of hypothetical performance that implies guarantees, omits material risks, or exaggerates potential benefits without a fair and balanced discussion of limitations, recognizing the institutional audience's ability to assess such information;

● Maintain documentation supporting the calculation of hypothetical performance and its relevance to the institutional audience;

● Refrain from presenting hypothetical performance as actual results or implying it reflects any client's experience unless explicitly clarified, ensuring transparency for institutional clients; and

● Ensure that any hypothetical performance presented on a gross basis is accompanied by net performance results, calculated over the same time period, with equal prominence and in a format facilitating comparison, consistent with institutional expectations for fee-adjusted data.

*<u>Procedures and Responsible Party</u>*

The Chief Compliance Officer ("CCO") is responsible for overseeing the implementation and monitoring of IMC's hypothetical performance marketing policies, ensuring compliance with the Marketing Rule for an institutional client base, and maintaining associated records. The CCO may delegate specific responsibilities to a designee (except to the individual who prepared the marketing material), provided such delegation is documented. The following procedures will be observed:

● **Pre-Approval Process**: All advertisements containing hypothetical performance must be submitted to the CCO or designee for review and written approval prior to dissemination to institutional clients. The submission must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The methodology, criteria, and assumptions used to calculate the hypothetical performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Proposed disclosures addressing risks and limitations, crafted for institutional sophistication.

● **Disclosure Requirements**: The CCO or designee will ensure that each advertisement containing hypothetical performance includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A clear statement identifying the performance as hypothetical and not reflective of actual client results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The time period covered, calculation methodology, and key assumptions (e.g., fees, transaction costs, market conditions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A description of material risks and limitations (e.g., model assumptions, lack of real-world execution), tailored to institutional
understanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o An offer to provide additional information upon request, acknowledging institutional clients' due diligence processes.

● **Net Performance Inclusion**: If hypothetical performance is presented on a gross basis, the CCO or designee will verify that net performance is included with at least equal prominence, calculated consistently with the gross figures, and reflects applicable fees and expenses, meeting institutional standards for transparency.

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● **Recordkeeping**: The CCO will maintain records of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o All advertisements containing hypothetical performance, including versions submitted for approval and final disseminated copies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Supporting documentation for calculations and assumptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Written approvals by the CCO or designee

● **Periodic Review**: The CCO will review all hypothetical performance marketing materials at least quarterly to ensure ongoing compliance with this policy and the Marketing Rule, focusing on institutional relevance. Any modifications to previously approved materials must be resubmitted for approval as if they were new.

● **Training**: The CCO will include training on hypothetical performance marketing in IMC's annual compliance training, emphasizing its application to institutional clients, disclosure obligations, and regulatory expectations.

*<u>Responsibility for Implementing this Policy</u>*

The CCO holds primary responsibility for ensuring that hypothetical performance marketing aligns with IMC's policies and the Marketing Rule. Supervised Persons are prohibited from disseminating any advertisement containing hypothetical performance unless it has been reviewed and approved by the CCO or designee. The CCO will coordinate with portfolio managers and marketing personnel to ensure accurate development and presentation of hypothetical performance data for institutional audiences.

***Marketing Private Funds***

Rule 506(b) of Regulation D permits general solicitation and general advertising to offer securities provided the investment adviser complies with additional requirements as detailed by the SEC. Although IMC does not intend to use general solicitation in any form, we will continue to offer interests in private funds to investors on a private placement basis pursuant to a registration exemption as provided in Section 4(2) of the Securities Act, pursuant to Regulation D and an exclusion from the definition of an "Investment company" under the Investment Company Act of 1940.

***Social Media Policies***

<u>Background</u>

Social media sites use a variety of technologies to transform traditional two-party communications into an interactive, multi-party dialogue where all users may actively create content. As IMC, an investment adviser serving exclusively institutional clients, utilizes social media to communicate with its sophisticated client base, it must address compliance factors specific to these professional entities under applicable securities laws. Registered investment advisers must identify the conflicts and other compliance factors that might create risk exposure for the adviser and its clients, in light of the firm's particular operations and these new forms of communication.

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Communications through social media sites are subject to the same securities laws and regulations as other written communications, including anti-fraud provisions, advertising rules, compliance provisions, and recordkeeping rules. Further, the Commission has noted that employees acting as representatives of investment advisers on internet sites cannot avoid the anti-fraud rules by purporting to speak in their individual capacity.

<u>Policies</u>

◾ IMC's social media presence is currently limited to the firm's website, a firm X account, and the firm's official LinkedIn Page and Supervised Persons' LinkedIn pages. Additional platforms may be approved by the CCO in writing.

Information provided through the firm's social media presence will generally provide biographical information and market commentary and education. Taken individually or as a whole, IMC's social media presence must comply with all applicable marketing rules and antifraud rules governing the activities of investment advisers under Rule 206(4)-1 of the Investment Advisers Act.

◾ IMC generally prohibits the use of IMC's name or any reference to our business activities on Supervised Persons' personal social networking accounts (e.g., Facebook). The exception being any professional or business websites (e.g., LinkedIn).

◾ IMC does not permit the posting or solicitation of compensated testimonials or endorsements.

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| ◾ | Supervised Persons must not endorse, share, or retweet third-party content on EAM-approved platforms unless pre-approved by the CCO, as such actions may be deemed advertisements under the Marketing Rule. Approved third-party content must comply with all applicable advertising rules and be documented. |

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◾ Hypothetical performance postings on social media platforms are prohibited.

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|:---|:---|
| ◾ | Supervised Persons are prohibited from making posts that are false or misleading; misrepresent the Supervised Person's or IMC's skills and expertise; are discriminatory or harassing in nature; divulge nonpublic private information of the firm, any of the firm's clients or employees or violate privacy rights of other people; are defamatory; or would embarrass or disparage our firm. None of the above is intended to take away or restrict any rights employees may have under federal or state law. |

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<u>Procedures and Responsible Party</u>

&nbsp;&nbsp;&nbsp;&nbsp;o IMC's Supervised Persons may post to the firm's approved social media sites the following: white papers, market commentary,
or other comments on any research thatdoes not specifically advertise the firm or any of its products.

&nbsp;&nbsp;&nbsp;&nbsp;o Any information which would be considered an "Advertisement" under Rule 206(4)-1 must be reviewed and approved by
the CCO or his designee, prior to publishing or posting. In the absence of doubt, any information which presents performance of an IMC
composite, strategy or account, is considered an Advertisement.

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&nbsp;&nbsp;&nbsp;&nbsp;o Supervised Persons must adhere to IMC's Cybersecurity policy when using social media, including avoiding public Wi-Fi for business
posts and reporting suspected account breaches to the COO immediately.

&nbsp;&nbsp;&nbsp;&nbsp;o The CCO or his designee, will review in arears, all postings on the firm's social media pages for compliance with the firm's
regulatory requirements and the firm's policies on a monthly basis.

&nbsp;&nbsp;&nbsp;&nbsp;o The CCO or his designee will periodically review the social media activity of Supervised Persons and solicitors.

&nbsp;&nbsp;&nbsp;&nbsp;o IMC's policy is to provide annual social media training and have Supervised Persons periodically certify to their understanding
and compliance with these social media policies and procedures and provide a listing of social media and networking sites on which they
maintain an active account.

&nbsp;&nbsp;&nbsp;&nbsp;o The CCO will ensure all social media posts on IMC-approved platforms are archived electronically for five years, consistent with Rule 204-2,
using a designated compliance tool (or a third-party vendor). This includes firm posts, approved Supervised Person posts, and related
correspondence.

**Political Contributions**

<u>Background</u>

Rule 206(4)-5 of the Advisers Act prohibits an investment adviser from providing advisory services for compensation to a government client for two years after the adviser (or a Covered Associate) makes a contribution to certain elected officials or candidates. The Rule applies both to soliciting direct advisory clients and to obtaining investors for a pooled investment. It is unlawful for an investment adviser to:

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| ◾ | Receive compensation for investment advisory services provided to a government entity within two years after a contribution to an official of the government entity is made by the investment adviser or any Covered Associate, as defined below, of the investment adviser (including a person who becomes a Covered Associate within two year after the contribution is made); or |

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◾ Make payment directly or indirectly to any person to solicit, coordinate or provide investment advisory services to a government entity for compensation on behalf of such investment adviser, absent an exception; or

◾ Pay a third-party placement agent, solicitor, finder or similar third-party to solicit a government plan, unless such third party is an SEC registered broker-dealer or investment adviser subject to comparable rules.

The Rule does not ban or limit the amount of political contributions that can be made by an adviser or its Covered Associates but rather imposes a "time out" on the ability of an adviser to receive compensation for conducting advisory business with a government entity for two years after certain contributions are made to an official of the government entity.

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<u>De Minimis Exceptions</u>

The Rule does not apply to de minimis contributions. The noted de minimis exceptions are only

allowed for contributions by individual Covered Associates (natural persons) and not the

investment adviser itself.

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| ◾ | Contribution amount of **$350** or less per official, per election, to officials for whom a Covered Associate is entitled to vote at the time the contribution is made. |

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| ◾ | Contribution amount of **$150** or less per official, per election, to officials for whom a Covered Associates is **not** entitled to vote at the time the contribution is made. |

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**Contributions that fall under the *de minimis* exceptions are not subject to the two-year time out.**

<u>Inadvertent Contributions</u>

The Rule outlines a safe harbor for inadvertent contributions made by Covered Associates in excess of the de minimis limit to officials for whom they are not entitled to vote provided that the contributions (i) do not **exceed $350**, per election and (ii) are returned (a) **within four months** of the contribution and (b) **within sixty calendar days** of the adviser discovering the contribution. When all the criteria have been met, this safe harbor may be invoked without seeking or obtaining the SEC's approval. This exception, however, is only available three times in a calendar year for firms with more than 50 employees and only twice in a calendar year for firms with 50 employees or fewer. Moreover, the exception is only available once per employee for as long as the employee is employed by the adviser.

<u>Definitions</u>

**Contribution** is defined as any gift, subscription, loan, advance, "in-kind" payment (e.g. incurred expenses for a fundraiser, campaigning, or payment for services, and/or purchasing materials or sevices) or deposit of money or anything of value made for:

◾ The purpose of influencing any election for federal, state or local office;

◾ Payment of debt incurred in connection with any such election; or

◾ Transition or inaugural expenses of the successful candidate for state or local office

**A Covered Associate** of an investment adviser is defined as:

◾ Any general partner, managing member or executive officer, or other individual with a similar status or function;

◾ Any employee who solicits a government entity for the investment adviser and any person who supervises, directly or indirectly, such employee; and

◾ Any political action committee controlled by the investment adviser or by any of its Covered Associates.

**Government entity** is defined as any state or political subdivision of a state, including:

◾ Any agency, authority, or instrumentality of the state or political subdivision;

◾ A pool of assets sponsored or established by the state or political subdivision or any agency, authority or instrumentality thereof, including, but not limited to a "defined benefit plan" or a state general fund;

◾ A plan or program of a government entity; and

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◾ Officers, agents, or employees of the state or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity.

**Official** means any person (including any election committee for the person) who was, at the time of the contribution, an incumbent, candidate or successful candidate for elective office of a government entity, if the office:

◾ Is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity; or

◾ Has authority to appoint any person who is directly or indirectly responsible for, or can<br> influence the outcome of, the hiring of an investment adviser by a government entity.

**Payment** means any gift, subscription, loan, advance, or deposit of money or anything of value.

<u>Policies</u>

IMC policy is at all times to adhere to the requirements of Rule 206(4)-5 of the Advisers Act in all material respects.

IMC (or any Covered Associate on behalf of the firm) is prohibited from:

◾ Making any payment to a political party of the state or locality where IMC is providing or seeking to provide investment advisory services to a government entity;

◾ Coordinating, or asking any person or political action committee to make any such contribution on IMC's behalf;

◾ Compensating any third parties to solicit for government business on IMC's behalf (unless those persons or entities are registered entities subject to Rule 206(4)-5 or similar restrictions on political contributions);

◾ "Bundling" contributions to politicians indirectly such as through spouses, lawyers or affiliated companies; and/or

◾ Receiving compensation for conducting advisory business with a government entity for<br> two years after certain contributions are made to an official of the government entity.

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|:---|:---|
| ◾ | When any person at IMC becomes a Covered Associate, IMC must "look back" in time at that person's contributions to determine whether the two-year ban will be triggered. A two-year look-back will be required for new Covered Associates who solicits for IMC. A six-month look-back will apply to all other new Covered Associates, i.e., those not engaged in solicitation activities for the adviser but who are nonetheless "covered." The two-year ban on receipt of compensation will apply from the date of the triggering contribution. |

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|:---|:---|
| ◾ | Once triggered, the ban on receipt of compensation will remain in effect for the duration of the two-year period, even for individuals who subsequently cease to be Covered Associates, either through transfer or by leaving the firm. The ban will not expire simply because the Covered Associate has separated from the firm. |

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IMC is considered to be "seeking to provide" advisory services to a government entity when IMC responds to a request for proposal, communicates with a government entity regarding that entity's formal selection process for investment advisers or engages in some other solicitation of investment advisory business of the government entity.

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<u>Procedures and Responsible Party</u>

● All Covered Associates must certify quarterly (through the MyComplianceOffice system) that they have not made any political contributions; or

● All Covered Associates must submit to the CCO records of all contributions that they have made (directly or indirectly) to any official or candidate of a government entity, state or local political party, and political action committees (PACs).

● All Covered Associates must request pre-approval from the CCO for any political contribution a Covered Associate intends to make in excess of $150 per calendar year per political party, elected official or candidate.

● The CCO or designee will review the Covered Associate's contributions to determine whether the "time out" applies to IMC.

● The CCO or designee with review quarterly public data basis to track Political Contributions by Covered Associates.

● IMC will require any solicitor, direct or indirect owner, or other affiliate who is performing marketing activities on the Firm's behalf to certify annually that they have in place and are employing policies and procedures that address the requirements under Rule 206(4)-5 of the Advisers Act.

*<u>Recordkeeping</u>*

Advisers who have government clients or that provide investment advisory services to investment pools in which government entities invest must adhere to the following recordkeeping requirements:

◾ Make and keep records of all direct and indirect contributions made by the adviser and Covered Associates to government officials (including candidates), and of payments to state or local political parties or to a political action committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The records of contributions and payments must be listed in chronological order identifying the name and title of each contributor
and recipient, the amounts and dates of each contribution or payment and whether a contribution was subject to Rule 206(4)-5's
exception for certain returned contributions.

◾ Maintain a list of its Covered Associates, including name, title, and business and residential addresses.

◾ Maintain a list of government entities to which the adviser provides or has provided advisory services in the past five years, but not prior to the effective date of the rule.

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|:---|:---|
| ◾ | Advisers to covered investment pools must make and keep a list of government entities that invest, or have invested in the past five years, in a covered investment pool, including any government entity that selects a covered investment pool to be an option of a plan or program of the government entity, such as a 529, 457 or 403(b) plans. |

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◾ An investment adviser, regardless of whether it currently has a government client, must also keep a list of the names and business addresses of each regulated person to whom the adviser provides or agrees to provide, directly or indirectly, payment to solicit a government entity on its behalf.

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**CyberSecurity**

<u>Policy</u>

IMC's policy is to have a plan that is designed to ensure the protection of proprietary and Nonpublic Personal information stored on electronic systems. Cybersecurity is the body of technologies, processes and practices designed to protect the Firm's networks, computers, programs, customer personal information, and electronic data from attack, damage, unauthorized access or intrusion.

Employees are instructed to not use public Wi-Fi to check their business e-mail account.

**NEVER** click on provided links in e-mails - even from trusted sources – Instead, copy and paste the link into an open browser's address box in the tab.

**NEVER** open e-mail attachments unless you can verify the sender and trust them. If you are uncertain, reply to the sender's e-mail and ask them if they sent you the e-mail in question.

**NEVER** click on links in pop-up alerts saying that you've been infected. Instead, hit control + alt + delete then Start Task Manager to view a list of programs currently running and delete the pop-up alert from the list of running programs.

<u>Background & Description</u>

Regulators expect that an investment adviser will assess its ability to protect proprietary Nonpublic Personal Information on electronic systems. At a minimum, investment advisers should address data protection and systems security.

<u>Responsibility</u>

The COO oversees the development, implementation and monitoring of the IMCs cybersecurity controls and policies, including associated practices, disclosures and recordkeeping. The COO may delegate responsibility for the performance of these activities (provided that it maintains records evidencing individual delegates) but oversight and ultimate responsibility remain with the COO.

<u>Written Information Security Plan</u>

IMC has adopted a Written Information Security Plan ("WISP") which includes various procedures to implement the firm's Cybersecurity policy and reviews to monitor and ensure that the firm's policy is observed, implemented properly and amended or updated, as appropriate. On at least an annual basis the COO or designee will conduct a cybersecurity risk assessment. The COO will supply the Compliance Committee with the results of this review.

The WISP addresses among other things:

◾ Supervised Persons must never share their passwords or store passwords in a place that is accessible to others;

◾ Supervised Persons must shut down or lock their computers when they leave the office for any extended period of time;

◾ Any theft or loss of electronic storage media must immediately be reported to the COO;

◾ Supervised Persons cannot use any removable or mobile media to store sensitive Adviser data, including Nonpublic Personal Information;

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◾ Any requests from third parties for independent access to IMC networks or proprietary data must be forwarded to the COO or CEO. Only the COO or CEO may respond to such access requests;

◾ Inventorying its computers, system hardware, and other IT devices such as smart phones;

◾ Monitoring for unauthorized devices accessing IMC's networks;

◾ Inventorying its software applications, and ensured that software patches are being applied in a timely manner;

◾ Evaluating likely types of attack, including through penetration testing and vulnerability scans, where appropriate;

◾ Implementing appropriate protections, such as anti-malware software, firewalls and data loss prevention software;

◾ Test IMC's ability to restore critical data and software in a timely manner;

◾ Periodically testing to confirm that hardware, software, operating systems and network infrastructure continue to operate according to their standardized secure configurations;

◾ Appropriately testing software applications prior to implementation;

◾ Requiring relatively strong user passwords that must be changed from time to time;

◾ Promptly disabling access for any terminated Employees;

◾ Notifying the COO immediately of any breach;

◾ Consulting with counsel to determine whether clients need to be notified of the breach and any remediation efforts taken.

**Training**

Periodically, the COO will have Cybersecurity experts conduct Cybersecurity training. The training will be documented including the material covered and attendee list. Compliance shall inform each new Covered Person about this Cybersecurity Policy.

**Third Party Service Providers**

IMC has entered into written agreements with a number of unaffiliated third-party companies that provide various services to IMC in order for IMC to provide certain services to its clients.

As part of its fiduciary duty, IMC will conduct periodic (no less than annual) due diligence reviews on each material service provider to help ensure that:

◾ The service provider is adhering to all terms of the written agreement and performing services under such agreement to the satisfaction of IMC;

◾ The service provider has and is adhering to written policies, procedures and internal<br> controls in place to help prevent violations of applicable laws and regulations;

◾ The service provider has and is testing a disaster recovery plan that provides detailed information on how the service provider will continue its business in the case of a disaster or other business disruption; and

◾ The service provider has extensive controls in place to help safeguard the privacy of non-public information pertaining to its clients, including to IMC and its clients.

The findings of each review, any recommendations made by IMC to the service providers and follow up reviews ("Service Provider Review Documentation") will be documented and maintained as part of the firm's books and records. The CCO or designee will be responsible for maintaining the Service Provider Review Documentation in an appropriately designated file for five years from the date of each review.

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Any potential problem or conflict that involves an IMC service provider must be promptly reported to the CCO.

**Business Continuity Plan**

IMC policy, as part of its fiduciary duty to its clients and as a matter of sound business practice, has implemented a business continuity plan ("BCP") to address disaster recovery and continuing IMC's business in the event of a business interruption.

IMC also maintains a Succession Plan, that is reviewed and updated, at least annually.

IMC's BCP as follows:

**IMC Policy**

IMC will respond to a Significant Business Disruption ("SBD") by safeguarding employees lives and IMC property, making a financial and operational assessment, quickly recovering and resuming operations, protecting all of the IMC's books and records and ensuring our client accounts continue to transact business.

<u>Significant Business Disruptions (SBDs)</u>

IMC BCP anticipates two kinds of SBDs: those that are internal and those that are external. Internal SBDs affect only the IMC's ability to communicate and do business, such as a fire in the building. External SBDs prevent the operation of securities markets or a significant number of financial services firms, such as a terrorist attack, a city flood, or a wide scale, regional disruption.

**Emergency Contact Persons**

IMC's two emergency contact persons are:

Derek Gaertner

CEO

Office: 760-479-5075

Cell: 760-214-1709

<u>dgaertner@informedmo.com</u>

<u>derek<u>_</u>gaertner@yahoo.com</u>

Travis Prentice

CIO

Office: 760-479-5071

Cell: 760-519-1508

<u>tprentice@informedmo.com</u>

<u>travisprentice@yahoo.com</u>

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**Significant Business Counterparties**

***<u>Middle Office Operations (Operations & Accounting)</u>***

Northern Trust

Team Line

<u>eamsettlements@ntrs.com</u>

Northern Trust

Liz Gierhahn

333 S. Wabash Ave., 44<sup>th</sup> Floor

Chicago, IL 60604

312-557-5425

<u>LL59@ntrs.com</u>

Northern Trust

Roberto Cosme

333 S. Wabash, 39th Floor

Chicago, Illinois 60604

312-557-5314

<u>RC245@ntrs.com</u>

***<u>Information Technology Vender</u>***<br> CompuOne Corporation

Tony Eftekhary

9888 Carroll Centre Rd., Suite 201<br> San Diego, CA 92126858-404-7000<br> <u>tony@compuone.com</u>

**Office Locations**

IMC's main office is located at 215 S. Highway 101, Suite 216, Solana Beach, CA 92075. The main telephone number is 760-479-5080.

IMC's secondary office location: 601 W. Main Ave, Suite 802, Spokane, WA 99201.

**Alternative Physical Location**

In the event of an SBD, each employee of IMC has the necessary equipment and connectivity to continue operations from their personal residences. In addition, IMC has a Ready-Call conferencing account in which all employees can be connected simultaneously by telephone:

Dial-In Number: 1 (888) 585-9008

Conference code: 339-584-005

Leader PIN: 192-7724

In the event of a continued SBD effecting IMC's office, employees may continue operations from either their personal residence or Roth Capital Partner's offices located at 888 San Clemente Drive, Newport Beach, CA 92660. Telephone number 800-678-9147.

**Data Back-Up and Recovery**

IMC maintains its primary client books and records electronically on Northern Trust's platform which is accessible by firm personnel anywhere with internet access. Records created prior to 11/01/2013 are maintained on the firm's server.

III-91 \| I M C <br>

IMC maintains its books and records and certain electronic records at the Solana Beach office location. The following document types and forms are maintained at the Solana Beach Office:

◾ Corporate and Financial Records

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Formation documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Board of Managers and committee minutes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Journals, including cash receipts and disbursements, and any other records of original entry forming the
basis of entries into any ledger

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o General and auxiliary ledgers reflecting assets, liabilities, capital, income and expenses, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Check books, banks statements, cash reconciliations of IMC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Bills and statements relating to the business of IMC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o All business contracts related to the operation of IMC, including employment contracts, property leases, investment management agreements,
and other service providers

◾ Regulatory filings and communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Form ADV, including all amendments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o All regulatory communications (of a specific matter)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Organization charts and personnel directory

IMC maintains its back-up hard copy books and records by scanning such records into electronic format when necessary. These records are in PDF format. The COO has overall responsibility for maintenance of these books and record.

IMC backs up its electronic records stored on the server using a third-party provider: Carbonite. Carbonite is a web-based back-up server to updates back-up files on a daily basis. All back-up data is available through logging into the Carbonite website using a unique id and password.

In the event of an internal or external SBD that causes the loss of our paper records, the firm will be able to recover the data from Carbonite through any internet connection.

**Mission Critical Systems**

IMC's mission critical systems are those that ensure prompt and accurate processing of transactions in securities, and the reconciliation and calculation of client account net assets.

IMC relies on Northern Trust to maintain client account reconciliations (books of record).

IMC will perform a review, at least annually, of the business continuity plan of Northern Trust. The results of that review will be documented by the CCO**.**

**Communications Between IMC and Others**

<u>Employees:</u>

In the event of an SBD, IMC will assess which means of communication is available to us (telephone, e-mail, and in person) and use the means closest in speed and form to what we have used in the past to communicate with the other party. We will also employ a call tree so that all employees may be reached quickly during an SBD. The call tree includes all staff cell phone, home and office numbers. The person to invoke use of the call tree is Travis Prentice:

III-92 \| I M C <br>

Travis Prentice

◾ Frank Hurst

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Michele Rodrigues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Mark Osterkamp

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o David Wroblewski

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Garrette Hein

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Bernadette Howarth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Richard Hornbuckle

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Mary Necochea

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Kevin O'Connell

◾ Derek Gaertner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Iris Kelly

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o John Scripp

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Joshua Moss

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Adam Rubin

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Nicholas Dame

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Brian Chu

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Zachary Kavajecz

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Michael Meehan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Luke Nelson

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Temi Oyesanmi

<u>Clients:</u>

In the event of an SBD, IMC will assess which means of communication is available (telephone, e-mail, fax, or U.S. Mail) and use the means closest in speed and form to what we have used in the past to communicate with the other party.

**Critical Business Constituents**

IMC will contact our critical business constituents and determine the extent to which we can continue our business relationship with them in light of an internal or external SBD. This review will be at least annually and to the extent that it is determined the constituent can no longer provide the needed services we will seek to establish alternative arrangements. Our major business constituents are:

*Back Office Operations (Operations & Accounting)*

Northern Trust

Liz Gierhahan

333 S. Wabash Ave., 44<sup>th</sup> Floor

Chicago, IL 60604

312-557-5425

<u>LL59@ntrs.com</u>

*Order Management System*

Enfusion

Andy Hemphill

125 S. Clark Street, Suite 750

Chicago, IL 60603

312-442-0650

<u>andy.hemphill@enfusion.com</u>

III-93 \| I M C <br>

*Information Technology Vender*

CompuOne Corporation

Tony Eftekhary

9888 Carroll Centre Rd., Suite 201 San Diego, CA 92126

858-404-7000

<u>tony@compuone.com</u>

*IMC Operating Account (Bank)*

Wells Fargo Bank

Mike Schlaf

Business Relationship Manager

500 La Terraza Boulevard, Suite 200

Escondido, CA 92025

760-432-5329

<u>schlafmi@wellsfargo.com</u>

**Updates, Testing, and Annual Review**

IMC will update the BCP whenever there is a material change to our operations, structure, business, or location. IMC will test annually the BCP and at the same time review the policy and procedures to determine the adequacy and effectiveness of IMC's BCP.

III-94 \| I M C <br>

**IV** **Exhibit A**

**Letter for 506 Covered Persons**

DATE

[Covered Person]

Re: [Issuer name]: Securities Act of 1933 Rule 506(d) Representations and Undertakings

Ladies and Gentlemen:

We are sending this Representation and Undertaking Letter (this "Letter") in our capacity as [general partner of] [investment manager to] [Issuer name] (the "Fund").

As you know, the Fund conducts offerings and sales of [limited liability company interests] ("Interests") pursuant to the exemption afforded by Regulation D under the Securities Act of 1933 (the "Securities Act"). We believe that ("you") may be deemed to be a covered person under Rule 506(d) under Securities Act.

Therefore, in order to ensure that the Fund will be able to avail itself of the ability to conduct offerings in compliance with Regulation D under the Securities Act, please confirm by countersigning below that neither you nor your directors, executive officers, and other officers participating in the offering of the Fund's Interests is or has been subject to or has experienced (in each case, within the period of time prescribed by the applicable disqualifying or disclosable event under Rule 506(d)) any of the events described on Annex A attached hereto (each, a "Disqualifying Event"), except as has been disclosed in a writing returned to us with your countersignature of this Letter.

Also, by countersigning this Letter, you hereby agree and covenant to notify us, as soon as possible of you or your directors, executive officers, and other officers participating in the offering of the Fund's Interests becoming subject to or experiencing a Disqualifying Event or becoming the subject of formal proceedings which would, if adversely determined, constitute a Disqualifying Event.

Please feel free to contact us at your convenience with any questions.

Sincerely,

[Issuer]

Date:_______________________

Name:______________________:

Title:_______________________:

Acknowledged and Agreed:

Date:_______________________

Name:______________________:

Title:_______________________:

IV-95 \| I M C <br>

**Questionnaire**

Note that the term "you" in the following questionnaire refers to the following Covered Persons s participating in the offering of the Fund's Interests: the issuer (including its predecessors and affiliated issuers issuing securities in the same offering); 20 percent beneficial owners of the issuer's voting equity securities (calculated on the basis of voting power); any director, executive officer, other officer participating in the offering, general partner or managing member of the issuer; promoters; investment managers to issuers that are pooled investment funds; persons compensated for soliciting investors; any general partner or managing member of any such investment manager or solicitor; or any director, executive officer or other officer participating in the offering of any such investment manager or such solicitor or general partner or managing member of such investment manager or solicitor

1) Have you been convicted, within the last ten years, of any felony or misdemeanor:

&nbsp;&nbsp;&nbsp;&nbsp;a) In connection with the purchase or sale of any security;

&nbsp;&nbsp;&nbsp;&nbsp;b) Involving the making of any false filing with the U.S. Securities and Exchange Commission (the "Commission"); or

&nbsp;&nbsp;&nbsp;&nbsp;c) Arising out of the conduct of the business of an underwriter, broker,
dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities?

☐ Yes ☐ No

2) Are you subject to any order, judgment or decree of any court of competent jurisdiction, entered within the last five years, that restrains or enjoins you from engaging or continuing to engage in any conduct or practice:

&nbsp;&nbsp;&nbsp;&nbsp;a) In connection with the purchase or sale of any security;

&nbsp;&nbsp;&nbsp;&nbsp;b) Involving the making of any false filing with the Commission; or

&nbsp;&nbsp;&nbsp;&nbsp;c) Arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid
solicitor of purchasers of securities?

☐ Yes ☐ No

3) Are you subject to a final order of a state securities commission (or an agency or officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the U.S. Commodity Futures Trading Commission; or the National Credit Union Administration that:

&nbsp;&nbsp;&nbsp;&nbsp;a) Bars you from:

i) Association with an entity regulated by such commission, authority, agency, or officer; <br> ii) Engaging in the business of securities, insurance or banking; or <br> iii) Engaging in savings association or credit union activities; or

&nbsp;&nbsp;&nbsp;&nbsp;b) Constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct
entered within the last ten years?

☐ Yes ☐ No

4) Are you subject to an order of the Commission entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(b) or 78o-4(c)) or section 203(e) or (f) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-3(e) or (f)) that:

&nbsp;&nbsp;&nbsp;&nbsp;a) Suspends or revokes your registration as a broker, dealer, municipal securities dealer or investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;b) Places limitations on your activities, functions or operations; or

&nbsp;&nbsp;&nbsp;&nbsp;c) Bars you from being associated with any entity or from participating in the offering of any penny stock?

☐ Yes ☐ No

IV-96 \| I M C <br>

5) Are you subject to any order of the Commission entered within the last five years that orders you to cease and desist from committing or causing a violation or future violation of:

&nbsp;&nbsp;&nbsp;&nbsp;a) Any scienter-based anti-fraud provision of the federal securities laws, including without limitation section 17(a)(1) of the
Securities Act of 1933 (15 U.S.C. 77q(a)(1)), section 10(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78j(b)) and 17 CFR
240.10b-5, section 15(c)(1) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(c)(1)) and section 206(1) of the Investment
Advisers Act of 1940 (15 U.S.C. 80b-6(1)), or any other rule or regulation thereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;b) Section 5 of the Securities Act of 1933 (15 U.S.C. 77e)?

☐ Yes ☐ No

6) Are you suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade?

☐ Yes ☐ No

7) Have you filed (as a registrant or issuer), or been or been named as an underwriter in, any registration statement or Regulation A offering statement filed with the Commission that, within the last five years, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or are you the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued?

☐ Yes ☐ No

8) Are you subject to a United States Postal Service false representation order entered within the last five years, or are you subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations?

☐ Yes ☐ No

IV-97 \| I M C <br>

## Ex-99.B(P)(48)

**Exhibit 99.B(p)(48)**

**T. ROWE PRICE GROUP, INC. AND ITS SUBSIDIARIES**

**T. ROWE PRICE MUTUAL FUNDS**

**T. ROWE PRICE EXCHANGE-TRADED FUNDS**

**CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY**

**July 1, 2025**

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **I.** | **INTRODUCTION** | **2** |
| **II.** | **STANDARDS OF BUSINESS CONDUCT** | **3** |
| **III.** | **REPORTING REQUIREMENTS** | **5** |
| A. Initial Disclosure of Existing Accounts | A. Initial Disclosure of Existing Accounts | 5 |
| B. New Accounts | B. New Accounts | 5 |
| C. Transaction Reporting | C. Transaction Reporting | 5 |
| D. Exceptions to the Reporting Requirements | D. Exceptions to the Reporting Requirements | 6 |
| **IV.** | **PRE-CLEARANCE AND HOLDING PERIOD REQUIREMENTS** | **6** |
| A. Pre-clearance Requirements for all Associates | A. Pre-clearance Requirements for all Associates | 6 |
| B. Pre-clearance Requirements for Access Persons | B. Pre-clearance Requirements for Access Persons | 7 |
| C. Pre-clearance for Private Placements: | C. Pre-clearance for Private Placements: | 7 |
| D. Holding Period Requirements | D. Holding Period Requirements | 7 |
| E. Exceptions to the Pre-Clearance Requirement | E. Exceptions to the Pre-Clearance Requirement | 8 |
| **V.** | **OTHER PROVISIONS RELATING TO PERSONAL TRANSACTIONS** | **8** |
| A. Limit Orders | A. Limit Orders | 8 |
| B. Transacting in TRPG Securities | B. Transacting in TRPG Securities | 8 |
| C. Transacting in ETFs | C. Transacting in ETFs | 8 |
| D. Initial Public Offerings ("IPOs") | D. Initial Public Offerings ("IPOs") | 9 |
| E. Options and Futures | E. Options and Futures | 9 |
| F. Participation in Investment Clubs | F. Participation in Investment Clubs | 9 |
| **VI.** | **PERSONAL TRANSACTIONS RESTRICTIONS** | **10** |
| **VII.** | **CERTIFICATION REQUIREMENTS** | **10** |
| A. Initial Holdings | A. Initial Holdings | 11 |
| B. Annual Compliance Certification | B. Annual Compliance Certification | 11 |
| C. Reporting of One – Half of One Percent Ownership | C. Reporting of One – Half of One Percent Ownership | 12 |
| **VIII.** | **ROLES AND RESPONSIBILITIES** | **12** |
| **IX.** | **VIOLATIONS AND SANCTIONS** | **13** |
| **X.** | **EXCEPTIONS AND INTERPRETATIONS** | **14** |
| **XI.** | **DEFINED TERMS** | **14** |
| **Provisions Applicable to Independent Directors** | **Provisions Applicable to Independent Directors** | **18** |
| **Pre-clearance and Reporting Matrix** | **Pre-clearance and Reporting Matrix** | **23** |

---

**T. ROWE RICE GROUP, INC. AND ITS SUBSIDIARIES**

**T. ROWE PRICE MUTUAL FUNDS**

**T. ROWE PRICE EXCHANGE-TRADED FUNDS**

**CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY**

**I.** **<u>INTRODUCTION</u>**

This Code of Ethics and Personal Transactions Policy (the "Policy") sets forth the standards of business conduct expected of all:

&nbsp;&nbsp;&nbsp;&nbsp;· officers,
 directors and employees of T. Rowe Price Group, Inc. ("TRPG") and certain
 of its subsidiaries<sup>1</sup> (collectively, "T. Rowe Price") and their Family
 Members;

&nbsp;&nbsp;&nbsp;&nbsp;· officers, directors and employees of the Price
Funds, the SICAVs, or the Cayman Funds (each as defined below); and

&nbsp;&nbsp;&nbsp;&nbsp;· contingent workers, agency temporary workers,
contractors, consultants, and any other personnel who have been notified that they are subject to this Policy

(collectively referred to as "Associates") in connection with their personal securities transactions.

The Policy is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;· Reflect the fiduciary duty of the firm to its
clients;

&nbsp;&nbsp;&nbsp;&nbsp;· Address compliance with laws, rules, and regulations
applicable to T. Rowe Price's business, including, but not limited to Rule 204A-1 under the Investment Advisers Act ("Rule 204A-1")
and Rule 17j-1 under the Investment Company Act of 1940 ("Rule 17j-1");

&nbsp;&nbsp;&nbsp;&nbsp;· Prevent regulatory, business and ethical conflicts
as they relate to personal transactions;

&nbsp;&nbsp;&nbsp;&nbsp;· Minimize the potential of a transaction or circumstance
occurring that a regulatory agency would view as inconsistent with T. Rowe Price's role as a fiduciary;

&nbsp;&nbsp;&nbsp;&nbsp;· Avoid situations in which it might appear that
any officer, director, employee or other personnel of T. Rowe Price or the Price Funds had benefited personally at the expense of a client
or fund shareholder or taken inappropriate advantage of their fiduciary position; and

&nbsp;&nbsp;&nbsp;&nbsp;· Detect and prevent the misuse of material, non-public
information.

All Associates must comply with the Policy. Certain Associates will be notified by Code Compliance that they have been designated as "Access Persons" and are subject to more restrictive pre-clearance and reporting requirements.

"Access Persons" are defined as:

&nbsp;&nbsp;&nbsp;&nbsp;· Any officer or director of any of the Price Advisers
and the Price Funds (except the Independent Directors of the Price Funds);

&nbsp;&nbsp;&nbsp;&nbsp;· Any person associated with T. Rowe Price who,
in connection with their regular functions or duties: (i) makes, participates in, obtains or has access to non-public information
regarding the purchase or sale of securities by any Price Adviser client; (ii) has access to non-public information regarding the
securities holdings of any Price Adviser client; or (iii) makes recommendations with respect to the purchases or sales of securities
for a Price Adviser client; or

<sup>1</sup> For the avoidance of doubt, this Policy does not apply to Oak Hill Advisors, L.P and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;· Any other person classified as such by Code Compliance.

The Policy has been adopted by T. Rowe Price and its subsidiaries<sup>2</sup>, the Price Funds, T. Rowe Price UK Limited (TRP UK"), the SICAVs, and the Cayman Funds.

The independent directors of TRPG, TRP UK , T. Rowe Price Funds SICAV ("SICAVI"), T. Rowe Price Funds Series II SICAV ("SICAVII"), Select Investments Series III SICAV ("SICAVIII"), T. Rowe Price Funds B SICAV ("SICAVB" and together with the SICAVI, SICAVII, SICAVIII and SICAVB, the "SICAVs"), T. Rowe Price Macro and Absolute Return Strategies Master Fund Ltd and T. Rowe Price Macro and Absolute Return Strategies Offshore Fund Ltd (together the "Cayman Funds") and Price Funds are not subject to all the requirements of the Policy. The requirements of the Policy applicable to independent directors are set forth in <u>Exhibit A.</u>

This Policy and each Associate's adherence to it is meant to satisfy T. Rowe Price's requirements under Rule 204A-1 and Rule 17j-1.

Certain defined terms used in the Policy are set forth in "*Defined Terms."*

**II.** **<u>STANDARDS OF BUSINESS CONDUCT</u>**

T. Rowe Price has established a *Code of Conduct* that sets standards expected of all Associates and provides the framework for conducting business in a fair and ethical manner. Consistent with the *Code of Conduct*, T. Rowe Price and each Associate have a fiduciary duty to put client interests first and to always act in the clients' best interests. Associates must comply with applicable legal requirements, securities laws, the Code of Conduct and related policies and procedures.

**Conflicts of Interest**

The *Code of Conduct* states that conflicts of interest may arise between clients, between clients and T. Rowe Price, between clients and Associates, and among T. Rowe Price's own entities or business divisions. T. Rowe Price takes all reasonable steps to identify and manage conflicts. It is the responsibility of each Associate to disclose all material conflicts and to act in a manner consistent with this Policy. Conflicts or potential conflicts of interest involving an Associate's behavior may arise through, among other activities, an Associate's personal securities transactions, outside business activities, political contributions and activities and the exchange of gifts and business entertainment.

*Personal securities transactions.* An Associate's personal securities transactions may present an actual, potential or apparent conflict or other risk that could harm T. Rowe Price, its shareholders or its clients. For T. Rowe Price to identify and manage these conflicts and risks, Associates must disclose their personal brokerage accounts and holdings, disclose and receive approval for any trading accounts subject to this Policy and conduct approved securities transactions in accordance with the requirements of this Policy.

<sup>2</sup> For the avoidance of doubt, this Policy does not apply to Oak Hill Advisors, L.P and its subsidiaries.

Associates must not:

&nbsp;&nbsp;&nbsp;&nbsp;· Improperly benefit personally by causing a client
to act, or fail to act, in making investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;· Profit, or cause others to profit, based on their
knowledge of completed or contemplated client transactions.

&nbsp;&nbsp;&nbsp;&nbsp;· Transact on the basis on material, non-public
(inside) information.

&nbsp;&nbsp;&nbsp;&nbsp;· Engage in personal securities transactions that
are in conflict with the interests of clients, the parameters set by the Policy, or the restrictions imposed by T. Rowe Price restricted
lists.

T. Rowe Price maintains lists of issuers for which a Price Adviser or an Associate may be in possession of material, non-public information (the "Restricted Lists"). When an issuer is listed on a Restricted List, personal trading by Access Persons is prohibited.

*Outside business activities.* Associates are expected to put their responsibilities at T. Rowe Price ahead of any other personal business opportunities or second jobs and must avoid any activities, relationships or situations that might conflict with, or appear to conflict with, their duties on behalf of T. Rowe Price. When an Associate is engaged in an approved outside business activity, they must be vigilant about any changes in the arrangement that may present a real or perceived conflict of interest with T. Rowe Price. Refer to the *Global Outside Business Activities Policy* for more information.

*Political contributions and activities.* Associates must obtain prior clearance for their political contributions and activities in support of candidates for political office in the U.S. Political contributions and activities undertaken by Associates must always be lawful and consistent with T. Rowe Price and business unit policies. Associates may not coordinate or solicit third parties to make a contribution or payment to any candidate, officeholder, political party, political action committee, political organization or bond ballot campaign in the U.S. Furthermore, Associates may not do anything indirectly that, if done directly, would violate T. Rowe Price policies or applicable regulation. Refer to the *Global Political Contributions and Activities Policy* for more information.

*Gifts and business entertainment.* Associates may not offer, give, provide, or accept any gift or business entertainment unless such gift or entertainment:

&nbsp;&nbsp;&nbsp;&nbsp;· Is reasonable and customary under the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;· Is not lavish in value, unique in nature, or
excessive in frequency;

&nbsp;&nbsp;&nbsp;&nbsp;· Cannot be construed as a bribe, payoff, or kickback
to obtain or retain business;

&nbsp;&nbsp;&nbsp;&nbsp;· Is an appropriate reimbursable business expense;
and

&nbsp;&nbsp;&nbsp;&nbsp;· Does not violate any applicable law or regulation.

Refer to the *Global Gifts and Business Entertainment Policy* for more information.

Associates must contact Code Compliance for guidance if they believe that a perceived or actual conflict arises under any of the activities described above or otherwise.

**III.** **<u>REPORTING REQUIREMENTS</u>**

Securities accounts are generally defined as accounts that satisfy one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;· The Associate is a direct or Beneficial Owner
of the account; **OR** 

&nbsp;&nbsp;&nbsp;&nbsp;· The Associate Controls or directs securities
trading for another person or entity, even if they are not the Beneficial Owner of the account;

**AND** invest in, or have the ability to invest in, any of the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;· Individual equity securities, including ETFs,
and derivatives of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;· Fixed income securities and derivatives of these
securities; and

&nbsp;&nbsp;&nbsp;&nbsp;· Reportable Funds.

**A. Initial Disclosure of Existing Accounts**

All Associates must disclose their securities accounts and the securities accounts of their Family Members (including Fully Discretionary Accounts and any securities accounts holding TRPG securities) maintained with any broker, dealer, investment adviser, bank or other financial institution via myTRPcompliance. Such disclosure must take place within <u>ten calendar days</u> of becoming subject to the Policy, opening or discovering a reportable account.

**B. New Accounts**

All Associates must obtain prior approval via myTRPcompliance for all new non-T. Rowe Price securities accounts opened while they are associated with the firm. Associates in the U.S. and the U.K. may only open new securities accounts with financial institutions that agree to provide Code Compliance with an automated data feed of the transactions effected in the account (the Approved Broker List<u>)</u>. All Associates opening a new securities account with a broker-dealer must inform such firm of their association with a T. Rowe Price-affiliated broker-dealer.

Securities held in securities accounts are generally subject to reporting and <u>may</u> require pre-clearance. Refer to "*Reporting Requirements"* and "*Pre-clearance and Holding Period Requirements"* for details. Code Compliance may, in certain circumstances, grant an exception to the requirements described above. Refer to *"Exceptions and Interpretations"* for more information.

**C. Transaction Reporting**

All Associates must request broker-dealers, investment advisers, banks, or other financial institutions executing transactions in securities in the Associate's securities accounts to provide: (i) a duplicate trade confirmation with respect to each transaction in a security; and (ii) a copy of all periodic account statements.

<u>If the executing firm provides a trade confirmation directly to Code Compliance via an established automated data feed, no further reporting is needed.</u>

If the broker is unable to satisfy transaction reporting through an automated data feed or by delivery of a paper copy of trade confirmations and statements, Associates are required to enter transaction details in myTRPcompliance (as prescribed in Rule 17j-1(d)(1)(ii)) within <u>10 calendar days</u> after the transaction occurred.

A transaction in a Reportable Fund, a spousal payroll deduction plan or a stock split or similar acquisition or disposition must be reported within <u>30 calendar days</u> after the end of the calendar quarter in which the transaction occurred

**D. Exceptions to the Reporting Requirements**

***Robo Adviser Accounts****.* Accounts held through a robo-adviser platform that invest solely in third party collective investment vehicles that are not advised by T. Rowe Price (such as non-Price ETFs) do not require approval or reporting to Code Compliance. Transactions effected in such accounts do not need to be reported. Questions on whether an account is classified as a robo-adviser should be directed to Code Compliance

***Fully Discretionary Accounts.*** A Fully Discretionary Account is a securities account for which an Associate has completely relinquished decision-making authority to a professional money manager (who is not a Family Member or not otherwise subject to this Policy) and over which the Associate has no direct or indirect influence or Control. When disclosing Fully Discretionary Accounts, Associates must provide Code Compliance with a copy of the investment management agreement (or equivalent).

**IV.** **<u>PRE-CLEARANCE AND HOLDING PERIOD REQUIREMENTS</u>**

All Associates must obtain pre-clearance via myTRPcompliance when transacting in TRPG securities. Associates who have been designated as Access Persons must also obtain pre-clearance for other securities transactions, as described in further detail below.

Associates will receive a response via myTRPcompliance indicating whether the request was approved or denied and must refrain from executing the transaction until such response is obtained.

Pre-clearance approval is valid for <u>the day it is received and the following business day</u> (measured from the first business day in the requesting Associate's time zone). Pre-clearance approval for Private Placements is valid for 90 calendar days.

**A. Pre-clearance Requirements for all Associates**

&nbsp;&nbsp;&nbsp;&nbsp;· All Associates must request pre-clearance via
myTRPcompliance <u>before</u> executing a transaction to sell or transfer TRPG securities (TRPG stock ticker: TROW) from their ESPP.

&nbsp;&nbsp;&nbsp;&nbsp;· All Associates must request pre-clearance via
myTRPcompliance <u>before</u> executing a transaction to purchase, sell, or gift TRPG securities outside of the ESPP.

**B. Pre-clearance Requirements for Access Persons**

Access Persons must request pre-clearance via myTRPcompliance <u>before</u> executing a transaction in any individual stocks, bonds, Private Placements and derivatives of these securities, and Price ETFs for which the Access Person is a Beneficial Owner. Refer to <u>Exhibit B</u> for additional pre-clearance requirements.

**C**. **Pre-clearance for Private Placements:**

Access Persons and FINRA -registered representatives must obtain pre-clearance when investing in a Private Placement, including the purchase of limited partnership interests. Along with the Private Placement offering document, the Access Person or FINRA registered representative must provide:

&nbsp;&nbsp;&nbsp;&nbsp;· The name, location and a brief description of the private issuer/company;

&nbsp;&nbsp;&nbsp;&nbsp;· The amount of investment;

&nbsp;&nbsp;&nbsp;&nbsp;· The desired date of investment;

&nbsp;&nbsp;&nbsp;&nbsp;· If applicable, the percentage of the Access Person's
ownership in the private issuer/company after investment; and

&nbsp;&nbsp;&nbsp;&nbsp;· The source (name and relationship to Access Person)
that introduced the investment opportunity to the Access Person.

An Access Person or FINRA-registered representative who has invested in a Private Placement and who later anticipates participating in a Price Adviser's investment decision regarding the purchase or sale of securities of the issuer of that Private Placement on behalf of any Price Adviser client, must immediately disclose their investment to the Chairperson of the Ethics Committee, or their designee and to the Chairperson of the appropriate Investments steering committee.

**D. Holding Period Requirements**

A 60-day holding period applies to securities and transactions requiring pre-clearance. Access Persons are not permitted to: (i) sell shares of an issuer if they have purchased shares of the same issuer for a lesser price during the previous 60 calendar days; or (ii) buy shares to cover a short position when the short position was entered in the previous 60 calendar days, if covering the position for a lesser price. Access Persons must check their compliance with the holding period requirement **before** entering into a transaction.

***Holding Period for Associates in Japan.*** Securities acquired by employees of T. Rowe Price Japan, Inc. are subject to a holding period of six months. Refer to *TRP Japan Compliance Manual* for more information.

***Holding Period for the Price Funds.*** Associates must comply with the provisions of the holding restrictions set forth in the prospectus for the applicable Price Fund.

**E. Exceptions to the Pre-Clearance Requirement**

***Fully Discretionary Accounts.*** Transactions in securities held in Fully Discretionary Accounts are not subject to the pre- clearance requirement, except transactions involving TRPG securities, short sales and Private Placements.

Refer to <u>Exhibit B</u> for other exceptions to the pre-clearance requirement.

**V.** **<u>OTHER PROVISIONS RELATING TO PERSONAL TRANSACTIONS</u>**

**A. Limit Orders**

While limit orders are permitted, Access Persons must be careful using "good until cancelled" orders, keeping in mind that pre-clearance is valid for the day it is received and the following business day. Use of "day" limit orders are encouraged.

**B. Transacting in TRPG Securities**

The following chart is a summary of requirements applicable when Associates transact in TRPG securities:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Description of Activity** | &nbsp;&nbsp;**Requirement Under the Policy** |
| &nbsp;&nbsp;Executing a transaction to sell or transfer TRPG securities from an Associate's ESPP | &nbsp;&nbsp; · Pre-clearance via myTRPcompliance<br> · Reporting |
| &nbsp;&nbsp;Executing a transaction to purchase, sell, or gift TRPG securities outside of an Associate's ESPP\* | &nbsp;&nbsp; · Pre-clearance via myTRPcompliance<br> · Reporting |
| &nbsp;&nbsp;Giving TRPG securities as a gift (including a gift to a donor advised fund) after holding the stock for at least 60 days | &nbsp;&nbsp; · Pre-clearance via myTRPcompliance<br> · Reporting |
| &nbsp;&nbsp;Applicability of a holding period [not applicable to options or vested shares] | &nbsp;&nbsp;Yes, 60 calendar days |
| &nbsp;&nbsp;Transacting in TRPG during a Blackout Period | &nbsp;&nbsp;**Prohibited** |
| &nbsp;&nbsp;Transacting in options related to TRPG securities (other than stock options granted to Associates) | &nbsp;&nbsp;**Prohibited** |
| &nbsp;&nbsp;Selling TRPG securities short | &nbsp;&nbsp;**Prohibited** |
| &nbsp;&nbsp;Entering into any contract or purchasing any instrument designed to hedge or offset any decrease in the market value of TRPG securities | &nbsp;&nbsp;**Prohibited** |
| &nbsp;&nbsp;Reporting of transactions in TRPG securities to the SEC (applies to Associates subject to Section 16 of the Securities Exchange Act of 1934, as amended) | &nbsp;&nbsp;Transactions must be reported immediately |
| &nbsp;&nbsp;\*Associates should contact Payroll & Stock Transactions in the event of uncertainty regarding applicability of the pre-clearance requirement. | &nbsp;&nbsp;\*Associates should contact Payroll & Stock Transactions in the event of uncertainty regarding applicability of the pre-clearance requirement. |

---

**C. Transacting in ETFs**

Following is a summary of requirements applicable when Associates transact in ETFs:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Access Persons** | &nbsp;&nbsp;**All Other Associates** |
| &nbsp;&nbsp;Pre-clearance (Price ETFs) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Pre-clearance (Third-party ETFs) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Access Persons** | &nbsp;&nbsp;**All Other Associates** |
| &nbsp;&nbsp;Post-trade reporting (Price ETFs) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Post-trade reporting (Third-party ETFs) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Subject to the 60-Day Rule (Price ETFs) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Subject to the 60-Day Rule (Third-party ETFs) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Able to buy/sell in the primary market (Price ETFs) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Able to buy/sell in the primary market (Third-party ETFs) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Able to sell short (Price ETFs) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Able to sell short (Third-party ETFs) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Able to transact in options (Price ETFs) | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Able to transact in options (Third-party ETFs) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Able to transact in inverse/short and narrow Price ETFs\* | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Able to transact in inverse/short and narrow (Third-party ETFs\*) | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Able to transact in single-stock ETFs | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;\* Narrow ETFs include, but are not limited to, those focused on specific industries *(e.g.,* energy, healthcare, financial services, etc.), commodities, currencies, and specific geographical markets (*e.g.,* countries or regions). | &nbsp;&nbsp;\* Narrow ETFs include, but are not limited to, those focused on specific industries *(e.g.,* energy, healthcare, financial services, etc.), commodities, currencies, and specific geographical markets (*e.g.,* countries or regions). | &nbsp;&nbsp;\* Narrow ETFs include, but are not limited to, those focused on specific industries *(e.g.,* energy, healthcare, financial services, etc.), commodities, currencies, and specific geographical markets (*e.g.,* countries or regions). |

---

**D. Initial Public Offerings ("IPOs")**

&nbsp;&nbsp;&nbsp;&nbsp;· Investment Personnel and FINRA-registered representatives
are prohibited from purchasing securities in an IPO.

&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons other than Investment Personnel
and FINRA-registered representatives may purchase securities in an IPO only after receiving pre-clearance via Code Compliance or myTRPcompliance.
The 60-day holding period requirement applies to transactions in securities purchased in an IPO.

**E. Options and Futures**

The purchase, sale and exercise of options are generally subject to the same restrictions as applicable to securities (*i.e.,* an option should be treated as if it were the common stock). If a transaction in the underlying instrument does not require pre-clearance (*e.g.,* ETFs, national government obligations, unit investment trusts), then an options or futures transaction on the underlying instrument does not require pre-clearance.

Closing (selling to close or buying to close) or exercising an option (for which the underlying instrument is subject to pre-clearance, *e.g*., stock options) requires pre-clearance. Pre-clearance is not required when an Access Person writes (sells) an option and the option is exercised against such Access Person, without any action on their part. Access Persons should be cautious when transacting in options since a client transaction in the underlying security or a restriction associated with the underlying security may prevent an option transaction from being closed or exercised.

**F. Participation in Investment Clubs**

Associates may form or participate in an investment club. Investment club transactions in TRPG securities are subject to pre-clearance and must be reported along with the Associate's personal transactions activity.

Access Persons or their Family Members must not form or participate in an investment club without prior written approval from the Chairperson of the Ethics Committee, or their designee. Transactions effected by an investment club in which an Access Person is a member, Beneficial Owner or Controller are subject to the same pre-clearance and reporting requirements as apply to the Access Person's personal trades.

**VI.** **<u>PERSONAL TRANSACTIONS RESTRICTIONS</u>**

**Associates must not:**

&nbsp;&nbsp;&nbsp;&nbsp;· Engage in personal transactions that are excessive
or that compromise the firm's fiduciary duty to clients. Excessive trading in covered accounts is strongly discouraged. In general,
anyone requesting and/or trading covered securities more than 20 times (other than TRP funds) in a month across all their covered accounts
should expect additional scrutiny of their activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Code Compliance monitors trading activity and may send notice to your direct manager regarding the number
of trades and associated details during a given period for further review and potential escalation.

&nbsp;&nbsp;&nbsp;&nbsp;· Wager, bet or gamble in connection with individual
securities, securities indices, currency spreads, or other similar financial indices or instruments including contracts for difference.

&nbsp;&nbsp;&nbsp;&nbsp;· Participate in initial coin offerings.

**Access Persons must not:**

&nbsp;&nbsp;&nbsp;&nbsp;· Transact
 in securities for which orders have been placed by any Price Adviser to purchase or sell
 the security, unless certain size or volume parameters<sup>3</sup> as set forth by the Ethics
 Committee are met.

&nbsp;&nbsp;&nbsp;&nbsp;· Transact in any security that has been purchased
or sold by any Price Adviser client seven calendar days immediately prior to the date of the Access Person's proposed transaction,
unless certain size or volume parameters <sup>3</sup> as established by the Ethics Committee are met.

&nbsp;&nbsp;&nbsp;&nbsp;· Transact in securities issued by broker-dealers,
underwriters or SEC-registered investment advisers, unless the entity is traded on an exchange.

&nbsp;&nbsp;&nbsp;&nbsp;· Transact in securities of issuers on any of the
firm's Restricted Lists.

&nbsp;&nbsp;&nbsp;&nbsp;· Transact in securities for which a change in
the rating of an issuer has occurred within seven calendar days immediately prior to the date of the proposed transaction.

**VII.** **<u>CERTIFICATION REQUIREMENTS</u>**

In addition to disclosure of their securities accounts (as described in "*Types of Accounts/Account Opening Requirements"),* Associates are required to, among other things, disclose the holdings in such accounts upon becoming subject to the Policy and periodically thereafter.

<sup>3</sup> Transactions involving no more than US $50,000 or the nearest round lot (even if the amount of the transaction marginally exceeds US $50,000) per security per seven calendar day period in securities of (i) issuers with market capitalizations of US $7.5 billion or more, or (ii) U.S. issuers with an average daily trading volume in excess of 750,000 shares over the preceding 90 trading days in the U.S., **<u>unless</u>** the rating on the security has been changed within the seven calendar days immediately prior to the date of the proposed transaction.

**A. Initial Holdings**

<u>All Associates</u> must disclose and certify, via myTRPcompliance<u>,</u> any shares of TRPG securities that they Beneficially Own no later than <u>ten calendar days</u> after they become subject to this Policy.

<u>Access Persons</u> must disclose and certify, via myTRPcompliance<u>,</u> all holdings in the following securities in which they have a Beneficial Interest or Control (the "Initial Holdings Report"**)** no later than <u>ten calendar days</u> after the become subject to the Policy as an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;· Individual equity securities, including any derivatives
(*e.g.,* options, futures, etc.) of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;· Bonds, including any derivatives of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;· ETFs, including any derivatives of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;· Unit investment trusts and listed closed end
funds;

&nbsp;&nbsp;&nbsp;&nbsp;· Private Placements;

&nbsp;&nbsp;&nbsp;&nbsp;· Products (AUTs, ITMs, ETFs, mutual funds,
OEICs, 529 portfolios, SICAVs, trusts) advised by a Price Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;· Products sub-advised by a Price Adviser.

The Initial Holdings Report must be current as of a date no more than <u>45 days</u> prior to the date the individual becomes an Access Person, and include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· The title, number of shares and principal amount
of each security;

&nbsp;&nbsp;&nbsp;&nbsp;· The name of the broker, dealer or bank with whom
the Access Person maintains a securities account in which any securities are for the Access Person's direct or indirect benefit;
and

&nbsp;&nbsp;&nbsp;&nbsp;· The date the Access Person submits the Initial
Holdings Report.

<u>Securities that are not subject to reporting</u> include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· Bankers' acceptances, bank certificates
of deposit and commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;· Currency;

&nbsp;&nbsp;&nbsp;&nbsp;· Cryptocurrency;

&nbsp;&nbsp;&nbsp;&nbsp;· Direct obligations of the U.S. Government;

&nbsp;&nbsp;&nbsp;&nbsp;· Investment grade, short-term debt instruments,
including repurchase agreements (which for these purposes are repurchase agreements and any instrument that has a maturity at issuance
of fewer than 366 days that is rated in one of the two highest categories by a nationally recognized statistical rating organization);

&nbsp;&nbsp;&nbsp;&nbsp;· Open end mutual funds, including money market
funds, advised by a third party;

&nbsp;&nbsp;&nbsp;&nbsp;· UCITS advised by a third-party; and

&nbsp;&nbsp;&nbsp;&nbsp;· Variable insurance products that invest in third-party
funds.

Refer to <u>Exhibit B</u> for applicable exemptions from the reporting requirement.

**B. Annual Compliance Certification**

<u>All Associates</u> must certify annually via myTRPcompliance to, among other things, their securities accounts and transactions and compliance with various firm policies (including the Policy).

<u>Access Persons</u> must certify annually via myTRPcompliance to, among other things, their personal securities holdings, their securities accounts and transactions and compliance with various firm policies (including the Policy).

**C. Reporting of One – Half of One Percent Ownership**

An Associate owning more than one half of one percent of the total outstanding shares of a public or private company must immediately disclose such information in writing to Code Compliance via Code_of_Ethics@troweprice.com, providing the name of the company and the total number of such company's shares they Beneficially Own.

Refer to <u>Exhibit B</u> for applicable exceptions from the reporting requirement.

**VIII.** **<u>ROLES AND RESPONSIBILITIES</u>**

All Associates must attest to receipt and understanding of the Policy: (i) upon becoming subject to it; (ii) on an annual basis; and (iii) whenever material amendments to the Policy are made. In attesting to the Policy, Associates agree to their understanding of the Policy and agree to comply with the requirements of the Policy. See "*Annual Compliance Certification*."

Associates should contact LegalCompliance_EmployeeTrading@TRowePrice.com regarding the applicability, meaning or administration of the Policy, including requests for an exception, <u>in advance</u> of any contemplated transaction.

Code Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;· Administers and monitors adherence to the Policy,
including reviewing disclosures, providing training and identifying violations; and

&nbsp;&nbsp;&nbsp;&nbsp;· Maintains and oversees the maintenance of certain
records in accordance with applicable legal and regulatory requirements.

The Payroll & Stock Transaction Group provides guidance to Associates when they are transacting in TRPG securities.

The Ethics Committee provides oversight of the Policy, including reviewing exceptions and violations. The Ethics Committee also provides a point of escalation for Code Compliance and the Payroll & Stock Transactions Group.

Material changes to the Policy shall be approved by the Board of TRPG, the board of directors of TRP UK and by the board of directors of each Price Fund, including a majority of the Independent Directors of the Price Funds. Approval of any material change to the Policy by the board of directors of the Price Funds shall be obtained within six months after the change is implemented.

**IX.** **<u>VIOLATIONS AND SANCTIONS</u>**

Violations and potential violations of the Policy are typically investigated by Code Compliance or, if necessary, the Ethics Committee. Violations are taken seriously and may result in sanctions or other consequences, including one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· A letter of censure or suspension;

&nbsp;&nbsp;&nbsp;&nbsp;· Disgorgement of profit;

&nbsp;&nbsp;&nbsp;&nbsp;· A fine;

&nbsp;&nbsp;&nbsp;&nbsp;· A suspension of trading privileges;

&nbsp;&nbsp;&nbsp;&nbsp;· Consideration in Associate performance review
and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;· Disciplinary action, up to and including, termination
of employment; or

&nbsp;&nbsp;&nbsp;&nbsp;· Any other sanction as may be determined by the
Business Unit in consultation with Human Resources and the Ethics Committee.

When tracking violations, Code Compliance generally utilizes a rolling two-year look-back period in the administration of the sanctions guidelines set forth below. All violations of the Policy shall be reported to the Board of Directors of TRPG, the Board of Directors of any Price Fund and any other applicable board. As noted above, however, these sanctions are not the exclusive remedy for violations of this Policy.

<u>First Violation</u>

· Associate and manager notification; and

· Associate required to complete online remedial
training course.

<u>Second Violation</u>

· Associate and escalated manager notifications,
up to and including, applicable Management Committee member;

· Associate required to complete online remedial
training course;

· Consideration in Associate performance review
and year-end compensation;

· Associate required to meet with applicable Chief
Compliance Officer and Senior Compliance Manager; and

· Associate fined according to officer or role
guidelines.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Associate** | &nbsp;&nbsp;**VP, TRPG** | &nbsp;&nbsp;**Investment <br> Personnel** | &nbsp;&nbsp;**Portfolio Manager, Management Committee <br> Member, Direct Report of Management <br> Committee Member** |
| &nbsp;&nbsp;US $250 | &nbsp;&nbsp;US $750 | &nbsp;&nbsp;US $750 | &nbsp;&nbsp;US $1500 |

---

*Subsequent violation(s) may result in disciplinary action, up to and including, termination of employment.*

<u>Third Violation</u>

· Associate and escalated manager notifications,
up to and including applicable Management Committee member;

· Chief Executive Officer notification;

· Associate required to complete online remedial
training course;

· Associate subject to a personal trading prohibition
of at least three months;

· Consideration in Associate performance review
and year-end compensation;

· Disciplinary action, up to and including, termination
of employment; and

· Associate fined according to officer or role
guidelines.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Associate** | &nbsp;&nbsp;**VP, TRPG** | &nbsp;&nbsp;**Investment <br> Personnel** | &nbsp;&nbsp;**Portfolio Manager, Management Committee <br> Member, Direct Report of Management <br> Committee Member** |
| &nbsp;&nbsp;At least US $500 | &nbsp;&nbsp;At least US $2000 | &nbsp;&nbsp;At least US $2000 | &nbsp;&nbsp;At least US $5000 |

---

<u>More than Three Violations</u>

· Along with the notifications and sanctions listed
above for a third violation, evaluation of additional sanctions to be determined by the Business Unit in consultation with Human Resources
and the Ethics Committee.

· Consideration in Associate performance review
and year-end compensation;

· Associate subject to an extended personal trading
prohibition; and

· Disciplinary action, up to and including, termination
of employment.

**X.** **<u>EXCEPTIONS AND INTERPRETATIONS</u>**

Code Compliance, in conjunction with the Ethics Committee, may grant an exception from any provision of the Policy, including pre-clearance, other trading restrictions, and certain reporting requirements. Exceptions will be considered on a case-by-case basis if it is determined that the proposed conduct involves no opportunity for abuse and does not conflict with client interests. Exceptions are expected to be rare.

From time to time, situations may arise with respect to certain provisions of this Policy that require interpretation. Associates may submit a written request for clarification or interpretation to Code Compliance (Code_of_Ethics@TRowePrice.com). Any such request for clarification or interpretation should name the account, the Associate's interest in the account, the persons or firms responsible for its management, and the specific facts of the situation. **Associates may not assume that the Policy (or a specific provision of the Policy) is not applicable to their situation.** Code Compliance will provide a response to each properly submitted request for clarification or interpretation. When in doubt, Associates must not proceed with a transaction or course of action until they receive a response from Code Compliance.

**XI.** **<u>DEFINED TERMS</u>**

***AUT*** means Australian unit trusts.

***Beneficial Owner*** means an individual with the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to share at any time in any economic interest or profit derived from ownership of or a transaction in a security. An Associate may be deemed to be the Beneficial Owner of securities belonging to others and not registered in their name.

The SEC will presume that a person Beneficially Owns securities held by a Family Member who shares their household or securities held by a trust of which the individual is a beneficiary or a trustee with investment Control.

An individual is not considered to be the Beneficial Owner of a 401(k) account, individual retirement account or a transfer upon death account for which they are solely a named beneficiary, assuming the individual does not reside with the Family Member and does not have the ability to Control and/or direct transactions in such account.

***Blackout Period*** means the period from the second trading day after quarter end (or such other date as management shall determine) through the end of the first trading day following when TRPG's earnings release is filed with the SEC. Quarterly notifications with respect to the Blackout Period are published on the firm's intranet site.

***Control*** means the power to exercise a controlling influence over the management or policies of a company unless such power is solely the result of an official position with such company. Ownership of more than 25% of a company's outstanding voting securities is presumed to give the holder thereof Control over the company.

***ESPP*** means the T. Rowe Price Group, Inc. Employee Stock Purchase Plan.

***ETF*** means exchange traded fund.

***Exchange traded fund or ETF*** means an investment fund that is traded on a stock exchange.

***Family Member*** means the Associate's spouse, domestic partner, parent, stepparent, child, stepchild, sibling, grandparent, or in-law (including mother, father, sister, brother, daughter or son) sharing the same household as the Associate.

***Independent Director of TRPG, TRP UK, the SICAVs, or the Cayman Funds*** means those directors who are neither officers nor employees of TRPG or any of its subsidiaries.

***Investment Personnel*** means an Access Person who, in connection with their regular functions or duties, makes or participates in making, or is closely associated with personnel who make recommendations regarding the purchase or sale of securities by a Price Adviser client.

The term "Investment Personnel" includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· Individuals who are authorized to make investment
decisions or to recommend securities transactions on behalf of the firm's clients (investment counselors and members of the mutual
fund advisory committees);

&nbsp;&nbsp;&nbsp;&nbsp;· Research and credit analysts;

&nbsp;&nbsp;&nbsp;&nbsp;· Traders who assist in the investment process;
and

&nbsp;&nbsp;&nbsp;&nbsp;· Support staff who assist in the investment process.

***Investment Advisers Act*** means the U.S. Investment Advisers Act of 1940, as amended.

***Investment Company Act*** means the U.S. Investment Company Act of 1940, as amended.

***ITM*** means an investment trust management company.

***OEIC*** means open-ended investment company.

***Price Adviser*** means a subsidiary of T. Rowe Price Group, Inc. that is an investment adviser entity registered with the SEC. For the avoidance of doubt, "Price Adviser" does not include Oak Hill Advisors, L.P. and its subsidiaries.

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds, the family of ETFs advised by a Price Adviser.

***Price Funds*** means any T. Rowe Price-sponsored fund registered under the Investment Company Act, including but not limited to, the T. Rowe Price Mutual Funds and the Price ETFs, and advised by a Price Adviser.

***Price Funds' Independent Directors*** means those directors of the Price Funds who are not deemed to be "interested persons" (as defined in Section 2(a)(19) of the Investment Company Act) of T. Rowe Price Group, Inc. or the Price Funds.

***Private Placement*** means an offering that is exempt from registration by a regulatory authority and sold through a private offering. For purposes of the Policy, investments made: (i) in a small business sourced through family, friends or any other referral source; and (ii) through a crowdfunding site that matches entrepreneurs with investors, through which investors receive an equity stake in the business, are considered Private Placements (*e.g.,* Seedrs, OurCrowd, Crowdcube).

***Reportable Fund*** means any open-end investment company for which any of the Price Advisers serves as an investment adviser. The term Reportable Fund includes:

&nbsp;&nbsp;&nbsp;&nbsp;· Price Funds, including money market funds and
the Price ETFs;

&nbsp;&nbsp;&nbsp;&nbsp;· UCITs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;· SICAVs
advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;· OEICs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;· ITMs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;· AUTs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;· Any fund managed by a Price Adviser through a
sub-advised relationship, including an ETF;

&nbsp;&nbsp;&nbsp;&nbsp;· Any fund offered through retirement plans (*e.g.,* 401(k) plans) other than the T. Rowe Price U.S. Retirement Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;· Any fund managed by a Price Adviser that is an
investment option offered as part of a variable annuity.

Code Compliance maintains a list of sub-advised Reportable Funds on the firm's intranet site.

***SEC*** means the U.S. Securities and Exchange Commission.

***SICAV*** means société d'investissement à capital variable.

***T. Rowe Price*** means T. Rowe Price Group, Inc. and its subsidiaries, except Oak Hill Advisors, L.P. and its subsidiaries.

***TRPG Independent Director*** means those directors of TRPG who are neither officers nor employees of TRPG or any of its subsidiaries.

***TRPG*** means T. Rowe Price Group, Inc.

***TRPG securities*** means any security issued by T. Rowe Price Group, Inc.

***UCITs*** means Undertakings for Collective Investments in Transferrable Securities.

**EXHIBIT A**

**CODE OF ETHICS AND PERSONAL TRANSACTION POLICY**

**Provisions Applicable to Independent Directors**

**I.** **<u>INTRODUCTION</u>**

This Exhibit A sets forth the responsibilities of the Independent Directors of TRPG, TRP UK, SICAVs, Cayman Funds and Price Funds under this *<u>Code of Ethics and Personal Transactions Policy.</u>* Defined terms used herein are the same as those used in the Policy.

The Independent Directors are subject to the requirements set forth below.

**II.**  **<u>REQUIREMENTS FOR THE INDEPENDENT DIRECTORS OF TRPG OR ITS SUBSIDIARIES, OTHER THAN TRP UK</u>** 

**Pre-clearance.** The personal securities trades of TRPG Independent Directors are **<u>not</u>** subject to pre-clearance requirements, <u>except for transactions in TRPG securities</u> for which they are the Beneficial Owner. Pre-clearance is also required when:

&nbsp;&nbsp;&nbsp;&nbsp;· Transferring TRPG securities to another person,
entity, or trust account; and

&nbsp;&nbsp;&nbsp;&nbsp;· Giving or receiving TRPG securities, including
donation transactions into donor-advised funds such as T. Rowe Price Charitable Foundation.

Pre-clearance is <u>not</u> required when moving shares of TRPG securities between securities firms or to/from individual or joint brokerage accounts.

Requests for pre-clearance must be submitted to the Payroll & Stock Transactions Group. Pre-clearance is effective for <u>the day it is received and the following business day</u> (taking into consideration the time zone), unless the Independent Director: (i) is advised to the contrary by the Payroll & Stock Transaction Group prior to the proposed transaction; or (ii) comes into possession of material, non-public information concerning T. Rowe Price. Any trades not executed within the prescribed timeframe must be re-submitted.

TRPG Independent Directors may not initiate transactions in TRPG securities during the Blackout Period.

**Reporting.** TRPG Independent Directors are not required to report their personal securities transactions (other than transactions in TRPG securities). If, however, the Independent Director has obtained information about a Price Adviser's investment research, recommendations, or transactions, they must not transact in the securities of the issuers about which they have information.

Independent Directors are reminded that changes to information reported in the Annual Questionnaire for Independent Directors must be reported to Corporate Funds and Administration *(e.g.,* changes in holdings of stock of financial institutions or financial institution holding companies).

**Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from TRPG.** An Independent Director shall report to Code Compliance any officership, directorship, general partnership or other managerial position which they hold with any public, private, or governmental issuer other than TRPG or any of its subsidiaries.

**Reporting of Significant Ownership.**

&nbsp;&nbsp;&nbsp;&nbsp;· *Issuers (other than a non-public investment partnership, pool or fund).* If a TRPG Independent Director owns more than ½ of 1% of the total outstanding shares of a public
or private issuer, they must report such ownership in writing to Code Compliance, providing the name of the issuer and the total number
of the issuer's shares Beneficially Owned.

&nbsp;&nbsp;&nbsp;&nbsp;· *Non-public investment partnerships, pools or funds*. If a TRPG Independent Director owns more than ½ of 1% of the total outstanding shares or units of a non-public investment
partnership, pool or fund over which the Independent Director exercises Control or influence, they must report such ownership in writing
to Code Compliance. For non-public investment partnerships, pools or funds where the Independent Director does not exercise Control or
influence, they need not report such ownership to Code Compliance unless and until such ownership exceeds 4% of the total outstanding
shares or units of the entity.

**III.**  **<u>REQUIREMENTS FOR THE INDEPENDENT DIRECTORS OF TRP UK, THE SICAVS AND THE CAYMAN FUNDS</u>** 

**TRPG securities.** The Independent Directors of TRP UK, the SICAVs, or the Cayman Funds may not own TRPG securities in any account of which they are the Beneficial Owner.

**Pre-clearance.** The personal securities trades of the Independent Directors of TRP UK, the SICAVs, or the Cayman Funds are not subject to pre-clearance requirements, as long as the Independent Director had no knowledge of trading involving the Price Funds or the funds overseen by TRP UK, SICAVs, or the Cayman Funds.

**Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from TRPG.** An Independent Director of TRP UK, the SICAVs, or the Cayman Funds shall report to Corporate and Funds Administration any officership, directorship, general partnership or other managerial position which they hold with any public, private, or governmental issuer.

**Reporting of Significant Ownership.**

&nbsp;&nbsp;&nbsp;&nbsp;· *Issuers (other than a non-public investment partnership, pool or fund).* If an Independent Director of TRP UK, the SICAVs, or the Cayman Funds owns more than ½ of 1% of
the total outstanding shares of a public or private issuer, they must report such ownership in writing to Corporate and Funds Administration,
providing the name of the issuer and the total number of the issuer's shares Beneficially Owned.

&nbsp;&nbsp;&nbsp;&nbsp;· *Non-public investment partnerships, pools or funds*. If an Independent Director of TRP UK, the SICAVs, or the Cayman Funds owns more than ½ of 1% of the total outstanding
shares or units of a non-public investment partnership, pool or fund over which the Independent Director exercises Control or influence,
they must report such ownership in writing to Corporate and Funds Administration. For non-public investment partnerships, pools or funds
where the Independent Director does not exercise Control or influence, they need not report such ownership to Corporate and Funds Administration
unless and until such ownership exceeds 4% of the total outstanding shares or units of the entity.

**IV.**  **<u>REQUIREMENTS FOR THE INDEPENDENT DIRECTORS OF PRICE FUNDS</u>** 

**TRPG securities.** The Independent Directors of the Price Funds may not own TRPG securities in any account of which they are the Beneficial Owner.

**Pre-clearance.** The personal securities trades of the Independent Directors of the Price Funds are not subject to pre-clearance requirements, as long as the Independent Director had no knowledge of trading involving the Price Funds.

**Reporting.**

&nbsp;&nbsp;&nbsp;&nbsp;· *Transactions in Publicly Traded Securities.* A Price Funds' Independent Director must report transactions in publicly-traded securities in which they have Beneficial Ownership.

An Independent Director is not required to report securities transactions in accounts over which they have no direct or indirect influence, such as an account over which they have granted full investment discretion to a financial adviser. The Independent Director should contact Code Compliance to request approval to exempt any such accounts from this reporting requirement.

&nbsp;&nbsp;&nbsp;&nbsp;· *Transactions in Non-Publicly-Traded Securities*.
A Price Funds' Independent Director is not required to report transactions in securities which are not traded on an exchange, unless
the Independent Director knew, or in the ordinary course of fulfilling their official duties as an Independent Director, should have known
that during the <u>15-day period</u> immediately before or after the Independent Director's transaction in such non-publicly-traded
security, a Price Adviser purchased, sold or considered purchasing or selling such security for a Price Fund or Price Adviser client.

&nbsp;&nbsp;&nbsp;&nbsp;· *Methods of Reporting.* 

<u>Duplicate Trade Confirmations.</u> A Price Funds' Independent Director may satisfy their obligation to report transactions in securities by arranging for the executing brokers to provide duplicate trade confirmations directly to Code Compliance.

<u>Quarterly Report Requirements</u>. If a Price Funds' Independent Director elects to report their transactions by submitting a quarterly report: (i) the report must be filed with Code Compliance no later than 30 days after the end of the calendar quarter in which the transaction was effected; and (ii) the report must be filed for each quarter, regardless of whether there were any reportable transactions.

Among the types of transactions that are commonly <u>not</u> reported through a broker confirmation and may therefore have to be reported directly to T. Rowe Price on a quarterly basis are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Retirement plan account activity that occurs in a Reportable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o T. Rowe Price-advised products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Incentive plan account activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Exercise of stock options of a corporate employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o An inheritance of a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A gift of a security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Transactions in certain commodity futures contracts (*e.g.,* financial indices).

A Price Funds' Independent Director must include any transactions listed above, if applicable, in their quarterly reports if they are not included in a duplicate broker confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;· *Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from the Price Funds.* A Price Funds' Independent Director must report to Corporate
Funds and Administration any officership, directorship, general partnership or other managerial position which they hold with any public,
private or governmental issuer other than the Price Funds.

**Reporting of Significant Ownership.**

&nbsp;&nbsp;&nbsp;&nbsp;· *Issuers (other than non-public investment partnerships, pools or funds).* If a Price Funds' Independent Director owns more than ½ of 1% of the total outstanding
shares of a public or private issuer (other than a non-public investment partnership, pool or fund), they must report such ownership immediately
in writing to Code Compliance, providing the name of the issuer and the total number of the issuer's shares Beneficially Owned.

&nbsp;&nbsp;&nbsp;&nbsp;· *Non-Public Investment Partnerships, Pools or Funds.* If a Price Funds' Independent Director owns more than ½ of 1% of the total outstanding shares or units of a
non-public investment partnership, pool or fund over which they exercise Control or influence, the Independent Director must report such
ownership in writing to Code Compliance. For non-public investment partnerships, pools or funds where the Independent Director does not
exercise Control or influence, they need not report such ownership to Code Compliance unless and until such ownership exceeds 4% of the
total outstanding shares or units of the entity.

**Prohibitions.** A Price Funds' Independent Director may not:

&nbsp;&nbsp;&nbsp;&nbsp;· Purchase or sell the shares of a broker-dealer,
underwriter or SEC-registered investment adviser unless that entity is traded on an exchange, or the purchase or sale has otherwise been
approved by the Price Funds' board; and

&nbsp;&nbsp;&nbsp;&nbsp;· Knowingly transact with a Price Fund, other than
in connection with market transactions effected through securities exchanges. This prohibition does not preclude the purchase or redemption
of shares of any open-end mutual fund or purchase or sale of any shares of a Price ETF that is a client of any Price Adviser.

**Transactions in Price ETFs.** Following is a summary of requirements applicable when Price Funds' Independent Directors transact in Price ETFs:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Independent Directors of Price Funds** |
| &nbsp;&nbsp;Obtain pre-clearance for trades in Price ETFs | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Post-report trades in Price ETFs | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Subject to the holding period | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Subject to ad hoc trading restrictions | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Ability to buy/sell Price ETFs in the primary market | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Ability to sell short Price ETFs | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Ability to transact in options of the Price ETFs | &nbsp;&nbsp;No |

---

**V.** **<u>VIOLATIONS</u>**

**Violations by Independent Directors of TRPG, the Price Funds, TRP UK, the SICAVs, or the Cayman Funds.** Upon discovering a material violation of the Policy by an Independent Director of TRPG, the Price Funds, TRP UK, the SICAVs, or the Cayman Funds, the applicable board of directors will impose such sanctions as it deems appropriate.

**EXHIBIT B**

**CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY**

**Pre-clearance and Reporting Matrix**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Access Person<br> Pre-clearance** | &nbsp;&nbsp;**Access Person<br> Reporting** | &nbsp;&nbsp; **Associate**<br> **Pre-clearance** | &nbsp;&nbsp;**Associate <br> Reporting** |
| &nbsp;&nbsp; **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | &nbsp;&nbsp; **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | &nbsp;&nbsp; **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | &nbsp;&nbsp; **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | &nbsp;&nbsp; **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) |
| &nbsp;&nbsp;Equity securities | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Fixed income securities | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Corporate and Municipal Bonds | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Derivative instruments | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Writing an option to purchase or sell a security | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Subsequent sale of stock obtained by means of the exercise of stock options | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Exercise of stock option of corporate employer by Access Person's spouse. | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Restricted stock plan automatic sales for tax purposes by Access Person's spouse | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp; **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | &nbsp;&nbsp; **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | &nbsp;&nbsp; **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | &nbsp;&nbsp; **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | &nbsp;&nbsp; **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) |
| &nbsp;&nbsp;T. Rowe Price products (including the AUTs, ITMs, mutual funds, OEICs, 529 portfolios, SICAVs, and trusts | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Exchange listed collective investment vehicles (including closed-end funds) | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Third-party mutual funds, 529 portfolios, OEICs, SICAVs and variable insurance products | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Unit investment trusts | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Donor-advised funds | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Private Placements** | &nbsp;&nbsp;**Private Placements** | &nbsp;&nbsp;**Private Placements** | &nbsp;&nbsp;**Private Placements** | &nbsp;&nbsp;**Private Placements** |
| &nbsp;&nbsp;Private Placements | &nbsp;&nbsp; Yes<br> (see *Section IV.C*) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No\* | &nbsp;&nbsp;No\* |
| &nbsp;&nbsp;Capital calls for Private Placement investments | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Distributions received from a Private Placement investment | &nbsp;&nbsp;N/A | &nbsp;&nbsp;No | &nbsp;&nbsp;N/A | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Other Securities** | &nbsp;&nbsp;**Other Securities** | &nbsp;&nbsp;**Other Securities** | &nbsp;&nbsp;**Other Securities** | &nbsp;&nbsp;**Other Securities** |
| &nbsp;&nbsp;Commercial paper and similar instruments (bankers acceptances, bank certificates of deposit, commercial paper and high quality, short-term debt instruments, including repurchase agreements) | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;U.S. Government obligations | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;National (other than U.S.) government obligations | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Currency | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Securitized or financial instruments used for currency exposure | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Cryptocurrency (*e.g.,* Bitcoin, Ethereum) | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Publicly traded cryptocurrency tracker instruments (ETFs) | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable rate demand notes<br>| &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp; Yes<br>|
| &nbsp;&nbsp;\*FINRA-registered representatives are required to request pre-clearance and report | &nbsp;&nbsp;\*FINRA-registered representatives are required to request pre-clearance and report | &nbsp;&nbsp;\*FINRA-registered representatives are required to request pre-clearance and report | &nbsp;&nbsp;\*FINRA-registered representatives are required to request pre-clearance and report | &nbsp;&nbsp;\*FINRA-registered representatives are required to request pre-clearance and report |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Access Person<br> Pre-clearance** | &nbsp;&nbsp;**Access Person<br> Reporting** | &nbsp;&nbsp; **Associate**<br> **Pre-clearance** | &nbsp;&nbsp;**Associate <br> Reporting** |
| &nbsp;&nbsp;**Transactions** | &nbsp;&nbsp;**Transactions** | &nbsp;&nbsp;**Transactions** | &nbsp;&nbsp;**Transactions** | &nbsp;&nbsp;**Transactions** |
| &nbsp;&nbsp;Securities acquired through an Automatic Investment Plan<sup>4</sup> (initial investment) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Securities acquired through an Automatic Investment Plan (subsequent investments) | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Non-systemic investment<sup>5</sup> through an Automatic Investment Plan | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Acquisition of securities through inheritance | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Giving stock (non-TRPG) as a gift | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Pro-rata distributions | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Tender offers | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Merger election (voluntary) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Mandatory acquisition of additional shares or the disposition of existing corporate holdings through stock splits, reverse stock splits, stock dividends, exercise of rights, exchange or conversion | &nbsp;&nbsp;No | &nbsp;&nbsp; Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* | &nbsp;&nbsp;No | &nbsp;&nbsp; Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* |
| &nbsp;&nbsp; Purchases, but not sales, by an Access Person's spouse pursuant to an employee-sponsored payroll deduction plan (as long as Code Compliance has been notified that the spouse will be participating in such plan)<br>| &nbsp;&nbsp;No | &nbsp;&nbsp; Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* | &nbsp;&nbsp;No | &nbsp;&nbsp; Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* |
| &nbsp;&nbsp;Sale or exchange of stock held in an Access Person's spouse's payroll deduction plan | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Sale of partial shares held in an account when the account is transferred to another broker-dealer or to new owner or partial shares sold automatically by the broker-dealer. | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Transactions effected in a robo-adviser account (investing solely in third party collective investment vehicles) | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |

---

<sup>4</sup> A program in which regular, periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

<sup>5</sup> A transaction that overrides the preset schedule or allocations of an Automatic Investment Plan.

## Ex-99.B(P)(49)

**Exhibit 99.B(p)(49)** 

**WCM Investment Management, LLC**

**CODE OF ETHICS**

*A copy of this Code of Ethics is maintained in the WCM's Common Firm Docs and My Compliance Office ("MCO") and is accessible to each Supervised Person of WCM Investment Management, LLC ("WCM") for reference. This Code of Ethics is the property of WCM and its contents are confidential.*

**WCM Investment Management, LLC**

**281 Brooks Street**

**Laguna Beach, CA 92651**

**949.380.0200** **Reviewed and adopted: June 30, 2025**

I. STATEMENT OF BUSINESS ETHICS
 OF WCM INVESTMENT MANAGEMENT 1

II. ANTI-FRAUD AND FIDUCIARY
 OBLIGATION 1

III. ANTI-CORRUPTION AND BRIBERY 2

A. Foreign Corrupt Practices
 Act ("FCPA") 2

B. WCM's Policy 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Supervised Persons 2

2. Third Parties 3

3. Government officials 3

4. Facilitation payments 4

5. Violations 4

IV. INITIAL/ANNUAL ACKNOWLEDGEMENTS 4

V. GENERAL STANDARDS OF CONDUCT
 AND WCM PROCEDURES 5

A. Use of WCM Funds or Property 5

1. Personal Use of WCM Funds or Property 5

2. Payments to Others 5

3. Improper Expenditures 5

B. Conflicts of Interest and
 WCM Opportunities 5

1. Outside Business Activities and Interest
 in Competitors, Clients or Suppliers 6

3. Charitable Contributions 7

4. Political Contributions 7

5. Interest in Transactions 10

6. Acting as a Registered Representative
 of a Broker-Dealer 10

7. Diversion of WCM Business or Investment
 Opportunity 10

VI. GENERAL STANDARDS OF CONDUCT
 IN DEALING WITH CLIENTS AND PROSPECTIVE CLIENTS 10

A. Fair and Equitable Treatment
 of Clients 10

B. No Guarantees Against Loss 10

C. No Guarantees or Representations
 as to Performance 10

D. No Legal or Tax Advice 10

E. No Sharing in Profits or
 Losses 10

F. No Borrowing From or Lending
 To a Client 11

i

G. Supervised persons May Not
 Act as a Custodian of a Client 11

H. Orders May Not Be Placed
 Through Unlicensed Broker-Dealers or Agents 11

I. Executing Transactions or
 Exercising Discretion Without Proper Authorization 11

VII. PROTECTION OF MATERIAL, NONPUBLIC
 AND OTHER CONFIDENTIAL INFORMATION AND PREVENTION OF INSIDER TRADING AND TIPPING 11

A. Need for Policy 11

B. General Policies and Procedures
 Concerning Insider Trading and Tipping 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "Material" 12

2. "Nonpublic" 13

3. "Advisory Information" 13

C. Prohibitions 13

D. Protection of Material, Nonpublic
 Information 13

E. Procedures to Safeguard Material,
 Nonpublic Information 14

1. Expert Networks 14

2. Interacting with Potential Insiders 14

3. Alternative Data Sources 15

4. "Wall Cross" Requests 15

5. Review and Monitoring 16

F. Protection of Other Confidential
 Information 16

G. Procedures to Safeguard Other
 Confidential Information 16

VIII. PROTECTION OF CONFIDENTIAL
 INFORMATION CONCERNING CLIENT RECOMMENDATIONS, ADVICE, OR TRADING AND "CHINESE WALL" PROCEDURES 16

A. Designation of Advisory Persons,
 Access Persons, and Supervised Persons 16

B. Obligations of Advisory Persons 17

C. General Policy Concerning
 Non-Advisory Persons 17

D. Monitoring Compliance with
 Insider Trading and Tipping Policies and Procedures and Effectiveness of "Chinese Wall" Procedures 17

IX. RULES GOVERNING PERSONAL
 SECURITIES ACCOUNTS, HOLDINGS, AND TRANSACTIONS BY WCM ACCESS PERSONS 18

A. Who is Covered by These Requirements 18

B. What Accounts and Transactions
 Are Covered 18

C. What Securities are Covered
 by These Requirements ("Reportable Securities") 19

ii

D. What Transactions are Prohibited
 by these Requirements 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Front-Running or Scalping 19

2. Short Sales of a Security Held by a Client 19

3. Use of Confidential or Material, Nonpublic
 Information 19

E. Personal Securities Transactions
 Which Must Be Pre-Cleared 19

F. Obtaining Pre-Clearance 21

G. Identification of Securities
 Accounts and Reports of Securities Holdings 21

H. Reporting of Securities Transactions 22

I. Confidentiality of Personal
 Securities Information 23

J. Addressing Personal Trading
 Conflicts with Advisory Persons 23

K. Short Term Trading Restriction
 and Personal Trading Cap 24

L. Waivers 25

X. REPORTING TO THE MUTUAL FUND
 BOARD 25

iii

**Code Of Ethics**

**I.** **STATEMENT OF BUSINESS ETHICS OF WCM INVESTMENT MANAGEMENT** 

WCM is committed to maintaining the highest legal and ethical standards in the conduct of our business. We have built our reputation on client trust and confidence in our professional abilities and our integrity. As fiduciaries, we place our clients' interests above our own. Meeting this commitment is the responsibility of WCM and each and every one of our Supervised Persons.

Failure to comply with this policy may result in significant civil and criminal penalties, costly legal fees, and damage to the reputation of the Firm and the individuals involved and cause disciplinary action against such individuals, up to and including termination.

The Compliance Team is responsible for investigating any potential violations, discussing such violations with any Supervised Person believed to have committed such a violation, and recommending a sanction, if appropriate, to the Leadership Team. The Leadership Team will determine the appropriate sanction and have responsibility to affect the violative conduct.

Any capitalized terms used but not defined in this Code of Ethics will have the meanings assigned to them by the applicable law or regulation.

**II.** **ANTI-FRAUD AND FIDUCIARY OBLIGATION** 

WCM is ***registered as an investment adviser with the U.S. Securities and Exchange Commission*** (the "SEC") and has made a notice filing in its home state of California. It is WCM's policy to notice file in all 50 states. In conducting WCM's investment advisory business, WCM and its Supervised Persons must comply at all times with applicable federal securities laws, including the provisions of the ***Investment Advisers Act of 1940***, as amended (the "Advisers Act"), the rules under the Advisers Act and applicable provisions and rules under the laws of the various states where WCM does business or has clients. In addition, when managing accounts of employee benefit plans subject to the ***Employee Retirement Income Security Act of 1974***, as amended ("ERISA") and Individual Retirement Accounts, WCM must comply with all applicable provisions of ERISA, the ***Internal Revenue Code of 1986***, as amended, and the rules under those laws.

As a registered investment adviser, WCM and its Supervised Persons also have fiduciary and other obligations to clients. WCM's fiduciary duties to its clients require, among other things, that WCM: (i) render disinterested and impartial advice; (ii) make suitable recommendations to clients in light of their needs, financial circumstances and investment objectives; (iii) exercise a high degree of care to ensure that adequate and accurate representations and other information about securities are presented to clients; (iv) have an adequate basis in fact for any and all recommendations, representations and forecasts; (v) refrain from actions or transactions that conflict with interests of any client, unless the conflict has first been disclosed to the client and the client has (or may be considered to have) waived the conflict; and (vi) treat all clients fairly and equitably.

1 WCM Code of Ethics

A breach of any of the above duties or obligations may, depending on the circumstances, expose WCM and its Supervised Persons involved, to SEC and state disciplinary actions and to potential criminal and civil liability, as well as subject the Supervised Person to WCM sanctions up to and including termination of employment. All Supervised Persons are required to promptly report violations of this Code of Ethics to the Chief Compliance Officer.

**III.** **ANTI-CORRUPTION AND BRIBERY** 

As a global investment adviser, WCM is presented with the unique challenge of trying to observe local business customs while still complying with applicable U.S. and other laws prohibiting corruption. The ***U.S. Foreign Corrupt Practices Act*** ("FCPA") and other anti-corruption laws prohibit any payment or offer of payment to a "foreign official" for the purpose of influencing that official to assist in obtaining or retaining business for a company. WCM has established this policy to ensure that all Supervised Persons of the Firm are aware of the FCPA and engage in ethical and legal practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Foreign Corrupt Practices Act ("FCPA")**

The FCPA prohibits any officer, agent, or Supervised Person of the Firm from directly or indirectly paying or giving, offering or promising to pay, giving or authorizing or approving such offer or payment, of any funds, gifts, services or anything else of any value to any foreign official or other person (each, a "Covered Person") for the purpose of obtaining business, favorable treatment, or other commercial benefits, whether by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· influencing
 any act or decision of the Covered Person in his official capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· inducing
 the Covered Person to act or not act in violation of his lawful duty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· inducing
 the Covered Person to use his influence to that end with a foreign government or instrumentality

The same prohibition applies to a Covered Person's agent, intermediary (including, for example, a Covered Person's friend, relative, business or law firm), or other person while knowing that all or a portion thereof will directly or indirectly be forwarded to a Covered Person for such purpose.

For purposes of this Anti-Corruption and Bribery policy, a "Covered Person" is any foreign official including, without limitation, any officer or employee of any foreign government or any governmental department, agency, or instrumentality (e.g., a central bank) or any government-owned or controlled enterprise or any person acting in an official capacity for or on behalf of any such government, department, agency, instrumentality, or enterprise). It also includes any foreign political party, party official or candidate for political office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. WCM's Policy**

Bribery and corruption are not only against WCM's values, they are illegal and can expose both the employee and WCM to fines and penalties, including imprisonment and reputational damage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Supervised Persons**

WCM strictly prohibits bribery and other corrupt practices. Neither the Firm, nor its Supervised Persons, will seek to influence others, either directly or indirectly, by offering, promising, giving, or authorizing the giving or receiving of bribes or kickbacks, no matter how small. Supervised Persons and representatives of WCM are expected to decline any opportunity which would place our ethical principles and reputation at risk. While certain laws apply only to bribes of government officials (domestic and foreign; see Political Contributions Policy), this policy applies to all dealings including non-government business partners.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Third Parties**

WCM and its Supervised Persons cannot avoid liability by using a third party to give or receive a bribe. Third parties representing and/or acting on behalf of WCM are expected to comply with our Anti-Corruption and Bribery Policy. In some jurisdictions, WCM can be convicted of a criminal offense if it fails to prevent a bribery carried out on its behalf by a third party, even if no one in the Firm had actual knowledge of the bribe. Therefore, whenever WCM seeks to engage a third party in which the third party may interact with a Government Official for or on behalf of WCM, the following guidelines apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Due diligence should be performed to ensure that the third party is a bona fide and legitimate entity, is qualified to perform services for which it will be retained, and maintains standards consistent with the legal, regulatory, ethical, and reputational standards of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Agreements with third parties must be in writing and should contain provisions related to the following, based on corruption risk present in the third-party relationship:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A
 representation that the third party will remain in compliance with all relevant anti-corruption
 laws, including the FCPA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A
 provision that requires the third party to respond to reasonable requests for information
 from the Firm regarding the work performed under the agreement and related expenditures by
 the third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Government officials**

Sales to Government Officials or government entities may present increased anti-corruption risk. Where WCM sells investment products or services to Government Officials or entities, such as public pensions, other state-owned financial institutions, or government affiliated institutions, the sales/marketing efforts related to these government clients should be clearly documented. As noted above, any expenditures made in connection with such business (entertainment, travel, etc.) must not be for any improper purpose and must comply with local law. Laws and regulations are strict when dealing with Government Officials. For example, reasonable corporate hospitality that is acceptable with other business associates might not be allowable when Government Officials are involved.

***Before such expenses are incurred, Supervised Persons must obtain prior approval from the Compliance Team.***

A Government Official is any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· individual
 elected or appointed to a governmental entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· official
 or employee of a government;

3 WCM Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· official
 or employee of a company wholly or partially controlled by a government (such as state-owned
 companies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· candidate
 for political office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· political
 party or official of a political party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· person
 acting in an official capacity for any of the above regardless of rank or position.

The definition of what could constitute a bribe to a Government Official is broad and can occur even when the benefit being offered is small, such as gifts, entertainment and even business meals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Facilitation payments**

"Facilitation or grease payments" are payments that facilitate a normal governmental function, such as to expedite processing paperwork. While these types of payments may be accepted as "a cost of doing business" in some cultures, they are illegal and counter to our values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Violations**

Supervised Persons and representatives of WCM should seek clarification on any questions or concerns regarding activities under consideration or the interpretation of any law. If you are offered a bribe from a person or entity doing business with or seeking to do business with WCM, report it immediately to the Compliance Team.

Failure to comply with this policy may result in significant civil and criminal penalties, costly legal fees, and damage to the reputation of the Firm and the individuals involved and cause disciplinary action against such individuals, up to and including termination.

Actual or potential violation of the anti-bribery or foreign corruption laws of this policy by the Firm, or another Supervised Person, must promptly be reported to the Compliance Team.

**IV.** **INITIAL/ANNUAL ACKNOWLEDGEMENTS** 

Supervised Persons should keep this Code of Ethics ("COE") available for easy reference. A copy of the COE is given to each Supervised Person and is maintained in the WCM's Common Firm Docs and within My Compliance Office ("***MCO***"). Each Supervised Person will, before starting to work at WCM and each year thereafter, read this COE and acknowledge that they have reviewed and understand it, and will adhere to the COE by completing the Annual Acknowledgement via MCO. From time to time, the COE will be revised or supplemented. The CCO, or his delegate, is responsible for providing each Supervised Person with a revised copy of this COE when material changes have occurred.

Each year, Supervised Persons must also complete the Disciplinary History questionnaire via MCO, which requests information about whether the Supervised Person has been subject to any disciplinary event, that is, a criminal, civil and/or regulatory action by a U.S. or foreign court, military court or regulatory or self-regulatory body. The employment of any person who is subject to such a reportable disciplinary event might, absent appropriate disclosures or specific relief from the SEC, tarnish WCM's reputation, jeopardize business relationships and opportunities for both WCM and its Supervised Persons or expose WCM itself to potential disciplinary sanctions or disqualifications. Accordingly, a Supervised Person must notify the Compliance Team immediately if he or she becomes aware of anything that could result in a change in any of this information. Failure to accurately complete the questionnaire or to notify the Compliance Team of changes to information relating to disciplinary actions may subject a Supervised Person to disciplinary action or be grounds for dismissal.

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**V.** **GENERAL STANDARDS OF CONDUCT AND WCM PROCEDURES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Use of WCM Funds or Property**

WCM's policy is to require each Supervised Person to respect the funds and property belonging to WCM, to limit the personal use of such funds or property, and to prohibit questionable or unethical disposition of WCM funds or property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Personal Use of WCM Funds or Property**

No Supervised Person may take or permit any other Supervised Person to take, for his personal use, any funds or property belonging to WCM. Misappropriation of funds or property is theft and, in addition to subjecting a Supervised Person to possible criminal and civil penalties, will result in WCM disciplinary action up to, and including, dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Payments to Others**

No WCM funds or property may be used for any unlawful or unethical purpose, nor may any Supervised Person attempt to purchase privileges or special benefits through payment of bribes, kickbacks or any other form of "payoff." Customary and normal courtesies in conformance with the standards of the industry are allowable except where prohibited by applicable laws or rules. *(See sections on **Anti-Corruption and Bribery; Gifts and Entertainment***; and ***Political Contributions*** *for additional information.)* Particular care and good judgment are required when dealing with federal, state or local government officials to avoid inadvertent violations of government ethics rules. (Also, see following section on ***Political Contributions*** regarding important rules.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Improper Expenditures**

No payment by or on behalf of WCM will be approved or made if any part of the payment is to be used for any purpose other than that described in the documents supporting the payment. Records will be maintained in reasonable detail that accurately and fairly reflect the transactions they describe and the disposition of any funds or property of WCM.

Any questions concerning the propriety of any use of WCM funds or property should be directed to the Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Conflicts of Interest and WCM Opportunities**

It is not possible to provide a precise or comprehensive definition of a conflict of interest. However, one factor that is common to all conflict of interest situations is the possibility that a Supervised Person's actions or decisions will be affected because of actual or potential differences between or among the interests of WCM, its affiliates or clients, and/or the Supervised Person's own personal interests. A particular activity or situation may be found to involve a conflict of interest even though it does not result in any financial loss to WCM, its affiliates or its clients or any gain to WCM or the Supervised Person, and irrespective of the motivations of the Supervised Person involved.

5 WCM Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Outside Business Activities and Interest in Competitors, Clients or** **Suppliers**

Supervised Persons should avoid other employment or business activities, including personal investments that interfere with their duties to WCM, divide their loyalty, or create or appear to create a conflict of interest. In no event should any Supervised Person have any outside business activity that might cause embarrassment to or jeopardize the interests of WCM, interfere with its operations, or adversely affect his or her productivity or that of other Supervised Persons.

Each Supervised Person must pre-clear all outside business activities on MCO, for profit or non-profit. In addition, no Supervised Person or member of his or her "Immediate Family" (including any relative by blood or marriage living in the Supervised Person's household), shall serve as an officer, director, general partner, advisor, or trustee of, or have a substantial interest in or business relationship with a company (private or public), competitor, client, or supplier of WCM without the prior approval of the Chief Compliance Officer.

Any conflict that the Chief Compliance Officer determines is harmful to the interests of clients or the interests or reputation of WCM will be prohibited. The Chief Compliance Officer's determination as to whether a conflict exists or is harmful shall be conclusive.

Approval will be granted on a case-by-case basis, subject to proper resolution of potential conflicts of interest. Outside activities will be approved only if any conflict of interest issues can be satisfactorily resolved and all of the necessary disclosures are made on Part 2 of Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Gifts and Entertainment**

Giving, receiving or soliciting gifts and/or entertainment ("G&E") in a business setting may create an appearance of impropriety or may raise a potential conflict of interest. Additionally, WCM is subject to G&E-related laws and restrictions as a result of being a fiduciary and acting as an investment adviser to government entities, ERISA and Taft-Hartley plans, and mutual funds.

Therefore, WCM has adopted the following policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Entertainment
 over $250 per person may be restricted; therefore, it must be reported without undue delay
 via MCO and approved by the Compliance Team.

o Entertainment
 is an <u>event</u> which includes participation by both parties for the mutual building of
 a business relationship. Events, such as meals, golfing, sporting events, and the like, are
 considered commonly accepted business practices and they are usually permissible.

6 WCM Code of Ethics

· Gifts
 over $250 per person may be restricted; therefore, it must be reported without undue delay
 via MCO and approved by the Compliance Team.

o Gifts
 are <u>things</u> given or received by a Supervised Person. Charitable donations are considered
 gifts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>ANY</u> G&E to or from state or city pension plan representatives or non-U.S. government entities
 must be pre-cleared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>ANY</u> G&E to or from ERISA or Taft-Hartley plans is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>ANY</u> G&E to or from broker-dealers executing purchases or sales for mutual funds advised or
 sub-advised by WCM is prohibited. This is required by Section 17(e)(1) of the 1940
 Act, which prohibits WCM or its Supervised Persons from accepting any sort of compensation
 for the purchase or sale of property to or from any mutual fund WCM advises.

WCM expects that it will bear the costs of travel and lodging associated with conferences, research trips, and other business-related travel. If these costs are borne by a person or entity other than WCM, pre-approval must be sought as such travel expenses will be treated as a gift to the Supervised Person for purposes of this policy.

WCM's Finance Team will coordinate with the Compliance Team for the review and reimbursement of employee expense reports to ensure compliance with this policy. If a Supervised Person has any questions regarding what constitutes G&E or how to handle it, it is their responsibility to ask the Compliance Team.

***Note:*** *Registered Representatives of ACA Foreside have additional requirements. Please see your Supervising Principal and ACA Foreside Compliance Manual for more details.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Charitable Contributions**

Charitable contributions, sponsorships and grants, including those that are solicited by business partners and Government Officials may present increased corruption risk. Proposed charitable contributions, sponsorships or grants must not be used to conceal a bribe or otherwise benefit the business partner or Government Official. Charitable contributions, sponsorships and grants must not be provided for any improper purpose. As noted above, charitable contributions are considered Gifts and must be reported in MCO and approved by the Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Political Contributions**

No Supervised Person shall make or solicit any political contribution for the purpose of obtaining or retaining advisory contracts with government entities. Contributions by a Covered Associate made to any elected official who, within two years of the contribution, is in a position to influence the retention or has legal authority to retain WCM, will result in the firm's prohibition in receiving any adviser fees from that government entity for a period of two years. Covered Associates are therefore not permitted to coordinate, or to solicit any person or political action committee to make, any:

7 WCM Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Contribution
 to an official of a government entity to which the investment adviser is providing or seeking
 to provide investment advisory services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Payment
 to a political party of a State or locality where the investment adviser is providing or
 seeking to provide investment advisory services to a government entity.

For purposes of this Political Contribution policy, a Covered Associate is defined as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 general partner, managing member or executive officer of WCM, or other individual with a
 similar status or function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 employee who solicits a government entity for WCM or any person who supervises, directly
 or indirectly, such employee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 political action committee ("PAC") controlled by WCM or by any such persons described
 above.

<u>Exceptions for De Minimis Contributions</u>. Covered associates are permitted to make aggregate contributions, without triggering the two-year "time out," of up to $350 per election to an elected official or candidate for whom the Covered Associate is entitled to vote, and up to $150 per election to an elected official or candidate for whom the Covered Associate is not entitled to vote. These de minimis exceptions are available only for contributions by Covered Associates, not WCM.

<u>Exceptions for Return Contributions</u>. This exception, created to enable Advisers to cure an inadvertent political contribution made by a Covered Associate to an official for whom the Covered Associate is not entitled to vote, is available for contributions that in the aggregate, do not exceed $350 to any one official, per election. WCM must have discovered the contribution that resulted in the violation within four months of the date such contribution was made, and within 60 days after learning of such contribution, the contributor must obtain the return of the contribution.

As such, all political contributions by a Covered Associate to any official, PAC or through a third party must be pre-cleared to the Compliance Team via the Political Contribution disclosure form in MCO prior to making the contribution. If and only if a contribution does not present a conflict of interest or harm WCM's ability to obtain clients will the Covered Associate be allowed to make such a contribution. Generally, contributions made by a Covered Associate to an official for whom the Covered Associate was entitled to vote at the time of the Contributions and which in the aggregate do not exceed $350 to any one official, per election, or to an official for whom the Covered Associate was not entitled to vote at the time of the Contributions and which in the aggregate do not exceed $150 to any one official, per election, will be approved.

Indirect actions by a Covered Associate that would result in a violation of the Political Contribution Rule, ***Rule 206(4)-5***, if done directly, are prohibited.

8 WCM Code of Ethics

<u>Look-Back Provisions</u>. Advisers are required to maintain a list of government entities to which the Adviser provides, or has provided, advisory services in the past 5 years, but not prior to the Rule's effective date. Furthermore, the Rule's look-back requirements continue to apply to an Adviser that does not currently have any government entity clients. Consequently, an Adviser that did not previously provide advisory services to a government entity and, therefore, had not maintained records required under this Rule, would be required to determine whether any contributions made by the firm or its Covered Associates, and any former Covered Associates, would subject the Adviser to the two-year "time out" period prior to the Adviser accepting compensation from a new government entity client.

The two-year time out restriction will generally apply to WCM in the event that a newly hired Covered Associate has made a prohibited contribution prior to the commencement of his or her employment if the Covered Associate solicits clients for the Adviser. The ban will apply for a "look-back" period of up to two years, beginning from the date of the contribution. However, if the new Covered Associate does not solicit clients on behalf of the Adviser, the two-year ban period is reduced to a maximum of six months.

As such, all newly hired Covered Associates must report to the Compliance Team, upon employment, all political contributions made two years prior to the commencement of his or her employment.

Furthermore, the two-year or six-month ban will continue to apply to the Adviser for the duration of the ban period if the Covered Associate who made the relevant contribution is no longer employed by WCM. The SEC has indicated that this 'look-forward' provision is intended to prevent a firm from channeling contributions through departing employees.

Periodically, the Compliance Team will review the list of Covered Associates, and the list of government entity clients for accuracy and compliance with the Pay-to-Play rule.

The following will be maintained by the Compliance Team for a period of five years from fiscal year end of last use, with at least two years on-site:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Names,
 titles and address (business & home) of Covered Associates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Clients
 that are government entities (past 5 years, not prior to September 13, 2010)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 direct and indirect contributions made by adviser and Covered Associate (in chronological
 order) indicating:

o Name and title of each contributor

o Name and title of each recipient

o Amount and date of each contribution or payment

o Whether subject to exception from returned contributions

9 WCM Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Interest in Transactions**

No Supervised Person, or member of his or her Immediate Family, shall engage in any transaction involving WCM if the Supervised Person or a member of his Immediate Family has a substantial interest in the transaction or can benefit directly or indirectly from the transaction (other than through the Supervised Person's normal compensation), except as specifically authorized in writing by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Acting as a Registered Representative of a Broker-Dealer**

A Supervised Person of WCM may only act as a Registered Representative of a Broker-Dealer upon prior written approval from the Chief Compliance Officer. The Chief Compliance Officer may approve such activity, only after applicable licensing requirements have been met and appropriate disclosures have been made in Parts 1, 2A and 2B of Form ADV and the individual's Form U-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Diversion of WCM Business or Investment Opportunity**

No Supervised Person shall acquire, or derive personal gain or profit from, any business or investment opportunity that comes to his or her attention as a result of his or her association with WCM, and in which he or she knows WCM or its clients might reasonably be expected to participate or have an interest, without first disclosing in writing all relevant facts to WCM, offering the opportunity to WCM or its clients, and receiving specific written authorization from the Chief Compliance Officer.

**VI.** **GENERAL STANDARDS OF CONDUCT IN DEALING WITH CLIENTS AND PROSPECTIVE CLIENTS** 

Supervised Persons of WCM must adhere to the following standards at all times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Fair and Equitable Treatment of Clients**

All clients must be treated fairly and equitably. No client may be favored over another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. No Guarantees Against Loss**

No Supervised Person may guarantee a client against losses with respect to any securities investments or investment strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. No Guarantees or Representations as to Performance**

No guarantee may be made that a specific level of performance will be achieved or exceeded. Any mention of an investment's past performance or value must include a statement that it does not necessarily indicate or imply a guarantee of future performance or value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. No Legal or Tax Advice**

No Supervised Person may give or offer any legal or tax advice to any client regardless of whether the Supervised Person offering such advice is qualified to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. No Sharing in Profits or Losses**

No Supervised Person may directly share in the profits or losses of a client's account.

10 WCM Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. No Borrowing From or Lending To a Client**

No Supervised Person may borrow funds or securities from, or lend funds or securities to, any client of WCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Supervised persons May Not Act as a Custodian of a Client**

No Supervised Person may act as custodian of securities, money, or other funds or property of a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Orders May Not Be Placed Through Unlicensed Broker-Dealers or Agents**

No Supervised Person shall place an order to purchase or sell a security for a client through a broker-dealer or agent or any bank unless such broker-dealer or agent or bank is properly registered or is exempt from registration in the state in which the client resides.

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Executing Transactions or Exercising Discretion Without Proper Authorization** 

No Supervised Person shall execute any transaction on behalf of a client or exercise any discretionary power in effecting any transaction for a client account unless WCM has (i) obtained written authority from the client and (ii) authorized the Supervised Person's execution of client transactions or exercises discretionary authority with respect to that client.

**VII.** **PROTECTION OF MATERIAL, NONPUBLIC AND OTHER** **CONFIDENTIAL INFORMATION AND PREVENTION OF INSIDER TRADING AND TIPPING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Need for Policy**

WCM and its Supervised Persons have access to confidential information about clients of WCM, investment advice provided to clients, securities transactions executed for clients' accounts and other sensitive information. In addition, from time to time, WCM or its Supervised Persons may come into possession of information that is "material" and "nonpublic" (each as defined below) concerning a company or the trading market for its securities.

It is unlawful for WCM or any of its Supervised Persons to use such information for manipulative, deceptive or fraudulent purposes. The kinds of activities prohibited include "front-running", "scalping" and trading on inside information. "Front-Running" refers to a practice whereby a person takes a position in a security in order to profit based on his or her advance knowledge of upcoming trading by clients in that security which is expected to affect the market price. "Scalping" refers to a similar abuse of client accounts and means the practice of taking a position in a security before recommending it to clients or effecting transactions on behalf of clients, and then selling out of the Supervised Person's personal position after the price of the security has risen on the basis of the recommendation or client transactions.

Depending upon the circumstances, WCM and any Supervised Person could be at risk of violating federal securities laws for insider trading or tipping if they advise clients concerning, or execute transactions in, securities with respect to which WCM possesses material, nonpublic information ("MNPI"). In addition, WCM as a whole may be deemed to possess MNPI known by any of its Supervised Persons, unless WCM has implemented procedures to prevent the flow of that information to others within WCM.

11 WCM Code of Ethics

Section 204A of the Advisers Act requires that WCM establish, maintain and enforce written policies and procedures reasonably designed to prevent the misuse of MNPI by WCM and its Supervised Persons. Violations of the laws against insider trading and tipping by WCM Supervised Persons can expose WCM and any Supervised Person involved to severe criminal and civil liability. In addition, WCM and its Supervised Persons have ethical and legal responsibilities to maintain the confidence of WCM's clients, and to protect as valuable assets, confidential and proprietary information developed by or entrusted to WCM.

Although WCM respects the right of its Supervised Persons to engage in personal investment activities, it is important that such practices avoid any appearance of impropriety and remain in full compliance with the law and the highest standards of ethics. Accordingly, Supervised Persons must exercise good judgment when engaging in securities transactions and when relaying to others information obtained as a result of employment with WCM. If a Supervised Person has any doubt whether a particular situation requires refraining from making an investment or sharing information with others, such doubt should be resolved against taking such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. General Policies and Procedures Concerning Insider Trading and Tipping**

WCM has adopted the following policies and procedures to: (i) ensure the propriety of Supervised Person trading activity; (ii) protect and segment the flow of material, nonpublic and other confidential information relating to client advice and securities transactions, as well as other confidential information; (iii) avoid possible conflicts of interest; and (iv) identify trades that may violate the prohibitions against insider trading, tipping, front-running, scalping and other manipulative and deceptive devices prohibited by federal and state securities laws and rules.

No Supervised Person of WCM shall engage in transactions in any securities while in possession of MNPI regarding such securities (so called "insider trading"). Nor shall any Supervised Person communicate such MNPI to any person who might use such information to purchase or sell securities (so called "tipping"). The term "securities" includes options or derivative instruments with respect to such securities and other securities that are convertible into or exchangeable for such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. "Material"**

The question of whether information is "material" is not always easily resolved. Generally speaking, information is "material" where there is a substantial likelihood that a reasonable investor could consider the information important in deciding whether to buy or sell the securities in question, or where the information, if disclosed, could be viewed by a reasonable investor as having significantly altered the "total mix" of information available. Where the nonpublic information relates to a possible or contingent event, materiality depends upon a balancing of both the probability that the event will occur and the anticipated magnitude of the event in light of the totality of the activities of the issuer involved. Common, but by no means exclusive, examples of "material" information include information concerning a company's sales, earnings, dividends, significant acquisitions or mergers and major litigation. So called "market information," such as information concerning an impending securities transaction, may also, depending upon the circumstances, be "material." **Because materiality determinations are often challenged with the benefit of hindsight, if a Supervised Person has any doubt whether certain information is "material," such doubt should be resolved against trading or communicating such information.**

12 WCM Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. "Nonpublic"**

Information is "nonpublic" until it has been made available to investors generally. In this respect, one must be able to point to some fact to show that the information is generally public, such as inclusion in reports filed with the SEC or press releases issued by the issuer of the securities, or reference to such information in publications of general circulation such as The Wall Street Journal or other publisher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. "Advisory Information"**

Information concerning: (i) specific recommendations made to clients by WCM; or (ii) prospective securities transactions by clients of WCM ("Advisory Information") is strictly confidential. Under some circumstances, Advisory Information may be material and nonpublic, for instance when an adviser manages large enough accounts and trades on such a significant volume that the trades can have an impact on the market price and supply or demand of the security being traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Prohibitions**

In the handling of information obtained as a result of employment with WCM and when engaging in securities transactions, WCM Supervised Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shall
 not disclose material, nonpublic or other confidential information (including Advisory Information)
 to anyone, inside or outside WCM (including Immediate Family members), except to the Chief
 Compliance Officer or on a strict need-to-know basis and under circumstances that make it
 reasonable to believe that the information will not be misused or improperly disclosed by
 the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shall
 refrain from recommending or suggesting that any person engage in transactions in any security
 while in possession of MNPI about that security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shall
 abstain from transactions for their own personal accounts or for the account of any client,
 in any security while in possession of MNPI regarding that security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shall
 abstain from personal transactions in any security while in possession of Advisory Information
 regarding that security, except in compliance with the section for  ***Rules Governing Personal Securities Accounts, Holdings, And Transactions By WCM Access Persons*** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Protection of Material, Nonpublic Information**

No Supervised Person of WCM shall intentionally seek, receive, or accept information that he or she believes may be material and nonpublic.

13 WCM Code of Ethics

In the event that a Supervised Person of WCM should come into possession of information concerning any company or the market for its securities that the Supervised Person believes may be material and nonpublic, **<u>it is critical</u>** that such Supervised Person refrain from either disclosing the information to others or engaging in transactions (or recommending or suggesting that any person engage in transactions) in the securities to which such information relates. The Supervised Person should notify the Compliance Team immediately and file a report in MCO using the "Material Nonpublic Information" form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Procedures to Safeguard Material, Nonpublic Information**

While MNPI may be encountered in many ways, there are certain areas that present a greater risk of exposure based on WCM's business practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Expert Networks**

One such area is WCM's use of "Expert Networks". To mitigate this risk, any new expert network will be reviewed and approved by the Compliance Team. As part of that review and approval, the Compliance Team will review and confirm the adequacy of the Expert Networks' controls for the protection and handling of MNPI prior to engaging their service. Also, the Compliance Team will track all interactions (e.g., emails, calls, meetings) between WCM and the Expert Networks and will have the ability to chaperone calls with or without notice to the participating analyst or expert. Unless approved by the CCO after ensuring adequate MNPI protections are in place, Supervised Persons are prohibited from sharing their authorized access to Expert Networks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Interacting with Potential Insiders**

Another area of risk occurs when Supervised Persons meet directly with personnel of publicly and privately traded companies. The typical (and preferred) method for interaction with a company is with C-suite or Investor Relations ("IR") personnel, who are knowledgeable and have been trained regarding proper handling of MNPI. Regardless, WCM's Supervised Person will ensure that we communicate that WCM primarily invests in public equity markets, and we are not interested in, nor looking to receive material nonpublic information about any publicly traded company at the start of each call or expert network interaction.

This communication is equally important when interacting with private company personnel as they may assume based on the private engagement that WCM does not trade in public equities. Before engaging any personnel of a privately traded company, WCM's Supervised Persons will disclose that WCM primarily invests in public equity markets and confirm with the privately traded company that they do not have any known connections with publicly traded companies for which WCM may hold a security. If any connection is discovered, the WCM Supervised Person is prohibited from engaging any personnel in that privately traded company without the prior approval of the CCO.

If, during a phone call or meeting with any public or private company personnel, a Supervised Person becomes aware of any information that he or she believes, or has reason to believe, may be MNPI – regardless of the source (e.g. clients, fund investors, consultants, etc.) – they should promptly end the call or meeting and immediately consult with the CCO as noted earlier. Again, the Supervised Person should not share such information with anyone else.

14 WCM Code of Ethics

If a Supervised Person is contacted by an Expert, personnel of a publicly or privately traded company, or industry analyst, via non-business channels (such as personal email or phone, LinkedIn, or other social media) to discuss WCM's investment-related activities, the Supervised Person must redirect the conversation to the proper business channels (WCM email or phone, Expert Network, etc.) Further communication with such parties on non-business channels is strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Alternative Data Sources**

In addition to the above areas, WCM recognizes the potential risks associated with the use of alternative data sources. Examples of "alternative data" include information gleaned from analyses of aggregate social media and internet search data, or other data obtained from apps and tools that consumers may use. To address these risks, the Compliance Team will conduct thorough due diligence on these alternative data providers, as outlined in its ***Vendor Diligence Policy within the Compliance Manual***, to ensure that their data collection and disclosure practices adequately mitigate the potential of disclosing MNPI.

Like when encountering any other MNPI data point, Supervised Persons are required to follow established protocols, including the reporting procedures above, when encountering MNPI with alternative data. The Compliance Team will also monitor and review the use of alternative data to ensure adherence to these protocols and will update policies as needed to address emerging risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. "Wall Cross" Requests**

On occasion, a company may, as a means to seek investors in restricted or private-placement securities issued by it, want to share material, nonpublic or other confidential information with WCM. Such "wall cross" requests may require the temporary separation of certain Supervised Persons from normal trading activities to prevent any potential misuse of this information and ensure that MNPI does not influence trading decisions within WCM.

As a result, the following procedures must be followed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Identification and Authorization</u>: Before agreeing to a "wall cross" request and before bringing
 any other Supervised Persons "over the wall", the relevant Supervised Person
 must receive written approval from the Compliance Team. The Compliance Team will evaluate
 the necessity and implications of the wall cross, considering the context and the parties
 involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Information Barriers</u>: Once a "wall cross" is authorized, WCM will implement information
 barriers to segregate the MNPI from the rest of the firm and its trading activities. This
 includes physical and electronic separation of information, where possible, and restricting
 access to MNPI to only those Supervised Persons who are authorized to possess such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Restricted List Management</u>: Until the information becomes public, companies or securities involved
 in a "wall cross" will typically be placed on a restricted list for both personal
 and firm trading. The restricted list will be regularly updated and maintained on MCO and
 INDATA, as appropriate.

15 WCM Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Review and Monitoring**

All firm trading and personal trading by Supervised Persons is monitored for potential use of MNPI in MCO. Unusual trade activity is flagged by MCO. The CCO, with assistance from the Compliance Team, will investigate the rationale behind the trade decision, and where applicable review Expert Network and other relevant business activity, conduct a targeted email review, and examine trading patterns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Protection of Other Confidential Information**

Information relating to past, present, or future activities of WCM or clients that has not been publicly disclosed, shall not be disclosed to persons, within or outside of WCM, except within the guidelines of this policy. Supervised Persons are expected to use their own good judgment in relating to others information in these areas.

In addition, information relating to another Supervised Person's medical, financial, employment, legal, or personal affairs is confidential and may not be disclosed to any person, within or outside of WCM, without the Supervised Person's consent or for a proper purpose authorized by the Chief Compliance Officer or an officer of WCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Procedures to Safeguard Other Confidential Information**

In the handling of other confidential information, including Advisory Information, Supervised Persons of WCM shall take appropriate steps to safeguard the confidentiality of such information. Although WCM's offices are not generally open to the public or unannounced visitors, Supervised Persons must still take precautions to avoid storing nonpublic personal information in plain view in potentially public areas of WCM's offices. Furthermore, Supervised Persons must remove nonpublic personal information from conference rooms, reception areas and other areas when not in use and always prior to a visit by any third party. Particular care should be exercised when nonpublic personal information must be discussed or reviewed in public places such as restaurants, elevators, taxicabs, trains or airplanes, where that information may be overheard or observed by third parties. ***For more information and guidance see the Privacy Policy Compliance Procedures section of the Compliance Manual and the Information Security Program.***

**VIII.** **PROTECTION OF CONFIDENTIAL INFORMATION CONCERNING** **CLIENT RECOMMENDATIONS, ADVICE, OR TRADING AND "CHINESE WALL" PROCEDURES** 

WCM has adopted the following policies and procedures to limit access to Advisory Information to those Supervised Persons of WCM who have a legitimate need to know that information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Designation of Advisory Persons, Access Persons, and Supervised Persons**

The Chief Compliance Officer shall designate as "Advisory Persons" those of WCM's Supervised Persons who make or participate in decisions as to what advice or recommendations should be given to clients or what securities transactions should be affected for client accounts, whose duties or functions relate to the making of such recommendations or who otherwise have a legitimate need to know information concerning such matters.

16 WCM Code of Ethics

All Advisory Persons are Access Persons, but not all Access Persons are necessarily Advisory Persons. An "Access Person" is a Supervised Person who has access to nonpublic information regarding any client's purchase or sale of securities, is involved in making securities recommendations to clients, or has access to such recommendations that are nonpublic. All of the Company's directors, officers, and partners are presumed to be Access Persons.

A "Supervised Person" is any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of WCM, or other person who provides investment advice on behalf of WCM and is subject to WCM's supervision and control. This may include temporary workers, consultants, independent contractors, and anyone else designated by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Obligations of Advisory Persons**

In the handling of Advisory Information, Advisory Persons shall take appropriate measures to protect the confidentiality of such information. Specifically, Advisory Persons shall refrain from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Disclosing
 Advisory Information to anyone other than another Advisory Person, inside or outside of WCM
 (including any Supervised Person of an affiliate); except on a strict need-to-know basis
 and under circumstances that make it reasonable to believe that the information will not
 be misused or improperly disclosed by the recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engaging
 in transactions — or recommending or suggesting that any person (other than a WCM client)
 engage in transactions — in any security to which the Advisory Information relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. General Policy Concerning Non-Advisory Persons**

As a general matter, Non-Advisory Persons of WCM should not seek or obtain access to Advisory Information. If a Non-Advisory Person of WCM should come into possession of Advisory Information, he or she should refrain from either disclosing the information to others or engaging in transactions (or recommending or suggesting that any person engage in transactions) in the securities to which such information relates. If a Non-Advisory Person of WCM obtains Advisory Information, he or she should promptly notify the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Monitoring Compliance with Insider Trading and Tipping Policies and Procedures and Effectiveness of "Chinese Wall" Procedures** 

The Chief Compliance Officer or his designee shall use MCO to review initial and annual holdings reports and quarterly transaction reports for Supervised Person accounts. This review is designed to: (i) ensure the propriety of the Supervised Person's trading activity (including whether pre-approval was obtained as required by the ***Rules Governing Personal Securities Accounts, Holdings, And Transactions By WCM Access Persons***); (ii) avoid possible conflict situations; and (iii) identify transactions that may violate the prohibitions regarding insider trading and manipulative and deceptive devices contained in the federal and state securities laws and SEC rules. MCO maintains records of review.

The Compliance Team shall report to the Leadership Team any findings of possible irregularity or impropriety.

17 WCM Code of Ethics

**IX.** **RULES GOVERNING PERSONAL SECURITIES ACCOUNTS, HOLDINGS, AND TRANSACTIONS BY WCM ACCESS PERSONS** 

The personal investing activities of all WCM Supervised Persons must be conducted in a manner to avoid actual or potential conflicts of interest with WCM's clients and WCM itself. No Supervised Person of WCM may use his or her position with WCM, or any investment opportunities they learn of because of his or her position, in a manner that creates an actual or potential conflict of interest with WCM's clients or with WCM.

The following policies and procedures were adopted to meet WCM's responsibilities to clients and to comply with SEC rules. Violations may result in law enforcement action against WCM and its Supervised Persons by the SEC or state regulators and/or disciplinary action by WCM against any Supervised Person involved in the violation, including termination of employment.

All Supervised Persons should read these requirements carefully and be sure that they are understood. It is particularly important to understand and accept that these pre-clearance requirements may mean that a Supervised Person will be prohibited from purchasing or selling a particular security because of client interest in that security. This restriction on a Supervised Person's ability to transact in a security can have a harsh impact on individual Supervised Persons and their Immediate Family members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Who is Covered by These Requirements**

Apart from short term or temporary interns who are prohibited from personal trading, all Access Persons of WCM ***and members of their Immediate Family who reside in their household*** are subject to WCM's policies and procedures governing personal securities transactions, with the limited exceptions noted below. An Access Person is defined as a Supervised Person who has access to nonpublic information regarding clients' purchase or sale of securities, is involved in making securities recommendations to clients or who has access to such recommendations that are nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. What Accounts and Transactions Are Covered**

These personal securities policies and procedures cover all personal securities accounts and transactions for which an Access Person has, or acquires, any direct or indirect beneficial ownership. Unless approved by the CCO, Access Persons are permitted to hold only those personal securities accounts that have direct data feeds with MCO.

For purposes of these requirements, "beneficial ownership" has the same meaning as in Securities Exchange Act Rule 16a-1(a)(2). Generally, a person has beneficial ownership of a security if he or she, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect financial interest in the security. ***A transaction and holding by or for the account of an Immediate Family member (living in the same home with an Access Person) is considered the same as a transaction and holding by the Access Person.***

18 WCM Code of Ethics

According to SEC guidelines, the following exemption is permissible. The firm can trade securities for any of the WCM Access Person accounts as long as the securities are blocked with client trades. The securities in the trade block allocated to the Access Person are dollar-cost-averaged or settled at the worst price of the day. All Access Person trades must bear the fiduciary responsibility of putting the clients' interests first.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **What Securities are Covered by These Requirements ("Reportable Securities")** 

All securities (and derivative forms thereof including options and futures contracts) are covered by these requirements except: (1) direct obligations of the U.S. government (e.g., treasury securities); (2) bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt obligations, including repurchase agreements; (3) shares issued by money market funds; (4) shares of <u>unaffiliated</u> open-end mutual funds; (5) shares issued by unit investment trusts that are invested exclusively in one or more open-end funds; and (6) shares of Section 529 College Savings and Prepaid Tuition plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. What Transactions are Prohibited by these Requirements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Front-Running or Scalping**

Access Persons of WCM are not permitted to "front-run" any securities transaction of a client or WCM, or to "scalp" by making securities recommendations for clients with the intent of personally profiting from personal holdings of or transactions in the same or related securities, as noted in the section, ***Protection Of Material, Nonpublic And Other Confidential Information And Prevention Of Insider Trading And Tipping***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Short Sales of a Security Held by a Client**

No Access Person may sell short any security held in a client's account managed by WCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Use of Confidential or Material, Nonpublic Information**

Access Persons may not buy or sell any security if he or she has material, nonpublic information about the security or the market for the security obtained in the course of his or her employment with WCM or otherwise, as noted in the section, ***Protection Of Material, Nonpublic And Other Confidential Information And Prevention Of Insider Trading And Tipping***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Personal Securities Transactions Which Must Be Pre-Cleared**

Before placing any order to purchase or sell any security, or otherwise acquiring or disposing of a security, including participation in initial public offerings ("IPO") and limited or private investments, an Access Person of WCM must pre-clear the transaction with WCM's Compliance Team.

Access Persons who have purchased or sold any private investments are required to pre-clear any subsequent investment in that issuer. However, investments in private equity or private credit funds do not require pre-clearance for each capital call once the initial investment and commitment amount have been approved.

19 WCM Code of Ethics

Temporary or short-term interns are prohibited from engaging in personal trading while working for WCM.

Pre-clearance is **<u>not</u>** required for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· U.S.
 government securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· U.S.
 government agency securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Municipal
 bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares
 of any open-end mutual funds and securities of any other registered investment company, e.g.,
 closed-end funds, exchange traded funds or unit investment trusts, <u>not affiliated with or sub-advised by</u> WCM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· high
 quality short-term debt instruments, such as bankers' acceptances, commercial paper,
 repurchase agreements and bank certificates of deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· purchases
 through automatic reinvestment of dividends pursuant to a dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· involuntary
 acquisitions or dispositions of securities, such as by inheritance or court-order upon divorce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· transactions
 effected for any account or entity over which the Access Person does not have or share investment
 control, such as a "blind trust";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· transactions
 in securities through an employer sponsored or other tax qualified employee benefit plan,
 such as a 401(k) plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· purchases
 or sales resulting from the exercise or assignment of options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· purchases
 or sells in an Access Person's account which is managed and directed by WCM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Index
 Futures, Commodity Futures, Interest Rate Futures, Index Options, Commodity Options
 and Interest Rate Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· purchases
 or sales in an intern's Immediate Family Member's account who shares the same
 household as the Access Person, except trades that are in IPOs, private placements &
 limited offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cryptocurrency
 (*Note: If you are a registered representative of ACA Foreside, you may have separate requirements regarding digital asset reporting)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· such
 other securities or transactions as may be added to this list of exceptions in writing by
 the Chief Compliance Officer.

20 WCM Code of Ethics

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

To obtain pre-clearance, an Access Person must log into MCO and submit a pre-clearance form. Most requests are automatically approved or denied based on conflicts with firm trades. The CCO or member of the Compliance Team will manually pre-clear Access Persons' trades that are not able to be automatically approved. A member of the Leadership Team will pre-clear personal trades of the CCO that cannot be automatically approved by MCO (i.e., require manual approval). The status of a pre-clearance request is viewable in MCO under the employee section "My -> Submissions -> Requests -> Personal Trade Pre-Clearance."

A pre-clearance approval is valid until the subsequent close of the applicable market.

*Several examples:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Pre-clearance approval for a trade executed in the U.S. market expires at the subsequent close of the U.S. market (typically 4PM Eastern Time).* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*o* *Pre-clearance approval on Tuesday evening after the close of market on Tuesday is valid until the close of market on Wednesday.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*o* *Pre-clearance approval on Friday evening after the close of market on Friday is valid until the close of market on Monday (assuming the market is open on Monday.)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*o* *Pre-clearance approval on Thursday during market hours is valid until the close of market on Thursday.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Pre-clearance approvals for a trade executed in a non-U.S. market expires at the subsequent close of that market.* 

For trades in instruments or securities that do not adhere to market hours (such as Limited Partnerships, etc.) pre-clearance approval is valid for 30 days.

Failure to follow the pre-clearance requirements places the firm at risk and therefore is a consequential matter. In the event an Access Person violates the pre-clearance requirements, the Compliance Team will email them regarding the violation and inform the Leadership Team. A pattern of frequent offenses indicates a disregard for the Code and will result in disciplinary action, such as the revocation of personal trading privileges, fines, and even termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Identification of Securities Accounts and Reports of Securities Holdings**

Access Persons must report all securities accounts (including securities accounts of Immediate Family members residing in the same household as the Access Person) in which the Access Person has any direct or indirect "beneficial interest," by filing a Personal Brokerage Account Disclosure in MCO. These reports must be completed, as required by the Code of Ethics Rule, Rule 204A-1, (1) no later than 30 days after the end of each calendar quarter and (2) in the case of new Access Persons, within 10 days of the individual becoming an Access Person. The as-of date for initial reports (i.e., when an individual first becomes an Access Person) must not be older than 45 days.

21 WCM Code of Ethics

<u>Accounts **with** "reportable securities"</u>. Reports for securities accounts holding "***reportable securities***" must contain:

1. The
 title and type of security, and as applicable the exchange ticker symbol or CUSIP number,
 number of shares, and principal amount of each reportable security;

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

3. The
 date the Access Person submits the report.

<u>Accounts **without** "reportable securities"</u>. Reports for securities accounts holding securities excluded from the list of "***reportable securities***" requires only the name of any broker, dealer or bank with which the Access Person maintains an account and the date the Access Person submits the report.

Securities accounts linked to MCO satisfy these reporting requirements for the periods in which the account is linked. If a securities account cannot be linked to MCO or there is a period of time that the account is not linked, the information noted above must be manually entered into the form within MCO, or, with approval, e-mailed to the Chief Compliance Office or their designee.

These reports are reviewed by the Chief Compliance Officer or his designee. The reports of the Chief Compliance Officer are reviewed by the COO and/or his designee.

If an Access Person has no securities accounts or holdings to report, they must affirm so through a quarterly affirmation via MCO.

Late reporting is considered a violation of the Code of Ethics and SEC Rule, is not acceptable and will not be tolerated by WCM. This can lead to disciplinary action against an Access Person, including possible termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Reporting of Securities Transactions**

SEC rules impose strict requirements on WCM and its Access Persons with respect to the reporting of personal securities transactions. Access Persons must submit quarterly reports of all personal securities transactions (including securities accounts of Immediate Family members residing in the same household as the Access Person) in which the Access Person has a "beneficial interest," by filing a transaction report in MCO. This report must be filed no later than 30 days after the end of each calendar quarter as required by the Code of Ethics Rule, Rule 204A-1.

<u>Transactions of "reportable securities"</u>. Reports for transactions of "***reportable securities***" must contain:

22 WCM Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the
 date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP
 number, interest rate and maturity date, number of shares, and principal amount of each reportable
 security involved the nature of the transaction (i.e., purchase, sale or any other type of
 acquisition or disposition); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the
 price of the security at which the transaction was effected; the name of the broker, dealer
 or bank with or through which the transaction was effected; and the date the Access Person
 submits the report.

<u>Transactions of non-"reportable securities".</u> These transactions do not need to be reported.

Securities accounts linked to MCO satisfy these reporting requirements for the periods in which the account is linked. If a securities account cannot be linked to MCO or there is a period of time that the account is not linked, the information noted above must be manually entered into the form within MCO, or, with approval, e-mailed to the Chief Compliance Officer or their designee.

These personal securities transaction reports will be reviewed by the Chief Compliance Officer or his designee. The reports of the Chief Compliance Officer will be reviewed by the COO and/or his designee.

If an Access Person has no reportable securities transactions to report, they must affirm so through a quarterly affirmation via MCO.

Late reporting is considered a violation of the Code of Ethics and SEC Rule, is not acceptable and will not be tolerated by WCM. This can lead to disciplinary action against an Access Person, including possible termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Confidentiality of Personal Securities Information**

Access to reports of personal securities transactions, securities holdings, securities accounts, duplicate confirmations and account statements will be restricted to the Chief Compliance Officer and such other persons as WCM may designate to assist the Chief Compliance Officer with review of the reports and pre-clearance. All such materials will be kept confidential, subject to the right of inspection by the SEC or other government agencies, outside counsel for compliance purposes, and WCM's Leadership Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Addressing Personal Trading Conflicts with Advisory Persons**

WCM's compliance program seeks to provide the greatest amount of flexibility while still achieving the objective of protecting clients and following rules. Although Advisory Persons can trade in the same securities as clients, those trades are subject to the pre-clearance requirements, as mentioned above, as well as additional controls to prevent and remediate potential conflicts that might occur because of the advisory-related information Advisory Persons may have access to.

One potential conflict exists when Advisory Persons profit, or perceive to have profited, from the firm trading of our clients. WCM addresses this potential conflict by restricting Advisory Persons' trading within two weeks of a firm trade program in the same security, both after and before the firm trading occurs.

23 WCM Code of Ethics

An Advisory Person may not be aware of the exact timing of a firm trade program, an Advisory Person may receive approval to trade a certain security after submitting a preclear, only later to find out that the trade created a conflict once a firm trade program started. Rather than require an Advisory Person to reverse the trade, this policy allows the Advisory Person to maintain a position and compare their trade against the least-favored client execution price (worst for front side; best for back side) in the trade program. An Advisory Person can still choose to reverse their trade instead.

**<u>Front side</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Same side trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 2 weeks (14 calendar days) before the beginning of client trading

**<u>Back side</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Opposite side trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 2 weeks (14 calendar days) after the last client trade

An Advisory Person can choose one of the following options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reverse their trade and donate profits; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain their position and compare their execution price against the least-favored client execution price, donating any profitable difference.

The procedure above aims to mitigate potential conflicts that may exist with Advisory Persons trading the same securities of our clients within a window of time where the client trading may have a reasonably foreseeable impact on marketing pricing.

The CCO, or his designee, will ensure that the appropriate corrective action is taken by the Advisory Person to neutralize the resulting conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K. Personal Trading Cap**

In line with our fiduciary duty, we want to ensure our employees prioritize managing client accounts over their personal trading activities. To uphold our commitment to clients and maintain the highest standards of professional conduct, each Access Person is limited to a maximum of 100 personal trades per calendar year (excluding WCM funds and cash-based instruments like CDs and money market funds), whether those trades require preclearance or not.

Once an Access Person reaches this cap, their personal trading activity will be restricted for the remainder of the year.

24 WCM Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L. Short Term and Speculative Trading Restriction**

To reinforce the firm's commitment to ethical investment practices and to avoid potential conflicts of interest, all trading in equity options or futures tied to securities held by WCM or its clients that have an expiry period and minimum holding period of less than six months are strictly prohibited. This means the Access Person must not liquidate, close, or otherwise dispose of the position before the end of the holding period, regardless of market conditions.

Those permissible options or future positions not tied to firm holdings must have at least an expiration period and minimum holding period of 90 days from the date of purchase or initiation. This means the Access Person must not liquidate, close, or otherwise dispose of the position before the end of the holding period, regardless of market conditions.

Any Access Person found to be in violation of this policy must immediately close the position in question. Any gains realized from the closing of the prohibited position must be donated to a charitable organization approved by the Compliance Team. The Access Person will absorb any losses incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**M. Waivers**

The Chief Compliance Officer may, in his discretion, after consultation with the Leadership Team, waive compliance by any person with any of the restrictions and pre-clearance requirements set forth herein, if the Leadership Team finds that such a waiver: (i) is necessary to alleviate hardship in view of unforeseen circumstances or is otherwise appropriate under all of the relevant facts and circumstances; (ii) will not be inconsistent with the purposes of WCM's policies and procedures governing personal securities transactions; (iii) will not adversely affect the interests of clients or WCM; and (iv) is not likely to permit a transaction or conduct that would violate provisions of applicable laws or rules.

Any waiver shall be documented by the Chief Compliance Officer and shall state the basis for the waiver. The Chief Compliance Officer shall promptly send a copy of the waiver to the Leadership Team and shall maintain a copy in the Compliance program folders or MCO.

**X. REPORTING TO THE MUTUAL FUND BOARD**

No less frequently than quarterly, the Chief Compliance Officer or his/her designee will furnish to the Board of Directors of all mutual funds managed by WCM, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Describes
 any issues arising under the Code of Ethics since the last report to the Board of Directors,
 including, but not limited to, information about material violations of the Code of Ethics,
 or procedures and sanctions imposed in response to any material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Certification
 that WCM has adopted procedures reasonably necessary to prevent Supervised Persons, including
 Access Persons, from violating the Code of Ethics.

The Firm will furnish to the Board of Directors of all mutual funds managed by WCM, a copy of the Code of Ethics and any material changes to the Code of Ethics.

25 WCM Code of Ethics

## Ex-99.B(Q)(5)

**Exhibit 99.B(q)(5)**

**SEI DAILY INCOME TRUST**

**SEI INSTITUTIONAL INVESTMENTS TRUST**

**NEW COVENANT FUNDS**

**SEI CATHOLIC VALUES TRUST**

**SEI EXCHANGE TRADED FUNDS**

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned trustees of each of the above-referenced open-end management investment companies registered under the Investment Company Act of 1940, as amended (each a "Trust" and, together, the "Trusts"), each of which is a business trust organized under the laws of the Commonwealth of Massachusetts, except New Covenant Funds and SEI Catholic Values Trust, which are statutory trusts organized under the laws of the State of Delaware, hereby constitute and appoint Robert A. Nesher, Timothy D. Barto, Timothy W. Levin and John J. O'Brien, each of them singly, our true and lawful attorney-in-fact and agent with full power of substitution and resubstitution, to sign for us and in our name, place and stead, and in the capacities indicated below, to sign any and all Registration Statements and all amendments thereto relating to the offering of each Trust's shares under the provisions of the Investment Company Act of 1940 and/or the Securities Act of 1933, each such Act as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, acting alone, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney may be executed in counterparts and all such counterparts will constitute on Power of Attorney.

IN WITNESS WHEREOF, the undersigned has hereunto set their hands as of October 28, 2024.

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| | |
|:---|:---|
| /s/ Thomas Melendez | /s/ Dennis McGonigle |
| Thomas Melendez | Dennis McGonigle |
| *Trustee* | *Trustee* |
| /s/ Eli Powell Niepoky | /s/ Kimberly Walker |
| Eli Powell Niepoky | Kimberly Walker |
| *Trustee* | *Trustee* |

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